登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600787 证券简称：中储股份 编号：临2025-014号 中储发展股份有限公司 九届三十四次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 中储发展股份有限公司（以下简称"公司"）九届三十四次董事会会议通知于2025年4月18日以电子文件 方式发出，会议于2025年4月21日在北京以现场与通讯表决相结合方式召开。会议由公司董事长房永斌 先生主持，应出席会议的董事11名，实际出席会议的董事11名，公司监事及高级管理人员列席了会议。 会议的召开符合《公司法》及《公司章程》的有关规定，合法有效。会议经表决一致通过如下决议： 一、审议通过了《关于收购广州货代和寿阳公司100%股权暨关联交易的议案》 同意公司通过现金方式收购广州中物储国际货运代理有限公司和中国物资储运寿阳有限公司100%的股 权，股权转让价款以经国有资产监督管理机构备案的资产评估报告为依据，并授权公司经理层全权办理 后续事项。 公司全体独立董事于2025年4月21日召开第九届董事会独立董事专 ...

Office Market - In Q1 2025, Shenzhen's premium office market saw a substantial supply of 302,000 square meters, with a significant year-on-year increase in net absorption by 44.4%, marking the highest demand for the first quarter since 2022 [12][19] - The overall vacancy rate slightly increased by 0.1 percentage points to 22.3%, driven by strong demand from the technology sector, particularly in smart IoT and AI [12][10] - Average rent decreased by 3.6% to RMB 158.3 per square meter per month, influenced by supply expansion and cost-cutting measures from tenants [14][19] Retail Market - No new supply was recorded in Q1 2025, leading to a slight decrease in the overall vacancy rate to 3.7% [23] - The restaurant sector emerged as the primary demand driver, with a demand share of 44%, while retail demand remained stable, particularly in apparel and jewelry [24][25] - Average rent in the retail sector fell by 0.4% to RMB 18.4 per square meter per day, with varying performance across different segments [28][25] Logistics Market - The logistics market in Shenzhen experienced no new supply in Q1 2025, resulting in a vacancy rate of 6.3% [31] - Demand primarily came from third-party logistics and electronic manufacturing, with rental growth slowing down due to reduced export volumes [31][41] - Average rent increased slightly by 0.4% to RMB 49.0 per square meter per month, but future supply pressures are expected to impact vacancy rates [31][41] Investment Market - In Q1 2025, Shenzhen's commercial real estate market completed three transactions totaling RMB 7.04 billion, with office properties accounting for 94% of the transactions [44] - The buyer profile was predominantly banks, focusing on self-use, while the capitalized rates for office and retail properties continued to expand slightly [44][46] - The market is expected to attract investors due to the bottoming out of prices for office and commercial properties, with a focus on core area quality assets and REITs [46]

嘉诚国际（603535）在互动平台表示，公司将在全球跨境电商发达的地区及跨境电商消费者活跃的地方 设立海外仓，其中包括港澳、东南亚、日韩、美加墨等地。海外仓的功能包括快速发货、退换货、调 拨、保税功能(可进行转口贸易)、中转功能、运输资源整合功能以及拆包拼装功能。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].

Core Viewpoint - The article discusses the recent actions taken by state-owned enterprises and financial institutions in China to stabilize the stock market through stock repurchases and increased holdings, marking a significant intervention in the capital market [12][16][20]. Group 1: Actions by State-Owned Enterprises - On April 8, China Guoxin announced plans to purchase A-share stocks and ETFs through a "special loan for stock repurchase and increase," followed by similar announcements from China Chengtong and China Electronics [13][16]. - These state-owned enterprises, including China Guoxin and China Chengtong, are under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC) and have significant assets, with China Guoxin's total assets reaching 980 billion yuan by the end of 2024 [15][16]. - The collective actions of these enterprises represent a new mission for the "national team" in the capital market, indicating a shift towards using special loans for broader market support [16][18]. Group 2: Central Bank and Financial Institutions' Role - The People's Bank of China (PBOC) has established a new funding channel to support the national team's market stabilization efforts, providing low-interest loans for stock repurchases [17][20]. - Central Huijin Investment Company, a key player in maintaining market stability, has committed to increasing its investments in stock market index funds, with the PBOC pledging to provide sufficient loan support as needed [20][21]. - The announcement of these measures has led to a collective response from various financial institutions, including the National Social Security Fund, which has also begun to increase its domestic stock holdings [22][23]. Group 3: Market Impact and Future Expectations - The coordinated efforts of state-owned enterprises and financial institutions are seen as a rare and significant response to stabilize the market, with nearly 30 state-owned enterprises announcing repurchase or increase plans [26][27]. - The article emphasizes the importance of maintaining market confidence, suggesting that a stable stock market can enhance household wealth and stimulate domestic consumption [28][31]. - Analysts view the recent actions as a potential precursor to a more structured "stabilization fund" that could be used to mitigate market volatility in the future [32][36].

Group 1: Core Views - The macroeconomic environment in China is expected to remain under pressure in 2024, with a weak recovery phase, but there are structural resilience highlights in the REITs market [2][4] - The average performance completion rate of public REITs projects exceeded 100%, indicating stable performance realization [2][3] - The forced dividend characteristic of public REITs is emphasized, with an average of 2 dividend distributions expected in 2024 [2][3] Group 2: Market Dynamics - The operating resilience of REITs projects is attributed to controllable asset supply-demand contradictions, alignment with policy directions, and stable payment terminal projects [2][4] - The average rental income of second-tier industrial park projects is projected to decline by 5.4% year-on-year, while first-tier parks are adopting strategies to maintain occupancy rates [5][6] - The logistics real estate market is experiencing a short-term adjustment, with average effective rent declining by 4.0% year-on-year [7][8] Group 3: Investment Structure - Institutional investor participation in public REITs reached a record high of 96.45%, with brokerage firms becoming a significant pricing force [3][4] - The insurance sector's participation remained stable compared to the previous year, indicating a cautious approach to incremental allocation [3][4] Group 4: Sector Performance - Retail properties are entering a phase of stock competition, with over half of key cities experiencing a decrease in vacancy rates, although rental prices remain under pressure [9][10] - The rental housing market is seeing increased supply, but listed projects are maintaining operational resilience, with overall income growth of 0.6% year-on-year [10][11] - Toll revenue for expressways is under pressure due to various factors, but there is a gradual improvement in performance observed in Q4 2024 [12][13]

Global Market Impact - The announcement of "reciprocal tariffs" by Trump has caused significant turmoil in global markets, with major declines observed across Asia-Pacific stock indices [4][5][9] - The MSCI Vietnam Index fell over 7%, while the Nikkei 225 Index dropped nearly 3% and the Korean Composite Index decreased by almost 1% [2][3][6] - European stock indices also opened lower, with the DAX30 down 2.1%, FTSE 100 down 1.36%, and CAC40 down 1.7% [9] A-Share Market Performance - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.24%, Shenzhen Component Index down 1.4%, and ChiNext Index down 1.86% [3] - The agricultural sector showed strength, with stocks like Yongshun Biological and Meino Biological hitting the daily limit up, while the logistics sector was also active [12] Agricultural Sector Highlights - The agricultural sector has seen a strong performance, particularly in animal health, with stocks like Huisheng Biological rising nearly 20% and a notable 180% increase in Huisheng Biological's stock price over the past eight trading days [11][15] - The price of key products like Tylosin and Tiamulin has surged, driven by market demand from the recovering livestock industry [15] Consumer Electronics Sector Decline - The consumer electronics sector faced significant losses, with companies like Luxshare Precision and GoerTek hitting their daily limit down, and Lens Technology dropping over 10% [19] White Wine Industry Insights - The white wine sector has shown resilience, with Kweichow Moutai reporting a revenue of 174.144 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.228 billion yuan, also up 15.38% [17] - Analysts suggest that the white wine industry may experience a slowdown in growth but is expected to maintain positive growth in the coming years [18] Economic Implications of Tariffs - The newly announced tariffs are expected to significantly increase the effective tariff rate in the U.S., potentially raising it from 2.4% to 25.1% [24] - This could lead to increased inflation and reduced GDP growth, with estimates suggesting a 1.9 percentage point rise in PCE inflation and a 1.3 percentage point decrease in real GDP growth [24]

Group 1 - Zhengzhou City has announced 13 urban renewal projects with a total investment exceeding 8.175 billion yuan [1] - The projects include various districts such as Zhengdong New District, Economic Development Zone, and others, with specific investment amounts for each [1] - The public announcement period for these projects is from March 25, 2025, to March 31, 2025 [1] Group 2 - Zhengdong New District's project involves a total investment of 1.6 billion yuan, focusing on digital economy development and technology support [2] - The Economic Development Zone project has an investment of 1.961 billion yuan, aiming to establish a national headquarters for lifelong education [3] - The Central District project, with an investment of approximately 40.99 million yuan, aims to create a public parking space to improve urban image [5] Group 3 - The Erqi District project focuses on creating a comprehensive incubation base with an investment of about 500 million yuan [6][7] - The Huiji District project aims to build a competitive biopharmaceutical industry cluster with an investment of 750 million yuan [11] - The Gongyi City project, with an investment of 1.085 billion yuan, aims to enhance agricultural product trading and logistics [13] Group 4 - The Xinmi City project focuses on revitalizing idle land for polymer product manufacturing with an investment of 159 million yuan [24] - The New Zheng City project aims to enhance urban cultural functions with an investment of approximately 390 million yuan [20] - The New Zheng City project also includes infrastructure improvements to enhance public safety and transportation with an investment of about 96.996 million yuan [21][22]

相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 策 略 研 究 REIT 申购 2025 年 03 月 14 日 南方顺丰 REIT (180305.SZ)申购价 值分析 本期投资提示： 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 购 策 略 - ⚫ 本 REIT 发售份额为 10 亿份，询价日为 2025 年 3 月 17 日，询价区间为 2.903 元/份-3.435 元/份，预计募集资金为 31.22 亿元。网下投资者及其管理的每一配售对象自上市之日起前 三个交易日（含上市首日）内可交易的份额不超过其获配份额的 50%。 ⚫ 所处区 ...

Investment Rating - The report maintains a "Positive" outlook for the transportation industry, expecting the industry index to outperform the market index by 5% over the next six months [6]. Core Insights - The Shanghai Composite Index fell by 1.19% last week, while the Shenwan Transportation Industry Index rose by 0.24%, underperforming the market by 0.95 percentage points, ranking 22nd among 31 Shenwan primary industries [2]. - The railway and highway sectors saw an increase of 0.90%, and the airport sector increased by 0.17%. Conversely, the shipping and port sector declined by 1.30% [2]. - Among the three major sectors, the largest gains were in public transport (+4.37%), road freight (+4.24%), and raw material supply chain services (+2.71%). The largest declines were in warehousing logistics (-1.79%), shipping (-1.56%), and ports (-0.83%) [2]. - As of February 16, 2025, the Shenwan Transportation sector's PE (TTM) was 16.47 times, positioned at the 66.76 percentile over the past five years [3]. Summary by Sections Market Review - The report provides a comprehensive overview of the market performance, highlighting the fluctuations in the transportation sector and individual stock performances [2]. Industry Key News - The National Development and Reform Commission is initiating a pilot project for logistics data openness to eliminate "information islands" [8]. - The postal and express delivery sector reported a month-on-month increase of approximately 45.05% in cumulative delivery volume [8]. - Hainan Province plans to introduce 18 measures to invigorate the general aviation and low-altitude economy [8]. - ASEAN countries' tourist groups can enter Yunnan's Xishuangbanna without a visa starting February 10 [8]. - The recovery trajectories of Chinese airports vary under complex circumstances [8]. Industry Data - The report includes detailed data on various segments such as aviation airports, shipping ports, logistics, and railways and highways, providing insights into their performance metrics [8].