Core Viewpoint - The article discusses the upcoming semi-annual review results of the Hang Seng Index series, which will be announced on August 22, 2025, and the potential adjustments to the index constituents that could impact significant passive fund flows [1]. Group 1: Hang Seng Index Adjustments - Potential candidates for inclusion in the Hang Seng Index include Bank of Communications, Pop Mart, Yum China, XPeng Motors, Huazhu Group, JD Logistics, and Innovent Biologics, based on market capitalization and industry representation [2]. - Historical data indicates that actual results may differ significantly from predictions based on market capitalization rankings, as non-quantitative factors may influence the final decisions [2]. Group 2: Hong Kong Stock Connect Adjustments - An estimated 19 companies are expected to be added to the Hong Kong Stock Connect, while 17 may be removed, influenced by the recent changes in the calculation method for average market capitalization [3]. - The new method for calculating average market capitalization now considers the average market value on non-suspended trading days, which may affect the eligibility of certain stocks [3]. Group 3: Inclusion and Exclusion Criteria - The criteria for inclusion in the Hong Kong Stock Connect require companies to meet specific market capitalization thresholds and other conditions, such as being listed for at least six months and having a market cap above HKD 5 billion [4]. - Companies that do not meet the criteria, such as those with market caps below HKD 4 billion or those that are suspended, may be excluded from the Stock Connect [4]. Group 4: Timeline and Market Impact - The official results of the index adjustments will be announced on August 22, 2025, and will take effect on September 8, 2025, with subsequent adjustments to the investable universe for the Shanghai and Shenzhen Stock Exchanges [5]. - Following the announcement, there may be significant trading volume spikes as active funds may engage in arbitrage, while passive funds will likely adjust their holdings to minimize tracking errors [5]. Group 5: ETF Fund Sizes - The article provides data on the sizes of ETFs tracking the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, with total assets of approximately USD 30.353 billion, USD 6.629 billion, and USD 26.119 billion respectively [6].

□本报记者 宋敏 周口、驻马店新增纳入国家物流枢纽承载城市，周口港口型物流枢纽、洛阳骨干冷链物流基地晋升"国 家队"……我省积极布局建设枢纽经济先行区，以点带面探索枢纽经济高质量发展"河南范式"，增强区 域经济竞争力，为融入服务全国统一大市场建设提供有力支撑。 7月19日，豫信电科旗下河南智能医学科技有限公司分别与我省三家医院，就中医、信创、儿科三大方 向签订了医疗人工智能研发与应用合作协议。"我们旨在以医疗临床业务场景需求为驱动，搭建全省统 一的算力、数据、模型、运营等共性基础设施，服务各级医疗机构特色专科建设和AI模型研发训 练。"该公司有关负责人说。 科技创新和产业创新融合发展不断深入，带动新兴服务业快速增长。1—5月，全省互联网和相关服务、 商务服务业营业收入同比分别增长27.2%、20.4%，分别高于全省规上服务业营业收入增速19.7个、12.9 个百分点。 值得一提的是，我省深入开展"学查改·以企观政服务企业大走访活动"，对600家服务业企业实行实名 制"包保帮扶"，建立到项目、到行业、到企业、到具体问题的服务企业要素保障和帮扶工作督导机 制。"下一步将继续提高政策精准度、拓展措施覆盖度，着力建设 ...

"此退货模式不仅填补了以往俄罗斯至义乌回程TIR载货率缺口，还减少了TIR企业物流成本，比空运成 本降低40%。"义乌海关驻机场办事处业务一科科长叶正阳介绍，"跨关区退货"政策对义乌物流企业而 言，意味着能整合更多口岸资源，优化运输路线，为客户提供更高效、低成本的物流方案，进一步巩固 提升了义乌在全球跨境电商物流网络中的枢纽地位，从跨境电商"货通全球"到"退货无忧"，政策红利切 实转化为企业实打实的竞争力。 据悉，去年12月海关总署推出优化跨境电商出口监管的若干措施，围绕进一步促进跨境电商高质量发 展，在杭州海关等20个直属海关试点跨境电商零售出口跨关区退货政策，允许企业灵活选择退货口岸。 为助力浙江首票跨境电商零售出口货物通过TIR公路运输实现跨关区退货，义乌海关主动谋划，建 立"口岸+属地"海关协调机制，针对企业需求，优化监管流程，解决企业退货申报等问题，依托义乌航 空口岸"7×24小时"预约通关服务，大幅缩短通关时间，保障退货商品顺利验放，降低企业综合成本。 下一步，义乌海关将助力企业常态化开展跨境电商零售出口跨关区退货业务，并持续深化跨境贸易便利 化改革，优化跨境电商零售出口退货机制，支持出口跨境电商 ...

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) concluded successfully, showcasing the latest achievements in global industrial and supply chain cooperation [1] - The event attracted 210,000 online and offline visitors, a 5% increase from the previous year, and over 6,000 cooperation agreements were signed [1] - The expo served as a platform for international and domestic enterprises to interact, share resources, and promote the stability and optimization of global supply chains [1] Group 1: Event Highlights - The Chain Expo featured 152 new products, technologies, and services, marking a 67% increase from the last event [1] - Companies like Jiangsu Hengrui Carbon Fiber Technology Co., Ltd. showcased innovative products aimed at the commercial aircraft and low-altitude flight sectors, emphasizing a green circular composite material ecosystem [2] - Taiyuan Fulairda Logistics Equipment Technology Co., Ltd. presented AI-driven industrial robots and received inquiries from over 20 domestic and international companies on the first day [3] Group 2: Technological Innovations - The expo highlighted the application of AI and embodied intelligence in the industrial chain, with companies like Jiechuang Intelligent Technology Co., Ltd. showcasing AI electromagnetic network capture products [3] - The "Beijing Initiative" released at the expo called for the acceleration of digital, intelligent, and visual supply chain development using technologies like AI, IoT, and blockchain [4] - Jiangsu Qingtian Industrial Internet Co., Ltd. introduced an AI big data solution for global supply chain reconstruction, addressing the needs for digitalization and compliance [5] Group 3: Industry Collaboration - Guangdong Zhuozhi Supply Chain Technology Group launched the "Shumaitong" cross-border supply chain management platform, integrating AI technology into international trade processes [6] - The expo emphasized long-term cooperation over immediate transactions, promoting a collaborative environment among exhibitors [6] - The event aimed to enhance connections between businesses, leveraging big data and AI to optimize enterprise interactions and foster a "find friends" model [6]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）：拟配售 H 股及 发行可转债 58 亿，改善流动性助力公 司价值提升 顺丰控股（002352.SZ）：件量增长超预 期，看好公司业绩较高确定性 顺丰控股（002352.SZ）2025 年一季报 点评：保持经营韧性，利润稳健增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 顺丰控股（002352.SZ）点评：件量延续高 ...

（原标题：山东政商要情（7.14—7.20）） 1，2025年上半年山东外贸进出口实现同比增长6.8% 7月17日，山东省政府新闻办举行"数说山东看发展"经济主题系列新闻发布会，介绍2025年上半年山东 外贸进出口情况。据海关统计，上半年，山东省货物贸易进出口1.73万亿元，列全国第5位，同比增长 6.8%，高于全国3.9个百分点。其中，出口1.05万亿元，增长6%；进口6764.1亿元，增长8.1%。 济南海关副关长辛杨介绍，上半年，山东省进出口、出口、进口规模均创历史同期新高，进出口增速在 前6大外贸省市中居第一位，贡献了全国近20%的增量。从季度看，进出口规模逐季扩大，一季度突破 8000亿元，创历史同期新高，二季度突破9000亿元，创季度历史新高，增长7.6%，较一季度加快1.7个 百分点。 青岛海关副关长石勇介绍，上半年，山东省民营企业进出口值为1.31万亿元，增长7.7%，高于全省总体 增速0.9个百分点。其中，民营企业出口8216.4亿元，增长6.6%；进口4933.2亿元，增长9.6%。 提示：作为沿海开放大省，山东在复杂严峻的国际经贸环境下，采取各种稳外贸、扩投资、促消费举 措，上半年外贸进 ...

7月20日晚，中金普洛斯REIT(508056.SH)发布2025年第二季度报告。数据显示，报告期内，中金普洛斯 REIT实现总收入约1.08亿元，基金合并息税折旧摊销前利润(EBITDA)约6885.36万元；实现可供分配金 额约8396.26万元。按照报告期可供分配金额/报告期末市值计算，本期现金流分派率1.14%，年化现金 流分派率4.55%。 此次分配完成后，中金普洛斯REIT2025年内累计分配金额将约1.75亿元。而自2021年上市以来，该 REIT累计分配次数将达到12次，分配金额超12亿元。 中金普洛斯REIT是国内"首发+扩募"双首批公募REITs之一、上交所首只仓储物流REIT。上市四年多 来，中金普洛斯REIT持有的仓储物流园覆盖全国五大经济圈的七大核心物流枢纽，服务快递快运、第 三方物流、高端制造等新经济行业的70家租户。 二季报显示，中金普洛斯REIT在报告期内实现基础设施项目租金及物业管理服务费收入约1.06亿元，剔 除公允价值变动损益影响后的基础设施项目息税折旧摊销前净利率67.20%。报告期内，中金普洛斯 REIT持有的10个仓储物流园期末平均签约出租率超过90%，同比提升2. ...

"我们将持续推进'服务区+物流'经营思路拓展延伸，加快建成一批高速公路'主通道'物流中转场，探索 试点'公交化'运营思路，联合相关企业为司乘旅客提供更高效、更便捷、更智能的出行体验。"该名负 责人表示。(完) （文章来源：中国新闻网） 据了解，该模式由江西交投畅行公司与物流行业企业合作探索打造，依托服务区区位优势，"服务区 +物流中转"的运营模式得以畅通。自2024年9月运营以来，已高效中转货物近2万票。 在景德镇等11个服务区的"驿路真情"客服中心，司乘旅客可以轻松找到"畅行江西一路顺丰"智能快递 柜，通过扫描智能柜二维码，数十秒内即可完成包裹寄送，解决"下高速寄件不方便"的难题。 "以前想给家人寄特产，必须下高速找快递点，现在服务区就能'秒寄'，省时省力，十分方便。"常年往 返大广高速江西段的河北货车司机程鹏说道。 据江西交投畅行公司相关负责人介绍，该模式将服务区作为物流中转节点，简化了"接驳—入库—转 运"工作流程，经测算可降低30%以上的流通成本。"这一创新模式不仅能够明显节省货物中转运输成 本，还显著减少了丢件、错件、投诉等运营风险，为物流行业转型升级和服务区物流产业发展提供了新 思路。" 中新网南 ...

证券研究报告 | 行业定期报告 2025 年 07 月 20 日 CR450 有望明年投入商业运营，上半年快递业务量增长近两成 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，本周干散货市场景气度提升；基础设施方面，关注港股红 利配置价值；航空方面，关注 25-26 年行业基本面上行趋势及市值弹性；快递方 面，关注 25 年价格竞争情况和行业估值修复潜力。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 129 | 2.5 | | 总市值（十亿元） | 3113.7 | 3.4 | | 流通市值（十亿） | 2872.0 | 3.4 | | 元） | | | 行业指数 % 1m 6m 12m 绝对表现 2.1 7.1 20.5 相对表现 -2.6 0.6 5.2 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jul/24 Nov/24 Mar/25 Jun/25 (%) 交通运输 沪深300 相关报告 1、《招商交通运输行业周报—国家 邮政局反对"内卷式"竞争，关注贸 易谈判进展》2025-07-13 2、《快递物 ...

Core Viewpoint - Linyi is actively promoting its strengths and strategic positioning in the global supply chain through a series of investment attraction events and participation in the China International Supply Chain Promotion Expo, showcasing its robust economic and logistical capabilities [1][3][11] Group 1: Economic and Logistical Strengths - Linyi has a population of 12 million and an area of 17,200 square kilometers, with a trade logistics scale reaching trillions, establishing trade networks with 216 countries and regions [1] - The city has an economic volume of 655.6 billion yuan, highlighting its significant market potential and logistical infrastructure [1] - Linyi is home to 4,903 industrial enterprises with a total output value of 868.8 billion yuan, focusing on 13 key industrial chains including high-end engineering equipment and new energy [4][6] Group 2: Strategic Initiatives and Collaborations - The city is leveraging a unique "full-domain investigation - precise selection - demand matching" exhibition mechanism to enhance its participation in the supply chain [4] - Linyi's government and enterprises are collaborating closely to expand their global market presence, with initiatives like the "2025 Linyi Mall Transformation and Upgrade Support Policy" allocating 80 million yuan for various support measures [6][7] - The city has facilitated 705 enterprises to participate in international exhibitions across 22 countries in the first five months of the year, establishing 59 overseas malls and warehouses [7] Group 3: Industry Upgrades and Innovations - Linyi is transitioning from traditional manufacturing to precision manufacturing, with companies like YaoLing Times showcasing innovative technologies in the renewable energy sector [4] - The agricultural sector is also making strides, with Linyi's agricultural enterprises engaging with global industry leaders to enhance their supply chain capabilities [9][10] - The Linyi Mall Holding Group is exploring partnerships in international logistics, foreign trade, and digital platform development to drive its supply chain digitalization and internationalization [10] Group 4: Future Outlook and Goals - Linyi aims to enhance its international visibility and influence through the Supply Chain Promotion Expo, contributing to a replicable trade promotion model for industry upgrades [11] - The city is committed to deepening cooperation with international partners, leveraging its industrial strengths to build a comprehensive supply chain system that connects Linyi products and services globally [11]