Core Viewpoint - The article emphasizes the importance of private investment as a barometer for the vitality of the private economy, highlighting recent initiatives in Henan Province to promote private investment through policy support and project promotion [1] Group 1: Investment Growth and Structure - In the first five months of this year, private investment in Henan Province increased by 9.7% year-on-year, surpassing the national average by 9.7 percentage points and the provincial investment growth rate by 3.1 percentage points, accounting for approximately 60% of the province's fixed asset investment [1] - The investment structure is continuously optimizing, with significant growth in sectors such as electronic information, equipment manufacturing, and new energy vehicles, all maintaining growth rates above 20% [1] Group 2: Project Promotion - A total of 75 major projects with a total investment of 33 billion yuan have been publicly promoted to private capital, focusing on key areas such as transportation, energy, water conservancy, new infrastructure, urban construction, manufacturing, warehousing and logistics, agriculture, and social undertakings [1][2] - Specific projects include 4 transportation projects with a total investment of 2.7 billion yuan, 16 urban construction projects totaling 6.6 billion yuan, 25 manufacturing projects with an investment of 12.8 billion yuan, and 8 warehousing and logistics projects amounting to 4.4 billion yuan [2] Group 3: Characteristics of Promoted Projects - The promoted projects align with policy directions, with local governments prioritizing resource allocation and providing support for funding and land use [3] - The government is leading the promotion, encouraging private capital participation through various flexible methods such as controlling stakes and forming joint ventures [3] - The investment scale of the projects is moderate, with 46 projects in the 100 million to 500 million yuan range, 15 projects between 500 million and 1 billion yuan, and 7 projects exceeding 1 billion yuan, catering to various types of private investment entities [3] Group 4: Policy Support and Future Directions - The article outlines that the government is committed to breaking down barriers to private investment and establishing a regular mechanism for promoting projects to private capital [4] - There is a strong emphasis on enhancing support services and ensuring the efficient implementation of private investment projects, aiming to contribute significantly to the high-quality economic development of the province [4]

Company Overview - The company will hold its 2024 Annual General Meeting on June 30, 2025, with both on-site and online voting options available for shareholders [1][2] - The agenda includes the review of the Board of Directors' report, Supervisory Board report, financial statements, and various proposals including the election of directors and the appointment of auditors [1][3] Financial Performance - In 2024, the company reported a revenue of approximately 4.52 billion RMB, a decrease of 42.59% compared to 2023 [19][21] - The net profit attributable to shareholders was approximately 50.54 million RMB, down 63.90% year-on-year [19][21] - The company’s cash flow from operating activities was approximately 227.93 million RMB, a decrease of 22.86% from the previous year [19] Business Development - The automotive segment focused on a multi-channel service model, including new car sales, used car transactions, and after-sales services, aiming to enhance customer experience and marketing efficiency [3][11] - The company is enhancing its digital capabilities and expanding its service offerings in the non-ferrous metals market, including the launch of the "Smart Non-Ferrous" app [4][12] - The logistics and warehousing business is being optimized to improve service levels and expand market reach, particularly in black metal logistics [4][12] Governance and Compliance - The Board of Directors held nine meetings during the reporting period, ensuring compliance with legal and regulatory requirements [7][8] - The Supervisory Board conducted four meetings, focusing on the company's financial health and compliance with operational regulations [13][15] - The company is committed to enhancing its internal control systems and compliance frameworks to mitigate operational risks [15][16] Strategic Initiatives - The company aims to transform into a comprehensive service provider in the automotive and non-ferrous metals sectors, leveraging its existing market position and digital capabilities [10][12] - Plans include the development of a supply chain service platform and the integration of digital technologies to enhance operational efficiency [10][12] - The company is also focusing on expanding its market influence through strategic partnerships and innovative service offerings [10][12]

Core Viewpoint - The rapid development of public REITs in China since the approval of the first batch in 2021 is highlighted, with the launch of the China Foreign Transport REIT as a significant step in revitalizing existing assets and promoting high-quality economic development [1][3]. Group 1: REIT Launch and Market Context - The China Foreign Transport Warehousing Logistics REIT officially opened for fundraising from June 23 to June 24, with a final pricing of 3.277 yuan per share, aiming to raise approximately 1.3108 billion yuan [1]. - The REIT will invest in six warehousing logistics infrastructure assets located in key logistics nodes in the Yangtze River Delta, Beijing-Tianjin-Hebei, and Sichuan-Chongqing regions, which have strong regional logistics demand [2]. - As of June 5, the total market value of public REITs in China reached 2019.91 billion yuan, with a total of 66 REITs, indicating significant growth since the first batch was approved [3]. Group 2: Asset Characteristics and Management - The six initial assets of the China Foreign Transport REIT have a total building area of 305,400 square meters, with a leasing area of 299,700 square meters and an occupancy rate of 95.59% [2]. - The assets are primarily leased by subsidiaries of China Foreign Transport, with stable long-term leases extended until 2032 and 2033, ensuring consistent operational stability [2]. - The REIT is initiated by China Foreign Transport Co., Ltd., managed by Bank of China Investment Management, and operated by a subsidiary of Bank of China Asset Management [2]. Group 3: Industry Outlook and Regulatory Support - The rapid growth of public REITs is supported by regulatory measures and a focus on enhancing the service capabilities for the real economy, indicating a positive outlook for future developments in the REIT market [4]. - The diversification of asset types within the public REITs market provides investors with various options while injecting new vitality into the development of the real economy [3].

自2021年首批公募REITs获批以来，公募REITs发展迅猛。首 单央企仓储物流基础设施REITs——中银中外运仓储物流封闭 式基础设施证券投资基金（简称中银中外运仓储物流REIT， 基金代码：508090）正式开启募集，募集期为6月23日至6 月24日。 作者： 墨川 封图：图片资料室 近年来，国家对仓储物流基础设施建设的重视程度不断加强， 同时 各地不断大力提振消费、多渠 道促进居民增收 ， 在此背景下仓储物流租赁市场有望迎来需求修复。 基金发售公告显示，中银中外运仓储物流 REIT 询价工作已于 6 月 1 6 日完成， 最终定价 3.277 元 / 份，将通过战略配售、网下发售、公众发售相结合的方式进行发售。按照认购价格 3.277 元 / 份和 4 亿份的发售份额计算，若发售成功，预计募集资金总额为 13.108 亿元（不 含认购费用和认购资金在募集期产生的利息）。 中银中外运仓储物流 REIT 首次发行拟投资的 基础设施资产共 6 处 ，均为仓储物流类基础设施 项目 。从区位来看，产品首发资产聚焦于长三角、京津冀、川渝地区的重要物流节点，深度嵌入 长江经济带与京津冀协同发展区，区域物流需求强劲， ...

Group 1 - The company is named CMST Development Co., Ltd., established in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The registered capital of the company is RMB 2,170,079,582 [3] - The company was approved to issue 19 million shares to the public for the first time on December 5, 1996, and these shares were listed on the Shanghai Stock Exchange on January 21, 1997 [2][3] Group 2 - The company's business scope includes commodity storage, processing, maintenance, packaging, inspection, equipment leasing, wholesale and retail of goods, and various transportation services [3][4] - The company aims to prioritize user satisfaction, uphold credibility, and create good operating efficiency for all shareholders [3][4] Group 3 - The company issues ordinary shares, and all shares have equal rights [5][6] - The total number of shares issued by the company is 2,170,079,582, with all shares being ordinary shares [6][7] Group 4 - The company may increase its capital through public or private offerings, distributing bonus shares, or other legally approved methods [7][8] - The company is prohibited from repurchasing its own shares except under specific circumstances, such as reducing registered capital or employee stock ownership plans [8][9] Group 5 - Shareholders have rights to dividends, attend and vote at shareholder meetings, supervise company operations, and request information [11][12] - The company must maintain a shareholder register and provide access to relevant documents for shareholders [11][12] Group 6 - The company’s general meeting of shareholders is its highest authority, responsible for electing directors and supervisors, approving financial reports, and making significant corporate decisions [16][17] - The company must hold an annual general meeting within six months after the end of the previous fiscal year [18][19]

自2021年首批公募REITs获批以来，公募REITs发展迅猛。首单央企仓储物流基础设施REITs ——中银中外运仓储物流封闭式基础设施证券投资基金（简称中银中外运仓储物流REIT，基 金代码：508090）正式开启募集，募集期为6月23日至6月24日。 近年来，国家对仓储物流基础设施建设的重视程度不断加强，同时各地不断大力提振消费、 多渠道促进居民增收，在此背景下仓储物流租赁市场有望迎来需求修复。 中银中外运仓储物流REIT的发起人/原始权益人为中国外运股份有限公司，基金管理人为中银 基金，专项计划管理人为中银基金全资子公司中银资产管理有限公司，中国外运旗下中外运 瑞达（上海）供应链管理有限公司担任运营管理机构。 作为招商局集团第5个REITs产品，中银中外运仓储物流REIT是中国外运盘活存量资产、扩大 有效投资，推动实体经济高质量发展的重要举措。中国外运是招商局集团物流业务的统一运 营平台和统一品牌，是中国领先的综合物流企业，拥有完善的服务网络和丰富的物流资源和 客户资源。本次发行，中国外运选取位于经济发达地区、同时也是中国外运业务经营的核心 区域的优质资产作为首发资产，其 具备现金流稳健、抗风险能力强等 ...

Core Viewpoint - The REITs market in China has developed significantly since its inception in June 2021, becoming an important part of the capital market, aligning with the country's high-quality economic development [1] Group 1: Market Development - The public REITs market in China has evolved from a pilot phase to a crucial component of the capital market over four years [1] - ESR Group has actively participated in the Chinese REITs market, with the Zhonghang Yishang Warehousing Logistics REIT listed on the Shanghai Stock Exchange in January 2025 [1][5] - The demand for warehousing logistics services is expected to rise due to ongoing recovery in industrial production and consumption [1] Group 2: Company Strategy - ESR Group's strategy in China is driven by a recognition of the country's key role in the global supply chain since its establishment in 2011 [2] - The company defines "new economy" real estate management as encompassing logistics real estate, data centers, and infrastructure platforms, aiming to capture growth opportunities [2] - As of December 31, 2024, ESR Group's assets related to new economy management fee income reached $42.6 billion, with a project reserve of approximately $11.4 billion [2] Group 3: Operational Insights - Logistics real estate serves as the core growth engine for ESR, meeting the demand for large-scale, high-quality logistics assets in the Asia-Pacific region [3] - The data center segment leverages strong demand in AI, cloud computing, and 5G, allowing ESR to flexibly meet diverse customer needs [3] - ESR manages nearly 180 assets in China, with about 70% located in key economic hubs like the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area [3] Group 4: Market Demand and Trends - The rapid growth of e-commerce and increasing demand for supply chain integration in manufacturing are driving the need for refined warehousing logistics management [4] - ESR provides not only warehouses but also high-standard hardware facilities and energy-efficient park concepts, which are core competitive advantages [4] Group 5: REITs Performance - The Zhonghang Yishang Warehousing Logistics REIT is seen as a vital pillar for ESR's long-term development in the Chinese market [5] - The underlying assets of the REIT consist of three logistics parks in Kunshan, Jiangsu Province, with a historical average occupancy rate of over 90% over the past five years [6] - As of the end of Q1 2025, the project had a rental rate of 85.57%, with expectations to reach 90% due to new tenant arrivals in Q2 and Q3 [6]

Group 1: Indonesian Healthcare Market - The Indonesia Discovery Program 2025: Healthcare aims to assist Chinese companies in navigating opportunities and challenges in the Indonesian healthcare market through a three-day on-site visit and tailored strategies [3][4]. Group 2: TikTok and E-commerce Developments - TikTok's overseas monthly active users have surpassed 1 billion for the first time, indicating strong growth in the non-gaming mobile application sector [7]. - AliExpress has launched a car sales business in the Middle East, featuring primarily Chinese electric vehicles [7]. - JD Logistics has reportedly established a team of over 1,000 in Saudi Arabia, marking its entry into the local market [7]. Group 3: Robotics and Automation - Geek+ has received a notification for its listing in Hong Kong, positioning itself as the first global stock in the autonomous mobile robot (AMR) sector, with over 70% of its revenue coming from markets outside mainland China [7]. Group 4: Global Expansion of Chinese Companies - Ctrip is accelerating its global expansion by opening over 1,100 overseas positions across 75 cities in 23 countries, aiming to double its overseas revenue share in the next 3-5 years [8]. - Changan Automobile has established nine out of a planned 20 overseas factories and is expanding its presence in over 100 countries [11]. - GAC plans to enter the Argentine market by the second half of 2025, focusing on the growing demand in South America [11]. Group 5: Investment and Financing - YG Cloud has completed a Pre-B round financing of nearly 100 million yuan, which will be used to enhance its AI-driven integrated office support platform [18]. - Lingxing Technology has secured several million yuan in Pre-A round financing to develop its intelligent three-dimensional perception technology [19].

做箱包电商的朋友都知道，仓储物流是绕不开的环节。自己建仓吧，投入大、管理难；不建仓吧，发货慢、体验差。这时候，第三方云仓就成了很多商家的 选择。但市面上云仓那么多，怎么挑？今天宝时云仓就来唠唠，箱包类目选云仓的那些事儿。 一、箱包电商与云仓的特殊关系 箱包和别的商品不太一样，体积大、重量沉，而且款式多、季节性强。比如旅行箱，一个箱子占的地方比十件衣服还大，重量也不轻。这就意味着仓储成本 高，对仓库的空间利用率和承重要求都不低。再看销售，箱包有明显的淡旺季，像开学季、节假日销量猛增，平时又比较平稳。这种波动对仓储的弹性要求 很高——旺季得能扛住单量，淡季又不能浪费资源。 所以，箱包电商和云仓的关系可以说是"唇齿相依"。好的云仓能帮你降本增效：通过专业的仓储管理，减少库存积压和损耗；通过智能的物流调度，加快发 货速度，提升客户满意度。反之，如果选错了云仓，可能货发不出去、客户投诉不断，反而砸了自己的招牌。 二、选择云仓的关键考量因素 那么，到底怎么选云仓呢？咱们得抓住几个关键因素，一个一个来分析。 的人口：可以可以可以可以可以回到了 U i i . 00 0 U e 00 .. . e E 00 8 ul e A ...

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]