Core Viewpoint - Hongchuan Wisdom announced the approval of a proposal to change the company's English name and revise its attachments during the first extraordinary shareholders' meeting of 2026 [2] Group 1 - The company held its first extraordinary shareholders' meeting of 2026 on January 15 [2] - The proposal regarding the change of the company's English name was successfully passed [2] - The announcement was reported by Securities Daily [2]

证券日报网讯 1月14日，恒基达鑫发布公告称，公司2026年第一次临时股东会审议通过《关于2026年度 日常关联交易预计的议案》。 （文章来源：证券日报） ...

Core Insights - The Beijing warehousing and logistics market is expected to see an additional supply of 1.4 million square meters by 2025, with significant contributions from Langfang (511,000 square meters) and Tianjin (282,000 square meters) [1] - The demand dynamics in Beijing have shifted from a cost-cutting approach led by third-party logistics in the first half of 2025 to a quality upgrade driven by the manufacturing sector in the second half, stabilizing new leasing demand [1] - The overall net absorption in Beijing's market is projected to reach 182,000 square meters for the year, with a notable 107,000 square meters recorded in the fourth quarter [1] Market Performance - In the surrounding Beijing area, Langfang achieved a record net absorption of 1.192 million square meters, led by the Guangyang and Gu'an sub-markets, with third-party logistics as the main driver of new leasing demand [1] - Tianjin's new leasing performance is balanced between manufacturing and third-party logistics, contributing to an annual net absorption of 371,000 square meters [1] Future Outlook - The integration of the warehousing and logistics markets in Beijing, Langfang, and Tianjin is anticipated to be further propelled by the coordinated development strategy of the Beijing-Tianjin-Hebei region in 2026 [2] - Key factors influencing rental prices include proximity to Beijing's urban area and the location within manufacturing clusters, with both factors becoming increasingly significant over recent years [2] - New projects are expected to maintain stable demand in Beijing's suburbs, while areas like Pinggu, Langfang's northern counties, and Tianjin's Wuqing and Binhai New Area will drive demand for high standards and quality [2]

Core Insights - The 2025 Beijing real estate market shows signs of resilience despite challenges, with office vacancy rates declining for four consecutive quarters and retail properties benefiting from urban renewal initiatives [1] Office Market - The office market in Beijing experienced a historical low in new supply, with only 180,000 square meters added in 2025, alleviating market de-stocking pressure [2] - New leasing demand showed a "high-middle-weak" trend throughout the year, with relocation needs dominating at 76% of transactions, while the area of relocation transactions decreased compared to the previous year [2][3] - The net absorption for the year reached 438,000 square meters, leading to a year-on-year vacancy rate decrease of 1.9 percentage points to 19.1% [3] - Average rental prices in the city fell by 2.7% year-on-year to 228.5 yuan per square meter, with a total annual decline of 10.7% [4] Retail Market - The retail property market saw a total new supply of 534,000 square meters, all from urban renewal projects, indicating a shift towards "old for new" strategies [6] - The overall retail sales in Beijing decreased by 3.1% year-on-year, but the decline rate has narrowed, suggesting signs of market stabilization [7] - The average rent for shopping centers decreased by 1.0% to 30.0 yuan per square meter, with an annual decline of 2.4% [8] Warehouse and Logistics Market - The warehouse and logistics market faced a supply peak with 1.4 million square meters added, resulting in a record high vacancy rate of 40.7% [10] - The demand shifted from third-party logistics to manufacturing, with new leasing demand driven by sectors like automotive parts and pharmaceuticals, accounting for 40% of new leases [10][11] - Average rents in Beijing fell to 37.1 yuan per square meter, marking a 14.8% annual decline [11] Business Park Market - The business park market welcomed seven new projects, primarily in the life sciences sector, totaling 598,000 square meters [12] - The net absorption for the year was 465,000 square meters, with the strongest demand observed in the Yizhuang Economic Development Zone [13] - Average rents in the business park sector decreased by 2.4% year-on-year, with an annual decline of 10.9% [14] Investment Market - The Beijing investment market recorded 40 transactions totaling 23.27 billion yuan, with a notable increase in transaction volume in the fourth quarter [16] - Corporate buyers accounted for 71% of transactions, indicating a strong interest in core assets despite a decline in transaction value [17] - Office assets dominated the market, comprising 64% of total transaction value, reflecting a continued preference for core area properties [18]

Group 1 - The Thai Chaozhou Association, led by Chairman Xu Huishen, is visiting Hainan for project cooperation discussions from January 12 to 14 [1][3] - Hainan's Provincial Committee member Yin Libo introduced the development of Hainan Free Trade Port, highlighting opportunities in real estate investment, food import/export trade, and logistics [3] - The delegation aims to explore educational collaboration with Hainan Normal University and deepen practical cooperation across various sectors in Hainan [3][4] Group 2 - The Thai Chaozhou Association, established in 1938, is one of the largest Chinese associations in Thailand [4] - During their visit, the delegation has toured several locations including Haikou Qilou Old Street and Hainan Normal University, with plans to visit the Hainan Free Trade Port and other economic promotion organizations [4] - The Vice Chairman of the Association expressed interest in investing in hotel development in Hainan, citing the region's potential as an international tourism consumption center [3]

Core Viewpoint - The company acknowledges investor concerns regarding its stock performance amidst a rising market and emphasizes its focus on core logistics operations while remaining open to feedback and suggestions from shareholders [1]. Group 1: Company Response - The company expresses gratitude for the long-term support and suggestions from investors [1]. - It highlights that stock price fluctuations are influenced by macroeconomic conditions, industry cycles, and market sentiment, indicating uncertainty in the market [1]. - The company is currently focused on its core business in warehousing and logistics, including loading, storage, and terminal transfer operations, aiming to maintain long-term shareholder interests [1]. Group 2: Future Considerations - The company commits to providing feedback to its management and board regarding the suggestions made by investors [1]. - It assures that any significant business adjustments will be disclosed in accordance with information disclosure obligations [1]. - Investors are encouraged to view market fluctuations rationally and to be aware of investment risks [1].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the first week of 2026 (January 5 - 9), the China Securities REITs Total Return Index closed at 1028.93 points, rising 1.89% weekly, with the market volume increasing and prices rising. The total market capitalization of 78 listed REITs reached 223.3 billion yuan, a 2.23% increase from the previous period, and the tradable market capitalization was 123 billion yuan [1][12]. - In the secondary market, various assets generally rose, and trading activity significantly increased. Except for the rental housing sector, the other sectors had a growth rate of 1.4 - 4.4%. The leading sectors in terms of growth were new - type facilities (+4.41%), consumer facilities (+3.15%), and industrial parks (+3.14%) [2][20]. - In the primary market, on January 9, 2026, the Shenzhen Stock Exchange officially accepted the application for the China Aviation Beijing Changbao Rental Housing REIT [6][49]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: General Rise of Various Assets and Significant Increase in Trading Activity - **Overall Market Performance**: The China Securities REITs Total Return Index rose 1.89% weekly, and the average daily trading volume and turnover from Monday to Friday increased by 75.45% and 69.73% respectively compared to the previous period [1][12]. - **Sector - by - Sector Performance** - **Data Center (IDC) Sector**: Runze Technology Data Center and万国 Data Center rose 5.29% and 2.80% respectively. Runze Technology's average daily turnover rate increased by 0.38pct to 1%. The dynamic distribution rates of two IDC REITs dropped to 3.63% and 3.32% respectively, and attention could be paid to subsequent asset fluctuations [2][23]. - **Consumer Infrastructure Sector**: All individual bonds in this sector rose. With high occupancy rates and slightly rising rental prices, and approaching traditional consumer peak seasons like the Spring Festival, the fundamentals of consumer REITs are expected to perform well. However, it should be noted that 41.32% of the shares of E Fund Huawai Market REIT will be unlocked on January 24, 2026 [3][25]. - **Industrial Park Sector**: The sector rose 3.14% this week, with all individual bonds rising. Although some parks faced issues such as tenant exits or reduced rental areas, they stabilized occupancy rates through price - for - volume strategies. The average distribution rate of industrial parks is 4.60%, significantly higher than other rental - type REITs and the reference value of 3.30%. Attention could be paid to parks with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [3][28]. - **Rental Housing Sector**: The sector had mixed performance this week, with 5 rising and 3 falling. China Resources Youchao's expansion shares are about to be listed, and its current individual bond distribution rate of 3.35% is still among the top in the sector and can be continuously monitored [4][34]. - **Warehousing and Logistics Sector**: The sector rose 2.23% this week. There were significant differences in the performance of sub - markets. Some projects faced supply shocks, which might lead to a decline in rental income and dividend - paying ability [4][37]. 3.2 Primary Market: Shenzhen Stock Exchange Accepts China Aviation Beijing Changbao Rental Housing REIT - On January 9, 2026, the Shenzhen Stock Exchange officially accepted the application for the China Aviation Beijing Changbao Rental Housing REIT. The project plans to hold assets in Yilan Xinchen, Guorui Xiyuan, and Future Rongshang Jiayuan in Changping District, Beijing. As of September 30, 2025, the occupancy rates of these projects were 96.24%, 96.20%, and 58.86% respectively, with an estimated total value of 847 million yuan [6][49][51]. - As of January 9, 2026, there was 1 project issued but not yet listed, 11 projects with feedback, and 4 projects accepted by the exchange [7][52].

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Investment Rating - The report indicates a stable investment outlook for the Shanghai real estate market, with a focus on the resilience of the TMT sector and emerging consumer trends [4][14]. Core Insights - The Shanghai office market saw a net absorption of approximately 390,000 square meters in 2025, a year-on-year increase of 76.6%, driven primarily by the TMT sector, which accounted for 20% of the demand [7][14]. - The retail market experienced a total net absorption of 678,000 square meters, with fashion and outdoor brands leading the growth, while the logistics sector achieved a historical high in net absorption at 1.07 million square meters [17][26]. - The investment market showed signs of recovery with 97 transactions recorded, totaling 47.4 billion RMB, despite a year-on-year decline in transaction volume and value [43][49]. Office Market Summary - In 2025, the Shanghai office market recorded 11 new projects with a total area of 792,000 square meters, but the overall pre-leasing rate was below 10%, leading to a vacancy rate increase of 1.2 percentage points to 23.3% [7][9]. - The TMT sector surpassed the financial industry in demand, with significant contributions from gaming, e-commerce, and AI companies [7][10]. - Major districts such as Lujiazui and Wujiaochang showed strong demand, with Lujiazui accounting for 7.8% of the market share [8][11]. Retail Market Summary - The retail market saw 708,000 square meters of new supply, with fashion apparel driving 43.4% of the demand, particularly from outdoor and Korean brands [17][18]. - The dining sector maintained a steady demand, accounting for 21% of the market, with a notable rise in health-oriented food options [18][19]. - The market is expected to see over 1.29 million square meters of new supply in 2026, driven by policies promoting smart experiences and health consumption [22]. Logistics Market Summary - The logistics market continued its high supply trend with 9 new projects totaling 899,000 square meters, despite a 43% year-on-year decrease in new supply [26]. - Net absorption reached a historical high of 1.07 million square meters, primarily driven by e-commerce and third-party logistics [26][27]. - The average rental price in the logistics sector decreased by 17.3% to 1.19 RMB per square meter per day [28]. Investment Market Summary - The investment market recorded a total of 97 transactions in 2025, with a total value of 47.4 billion RMB, reflecting a 26% year-on-year decline [43][49]. - Institutional investors led the market with a 40% share of transaction value, focusing on both office and rental residential assets [44]. - The market is transitioning towards a more refined focus on asset quality, with the introduction of commercial real estate REITs enhancing liquidity [49].

Group 1: Macroeconomic Overview - The report anticipates a slight decline in actual GDP growth to approximately 4.5% year-on-year in Q4, with an annual growth rate of around 5% for the year [2] - Domestic demand is expected to remain weak, while export resilience is projected to continue, supported by reduced tariff disruptions and global cyclical improvements [2] - The report highlights the importance of monitoring fiscal expansion in Q1 of the current year to support the "15th Five-Year Plan" [2] Group 2: Fixed Income and Consumption Trends - High travel activity during the New Year period indicates strong consumer sentiment, with a notable recovery in inbound tourism and a narrowing decline in automotive consumption [3] - The real estate sector shows slight recovery in transaction heat, although year-on-year figures remain weaker than in the first three quarters of 2025 [3] - Industrial production indicators show a widening decline in freight volume, with most production rates remaining weak, particularly in the steel and chemical sectors [3] Group 3: Real Estate and REITs Development - The introduction of 30 REITs-related policies marks the official entry of C-REITs into a comprehensive development era for "infrastructure + commercial real estate" [4] - Commercial real estate REITs are expected to significantly enhance asset liquidity and facilitate value reassessment for related enterprises [4] - Companies deeply involved in commercial real estate and management services are likely to benefit from these developments [4] Group 4: ETF Market Trends - By the end of 2025, China's ETF market surpassed 6 trillion yuan, with stock ETFs dominating the market, reaching a total scale of 4.24 trillion yuan, a 42% increase [5] - There is a notable divergence in the performance of broad-based ETFs and thematic industry ETFs, with the latter experiencing continuous inflows [5] Group 5: Aerospace and Aviation Manufacturing - The report emphasizes that civil aviation will become a significant growth area for China's aerospace manufacturing, driven by the scaling up of C919 aircraft deliveries [6] - The development of domestic aviation materials is expected to lower procurement costs and enhance supply chain capabilities for airlines [6] Group 6: Investment Opportunities in Specific Companies - The report initiates coverage on Jizhi Technology (极智嘉-W) with a "Buy" rating and a target price of 36.39 HKD, highlighting its strong growth potential in the flexible warehousing sector [7] - Wanwu Xinxing (万物新生) is also rated "Buy" with a target price of 7.64 USD, recognized for its comprehensive integration in the second-hand recycling industry [10] - Huaming Equipment (华明装备) receives a "Buy" rating with a target price of 29.50 CNY, benefiting from global power grid investments and expected rapid growth in overseas markets [10]