Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

Core Insights - The importance of the e-commerce industry is highlighted, with the Qionglai E-commerce Cloud Warehouse significantly reducing storage costs for e-commerce companies and providing competitive logistics prices, thus driving the growth of the e-commerce sector in Qionglai [1] Logistics - The Qionglai E-commerce Cloud Warehouse, located in Chengdu's Green Health Industrial Park, is bustling with activity, handling local specialty products such as noodles, liquor, honey, and cooking oil [2] - The warehouse operates a shared system for merchants that integrates with platforms like Douyin, Pinduoduo, Taobao, and Xiaohongshu, ensuring that all orders are dispatched by 4 PM daily [3] Warehouse Operations - Managed by the Qionglai E-commerce Public Service Center, the cloud warehouse spans 5,000 square meters and provides low-cost storage and logistics services through resource integration and professional operations [4] - The cloud warehouse employs a fully data-driven management platform, allowing for flexible storage and entry times, enabling products to be stored and shipped efficiently, thereby reducing storage costs for businesses [4] Business Impact - Over 30 companies, primarily in the liquor sector (90% of the total), have settled in the cloud warehouse, which serves as a core infrastructure for e-commerce by offering storage and order processing solutions [5] - The cloud warehouse has processed approximately 2,000 orders daily and is expected to expand to 13,000 square meters by the end of the year, with a daily processing capacity of 5,000 to 10,000 orders [5] Growth Projections - The cloud warehouse shipped 500,000 orders last year, with a significant increase expected this year, projecting a total of 2 million orders [6] - Future plans include enhancing capacity and efficiency by improving connections with major e-commerce platforms and quality logistics companies, aiming to lower logistics costs and improve delivery efficiency [6]

Summary of Key Points Core Viewpoint - The company, Guangdong Hongchuan Smart Logistics Co., Ltd., has approved a guarantee for its subsidiaries to apply for futures designated delivery warehouse qualifications, which is expected to benefit the company's storage business and align with the interests of all shareholders [1][4]. Group 1: Guarantee Overview - The company will provide full joint liability guarantees for its subsidiaries, Changzhou Hongchuan Petrochemical Storage Co., Ltd. and Dongguan Sanjiang Port Storage Co., Ltd., in their application to the Zhengzhou Commodity Exchange [1][4]. - The guarantee amount is not specified, but the total approved guarantee amount for the company and its subsidiaries is 587,729.60 million yuan, which accounts for 224.41% of the latest audited net assets [1][4]. Group 2: Subsidiary Information - Changzhou Hongchuan was established on July 3, 2009, with a registered capital of 350 million yuan. As of March 31, 2025, it reported total assets of 95,031.26 million yuan and net assets of 48,274.61 million yuan [1]. - Dongguan Sanjiang was established on April 22, 2004, with a registered capital of 1,200 million USD. As of March 31, 2025, it reported total assets of 89,784.07 million yuan and net assets of 39,178.79 million yuan [2][3]. Group 3: Board of Directors' Opinion - The board believes that the guarantee will facilitate the subsidiaries in obtaining the necessary qualifications for futures designated delivery warehouses, thus supporting the company's storage business [4]. - The company maintains effective control over the subsidiaries, and the risks associated with the guarantee are considered manageable, with no adverse impact expected on the company's operations [4].

平谷区攻坚克难，奋步疾蹄，固定资产投资首次实现"半年过百亿"。平谷区坚持项目为王，压紧加密调度，多措并举，全 力推项目、促投资。上半年完成固定资产投资同比增长26.4%，全市排名第3。上半年固定资产投资总量已超2022年全年投 资水平。 续建项目提速增效 东久新宜平谷智慧城市物流谷项目基本完工 项目位于平谷区马坊镇PG05-0003-J002地块，总用地面积374092.649平方米，建筑规模为934681.27平方米（不含地下面 积），建设内容包括仓储用房及配套设施等。该项目已基本完工，即将进行竣工验收。项目建成后将成为亚洲最大的单体 物流项目，能够极大加强平谷区马坊物流高地货运仓储能力，为北京各工业企业、电子商务企业提供高质量的仓储服务， 赋能仓储基础设施，优化、提升产业供应链能效，为打造首都物流高地贡献中坚力量，促进区域产业结构优化。 京东-平谷智能产业园项目施工进入尾声 项目位于平谷区马坊镇03街区，总用地面积236803.69平方米，建筑规模为591857.31平方米（不含地下面积），建设内容包 括仓储用房及配套设施等。该项目已完成总工程量的91%。项目充分依托京东自身电商、物流、科技等多领域能力， ...

2025年上半年，中国GDP同比增长5.3%，在这一高于市场预期的经济增速之下，内需对经济增长的贡献率达到68.8%，同时外贸出口数据亮眼，货物贸易 出口增长7.2%。在内外需双轮驱动下，中国仓储指数连续八个月运行在扩张区间，物流仓储行业展现出强劲发展韧性。 物流是实体经济的"筋络"，联接生产和消费、内贸和外贸，仓储则是物流的必要载体，是支撑实体经济的重要基础设施。中金普洛斯REIT是截至目前国 内上市公募REITs中市值最大、资产数量最多、资产规模最大、区域覆盖最广的仓储物流类REIT，从其运营表现可一探经济运行的趋势与前景。 7月21日，中金普洛斯REIT(508056.SH)发布2025年二季报，其基金总收入、合并息税折旧摊销前利润、可供分配金额等核心财务指标延续了长期稳健运营 的态势，且十个仓储物流园的整体期末平均出租率保持90%以上的高位。7月18日，中金普洛斯REIT公告将进行2025年第二次分红，计划分配金额约 7,867.43万元，以高比例分红持续回馈投资者。待最新分红完成，中金普洛斯REIT2025年迄今累计分红金额将达1.75亿元，自上市以来的累计分配金额将 超12亿元。 作为智慧高效物流 ...

Core Viewpoint - The opening of the "Kejie Guangzhou Baiyun Renhe Warehouse" marks a significant milestone for the company in the South China region, enhancing the supply chain capabilities for the fast-moving consumer goods (FMCG) sector, particularly in the beauty industry [1][3]. Group 1: Strategic Importance - The Baiyun Renhe Warehouse aligns with the development opportunities in the Greater Bay Area and the e-commerce economy, significantly reducing the inbound time from 4 hours to 30 minutes [3]. - The warehouse is strategically located near Baiyun Airport, enabling rapid logistics capabilities with a promise of "24-hour delivery in South China and 48-hour delivery nationwide" [7]. Group 2: Technological Advancements - The warehouse is equipped with intelligent logistics devices and innovative digital management systems, ensuring efficient, precise, and environmentally friendly supply chain services [5]. - Advanced technologies such as big data and AI are utilized for precise inventory management, helping to predict inventory needs and avoid stockouts or excess inventory [8]. Group 3: Industry Impact - The Baiyun Renhe Warehouse is expected to serve as an "accelerator" for the beauty FMCG supply chain in South China, benefiting brands, consumers, and the regional economy [9]. - The logistics efficiency improvements will lower logistics costs for brands, allowing them to invest more in product development and marketing [9]. Group 4: Economic Contribution - The operation of the warehouse is projected to create numerous job opportunities and stimulate the development of upstream and downstream industries such as packaging and transportation [10]. - The company aims to continuously upgrade its intelligent technology, positioning the Baiyun Warehouse as a national model for "technology logistics empowering industrial belts" [10].

Group 1 - Ruihu Mould achieved a net profit of 227 million yuan in the first half of 2025, a year-on-year increase of 40.33% [1] - The company reported an operating income of 1.662 billion yuan, representing a year-on-year growth of 48.3% [1] - The main business focuses on automotive manufacturing equipment and lightweight automotive components [1] Group 2 - Dongfang Fortune announced that shareholder Shen Yougen's inquiry transfer price is set at 21.66 yuan per share [1] - The transfer will not occur through centralized bidding or block trading, and the shares cannot be transferred within six months [1] - The company specializes in securities, financial e-commerce services, and financial data services [1] Group 3 - Yunnan Copper plans to purchase 40% of Liangshan Mining for 2.324 billion yuan through a share issuance [3] - The transaction involves issuing shares to the controlling shareholder and indirect controlling shareholder to raise matching funds [3] - The company is engaged in copper exploration, mining, smelting, and processing of precious and rare metals [3] Group 4 - Changchuan Technology reported a net profit of 427 million yuan in the first half of 2025, a year-on-year increase of 98.73% [15] - The company achieved an operating income of 2.167 billion yuan, reflecting a year-on-year growth of 41.8% [15] - The main business is focused on the research, production, and sales of integrated circuit equipment [15] Group 5 - ST Lingda reported a net loss of 105 million yuan in the first half of 2025, an improvement from a net loss of 168 million yuan in the same period last year [17] - The company achieved an operating income of 59.93 million yuan, a year-on-year increase of 72.39% [17] - The main business involves high-efficiency photovoltaic solar cells and photovoltaic power generation [17] Group 6 - Anning Co. plans to acquire 100% equity of three companies for 6.508 billion yuan through phased cash payments [14] - The acquisition aims to enhance resource reserves, business scale, market share, and profitability [14] - The company primarily engages in the mining, washing, and sales of vanadium-titanium magnetite [14] Group 7 - Huylv Ecological is planning a major asset restructuring, with stock suspension effective from July 22, 2025 [13] - The restructuring involves issuing shares and cash to acquire 49% equity of Wuhan Junheng Technology [13] - The company specializes in landscape engineering construction and design [13] Group 8 - ST Xifa is planning to acquire the remaining 50% equity of Lhasa Beer for cash, which will lead to full control of the company [26] - The transaction is in the planning stage and is expected to constitute a major asset restructuring [26] - The company is involved in the production and sales of beer [26]

Core Insights - 中金普洛斯REIT reported total revenue of approximately 108 million yuan for Q2 2025, with EBITDA around 68.85 million yuan and distributable income of about 83.96 million yuan, resulting in a cash distribution rate of 1.14% for the period and an annualized cash distribution rate of 4.55% [1] - The Chinese warehousing market continued its growth trend in Q2 2025, with express delivery volume exceeding 100 billion packages, 35 days earlier than last year [1] - The REIT's rental income from infrastructure projects and property management services reached approximately 106 million yuan, with a net profit margin of 67.20% after excluding fair value changes [1] - The average occupancy rate of the 10 warehousing logistics parks held by 中金普洛斯REIT exceeded 90%, an increase of 2.7 percentage points year-on-year [1] Distribution and Performance - 中金普洛斯REIT announced a planned distribution of approximately 78.67 million yuan for its second dividend in 2025, with a distribution ratio of about 95% [2] - Cumulatively, the REIT will distribute around 175 million yuan in 2025, bringing the total number of distributions since its listing in 2021 to 12, with total distributions exceeding 1.2 billion yuan [2] - 中金普洛斯REIT is one of the first public REITs in China and the first warehousing logistics REIT listed on the Shanghai Stock Exchange, covering seven core logistics hubs across five major economic zones [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From July 7 to July 11, 2025, the secondary - market prices of China's listed public REITs showed an overall correction, with a weighted REITs index return rate of - 1.26%. Compared with other mainstream asset classes, REITs performed weakly [1][11]. - The trading volume and enthusiasm in the REITs market decreased. The total net inflow of main funds was 7.483 million yuan, and the total amount of block trades reached 628.09 million yuan, an increase from the previous week [2][3][32]. - There were no new REITs products listed in the primary market this week, and the status of the first - issue project of "Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [4][44]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs corrected. The returns of China's public REITs were - 1.26%, ranking at the bottom among mainstream asset classes [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs showed a downward trend, with franchise - type REITs having a smaller decline. Among different underlying asset types, energy - type REITs had the smallest decline this week [16][18]. - **At the single - REIT level**: 8 REITs rose and 60 REITs fell. The top three in terms of increase were Harvest JD Warehouse Infrastructure REIT, CICC China Greentown Commercial REIT, and Southern SF Logistics REIT [22]. 3.1.2 Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 2.75 billion yuan, and the ecological and environmental protection - type REITs led in the average daily turnover rate during the period. The top three in terms of trading volume were transportation infrastructure, park infrastructure, and consumption infrastructure; the top three in terms of average daily turnover rate were ecological and environmental protection, affordable rental housing, and consumption infrastructure [26]. - **At the single - REIT level**: The performance of single - REIT trading volume and turnover rate continued to be differentiated. The top three in terms of trading volume were Huaxia Hefei High - tech REIT, Huaxia Beijing Affordable Housing REIT, and Harvest JD Warehouse Infrastructure REIT; the top three in terms of trading amount were Huaxia Beijing Affordable Housing REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT [29]. 3.1.3 Main Net Inflow and Block Trade Situation - **Main net inflow situation**: The total net inflow of main funds this week was 7.483 million yuan, indicating a decline in market trading enthusiasm. The top three underlying asset types in terms of net inflow were consumption infrastructure, energy infrastructure, and affordable rental housing. The top three REITs in terms of net inflow were CICC China Greentown Commercial REIT, Huaxia China Resources Commercial REIT, and CITIC Construction Investment State Power Investment New Energy REIT [32]. - **Block trade situation**: The total amount of block trades this week reached 628.09 million yuan, an increase from the previous week. The highest single - day block - trade turnover was on Thursday, July 10, 2025. The top three REITs in terms of block - trade turnover were Huaxia China Resources Commercial REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia Shenzhen International REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of July 11, 2025, the number of China's public REITs products reached 68, with a total issuance scale of 177.061 billion yuan. Transportation infrastructure had the largest issuance scale, followed by park infrastructure [38]. - No new REITs products were listed this week [39]. 3.2.2 Projects to be Listed - There were 28 REITs in a to - be - listed state, including 16 first - issue REITs and 12 to - be - expanded REITs. The status of the first - issue project of "Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [44].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This is a weekly report on public infrastructure REITs, presenting the price - volume performance, valuation, market correlation statistics, and primary - market tracking of various REITs [1][5][6][7][8] 3. Summary by Directory 3.1 Secondary Market Price - Volume Performance - The report details the price - volume data of multiple REITs, including their fund codes, industry types, listing dates, issue prices, trading volumes, turnover rates, weekly and year - to - date returns, etc. For example, the turnover rate of Boshi Jingkou REIT this week is 0.14%, and its weekly return is 1.36%, with a year - to - date return of - 2.10% [5][11] 3.2 Secondary Market Valuation Situation - No specific content on secondary - market valuation is summarized from the given text 3.3 Market Correlation Statistics - The correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities are presented. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and that between REITs and the CSI Convertible Bond Index is 0.19 [21][23] 3.4 Primary Market Tracking - Information about REITs in the primary market is provided, including their project natures, types, stages (e.g., passed, feedback received, or accepted), acceptance dates, original equity holders, underlying projects, and project valuations. For example, the project valuation of Zhongyin Sino - Sinotrans Warehouse Logistics REIT is 11.56 billion yuan, and it has passed the review on December 30, 2024 [27]