Group 1 - The 2025 CeMAT Australia International Logistics Exhibition will take place from July 22 to 24, 2025, at the Sydney Olympic Park Exhibition Centre, featuring over 100 exhibitors from 12 different countries, with 90% of exhibitors considering returning for future events [1][2] - The exhibition attracted over 5,000 visitors from 21 different countries in 2024, with a 30% increase in exhibition area compared to the previous year [1][2] - Australia has a well-developed logistics industry that began in the 1950s, evolving from simple product distribution to advanced logistics services supported by government initiatives [2] Group 2 - The logistics outsourcing phenomenon is prevalent among Australian manufacturing companies, which focus on core production while outsourcing packaging, distribution, and logistics to third-party providers [2] - The exhibition serves as a significant trade platform for companies in the logistics sector to showcase their products and technologies, seeking collaboration opportunities in the Oceania region [2][3] - The range of exhibits includes mechanical handling and lifting equipment, warehousing and loading systems, sorting and packaging technologies, logistics management services, and logistics IT solutions [4]

Group 1 - The 20th National Congress proposed accelerating the integration of domestic and foreign trade, with customs special supervision areas serving as logistics hubs for this integration [1] - The Jiangsu province's Jinport Customs has launched multiple business reforms to support the integration of domestic and foreign trade, focusing on market and enterprise needs [1] - The "Jinport Customs Assistance" service brand aims to reduce logistics costs for enterprises by leveraging the advantages of the Zhangjiagang Comprehensive Bonded Zone [1] Group 2 - The "in-zone direct transfer" reform allows non-bonded goods to be classified and managed alongside bonded goods, significantly facilitating import and export enterprises [2] - This policy enables non-bonded goods to be declared as bonded after customs procedures, reducing the need for physical movement of goods and saving on unloading and transportation costs [2] - The implementation of this model is expected to save enterprises approximately 40,000 yuan per shipment and reduce customs clearance time by over 40% [2] Group 3 - The Zhangjiagang Comprehensive Bonded Zone has become a logistics hub for bulk liquid chemical products, accounting for over 30% of the national annual import volume of key chemicals [3] - The introduction of a "port direct delivery" model through pipeline transportation has significantly reduced logistics costs and improved efficiency for transporting liquid chemicals [3] - Since 2025, over 21,134 tons of goods have been regulated through pipeline transportation, saving enterprises more than 4 million yuan in logistics costs [3] Group 4 - The "one bill, multiple vehicles" model allows for the transportation of bulk goods in batches, alleviating congestion at customs checkpoints [4][5] - This model has been particularly beneficial for the textile raw material sector, improving logistics efficiency and reducing transportation costs for enterprises [5] - In the current year, this model has been applied to 43 shipments, involving 14,417 tons of goods, resulting in an average customs clearance time reduction of 5 days and saving approximately 1.08 million yuan in logistics costs [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The logistics industry is showing positive trends, but the warehousing rental market is adopting a "price - for - volume" strategy due to supply shocks. The current high - rent period of Southern SF Logistics REIT is a window of opportunity for investment, and investors who meet the income conditions can consider allocating it at an appropriate time [1][4]. 3. Summary According to the Directory 3.1 Logistics activities are improving, but warehousing facilities are rented at the expense of price for volume - **Logistics industry boom has significantly increased, and the proportion of logistics storage costs has been stable with a slight increase**: In April 2025, China's Logistics Prosperity Index was 51.1%, remaining in the expansion range. The warehousing logistics industry is cyclical, affected by e - commerce promotions and manufacturing business peaks. In 2024, the total social logistics cost was 19.0 trillion yuan, a year - on - year increase of 4.1%, and the storage cost was 6.4 trillion yuan, accounting for 34% of the total social logistics cost [11][15]. - **The domestic high - standard warehouse industry has a "one - super - many - strong" pattern, and the supply shock will continue**: The domestic high - standard warehouse industry is highly concentrated, with GLP having a leading market share. Different development entities have increased the supply of high - standard warehouses. Due to the slowdown of macro - economic recovery and continuous supply release, the market generally adopts a "price - for - volume" strategy, but still faces short - term challenges of falling rents and rising vacancy rates [20][24]. - **Domestic warehousing logistics REITs are also facing a "price - for - volume" situation, and rents have declined**: As of May 16, 2025, 9 warehousing logistics REITs have been listed in China, involving 31 underlying assets. In 2025, the operating occupancy rates and rent levels of these REITs are still under pressure, and many projects will adopt a more aggressive "price - for - volume" strategy [31][35]. 3.2 SF Hong Kong REIT performs well and is an effective reference for domestic REITs - **SF Holdings adopts a self - operated logistics model, providing stable demand for Hong Kong and Shenzhen REITs**: SF Holdings is the largest comprehensive logistics service provider in China and Asia and the fourth - largest in the world. It has many key site resources such as logistics industrial parks, which can provide potential rental demand and expansion assets for its REITs [41][44]. - **SF Hong Kong REIT has been in operation for many years, with a high proportion of related tenants but stable performance**: Since its listing in 2021, SF REIT has been operating stably. Its first - largest tenant is the SF Holdings Group, and the rental area of SF Group tenants in 2024 accounted for 80.3% of the rentable area. The overall occupancy rate of its 4 properties has remained above 98% in the past three years [51][66]. - **The valuation of SF Hong Kong REIT has been adjusted downward, and the downward pressure on warehousing logistics assets still exists**: Affected by the decrease in occupancy rate and rent, the valuation of SF REIT decreased by 8.9% in 2024. It will face the renewal test of related tenants in 2026, and the subsequent lease term, rent, and increase rate need to be evaluated [68][70]. - **SF Hong Kong REIT has experienced multiple market cycles, and the low stock price has led to a dividend yield of over 7%**: Since its listing, SF REIT has experienced multiple market cycles and has been in a discounted state for a long time. From 2021 - 2024, its annualized distribution yields were 7.9%, 9.5%, 10.7%, and 8.8% respectively [73][74]. 3.3 Southern SF Logistics REIT, cherish the window period of the current high - rent period - **The underlying assets of SF's domestic REIT are sorting centers, which are important sites for express delivery services**: The underlying assets of Southern SF Logistics REIT include three projects in Shenzhen, Wuhan, and Hefei, with a total asset valuation of about 3.041 billion yuan. The sorting center area accounts for about 55% of the total rentable area, and the income accounts for a relatively high proportion [79][82]. - **The asset competition between the Hong Kong and Shenzhen REITs has eased, and each has its own regional focus**: SF REIT has the pre - emptive right to purchase SF Group's assets. In the future, SF Holdings will fully negotiate when selling assets to the two REITs. SF REIT will focus on South China and Southwest China, while Southern SF Logistics REIT will focus on the Yangtze River Delta, Beijing - Tianjin - Hebei, and the middle and lower reaches of the Yangtze River [88][89]. - **It highly depends on SF Group tenants, and the occupancy rate is expected to be generally stable**: As of September 30, 2024, the related - party rental area of Southern SF Logistics REIT accounted for 84.29% of the rented area, and the related - party contributed 88.45% of the monthly rent and management fee income. Although the high concentration of tenants has both advantages and disadvantages, the occupancy rate is expected to be generally stable [91]. - **The valuation has considered the risk of rent decline, and the current distribution rate is a good allocation period**: As of May 16, 2025, the market value of Southern SF Logistics REIT was 3.766 billion yuan, and the expected cash distribution rate in 2025 was 3.98%, ranking in the upper - middle level among the 9 listed warehousing logistics REITs. The current high - rent period before 2027 is a window of opportunity for investment [4].

Group 1: Market Overview - The logistics industry in China has shown significant improvement, with the logistics industry prosperity index at 51.1% in April 2025, indicating expansion[1] - The average effective rent in major city clusters has declined, with the Beijing-Tianjin-Hebei region down 3.7%, Yangtze River Delta down 6.1%, and the Pearl River Delta down 0.3%[2] - As of May 16, 2025, there are 9 listed logistics REITs in China, with 31 underlying assets, facing pressure on rental rates and occupancy[2] Group 2: REIT Performance - SF Hong Kong REIT, initiated by SF Holding, has been stable since its listing in May 2021, with a valuation drop to HKD 6.7 billion in 2024, down 8.9%[3] - The Southern SF Logistics REIT, listed in April 2025, focuses on high-quality assets in the South China and Southeast Asia regions, with a market value of CNY 3.766 billion and an expected cash distribution rate of 3.98% in 2025[4] - The Southern SF Logistics REIT's rental rates are currently above market averages, but there is a risk of downward adjustment upon lease renewals[4] Group 3: Supply and Demand Dynamics - The high-standard warehouse sector in China is characterized by a "one strong, many strong" market structure, with Prologis leading in market share[2] - The logistics REITs are adopting a "price for volume" strategy to maintain occupancy amid supply shocks, leading to rental declines and rising vacancy rates[2] - The average vacancy rates in major city clusters are high, with the Beijing-Tianjin-Hebei region at 28.6% and the Yangtze River Delta at 25.4%[2] Group 4: Future Outlook and Risks - The logistics sector is expected to face continued pressure from rental declines and increased vacancy rates due to ongoing supply releases[2] - The Southern SF Logistics REIT is positioned to benefit from the current high rental period before potential adjustments in 2027[4] - Risks include unexpected policy changes regarding public REITs and operational risks associated with infrastructure projects[5]

炬申股份（001202）公告，近日公司全资子公司广东炬申仓储有限公司、无锡市炬申仓储有限公司、江 西炬申仓储有限公司、佛山市三水炬申仓储有限公司、石河子市炬申供应链服务有限公司、新疆炬申陆 港联运有限公司决定向公司进行利润分配。截至本公告披露日，公司已收到上述全资子公司全部分红款 合计人民币9570万元。炬申仓储、无锡炬申、江西炬申、三水炬申、石河子炬申、新疆炬申均为公司纳 入合并报表范围内的全资子公司，本次所得分红将增加母公司2025年度净利润，但不增加公司2025年度 合并报表净利润，因此不会影响2025年度公司整体经营业绩。 ...

【深圳商报讯】（记者 罗凯燕 通讯员 吴炜杰 元腾智）5月19日，一批由香港发往内地的电子产品在中 国国际贸易"单一窗口"使用"一单两报"功能提交原始舱单申报信息后，一次性完成了内地公路舱单和香 港道路货物资料的申报工作。该批货物经深圳湾口岸顺利入境，首次实现内地与香港进口（北上方向） 货物申报信息的"一次录入、两地使用"，进一步提升通关便利化水平。 日前，海关总署会同20个部门（单位）联合部署开展为期5个月的跨境贸易便利化专项行动，提出"积极 推进内地与港澳'一单两报'合作"等29项措施。2025年一季度，内地与香港双边货物贸易总额为5355.83 亿元，同比增长9.1%，深圳口岸承担了内地对港货物贸易的主要通道功能，两地企业对进一步推进跨 境贸易数据互联互通需求迫切。 海关总署广东分署科技处副处长吴鸿烨介绍，内地与香港"一单两报"是智慧海关建设业务场景内容之 一。在国家口岸办指导下，海关总署广东分署会同广东省商务厅（省口岸办）组织协调深圳、拱北海关 与香港商务及经济发展局、香港海关共同推动实施。此前，中国国际贸易"单一窗口"已经上线内地与香 港出口（南下方向）公路舱单"一单两报"功能。此次上线内地与香港进 ...

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of CNY 4.06 billion, representing a year-on-year increase of 205.09% [4] - The net profit attributable to shareholders was CNY 245 million, a year-on-year growth of 296.94% [4] - The increase in revenue and profit is primarily due to the rise in real estate sales recognition [4] Group 2: Asset Management and Impairment - The company has conducted significant asset impairment, with CNY 1.1 billion in impairments in 2024, following CNY 500 million in 2023 [6][7] - The impairment assessments are based on cost, competitive pricing, and recent transaction prices, ensuring accurate reflection of asset quality [7] - As of the end of 2024, there were no indications of impairment for inventory assets at Haicheng Jin, and no provision for inventory write-downs was made [7] Group 3: Strategic Initiatives - The company is actively pursuing transformation and upgrading, focusing on real estate development and operational management capabilities [7] - It is exploring new growth drivers through capital instruments such as REITs and has successfully launched a public REIT for logistics assets [7] - The company has invested in China Nuclear Technology to expand into the renewable energy sector and is involved in the establishment of industrial park Pre-REITs acquisition funds [7] Group 4: Market Position and Logistics - The average warehouse utilization rate for Baowan Logistics in 2024 was 88.7%, outperforming peers and maintaining competitive strength [5] - The company is committed to enhancing its market value through operational optimization, shareholder returns, and investor relations management [6]

Group 1 - The article emphasizes the importance of "precision" in manufacturing, highlighting that mastering precision is key to technological competitiveness [2][3] - New quality productivity represents a profound transformation from quantitative to qualitative changes, requiring faster speeds and updated fields while focusing on meticulous technological refinement [1][3] - The semiconductor industry showcases advancements in chip technology, with transistor density increasing significantly from 14nm to 3nm processes, demonstrating the industry's push for higher precision [1][2] Group 2 - China is making strides in fine-tuned innovation across various industries, such as the photovoltaic sector, where Longi Green Energy's adoption of diamond wire cutting technology has drastically reduced costs and improved efficiency [3][5] - In the battery industry, CATL implements over 6,800 quality control points in its production process, ensuring rigorous testing and data tracking for each battery cell [3][5] - The logistics sector is also innovating, with Cainiao's automated warehouse in Guangzhou achieving double the storage efficiency and ten times the outbound efficiency compared to traditional warehouses [3][5] Group 3 - The configuration of resources is becoming more refined, as seen in the Suzhou Industrial Park, which integrates education, technology, and talent to enhance new quality productivity [4][5] - The development of new quality productivity is described as a micro-level revolution, emphasizing the need to embed precision into every aspect of industrial innovation to transition from a follower to a leader in global competition [5]

其中，美国普洛斯公司（Prologis）投资64亿欧元在法国建设数据中心和仓库；MSC地中海邮轮（MSC Cruises）向在法国圣纳泽尔（Saint-Nazaire）的造 船厂订购两艘邮轮，造价35亿欧元；美国企业Circ投资 4.5 亿欧元在法建立其第一家世界级纺织化学品回收工厂，预计创造200个就业岗位；美国亚马逊公 司投资3亿欧元以拓展法国业务，主要涉及仓库建设，预计创造1500个就业岗位。 还有一些项目是今年2月法国举办人工智能行动峰会期间宣布1090亿欧元投资的首批具体项目，来自阿拉伯联合酋长国、美国、加拿大等国大型投资基金 及企业。 当天，马克龙与韩国相关企业负责人就人工智能和能源转型举行了圆桌讨论，并接见了中国电动车企比亚迪执行副总裁李柯、墨西哥企业家Carlos Slim和 沙特阿拉伯Qiddiya投资基金负责人。 （文章来源：新华财经） 新华财经巴黎5月19日电（记者李文昕）法国总统马克龙19日宣布，当天在巴黎近郊凡尔赛宫举行的第八届"选择法国"国际商务峰会共吸引投资200亿欧 元，创下该峰会举办以来的新纪录。 法国每年举办一届"选择法国"国际商务峰会，旨在吸引投资、创造就业。今年峰会主题 ...

Core Viewpoint - The company, Zhuhai Hengji Daxin International Chemical Storage Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.20 RMB per 10 shares for all shareholders, excluding repurchased shares [1][2][5]. Summary by Sections Equity Distribution Plan - The company will distribute a cash dividend of 0.20 RMB per 10 shares based on a total share count of 403,443,100 shares after excluding 1,556,900 repurchased shares [2][3]. - The total cash dividend amount is calculated to be 8,068,862 RMB [1]. Taxation Details - Different tax rates will apply for individual shareholders based on their holding periods, with specific amounts for different durations outlined [3]. - For shares held for less than one month, a tax of 0.04 RMB per 10 shares will be due; for shares held between one month and one year, the tax will be 0.02 RMB per 10 shares; and no tax will be due for shares held for over one year [3]. Key Dates - The equity registration date for the distribution is set for May 26, 2025, and the ex-dividend date will follow [4]. - Cash dividends will be directly credited to shareholders' accounts on May 27, 2025 [4]. Additional Information - The company assures that the total share capital will remain unchanged during the distribution period, and any changes prior to the distribution will lead to adjustments in the cash dividend total while maintaining the distribution ratio [5].