Core Viewpoint - The stock of Milkway has shown a mixed performance with a year-to-date increase of 21.39%, while recent trading indicates a slight decline over the past 20 days [1][2] 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 is based in Shanghai and specializes in comprehensive logistics services, focusing on freight forwarding, warehousing, and transportation [1] - The company's 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 services [1] Financial Performance - For the period from January to September 2025, Milkway reported a revenue of 10.67 billion yuan, reflecting a year-on-year growth of 11.70%. The net profit attributable to shareholders was 525 million yuan, up 7.04% year-on-year [2] - Since its A-share listing, Milkway has distributed a total of 444 million yuan in dividends, with 288 million yuan distributed over the past three years [2] Shareholder Information - As of September 30, 2025, Milkway had 11,300 shareholders, a decrease of 9.63% from the previous period. The average number of 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 11.31 million shares, a decrease of 1.33 million shares from the previous period. New entrant Qianhai Kaiyuan Public Utilities Stock holds 6.10 million shares [2]

Core Insights - The Changshou Port International Warehousing and Logistics Base is a key municipal project nearing completion of its first phase [2] - The base is strategically located in the Changshou Economic Development Zone, within the core areas of two trillion-yuan industries: chemical new materials and green metal materials [2] - Upon completion, the base will serve as a modern logistics hub integrating bonded warehousing, sorting, and distribution functions, addressing the local gap in bonded logistics capabilities [2] Industry Impact - The project aims to enhance efficient foreign trade and logistics services, thereby supporting the improvement of the regional industrial chain and ecosystem [2] - It is expected to contribute to the sustained and healthy economic development of the area [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not explicitly stated in the given content 3. Summary by Relevant Catalogs 3.1 Secondary Market Price and Volume Performance - Data on multiple REITs including fund code, fund name, industry type, listing date, issue price, first - day return, return since listing, trading volume since listing, trading volume this week, trading volume last week, turnover rate this week, turnover rate last week, return this week, return last week, and return since the beginning of this year are presented for different industries such as warehousing logistics, industrial parks, affordable rental housing, consumer infrastructure, data centers, highways, ecological environment protection, water facilities, and energy [10][11] 3.2 Secondary Market Valuation Situation - Valuation data of various REITs are provided, including P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025, along with comparisons to industry averages and current quantiles [22] 3.3 Market Correlation Statistics - The correlation coefficients between REITs (including different types such as property - based, franchise - based, and by industry) and various asset classes (stock assets, convertible bonds, pure bonds, and commodities) are presented [28] 3.4 Primary Market Tracking - Information on several REITs in the primary market is given, including project nature, project type, stage, acceptance date, original equity holder, underlying projects, and project valuation [30]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.48%. Compared with other major asset classes, REITs' performance was average. The return rate ranking from high to low was: convertible bonds > crude oil > A - shares > pure bonds > gold > REITs > US stocks. The secondary - market price trends of equity - type and franchise - type REITs diverged, and municipal facility - type REITs had the largest increase. In terms of single - REIT performance, there were 33 rising, 1 flat, and 42 falling REITs (excluding the newly - listed one). The trading volume, turnover rate, net inflow of main funds, and large - scale trading volume also showed differentiation among different REITs. In the primary market, a new REIT was listed, and the status of two REIT products was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The closing and total return indices of China Securities REITs and the weighted REITs index all had negative returns. Compared with other major asset classes, REITs' return rate was - 0.48%, ranking behind convertible bonds, crude oil, A - shares, etc. [11] - **At the underlying asset level**: The price trends of equity - type and franchise - type REITs diverged. Equity - type REITs declined with a return rate of - 0.86%, while franchise - type REITs rose with a return rate of 0.39%. Among different underlying asset types, municipal facility - type REITs had the largest increase, with a return rate of 2.25%. The top three in terms of return rate were municipal facility - type, ecological and environmental protection - type, and consumer - type REITs [17][19]. - **At the single - REIT level**: Excluding the newly - listed REIT, there were 33 rising, 1 flat, and 42 falling REITs. The top three in terms of increase were China AMC JINMAO Commercial REIT, Zheshang Expressway REIT, and Guotai Junan Jinan Energy Heating REIT, with increases of 4.42%, 2.37%, and 2.25% respectively. The top three in terms of decline were GF Chengdu Gaotou Industrial Park REIT, CICC Liandong Science and Technology Innovation REIT, and E Fund Guangzhou Development District High - tech Industrial Park REIT, with declines of 9.44%, 8.43%, and 7.01% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.88 billion yuan, and the new infrastructure - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were park infrastructure - type, transportation infrastructure - type, and affordable rental housing - type REITs, with trading volumes of 684 million, 507 million, and 442 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure - type, affordable rental housing - type, and park infrastructure - type REITs, with rates of 0.86%, 0.83%, and 0.80% respectively [25]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were China AMC Hefei High - tech REIT, China AMC CR Land Youchao REIT, and Soochow Industrial Park REIT. The top three in terms of trading amount were China AMC Hefei High - tech REIT, China AMC CCCC REIT, and China AMC CCOF Commercial REIT. The top three in terms of turnover rate were CSC Shenyang International Software Park REIT, China AMC CCOF Commercial REIT, and China AMC Hefei High - tech REIT [28]. 3.1.3 Net Inflow of Main Funds and Large - scale Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 38.36 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow were consumer infrastructure - type, park infrastructure - type, and new infrastructure - type REITs. Among single REITs, the top three were China AMC CCOF Commercial REIT, China AMC CR Land Commercial REIT, and China AMC CR Land Youchao REIT [31]. - **Large - scale trading**: The total large - scale trading amount this week was 240.26 million yuan, a decrease compared with last week. There were large - scale trading transactions on 5 trading days, and the highest single - day trading amount was on November 3, 2025. The top three in terms of large - scale trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and Huatai Baowan Logistics REIT [32]. 3.2 Primary Market - **Listed projects**: As of October 31, 2025, there were 77 public REITs in China, with a total issuance scale of 19.9301 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by the park infrastructure - type. This week, CSC Shenyang International Software Park REIT was listed on November 6, 2025, and its asset type was park infrastructure [38][39]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 10 initial - offering REITs and 7 REITs pending for expansion. This week, the project status of "Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Feedback Received", and that of "E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Accepted" [42].

Core Insights - A new company, Jiangxi Jie Zhou Zhou Trading Co., Ltd., has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhou Jin [1] - The business scope includes internet sales (excluding goods requiring permits), general cargo warehousing services (excluding hazardous chemicals), supply chain management services, and various retail sales [1] Business Scope - The company is involved in internet sales, ordinary goods warehousing, supply chain management, and information consulting services [1] - Retail activities include daily necessities, toys, pet food and supplies, and textiles [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects requiring approval [1]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - On Thursday, precious metal prices fluctuated and rebounded. The sharp increase in the number of laid - off employees by Challenger companies in the US, with the technology and warehousing and logistics industries being the most affected, led to the dollar index falling below 100 during the day, a slight decline in US stocks, and most metals oscillating upwards [1][3]. - Precious metal prices currently lack significant drivers and are expected to maintain a volatile pattern in the short term. Attention should be paid to the trading window in December. Before and after the December FOMC meeting, there may be a game about the rate - cut space for next year. In the long term, excessive debt issuance and de - globalization are the core factors driving the decline of the US dollar's credit. Gold is the preferred asset to hedge against the US dollar's credit risk, and the trend of central bank gold purchases globally continues, with the long - term price center of gold expected to rise. Silver's trend is consistent with that of gold, expected to adjust in tandem in the short term and its price center is expected to move up in the long term following gold [3]. - The weekly price range for London gold is expected to be between 3800 and 4200, and for London silver between 46 and 52 [3]. 3. Summary by Relevant Catalogs 3.1 Key Information - In October, the number of laid - off employees by Challenger companies in the US was 153,074, a year - on - year increase of 175.3% (the previous value was a decrease of 25.8%) and a month - on - month increase of 183% (the previous value was a decrease of 37.11%). The lay - offs were mainly concentrated in the technology and warehousing and logistics industries [2]. - The Bank of England kept the benchmark interest rate at 4.00%, in line with market expectations. It is predicted that the inflation rate will drop to 3.1% early next year and stabilize around the 2% target from the second quarter of 2027. The unemployment rate is expected to peak at 5.1% in the second quarter, higher than the 4.9% forecast in August. The Bank of England raised its economic growth forecast for this year from 1.25% to 1.5% and kept the forecasts for 2026 and 2027 unchanged [2]. - According to Revelio Labs data, the number of non - farm payrolls in the US decreased by 9,100 in October, compared with an increase of 33,000 in the previous month. The non - farm payroll report of the US Bureau of Labor Statistics (BLS) has been postponed due to the federal government shutdown [2]. 3.2 Price Logic - The short - term trend of precious metals is expected to be volatile, and attention should be paid to the trading window in December. Personnel changes in the Fed may become a positive driving factor. In the long term, gold is a preferred asset to hedge against the US dollar's credit risk, and the long - term price center of gold is expected to rise. Silver's trend is consistent with that of gold, and its price center is expected to move up in the long term [3]. 3.3 Price Outlook - The weekly price range for London gold is expected to be between 3800 and 4200, and for London silver between 46 and 52 [3]. 3.4 Index Information - The comprehensive index of CITICS Futures commodities on November 6, 2025, includes the commodity index (2244.89, +0.50%), the commodity 20 index (2541.79, +0.61%), and the industrial products index (2223.51, +0.45%) [43]. - As of November 6, 2025, the precious metals index had a daily increase of 0.83%, a 5 - day decrease of 0.35%, a 1 - month increase of 0.99%, and a year - to - date increase of 46.42% [45].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - In Q3 2025, infrastructure REITs sectors showed a pattern of intensified differentiation, both between sectors and within different projects of the same sector [3]. - The affordable housing sector was the most stable, with most projects achieving positive revenue growth due to rising occupancy rates and rents. The municipal environmental protection sector also performed well, with overall revenue indicators rising year - on - year, showing a trend of increasing volume and price. In contrast, the industrial park sector continued to decline, with supply - demand imbalance remaining a major problem. The warehousing sector faced marginal pressure, and the energy sector's operating data in Q3 was also poor [3]. - After the release of REITs Q3 reports, the differentiation in operating performance was also reflected in the secondary - market. Pay continuous attention to the structural opportunities of high - quality targets supported by oversold repair and institutional allocation demand. Oversold repair and institutional allocation demand are still important supports for the REITs market, but opportunities are mainly concentrated in high - quality projects, and weak projects may face a supplementary decline. Also, pay attention to the rhythm of market repair and prevent the risk of oversold repair turning into over - rising [3]. Group 3: Summaries According to Related Catalogs 1. Affordable Housing - The affordable housing sector maintained stable operations with strong bond - like attributes. Most projects achieved positive revenue growth, but some market - oriented rental projects had controllable performance fluctuations. For example, the Beijing affordable housing project's new expansion assets significantly increased revenue, while the Shenzhen Anju and Suzhou Hengtai projects saw a decline in EBITDA [6]. - Specific projects' data on revenue, EBITDA, distributable amount, occupancy rate, rent pricing, and other indicators are presented in detail in Figures 1, 2, and 3 [7][8][9]. 2. Warehousing - The warehousing sector faced marginal pressure. Projects with a high proportion of related - party transactions had relatively more stable operating performance, while market - oriented projects were affected by new warehouse entries. For example, in the CICC Puluosi, Huaxia Shenguoji, and Huatai Zijin Baowan projects, occupancy rates fluctuated due to new supplies [10]. - The SF project's operation was stable, but its profitability indicators weakened due to the cancellation of lease contracts by former tenants. The occupancy rate of the Hongtu Innovation Yantian Port REIT in Q3 2025 declined marginally due to a tenant's early termination of business [10]. - Figures 4, 5, 6, and 7 show detailed data on the profitability and operating indicators of warehousing projects [11][12][13][14]. 3. Consumption - The consumption sector remained stable overall, with most projects actively adjusting and reforming, and most revenue indicators rising. However, some projects with a high correlation between rent and performance had a slight decline in profitability due to seasonal factors. For example, the Shouchuang Outlet project had a slow - sales season in spring and summer, but its cumulative operating data in 2025 exceeded the comparable forecast data in the project's issuance - stage evaluation report [15]. 4. Industrial Park - Not provided in the given content 5. Transportation - Not provided in the given content 6. Energy - Not provided in the given content 7. Municipal Environmental Protection - Not provided in the given content 8. New Infrastructure - Not provided in the given content 9. Investment Suggestions - Not provided in the given content

Core Insights - The introduction of GALAXIS's VFR ultra-narrow aisle forklifts addresses the limitations of traditional forklifts in warehouse logistics, enhancing efficiency in high-density storage scenarios [1][2][4] Group 1: Challenges of Traditional Forklifts - Traditional forklifts face significant challenges in ultra-narrow aisles, including large size, poor maneuverability, and high damage rates, which hinder operational efficiency [2] - The need for a large turning radius in traditional forklifts consumes valuable warehouse space and reduces storage density, leading to increased warehousing costs [2] Group 2: VFR Series Advantages - The VFR series of forklifts features advanced navigation and positioning technology, allowing for millisecond-level precision in ultra-narrow aisles, ensuring accurate handling of goods [4] - The VFR series includes three sub-series: CL, CS, and CC, which collectively provide a flexible and intelligent solution for warehouse logistics [2] Group 3: Collaborative Solutions - The VFR large and small vehicle collaborative solution effectively addresses diverse transportation needs, combining the strengths of large vehicles for long-distance transport and small vehicles for precise storage tasks [5][10] - Dynamic scheduling and intelligent obstacle avoidance are key technologies in this solution, enabling real-time communication and safe operation in complex warehouse environments [7] Group 4: Commercial Value - The VFR series is highly adaptable across various industries, including pharmaceuticals, apparel, e-commerce, and third-party logistics (3PL), enhancing inventory management capabilities [8][10] - In the pharmaceutical industry, the VFR series ensures safe and precise handling of goods, meeting stringent storage standards [10] - In the apparel sector, the flexibility and efficiency of the VFR series improve inventory turnover and reduce costs [10]

Core Viewpoint - Shenzhen Xinnanshan Holdings Group Co., Ltd. reported significant growth in revenue and profit for the first three quarters of 2025, driven by increased sales turnover in the real estate sector, although challenges remain in the market recovery phase [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 10.906 billion yuan, a substantial increase of 163.73% year-on-year - The net profit attributable to shareholders was 330 million yuan, marking a turnaround from losses in the previous year [2]. Business Focus - The gross profit margin for the real estate development business improved to 19.27% in the first half of 2025, up from the previous year, primarily due to structural changes in project delivery, particularly in Shanghai - The average occupancy rate of Baowan Logistics warehouses reached 91.1%, an increase of 4.1 percentage points year-on-year, despite a general decline in the logistics and warehousing market [3]. Financial and Strategic Insights - Financial expenses increased in the first three quarters due to a rise in interest expenses from expanded interest-bearing liabilities, but overall financing costs have decreased significantly due to improved liquidity in the financial market - The company plans to continue advancing asset securitization and funding reserves, focusing on logistics funds and public offerings to enhance operational capabilities - Credit impairment for 2024 is primarily related to other receivables, influenced by market and policy factors affecting real estate project sales [4]. - The company aims to balance its capital-intensive business needs with profit distribution, considering increasing dividend levels when conditions allow [4]. Other Business Ventures - The company's new energy business is primarily conducted through a stake in China Nuclear Technology, focusing on the development of wind, solar, and energy storage projects [5].

Core Viewpoint - Nanshan Holdings (SZ 002314) announced a research meeting with CICC on November 5, 2025, where company representatives addressed investor inquiries [1] Company Summary - For the first half of 2025, Nanshan Holdings reported the following revenue composition: Real estate industry accounted for 58.87%, manufacturing business for 20.54%, warehousing and logistics for 15.83%, integrated urban development for 3.58%, and others for 1.19% [1] - As of the report date, Nanshan Holdings has a market capitalization of 8.8 billion yuan [1]