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]

Group 1 - The eighth "Choose France" international business summit attracted a record investment of 20 billion euros, held at the Palace of Versailles [1] - The summit aims to attract investment and create jobs, with this year's theme being "France, the Country of Creativity," featuring over 200 international business leaders [1] - More than 50 investment projects were announced, covering sectors such as artificial intelligence, transportation, and green energy [1] Group 2 - Prologis is investing 6.4 billion euros to build data centers and warehouses in France [1] - MSC Cruises ordered two cruise ships from a shipyard in Saint-Nazaire, costing 3.5 billion euros [1] - Circ is investing 450 million euros to establish its first world-class textile chemicals recycling plant in France, expected to create 200 jobs [1] - Amazon is investing 300 million euros to expand its operations in France, primarily in warehouse construction, expected to create 1,500 jobs [1] - Some projects are part of the 109 billion euros investment announced during the AI Action Summit in February, involving large investment funds and companies from the UAE, the US, and Canada [1] Group 3 - Macron held roundtable discussions with South Korean business leaders on artificial intelligence and energy transition [2] - He met with executives from BYD, Carlos Slim, and the Qiddiya Investment Fund from Saudi Arabia [2]

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].

Group 1: Xiaomi's Response to SU7 Incident - Xiaomi's first car, SU7, was involved in a serious collision and fire incident, resulting in three fatalities, with the specific cause yet to be disclosed [4] - The incident has led Xiaomi to recognize the heightened public expectations regarding safety and responsibility, emphasizing the company's commitment to industry leadership [4] - Lei Jun's public remarks reflect Xiaomi's serious approach to automotive safety issues and a determination for self-improvement, indicating potential enhancements in future safety performance [4] - The short-term negative impact of the incident is significant, necessitating ongoing monitoring of Xiaomi's automotive safety improvements, market feedback, and sales performance to assess the long-term effects on the brand and business growth [4] Group 2: Automotive Parts Sector Trends - The automotive parts sector is entering a new valuation reconstruction cycle driven by multiple policies and technological themes, with a focus on companies that integrate "robotics + smart vehicles" [3] - Companies that can expand into a second growth curve and demonstrate actual delivery capabilities and order validation are particularly favored [3] - The new mandatory standards for light vehicle automatic emergency braking systems (AEBS) are expected to significantly increase the installation rate of AEBS [5] Group 3: Citigroup's Investment Strategy - In Q1, Citigroup significantly increased its holdings in Nvidia (+48%), Apple (+62%), and Microsoft (+76%), collectively accounting for nearly 8% of its investment portfolio, reflecting a strong bullish outlook on the tech sector driven by AI [6] - Citigroup is also heavily invested in SPDR Gold ETF call options and long-term U.S. Treasury ETF call options, indicating a strategy to hedge against macroeconomic risks such as inflation and interest rate changes [7] - Notably, Citigroup has increased its position in Nasdaq 100 put options by over 300%, with a market value of $12 billion, representing 6.12% of its total assets, highlighting a strategy to hedge against potential systemic risks, particularly in overvalued tech stocks [7] Group 4: Walmart's Pricing Strategy - Walmart's CFO announced plans to raise prices on various products starting in late May, particularly in toys, electronics, and grocery items, with June expected to be the peak for price increases [8] - This strategy may attract middle- and low-income consumers amid high inflation and weak consumption, potentially increasing Walmart's market share in grocery and essential goods, although it may pressure profit margins [8] - The consumer sentiment shows a shift, with some large items like cars experiencing a "pre-purchase wave," while other categories are seeing a wait-and-see attitude, indicating inflation expectations are significantly influencing consumer decision-making [8] Group 5: WuXi Biologics' Strategic Shift - WuXi Biologics announced the sale of its biopharmaceutical manufacturing facility in Leverkusen, Germany, for €150 million (approximately 1.21 billion RMB) to Japan's Terumo [5] - The company is reallocating resources to a large CRDMO center in Singapore, with a total investment of $1.4 billion and a planned capacity of 120,000 liters, which will become Singapore's first end-to-end biopharmaceutical service platform [5] - This restructuring reflects confidence in optimizing the Southeast Asian supply chain, policy stability, and nearshore service capabilities for global clients, while also reducing exposure to policy risks in the European and American markets [5] - The sale of the German facility allows WuXi to free up management and capital resources, transitioning to a new large integrated platform that enhances end-to-end service efficiency and client integration capabilities [5]

Market Overview - The major stock indices in Shanghai and Shenzhen opened lower on May 16, with the Shanghai Composite Index experiencing a decline after initial fluctuations, while the Shenzhen Component and ChiNext indices showed wider fluctuations after filling gaps [1] - The Shanghai Composite Index closed at 3367.46 points, down 0.40%, with a trading volume of approximately 435.6 billion yuan; the Shenzhen Component closed at 10179.60 points, down 0.07%, with a trading volume of about 653.9 billion yuan; the ChiNext Index closed at 2039.45 points, down 0.19%, with a trading volume of around 298.5 billion yuan [1] Sector Performance - The PEEK materials sector and controllable nuclear fusion sector saw significant gains in the morning session, although the gains narrowed during the day, remaining among the top performers [1] - Other sectors that experienced notable increases included COVID-19 drug concepts, automotive parts, integrated die-casting, and cultivated diamonds, while sectors such as chemical fibers, warehousing logistics, and seed industry faced larger declines [1] Institutional Insights - According to Jifeng Investment Advisory, the A-share market is gradually finding a bottom with medium to long-term investment opportunities, driven by a series of counter-cyclical adjustment policies [2] - Guoyuan Securities noted that the "618" shopping festival has seen a shift in pre-sale periods, with platforms like Tmall and JD.com simplifying mechanisms and increasing subsidies, leading to strong performances from domestic products [2] - Guojin Securities highlighted that financial technology companies are actively seeking growth points in areas such as AI and overseas expansion, with a positive outlook for C-end stock trading software companies as market activity remains robust [2] Policy Developments - The Ministry of Commerce held a meeting on May 15 to promote the optimization of the departure tax refund policy, emphasizing its role in boosting consumption and responding to external shocks [3] - The State-owned Assets Supervision and Administration Commission (SASAC) announced a meeting to discuss further deepening the reform of state-owned enterprises, focusing on high-quality completion of reform actions by 2025 [4]