1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].

Company Overview - Costco operates nearly 900 club stores globally, generating over 50% of its gross profit from membership fees, which allows for lower product margins compared to competitors [2] - Realty Income is a net lease REIT with over 15,600 single-tenant properties, primarily in retail, and has a market cap more than three times larger than its closest competitor [5] Financial Performance - Costco has maintained a membership renewal rate above 90% and has increased its dividend annually for over two decades, with an average annualized growth rate of 12% over the past 10 years [3] - Realty Income has increased its dividend annually for three decades, but its annualized dividend growth rate is only 4.3%, which may not attract growth investors [6] Dividend Analysis - Costco's current dividend yield is 0.5%, lower than the S&P 500 index's 1.3%, making it less appealing for dividend growth investors despite its rapid dividend growth [4] - Realty Income offers a more attractive dividend yield of 5.6%, appealing to income investors, especially given its long history of dividend increases [6] Market Position - Both Costco and Realty Income are down approximately 10% from their 52-week highs, with Realty Income down over 25% from its peak, suggesting it may represent better value currently [8] - Costco is considered a strong company with a solid business model but is not viewed as a bargain at present, while Realty Income appears fairly priced and could provide a reliable income stream for dividend investors [9]

Group 1 - The core viewpoint of the report highlights the successful listing of Southern SF Logistics REIT on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of 3.29 billion yuan, with offline subscription multiples reaching 53.52 times and public subscription multiples at 381.58 times [2][8] - The underlying assets of Southern SF Logistics REIT are located in key logistics hubs in Shenzhen, Wuhan, and Hefei, which inject new vitality into the private economy and promote the logistics industry towards a new era of intelligence and efficiency [2][8] Group 2 - In terms of market performance, the REITs market experienced a decline, with Southern SF Logistics REIT leading the gains at +13.10% during the week of April 21-25, 2025, while the CSI REITs total return index fell by 1.43% [3][14] - The total issuance scale of listed REITs reached 173 billion yuan, with a total of 65 REITs issued as of April 25, 2025 [9] Group 3 - The liquidity of the REITs market showed an increase, with a total trading volume of 589 million yuan (MA5) for the week, up 3.4% from the previous week, and the largest trading volume type being warehouse logistics, accounting for 25.2% [4][34] - The trading volume for REITs reached 135 million shares (MA5), reflecting a 5.8% increase from the previous week, with warehouse logistics also leading in trading volume at 31.4% [34] Group 4 - The report indicates that the Southern SF Logistics REIT has a significant performance advantage compared to other REITs, with a year-to-date increase of 13.10% since its listing [25] - The report provides a detailed analysis of various REIT categories, showing the performance of warehouse logistics REITs and their substantial market share [25][34] Group 5 - The report includes correlation analysis between the CSI REITs index and major asset classes, indicating varying degrees of correlation over different time frames [27][29] - The report also presents historical performance comparisons among different REIT categories, highlighting the relative performance of infrastructure and logistics REITs [28][34] Group 6 - Valuation metrics such as P/NAV and bond yield estimates are discussed, providing insights into the current valuation landscape of the REITs market [40][41] - The report emphasizes the ongoing expansion of the REITs market and its implications for future investment opportunities [9][11]

本次财报公布的各项数据指标表现尚佳。其中，毛利率19.85%，同比减25.69%，净利率7.87%，同比减 14.51%，销售费用、管理费用、财务费用总计4192.66万元，三费占营收比8.85%，同比减22.51%，每股 净资产4.26元，同比增8.01%，每股经营性现金流-0.75元，同比减59.5%，每股收益0.07元 | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.58亿 | 4.74亿 | 32.21% | | 归母净利润(元) | 3435.23万 | 3696.18万 | 7.60% | | 扣非净利润(元) | 3076.95万 | 3358.61万 | 9.15% | | 货币资金(元) | 14.53亿 | 16.5亿 | 13.50% | | 应收账款(元) | 6.45亿 | 7.04亿 | 9.16% | | 有息负债 (元) | 8131.34万 | 7881.84万 | -3.07% | | 毛利率 | 26.71% | 19.85% | -25.69% | | 净利率 | ...

观点指数 上下游恢复加快，指数明显回升 物流各项指数方面，2025年3月份仓储指数为50.8%，较上月 回升0.6个百分点，连续五个月保持在扩张区间。物流方面，2025年3月份中国物流业景气指数为 51.5%，较上月回升2.2个百分点，3月中国快递发展指数为401.2，同比提升5%。此外，2025年3月份中 国电商物流指数为110.0点，较上月回升1.1点。 业绩承压，关税未来走势影响企业战略布局据ESR 2024年业绩披露，期内其录得净亏损7.623亿美元， 去年同期则录得净利润2.681亿美元。利润减少主要由于资产公允价值负向变动（包括产生自非核心及 近期资产出售的非现金重估）；以及由于ESR持续在波动及不确定的环境下经营，2024财政年度的奖励 费及交易费下降。此外，据深国际年报披露，2024年其物流业务于本年度实现收入约港币18.37亿元， 与去年同期相若。股东应占盈利较去年同期下跌3% 至约港币5.16亿元，主要由于若干物流港项目资产 减值损失及公允价值损失所致。关税方面，美国政府表示，基于3月加征的20%，对华总关税达145%。 高关税将导致中国跨境电商及制造企业需提前将货物囤积至美国本土仓库，以 ...

Core Viewpoint - China Storage Co., Ltd. (中储股份) plans to acquire 100% equity of Guangzhou Zhongwu Storage International Freight Forwarding Co., Ltd. and Shouyang Company from its controlling shareholder, China Material Storage and Transportation Group Co., Ltd. (中储集团), for a total price of 392 million yuan, aiming to enhance its main business and improve profitability [2][4][5]. Group 1: Acquisition Details - The acquisition involves cash payment for the complete equity of Guangzhou Freight Forwarding and Shouyang Company, which is part of an internal resource integration strategy by the controlling shareholder [4]. - Guangzhou Freight Forwarding specializes in logistics services, including customs clearance, logistics distribution, and warehousing, while Shouyang Company focuses on coal logistics [4][5]. - The transaction is expected to enhance operational efficiency, market competitiveness, and brand image for China Storage Co., Ltd. [5][6]. Group 2: Financial Performance - In 2024, China Storage Co., Ltd. reported a revenue of 63.144 billion yuan, a decrease of 6.13% year-on-year, and a net profit of 403 million yuan, down 48.76% [7][8]. - The company experienced a significant decline in net profit, with a non-recurring loss of 281 million yuan, marking the first loss in eight years [7][8]. - Investment losses amounted to 370 million yuan in 2024, compared to 50.27 million yuan in 2023, primarily due to the downturn in the real estate sector [8]. Group 3: Shareholder Activity - Recently, the second-largest shareholder, CLH 12 (HK) Limited, reduced its stake in China Storage Co., Ltd. by 0.68%, selling 14.8666 million shares between April 11 and April 22 [3][9]. - This reduction follows a previous sale of 90.9151 million shares, indicating ongoing adjustments in shareholder positions [9].

证券研究报告 公司公布 24 年报业绩：营业收入同比下降 20.6%至 267.2 亿元；归母净利 /扣非归母净利同比下降 74.3/34.0%至 1.5 亿/1.9 亿元。归母净利低于我们 预期（6.6 亿元），主因：1）计提资产减值准备共 3.6 亿元，其中 2H24 计 提 2.8 亿元；2）海盐项目终止及退还土地产生损失 1.8 亿元；3）所得税实 际税率（41.4%）较高。我们预计 25 年一次性扰动项逐步减少、公路港通 过精益经营持续降本、化学业务稳健成长，维持"增持"评级。 传化智联 (002010 CH) 核心主业毛利率稳中有升，一次性因素拖累利润 公司 24 年毛利率 13.5%，同比+2.7pct。但归母净利润率同比-1.2pct，主因： 1）公司对坏账、存货、固定资产、持有待售资产共计提减值 3.6 亿元；2） 公司审视公路港项目投资，终止嘉兴海盐传化长三角智慧物流港项目，产生 保证金等损失约 1.8 亿元；3）24 年所得税税率 41.4%，19-23 年平均为 22.1%，主因本期未确认递延所得税资产的可抵扣亏损影响显著扩大。 一次性因素拖累盈利，核心主业毛利 率提升 物流：需求较弱 ...

Core Insights - The company launched a cross-border "Green Channel" leveraging over 40 overseas warehouses globally to facilitate seamless transfers and intelligent forecasting for merchants expanding into international markets [1] - The initiative targets key categories such as large home goods, 3D printers, and automotive parts, offering VIP pricing and up to 60 days of free rental [1] - In markets like Mexico and Vietnam, the company provides local warehousing and international freight services, supporting import and export services centered around Southeast Asia [1] - Qualified merchants can benefit from freight subsidies, priority warehousing, and a rapid 48-hour listing process [1]

Core Viewpoint - Shandong Supply and Marketing Group Logistics Industry Development Co., Ltd. has been established with a registered capital of 30 million RMB, fully owned by Shandong Supply and Marketing Group Co., Ltd. [1] Company Summary - The legal representative of the new company is Yang Yong [1] - The registered capital is 30 million RMB [1] - The company is a wholly-owned subsidiary of Shandong Supply and Marketing Group Co., Ltd. [1] Business Scope - The business scope includes food sales, food internet sales, and road cargo transportation (excluding hazardous goods) [1] - Other services include supply chain management, retail of agricultural products, and various sales including daily necessities, cosmetics, and packaging materials [1] - The company is also involved in food import and export, warehousing services, and sales of livestock and fishery feed [1]

序号股东名称持股比例1珠海市丰庆源贸易有限公司32.5%2珠海永捷成供应链管理有限公司32.5%3佛山 市南海聚丰置业投资有限公司30%4佛山市昊博新型材料有限公司5% 经营范围含新材料技术推广服务；新材料技术研发；供应链管理服务；装卸搬运；包装服务；普通货物 仓储服务（不含危险化学品等需许可审批的项目）；国内货物运输代理；水泥制品制造；砼结构构件制 造；砼结构构件销售；园林绿化工程施工；土石方工程施工；工程技术服务（规划管理、勘察、设计、 监理除外）；水环境污染防治服务；生态恢复及生态保护服务；环境应急治理服务；渔港渔船泊位建 设；机械设备租赁；建筑工程机械与设备租赁；普通机械设备安装服务；水污染治理；建筑材料销售； 水利相关咨询服务；土壤污染治理与修复服务；新兴能源技术研发。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动） 企业名称广东旗盛新材料有限公司法定代表人陈桥坤注册资本5000万人民币国标行业交通运输、仓储和 邮政业>装卸搬运和仓储业>装卸搬运地址珠海市金湾区红旗镇鸡蹄东路1号办公楼1楼D室企业类型其他 有限责任公司营业期限2025-4-21至无固定期限登记机关珠海市金湾区市场监督管理 ...