（文章来源：证券日报） 证券日报网讯 7月31日晚间，宏川智慧发布公告称，公司于2025年7月24日召开了第四届董事会第十四 次会议、第四届监事会第九次会议，审议通过了《关于2024年股票期权激励计划股票期权第一个行权期 行权条件未成就及部分股票期权注销的议案》，公司获授股票期权的9名激励对象已离职，已不符合激 励条件，经审议决定对该部分人员已获授但尚未行权的总计26.50万份股票期权进行注销；2024年股票 期权激励计划股票期权第一个行权期行权条件未成就，所有激励对象（不含不再符合激励条件人员）对 应的第一个行权期的股票期权227.37万份不得行权，经审议决定对该部分已获授但尚未行权的股票期权 进行注销。前述需注销的股票期权数量合计为253.87万份。近日，公司向中国证券登记结算有限责任公 司深圳分公司提交了注销股票期权的申请，已经中国证券登记结算有限责任公司深圳分公司审核确认， 上述股票期权的注销手续已办理完毕。 ...

Core Viewpoint - The successful listing of the Zhongyin Zhongwaiyun Warehousing and Logistics REIT marks a significant step for state-owned enterprises in revitalizing existing assets and expanding effective investments through public REITs [1][2]. Group 1: Listing and Market Reception - The Zhongyin Zhongwaiyun Warehousing and Logistics REIT was officially listed on the Shanghai Stock Exchange on July 29, with a total issuance of 400 million shares and a fundraising scale of 1.3108 billion yuan [5]. - The REIT received overwhelming interest during the issuance phase, with 103 institutional investors submitting a total of 2,015,260 million shares in effective subscription requests, which was 239.91 times the initial offline offering [5]. - The public subscription was also highly successful, leading to an early closure of the fundraising within just one day [5]. Group 2: Asset and Management Details - The underlying assets of the REIT consist of six warehousing and logistics projects, including significant locations in the Yangtze River Delta, Beijing-Tianjin-Hebei, and Sichuan-Chongqing regions, which are characterized by strong logistics demand [5]. - The total construction area of the initial assets is 305,400 square meters, with a leasable area of 299,700 square meters and an already leased area of 286,500 square meters [5]. - Five out of the six initial assets are fully leased by subsidiaries of China Foreign Transport and Storage Corporation, providing stable rental agreements that support future dividend capabilities [5]. Group 3: Future Outlook - The successful launch of the Zhongyin Zhongwaiyun Warehousing and Logistics REIT signifies a new chapter for China Foreign Transport in the infrastructure REIT sector, offering investors an opportunity to benefit from the growth of the warehousing and logistics industry [6]. - The REIT aims to leverage its high-quality assets, stable operations, and professional management team to deliver consistent and robust returns to investors, positioning itself as a benchmark product in the REIT market [6].

Core Viewpoint - China National Foreign Trade Transportation Group Co., Ltd. (China Foreign Trade) has successfully launched its infrastructure public REITs, which is expected to enhance the company's financial performance and operational sustainability through asset revitalization and expanded financing channels [2][4]. Group 1: REITs Issuance Process - The company approved the proposal for public infrastructure REITs issuance on June 15, 2022, and extended the authorization for 24 months on June 11, 2024 [2]. - The China Securities Regulatory Commission and Shanghai Stock Exchange formally accepted the REITs issuance application on January 8, 2025 [2]. - The REIT, named Zhongyin China Foreign Trade Warehousing Logistics REIT, received approval for registration from the regulatory authorities in May 2025 [2]. Group 2: Fundraising Details - The REIT completed its issuance on June 24, 2025, with a total of 400 million fund shares sold at a price of RMB 3.277 per share, raising a net subscription amount of RMB 1.3108 billion [3]. - The issuance comprised three parts: strategic placement (70% of total shares), offline placement, and public investor placement [3]. - The original equity holder, a wholly-owned subsidiary of the company, subscribed to 80 million shares, accounting for 20% of the total issuance [3]. Group 3: Financial Impact - The issuance of the REIT is expected to positively impact the company's financial metrics, with an anticipated increase in net profit of approximately RMB 390 million for the fiscal year 2025 [4].

Group 1 - The issuance and listing of the Bank of China Logistics REIT will help the company activate its existing infrastructure assets, creating a positive investment cycle and further broadening financing channels, thereby enhancing the company's sustainable operational capacity [2] - The final fundraising amount for the Bank of China Logistics REIT was 1.3108 billion RMB, with a total of 400 million fund shares issued at a price of 3.277 RMB per share [1] - The strategic placement accounted for 70% of the total issuance, with the original rights holder's subsidiary subscribing for 20% and other strategic investors for 50% [1] Group 2 - The issuance of the Bank of China Logistics REIT is expected to positively impact the company's financial metrics, with an anticipated increase in net profit of approximately 390 million RMB for the year 2025 [2] - The REIT was approved by the Shanghai Stock Exchange and the China Securities Regulatory Commission, with the listing date set for July 29, 2025, under the trading code "508090" [1]

Core Viewpoint - China Foreign Transport and Storage (00598.HK) announced the successful issuance and listing of the Zhongyin China Foreign Transport Storage Logistics REIT, which is expected to enhance the company's financial performance and operational sustainability [1] Group 1: Fund Details - The Zhongyin China Foreign Transport Storage Logistics REIT received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission in May 2025 [1] - The REIT was launched on June 24, 2025, and began trading on the Shanghai Stock Exchange on July 29, 2025, under the trading code "508090" [1] - The total number of fund shares issued was 400 million, with a sale price of RMB 3.277 per share, resulting in a net subscription amount of RMB 1.3108 billion [1] Group 2: Impact on Company - The issuance and listing of the REIT will help the company activate its existing infrastructure assets, creating a positive investment cycle [1] - It is expected to broaden the company's financing channels and enhance its sustainable operational capacity [1] - The REIT's issuance is projected to positively impact the company's financial metrics, with an estimated increase in net profit of approximately RMB 390 million for the fiscal year 2025 [1]

Core Viewpoint - China National Foreign Trade Transportation Group Corporation (China Foreign Trade) has successfully launched the China Bank and China Foreign Trade Warehousing Logistics REIT, which is expected to enhance the company's financial performance and operational sustainability [1][2]. Group 1: Fundraising and Structure - The China Bank and China Foreign Trade Warehousing Logistics REIT raised a total of 400 million shares at a price of RMB 3.277 per share, resulting in a net fundraising amount of RMB 1.3108 billion [2]. - The issuance was divided into three parts: strategic placement (70%), offline placement (21%), and public investors (9%) [2]. - Among the strategic placement, the original equity holder's subsidiary subscribed for 80 million shares (20% of total issuance), while other strategic investors subscribed for 200 million shares (50% of total issuance) [2]. Group 2: Impact on Company - The issuance and listing of the REIT will help the company activate its existing infrastructure assets, create a positive investment cycle, and broaden its financing channels [2]. - It is anticipated that the REIT's issuance will positively impact the company's financial metrics, with an expected increase in net profit of approximately RMB 390 million for the fiscal year 2025, subject to final audited financial reports [2].

Group 1 - The core point of the article is that China National Foreign Trade Transportation Group Corporation (China Foreign Trade) has successfully launched its public REIT, which is expected to enhance its financial performance significantly [2] - The public REIT named "Bank of China China Foreign Trade Warehousing Logistics REIT" completed its issuance on June 24, with a total of 400 million fund shares sold at a price of 3.277 yuan per share [2] - The net subscription amount raised from this issuance is approximately 1.3108 billion yuan, which will help the company to revitalize its existing infrastructure assets [2] Group 2 - The issuance is projected to increase the company's net profit by approximately 390 million yuan in the fiscal year 2025 [2]

格隆汇7月29日丨中国外运(601598.SH)公布，中银中外运仓储物流REIT已于2025年6月24日完成发售， 自2025年7月29日起在上交所上市，交易代码为"508090"，基金场内简称为"外运REIT"，扩位简称为"中 银中外运仓储物流REIT"。中银中外运仓储物流REIT的发行上市有助于公司盘活存量基础设施资产，形 成投资良性循环，进一步拓宽融资渠道，增强公司可持续经营能力。此外，中银中外运仓储物流REIT 的发行将对公司财务指标产生积极影响，预计整体增加公司2025年度净利润约人民币3.9亿元（最终以 经审计的财务报告为准）。 ...

Group 1: Overview of the International Land Port - The Xigaze International Land Port officially opened its customs inspection facility in August 2024, enabling efficient customs clearance for up to 300 export vehicles daily, significantly enhancing Tibet's connection to international markets [1][2] - The modern facility integrates customs declaration, inspection, transfer, loading, storage, and consolidation functions, reducing the average container transportation cost by nearly 2000 yuan [1][2] Group 2: Simplification of Customs Processes - The implementation of advanced container inspection systems has streamlined customs processes, allowing for quick and efficient clearance without the need for secondary inspections [2] - The strategic location of the land port, being only 5 kilometers from the city center and 50 kilometers from the airport, facilitates rapid access to key border ports [2] Group 3: Shift in Export Goods - The types of goods exported through the land port have shifted from traditional items like furniture and clothing to new categories such as electric vehicles, lithium batteries, and photovoltaic products [3] - Over 1,000 electric vehicles were transported from Shanghai to the land port between March and May, showcasing the effectiveness of the rail-road intermodal transport model [3] Group 4: Development of New Industrial Ecosystems - The rapid development of the land port has led to the establishment of over 150 registered enterprises across various sectors, including food processing, construction materials, logistics, and clean energy [4] - The port has attracted 53 investment projects, with 48 already under construction, totaling an investment of 3.302 billion yuan and creating 2,369 jobs [4] Group 5: Expansion of E-commerce and International Competitiveness - The land port is accelerating the construction of bonded warehouses and export supervision warehouses to enhance cross-border e-commerce capabilities [5] - Companies are utilizing the bonded warehouse model to streamline customs procedures, reduce financial pressure, and improve cargo turnover efficiency [5] Group 6: Regional Economic Impact - The land port has significantly improved the region's openness and economic cooperation, aiding Tibet's integration into the Belt and Road Initiative [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].