截至11月10日，中储股份股东户数9.02万，较上期减少1.02%；人均流通股24059股，较上期增加 1.04%。2025年1月-9月，中储股份实现营业收入477.87亿元，同比增长1.03%；归母净利润4.44亿元，同 比增长15.52%。 分红方面，中储股份A股上市后累计派现19.63亿元。近三年，累计派现6.50亿元。 资金流向方面，主力资金净流出2369.52万元，特大单买入726.57万元，占比4.03%，卖出3374.62万元， 占比18.73%；大单买入4623.85万元，占比25.66%，卖出4345.33万元，占比24.12%。 中储股份今年以来股价跌6.02%，近5个交易日跌2.79%，近20日跌0.67%，近60日跌2.79%。 今年以来中储股份已经1次登上龙虎榜，最近一次登上龙虎榜为4月22日，当日龙虎榜净买入6036.33万 元；买入总计1.28亿元 ，占总成交额比12.66%；卖出总计6782.10万元 ，占总成交额比6.70%。 资料显示，中储发展股份有限公司位于北京市丰台区凤凰嘴街5号院2号楼鼎兴大厦A座27-28层，成立 日期1997年1月8日，上市日期1997年1月21日 ...

Core Points - HNA Technology's stock price has dropped by 5.15% on November 18, reaching 4.60 CNY per share, with a trading volume of 253 million CNY and a turnover rate of 2.10%, resulting in a total market capitalization of 13.337 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 4.34% during this period [1] Company Overview - HNA Technology Co., Ltd. is located at 143 Chongqing Road, Heping District, Tianjin, and was established on March 6, 1982, with its listing date on September 9, 1996 [1] - The company's main business includes IT product distribution, warehousing and logistics, internet finance, cloud marketplace, and cloud computing [1] - The revenue composition of the main business is as follows: 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other supplementary sources [1] Shareholder Information - Among the top ten circulating shareholders of HNA Technology, a fund under Southern Fund holds a position [2] - The Southern CSI 1000 ETF (512100) reduced its holdings by 512,500 shares in the third quarter, now holding 14.1184 million shares, which accounts for 0.49% of the circulating shares [2] - The estimated floating loss for today is approximately 3.5296 million CNY, with a total floating loss of 3.106 million CNY during the three-day decline [2] Fund Manager Details - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 13 days [3] - The total asset size of the fund is 122.76 billion CNY, with the best fund return during the tenure being 181.49% and the worst being -15.93% [3]

Core Viewpoint - The stock of Milkway experienced a decline of 2.01% on November 18, with a current price of 58.61 CNY per share and a total market capitalization of 9.268 billion CNY [1] Company Overview - Milkway Intelligent Supply Chain Service Group Co., Ltd. was established on March 28, 1997, and went public on July 13, 2018. The company specializes in providing comprehensive logistics services centered around freight forwarding, warehousing, and transportation, gradually extending into chemical product distribution [1] - The main revenue composition includes: 48.08% from MCD unique distribution, 24.02% from MGF global freight forwarding, 17.40% from MWT integrated warehousing and distribution, 9.96% from MGM global mobility, and 0.53% from other sources [1] Financial Performance - For the period from January to September 2025, Milkway achieved a revenue of 10.67 billion CNY, representing a year-on-year growth of 11.70%. The net profit attributable to shareholders was 525 million CNY, with a year-on-year increase of 7.04% [2] - Since its A-share listing, Milkway has distributed a total of 444 million CNY in dividends, with 288 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Milkway was 11,300, a decrease of 9.63% from the previous period. The average circulating shares per person increased by 10.66% to 14,034 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 11.3135 million shares, a decrease of 1.3328 million shares from the previous period. New entrant Qianhai Kaiyuan Public Utility Stock holds 6.1037 million shares [3]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1] Core Insights - The REITs industry is experiencing operational divergence, with varying performance across different sectors. The overall market sentiment is improving, creating potential investment opportunities despite ongoing pressures [5][6] - The total market capitalization of the REITs industry is approximately 2170.96 billion yuan, with a circulating market value of about 1109.16 billion yuan [1] Summary by Sections Industrial Park Sector - The industrial park sector faces significant pressure due to oversupply in major cities, leading to a general decline in rental rates and occupancy [5][12] - Increased competition and a rise in supply have resulted in a downward trend in revenue and EBITDA for many projects [12] - Some projects are adjusting strategies, such as lowering rents and offering customized services to attract tenants [5][12] Warehousing and Logistics Sector - Demand is differentiated, with essential industries like pharmaceuticals and e-commerce supporting occupancy rates, while small tenants show weak demand [5] - The sector is experiencing rental pressure due to increased supply in many regions [5] Affordable Rental Housing Sector - This sector remains the most stable, with occupancy rates consistently above 90% and minimal rental fluctuations [5] - Demand is driven by new citizens and corporate employees, providing strong resilience against market changes [5] Consumer Sector - The consumer sector shows stable occupancy rates above 90%, benefiting from asset upgrades and marketing strategies [5] - Rental income performance varies, with shopping centers seeing growth while outlet and farmer's market types face short-term fluctuations [5] Highway Sector - The highway sector has seen improved traffic volumes due to seasonal travel, although attention is needed on network diversion impacts [5] - Revenue growth is primarily driven by increased passenger traffic during peak travel seasons [5] Municipal Utilities Sector - Core indicators vary significantly due to industry characteristics, influenced by seasonal cycles and policy adjustments [5] Energy Sector - Performance heavily relies on resource endowments and policies, with national subsidy mechanisms being a key variable affecting distributable amounts [5] Data Center Sector - The customer base is primarily large enterprises, maintaining high occupancy and billing rates, indicating stable cash flow [5] Investment Recommendations - The report suggests that despite ongoing pressures, there are structural opportunities for investment, particularly in fundamentally sound assets. It recommends considering projects with reasonable valuations and potential for recovery [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the public - offering REITs market expanded in quality under normal - state issuance. With the dual - wheel drive of "first - offering + expansion - offering", the total market capitalization exceeded 220 billion yuan, and the market ecosystem became more mature. In 2026, it is expected to issue 20 - 30 projects, and the differentiation among projects will intensify [3][11]. - Expansion - offering is an inevitable path for the development of China's public - offering REITs market. In 2025, the expansion - offering channel reopened, and in 2026, with policy implementation and process optimization, it may become another main line in the market [3]. - The secondary market of REITs in 2025 showed a "rising first and then falling" trend. To improve liquidity, policy support is expected, such as including REITs in the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect, launching REITs - ETF and index fund products, and guiding long - term funds like annuities and pensions to enter the market [3]. - The fundamentals of different asset types of REITs have shown different trends. Investors should select Alpha assets to make investment decisions [3]. 3. Summary According to Relevant Catalogs 3.1.审度首发新常态，洞见估值新平衡 - **2025 First - offering Situation** - From January to October 2025, 19 REITs started the recruitment process, with an average of 2 per month, slower than in Q4 2024. The total first - offering scale was 38.7 billion yuan, about 40% less than in 2024. Two new IDC - REITs were added, enriching the asset types [3][11]. - The net - underwriting and online subscription yields of REITs were calculated. The net - underwriting yield was significantly higher than the online yield. The net - underwriting yield of 10 - 200 million yuan of funds was the highest, reaching 3.50% [13][15]. - The strategic placement of REITs in 2025 had a 100% winning rate and an average floating profit of 35%. The number of strategic investment institutions increased to 275, a 6% increase from 2024 [3]. - The number of new - offering products increased to nearly a thousand, and the winning rate dropped below 1%. In October, due to limited initial listing gains and overlapping fundraising periods, the enthusiasm for new - offering decreased, and the winning rate rebounded [20][22]. - In terms of institutional participation, 270 institutions participated in the net - underwriting inquiry, a 69% increase from 2024. Among them, the number of securities firms, insurance funds, private funds, and public funds increased significantly. Insurance funds led in terms of the proposed subscription amount, followed by securities firms [28]. - The strategic placement became more difficult for institutions to obtain. The number of strategic placement institutions per REIT reached a new high, indicating increased scarcity [34]. - **Valuation and Pricing** - From January to October 2025, the first - day and first - four - day closing cumulative increases of REITs reached new highs. However, since September and October, as the first - offering valuation increased, the initial listing gains narrowed, and the net - underwriting quotation became more cautious [39]. - From January to September 2025, the first - offering valuation had an average discount of 25%. Since October, the discount rate has significantly narrowed to less than 10%, and even less than 5% for some projects [40]. - **2026 First - offering Expectations** - Policy support is expected to expand the market and increase the number of asset types. The approval efficiency will be improved, and the average time from acceptance to registration will be shortened to 100 days [45][57]. - The expected number of first - offerings in 2026 is 20 - 30, with a relatively small average fundraising scale. The differentiation among projects will intensify, and the initial listing gains are expected to narrow to 5% - 10% [64][71]. - Under the neutral scenario, the net - underwriting and online new - offering yields of 10 - million - 100 - million - yuan funds are expected to be 3.21% and 0.61% respectively [75]. 3.2.扩募潮起谋新篇，资产混装开新局 - **Importance of Expansion - offering** - Due to high - dividend requirements and leverage limitations, expansion - offering is an important way for the external expansion of public - offering REITs. It can optimize the asset portfolio and improve the anti - risk ability [81]. - **Policy Changes** - In September 2025, the 782nd document shortened the expansion - offering threshold from 12 months to 6 months and supported cross - industry asset mixing, which is expected to shorten the expansion - offering cycle and enrich the asset types [86]. - **2025 Expansion - offering Situation** - After the first four REITs' expansion - offerings in 2023, the expansion - offering channel reopened in 2025. By October, 2 REITs' expansion - offering shares were listed, 3 were in the process, and 3 were under review. The issuance methods were diversified, including private placement and rights offering [90]. - The returns of investors participating in the expansion - offering mainly come from the market discount at the time of issuance and the increase in the dividend rate. The initial batch of expansion - offering projects had losses in the bidding and strategic placement, but 2 projects still had floating profits by the end of October [93][94]. - **Potential Expansion - offering Projects** - Many original equity holders of listed REITs hold potential expansion - offering assets. There are currently 5 expansion - offering projects in progress, and the AVIC Jingneng Photovoltaic REIT is the first project with mixed - asset expansion (photovoltaic + hydropower) [100][101]. - **Case Studies of Expansion - offering Projects** - The Beijing Affordable Housing REIT's expansion - offering assets are slightly inferior in quality to the first - offering assets, but the overall dividend rate is expected to increase [109]. - The AVIC Jingneng Photovoltaic REIT's expansion - offering of "photovoltaic + hydropower" is expected to significantly increase the net profit, EBITDA, and distributable amount in 2026, and the cash distribution rate will also increase [117]. - The Huaxia China Resources Commercial REIT plans to expand by purchasing the Suzhou Kunshan Mixc project. After the expansion, the 2026 combined predicted dividend rate is expected to increase by 0.23 pct [119]. 3.3.长钱定盘亦凝滞，活水破局方致远 - **2025 Market Review** - In 2025, the REITs market showed a "rising first and then falling" trend. The first half was supported by the low - interest rate environment, while the second half was affected by factors such as stock market diversion, rising interest rates, unlocking pressure, and weakening fundamentals. In Q4, some defensive assets' performance was excellent, and some configuration funds began to enter the market [122][124]. - **Investor Structure** - As of the first half of 2025, securities firms and insurance companies dominated the REITs market. Their "heavy - configuration, light - trading" strategy restricted the secondary - market liquidity. Different types of institutions had different configuration preferences [128]. - **Measures to Improve Liquidity** - Including REITs in the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect, launching REITs - ETF and index fund products, and guiding long - term funds like annuities and pensions to enter the market are expected to improve the market liquidity [131]. 3.4.基本面殊途已现，精选Alpha定乾坤 - **Affordable Housing REITs** - In the past five quarters, the affordable housing REITs showed a pattern of "stable quantity and differentiated price". In 2026, the rental market will be affected by factors such as supply and tenant preferences in different regions. Rents in first - tier cities are expected to decline slightly, while those in core second - tier cities may stabilize or rise slightly [137]. - **Consumption REITs** - In 2025, the consumption REITs' operation was stable. The rental rate and collection rate remained high, and the rental efficiency fluctuated seasonally. With the adjustment of the supply - demand relationship and the release of new consumption demands, the asset managers of REITs adjusted the tenant mix. The increase in CPI in October is expected to support the valuation of consumption REITs [140].

天眼查App显示，近日，凉山州福农食品有限公司成立，法定代表人为游小飞，注册资本500万人民 币，经营范围为一般项目：食用农产品零售；食用农产品批发；农副产品销售；食用农产品初加工；粮 食收购；畜禽收购；水产品收购；水产品批发；食品进出口；纸制品制造；纸制品销售；塑料制品制 造；塑料制品销售；新鲜蔬菜批发；新鲜蔬菜零售；新鲜水果批发；新鲜水果零售；鲜肉批发；鲜肉零 售；鲜蛋批发；鲜蛋零售；水产品零售；供应链管理服务；居民日常生活服务；物业管理；普通货物仓 储服务（不含危险化学品等需许可审批的项目）；餐饮管理。（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）许可项目：牲畜屠宰；生猪屠宰；家禽屠宰；牲畜饲养；道路货物运输（网络 货运）。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 文件或许可证件为准）（涉及国家规定实施准入特别管理措施的除外）。 ...

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

Core Insights - The "Famous Private Enterprises Supporting Hainan Free Trade Port High-Quality Development Conference" will be held from November 27 to 29 in Haikou, focusing on the theme "Private Enterprises Supporting the Free Trade Port, Opening a New Journey" [1] - The conference is expected to attract around 800 participants, including representatives from over 100 top 500 private enterprises and listed companies in China [1] - The conference will feature the release of the "Research Report on the Internationalization of Private Enterprises" and the "Initiative for Private Enterprises to Support the Construction of Hainan Free Trade Port" [1] Economic Contributions - As of the first three quarters of 2025, Hainan's private economy achieved a value-added of 338.63 billion yuan, with a year-on-year growth of 4.2% [2] - Private investment reached 75.41 billion yuan, accounting for 31% of the total investment in the province, highlighting its significant role in economic and social development [2] - The province has 3.6241 million operating entities, with 3.5312 million being private entities, representing 97.44% of the total [2] Role of Private Economy - The private economy contributes nearly 60% of the province's GDP, over 90% of employment, and more than 90% of high-tech enterprises and operating entities [2] - The private economy has become a driving force in the construction of the Hainan Free Trade Port, enhancing overall strength, innovation capability, and market competitiveness [3]

Group 1 - The core point of the article is that 中储股份 (China Storage Co., SH 600787) held its 10th first board meeting on November 14, 2025, in Beijing, where it reviewed the proposal for appointing a new general manager [1] - For the fiscal year 2024, 中储股份's revenue composition is as follows: 63.01% from smart transportation platform construction and operation, 32.96% from bulk commodity supply chain services, 3.7% from warehousing and logistics infrastructure services, 0.26% from other services, and 0.07% from miscellaneous business [1] - As of the report date, 中储股份 has a market capitalization of 13.2 billion yuan [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 16.70 [1][5]. Core Insights - The company reported a total revenue of RMB 55.08 billion for Q3 2025, representing a year-on-year increase of 24.1%. However, the net profit attributable to shareholders decreased by 7.9% to RMB 2.03 billion [1][5]. - The revenue growth was primarily driven by the increase in JD Retail revenue, the addition of JD Delivery services, accelerated overseas market expansion, and growth in external customer business [1][3]. - The company is focusing on enhancing its logistics infrastructure and expanding into international markets, particularly in the Middle East and Asia-Pacific regions [4]. Revenue Breakdown - In Q3 2025, revenue from JD Group reached RMB 21.20 billion, a significant increase of 65.8%, accounting for 38.5% of total revenue, up 9.7 percentage points year-on-year [2]. - External customer revenue was RMB 33.88 billion, growing by 7.2% and representing 61.5% of total revenue [2]. - The integrated supply chain business generated RMB 30.14 billion, a year-on-year increase of 45.8%, reinforcing its core position in the business [2]. Profitability Analysis - The gross margin and Non-IFRS profit margin for Q3 2025 were 9.1% and 3.7%, respectively, both showing a decline of 2.6 and 2.1 percentage points year-on-year [3]. - The decline in profitability is attributed to increased resource investment in new businesses and higher employee compensation costs, which rose by 49.8% to RMB 21.8 billion [3]. Future Outlook - The company maintains its net profit forecast for 2025 at RMB 6.90 billion and Non-IFRS profit at RMB 8.34 billion, while slightly adjusting the forecasts for 2026 and 2027 downwards due to anticipated cost increases [5]. - The long-term outlook remains positive, with expectations of profit margin recovery driven by improved logistics capacity utilization and automation technology applications [3][5].