Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in the coming years [7]. Core Insights - The REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, selecting resilient assets, and monitoring the expansion of REITs [4]. - The report highlights a trend of performance divergence among various REIT sectors, emphasizing the importance of timing in investment decisions [1][4]. Summary by Sections Warehousing and Logistics - In Q2 2025, the average occupancy rate for warehousing logistics REITs was 94.3%, with a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 4.4 percentage points [10]. - The average rental rate was 52.4 CNY/sqm/month, reflecting a competitive market where tenants are cautious about renewing leases [10][11]. Consumer Infrastructure - The average occupancy rate for consumer infrastructure REITs in Q2 2025 was 97.1%, with a quarter-on-quarter increase of 0.9 percentage points, although it saw a year-on-year decline of 1.3 percentage points [14]. - The average rental rate was 217.9 CNY/sqm/month, showing a quarter-on-quarter decrease of 3.9% but a year-on-year increase of 5.0% [14][15]. Affordable Housing - The average occupancy rate for affordable housing REITs was 96.0% in Q2 2025, with a quarter-on-quarter increase of 1.0 percentage points and a year-on-year increase of 0.9 percentage points [20]. - The average rental rate was 54.0 CNY/sqm/month, indicating stability in rental income despite slight fluctuations [20]. Industrial Parks - The report notes a decline in both occupancy rates and rental income for industrial parks, driven by increased competition and economic pressures [2]. Highways - In Q2 2025, highway REITs experienced a seasonal decline in traffic volume, but year-on-year comparisons showed recovery, particularly in freight traffic which increased by 1.3% [3]. Energy and Environmental Protection - The performance of energy and environmental protection REITs was mixed, with wind power projects performing well while solar projects faced challenges due to decreased sunlight and increased competition [3].

Group 1 - The core viewpoint emphasizes the successful integration and development of the Jingkou Economic Development Zone and Jianbi Street, showcasing a vibrant transformation driven by strategic planning and execution [1][2] - The "one chess game" approach is highlighted, focusing on efficient resource allocation and collaborative development, with a strong emphasis on unified decision-making and task assignment [2] - The economic development in the area is accelerating, with significant increases in key indicators such as industrial output and fixed asset investment, driven by the growth of leading industries like aluminum-based new materials and grain and oil [3][4] Group 2 - The project construction is progressing rapidly, with major provincial and municipal projects achieving 100% commencement and investment ahead of schedule, enhancing regional energy security and logistics [4] - Innovation and talent cultivation are thriving, with several companies recognized as advanced intelligent factories, contributing to a robust support system for development [4][5] - The role of party leadership in driving high-quality development is emphasized, with a focus on integrating party organizations into industry chains and project execution to enhance operational efficiency [5]

Group 1 - The core point of the news is that Fujian Fengqi Investment Co., Ltd. has pledged 14 million shares of Dongbai Group, accounting for 1.61% of the total share capital, to CITIC Bank Fuzhou Branch [1] - As of the announcement date, Fujian Fengqi Investment has cumulatively pledged 341 million shares, which is 73.46% of its total holdings [1] - Shareholder Shi Zhangfeng has pledged 20 million shares, representing 31.83% of his total holdings, while shareholder Shi Xia has pledged 14.98 million shares, accounting for 69.96% of her total holdings [1] Group 2 - Dongbai Group's Q1 2025 financial report shows a main revenue of 491 million yuan, an increase of 0.59% year-on-year [3] - The net profit attributable to the parent company is 39.59 million yuan, reflecting a year-on-year increase of 5.09% [3] - The company has a debt ratio of 69.69%, financial expenses of 76.38 million yuan, and a gross profit margin of 58.01% [3] - Dongbai Group's main business includes commercial retail and warehousing logistics [3]

近日，随着征拆工作和前期设计工作的完成，中国供销洋浦产业园项目作为儋州洋浦新落地的项 目，已全面开启前期筹备工作，计划于今年9月入场施工。 "目前，项目正进行初勘，将于9月底全面开工，明年年底竣工交付使用。"中国供销洋浦产业园项 目负责人胡杰贤介绍，该项目总投资近4亿元，规划占地面积约90.39亩，其中加工业态面积6.89万平方 米，配套仓储面积1.4万平方米。 作为中国供销系统布局海南自贸港的重要项目，该产业园的建设将依托洋浦优越的区位优势、便捷 的港口物流条件及自贸港政策红利，打造集加工、仓储、办公及配套服务于一体的综合性产业平台。项 目建成投产后将进一步提升洋浦在仓储物流领域的集聚效应和辐射能力，完善洋浦产业布局，提升经济 活力。 推动产业园区与城市更新协同发展 儋州洋浦项目建设提速度增热度 海南日报全媒体记者 刘梦晓 通讯员 符润彩 在刚建成的环湾新区邻里中心项目（一期）现场，造型独特的主楼颇具时尚感，丰富多样的绿化为 大楼增添更多清凉。"目前我们正在与华为、星巴克等一批意向商家洽谈入驻事宜，希望能为环湾区域 居民提供一个休闲的商业场所。"环湾新区邻里中心项目技术部经理周郅炅说，定位为环湾区旅游消费 ...

Core Viewpoint - Sichuan Senmai Packaging Co., Ltd. has been established with a registered capital of 1.08 million RMB, focusing on various packaging services and related activities [1] Company Overview - The legal representative of the company is Ye Zhaodong [1] - The registered capital is 1.08 million RMB [1] Business Scope - The company engages in general projects including packaging services, sales of packaging materials and products, graphic design, advertising production, and design [1] - It also involves sales and manufacturing of metal packaging containers and materials, as well as sales of paper products, daily wooden products, and plastic products [1] - Additional services include technical services, environmental protection consulting, waste management, and resource recycling technology research and development [1] - The company is authorized to conduct various licensed activities such as urban household waste management services and hazardous waste operations, subject to approval [1]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1]. Core Insights - The REITs index experienced a slight decline of 0.33% this week, while the broader market indices such as the Shanghai Composite and CSI 500 saw increases of 1.23% and 1.78%, respectively [4][16]. - Newly listed data center REITs, namely Southern Wanguo and Southern Runze, both saw significant gains of 30% on their debut [6][20]. - The overall trading volume for REITs this week was 3.67 billion yuan, reflecting a 1.5% increase compared to the previous week [6]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 221.233 billion yuan and a circulating market value of 103.698 billion yuan [1]. - The report highlights that 23 REITs increased in value, 1 remained stable, and 49 declined, indicating a mixed performance across the sector [20]. Key Events - Significant events include the listing of Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT on August 8, both achieving a 30% increase in their first trading day [9][14]. - Other notable updates include the registration effectiveness of various REIT projects and announcements regarding expansions and new acquisitions in the infrastructure sector [9][12]. Trading Performance - The trading volume for different REIT categories varied, with data-related REITs showing a remarkable increase of 100% in trading volume, while other categories like industrial parks and warehousing logistics saw declines [6][20]. - The report indicates that the correlation of REITs with various bond indices and stock indices varies, with a correlation of 0.33 with the Shanghai Composite and 0.37 with the CSI 500 [16].

Group 1: Economic Growth and Investment - Hong Kong has assisted over 1,300 overseas and mainland enterprises in establishing or expanding their businesses, resulting in over HKD 160 billion in foreign direct investment and the creation of more than 19,000 new jobs from January 2023 to mid-2025 [1] - The local GDP has experienced growth for 10 consecutive quarters, with various economic indicators showing positive trends and vitality [1] - The Hong Kong Stock Exchange has welcomed 31 new listings in the first half of 2025, raising over HKD 884 billion, ranking first globally [2][3] Group 2: Financial Market Performance - The market capitalization of Hong Kong's securities market increased to HKD 42.7 trillion in the first half of 2025, a 33% increase year-on-year [3] - The number of registered funds reached 976, with a net inflow of over USD 44 billion, marking a 285% increase year-on-year [3] - Hong Kong's banking deposits exceeded HKD 18 trillion, reflecting a 19% increase compared to June 2022 [3] Group 3: Consumer Market Recovery - Visitor numbers to Hong Kong increased by 12% in the first half of 2025, totaling approximately 24 million [5] - Retail sales value in May 2025 was estimated at HKD 31.32 billion, a 2.4% increase year-on-year, surpassing market expectations [5] - The Hong Kong Ocean Park saw a 19% increase in visitor numbers in May and June compared to the previous year, driven by the addition of new giant pandas [4] Group 4: Trade and International Relations - Hong Kong has signed 9 free trade agreements with 21 economies and 24 investment agreements with 33 economies, expanding its trade network [7] - The overall export value of goods from Hong Kong increased by 11.9% year-on-year in June 2025, marking 16 consecutive months of growth [8] - The establishment of a London Metal Exchange warehouse in Hong Kong is expected to enhance the efficiency of metal delivery in the Asian time zone [7] Group 5: Innovation and Development Initiatives - Hong Kong has launched several innovative measures, including a cross-border payment system and a digital asset development policy framework [3] - The government aims to enhance the breadth, depth, and efficiency of the financial market by encouraging new products and attracting new investments [3] - The Hong Kong government is optimistic about long-term prospects, with significant investments planned in real estate and aviation sectors [6]

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Policy Overview - In January 2025, Chongqing government issued policies to improve the housing tax pilot program, excluding non-local buyers from taxation on ordinary residential purchases [2] - From February 8, 2025, the trading restrictions on previously limited housing in central urban areas were lifted, enhancing market liquidity [2] - By April 15, 2025, the first mortgage rate was reduced to 3.25%, and the down payment ratio for first homes dropped to 15% [2] High-Quality Housing Initiatives - On May 19, 2025, Chongqing's planning authority introduced measures to support high-quality residential development, focusing on safety, comfort, and sustainability [3] - The 2025 housing development plan aims to supply approximately 15 million square meters of commercial housing and 24,000 rental housing units [3] Real Estate Market Analysis - From January to June 2025, industrial land transactions dominated, accounting for 68.42% of total land sales, while residential land made up about 21.05%, with a 71.43% increase in transaction numbers year-on-year [6] - The average floor price for residential land in central Chongqing rose to 7,410 yuan/m², a 15.69% increase from the previous year [8] Residential Market Performance - The average residential price in central Chongqing was 14,054 yuan/m² in the first half of 2025, down 7.1% year-on-year [13] - Residential sales volume reached approximately 237.1 million m², a 10.7% increase year-on-year, while supply decreased by 10.9% [13] Commercial Real Estate Trends - The average price for commercial properties in central Chongqing was 11,559 yuan/m², reflecting a 1.3% increase year-on-year [14] - Commercial transaction volume decreased by 23.7%, indicating ongoing challenges in the commercial real estate sector [15] Office Space Market - The average price for office space was 9,901 yuan/m², a 6.2% increase year-on-year, but transaction volume fell by 60.3% [23] - Key areas for office transactions included Shapingba, Jiangbei, and Yubei, with significant declines in other regions [26] Industrial and Warehouse Market - Investment in key industrial projects reached 240.95 billion yuan, achieving 50.2% of the annual target, with a focus on high-end and green industrial transformation [29] - Despite external economic pressures, the industrial land market showed significant growth, supported by government policies [29] Overall Market Summary - The residential market is stabilizing in core areas, while commercial and office sectors continue to face inventory challenges [30] - The overall real estate market in Chongqing remains in an adjustment phase, with some signs of recovery in select areas [30]

Core Viewpoint - Datong Group (00544) anticipates a net loss attributable to equity holders of approximately HKD 36.8 million for the six months ending June 30, 2025, compared to a net loss of approximately HKD 19.76 million for the same period ending June 30, 2024 [1] Group Performance - The expected loss is primarily attributed to a revenue decrease of approximately 33% in the frozen warehouse and related services business [1] - Revenue from the food and beverage trading and sales business in mainland China is expected to decrease by approximately 62% [1] - The revenue declines in both segments are mainly due to a challenging macroeconomic environment that has weakened demand for the group's products and services [1] Accounting Impact - The cumulative impact of accounting treatment related to the extension of the frozen warehouse lease agreement at the end of 2024 is also a contributing factor to the anticipated loss [1]