Core Viewpoint - Hongchuan Wisdom (SZ 002930) announced a total guarantee amount of approximately 5.752 billion yuan, which represents 219.63% of the latest audited net assets [1] Summary by Relevant Categories Company Guarantees - The total guarantee amount approved and being executed by the company and its subsidiaries is approximately 5.752 billion yuan, accounting for 219.63% of the latest audited net assets [1] - The company has provided guarantees amounting to approximately 5.415 billion yuan for its subsidiaries, which is 206.74% of the latest audited net assets [1] - The guarantee amount for joint ventures is approximately 338 million yuan, representing 12.89% of the latest audited net assets [1] Revenue Composition - For the first half of 2025, the revenue composition of Hongchuan Wisdom is as follows: - Warehousing and comprehensive transfer services account for 94.73% - Smart customer service accounts for 2.84% - Other businesses account for 0.95% - Washing and wastewater treatment services account for 0.76% - Hazardous chemical vehicle highway port services account for 0.69% [1] Market Capitalization - As of the report date, the market capitalization of Hongchuan Wisdom is 5.2 billion yuan [1]

Core Viewpoint - Dongbai Group's stock price has experienced a significant decline, with a cumulative drop of over 20% in the closing price over three consecutive trading days, indicating abnormal trading fluctuations [1] Company Summary - Dongbai Group primarily engages in commercial retail and warehousing logistics, focusing on meeting the infrastructure and operational service needs in commercial consumption scenarios and logistics warehousing scenarios [1] - As of the date of the announcement, the company's operational activities and order management remain normal, with no significant changes in its main business [1] Market Environment - There have been no major changes in the external market environment or industry policies affecting the company [1]

11月20日，A. P.穆勒- 马士基（下称"马士基"）位于中国（上海）自由贸易试验区临港新片区洋山特殊 综合保税区的综合物流旗舰仓正式开业。该旗舰仓于2023年奠基，投资超10亿元人民币，占地11.3万平 方米，仓储面积14.7万平方米，是马士基中国最大的仓储投资项目。 "我们感谢相关政策支持，使马士基将能够高效开展海关业务，并实现同一场地兼顾保税货物与非保税 货物的处理。"马士基首席执行官柯文胜说。 这意味着马士基将获海关批准实施分类监管政策，即保税与非保税货物可同仓存放，并支持两者在区内 直接转换状悉，无需进出卡口。 （文章来源：第一财经） ...

天眼查App显示，近日，合肥洲际通包装有限公司成立，法定代表人为范林华，注册资本10万人民币， 经营范围为一般项目：包装服务；劳务服务（不含劳务派遣）；包装材料及制品销售；装卸搬运；普通 货物仓储服务（不含危险化学品等需许可审批的项目）；国内货物运输代理；国际货物运输代理；供应 链管理服务；储能技术服务；光伏设备及元器件销售；金属制品销售；非金属矿及制品销售；商业综合 体管理服务；电池销售；五金产品批发；家用电器销售；电池零配件销售；户外用品销售；园艺产品销 售；家具销售；针纺织品及原料销售；日用百货销售；化妆品批发；家居用品销售；办公用品销售；电 子产品销售；橡胶制品销售；玩具销售；化工产品销售（不含许可类化工产品）；塑料制品销售；个人 卫生用品销售；服装服饰批发；日用杂品销售；劳动保护用品销售；厨具卫具及日用杂品批发；保健食 品（预包装）销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口； 技术进出口（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Company Overview - 中储发展股份有限公司 is located in Beijing and was established on January 8, 1997, with its listing date on January 21, 1997. The company primarily engages in commodity storage, processing, maintenance, packaging, inspection, equipment leasing, wholesale and retail of goods, international freight forwarding, and related services [2]. Business Performance - For the period from January to September 2025, 中储股份 achieved operating revenue of 47.787 billion yuan, representing a year-on-year growth of 1.03%. The net profit attributable to shareholders was 444 million yuan, reflecting a year-on-year increase of 15.52% [2]. - The company's main business revenue composition includes logistics business at 70.39%, commodity circulation business at 29.20%, and other main businesses at 0.36% [2]. Stock Performance - As of November 18, 中储股份's stock price decreased by 2.15%, trading at 5.93 yuan per share, with a total market capitalization of 12.869 billion yuan. The stock has declined by 6.02% year-to-date and by 2.79% over the last five trading days [1]. - The company has appeared on the龙虎榜 once this year, with the most recent appearance on April 22, where it recorded a net purchase of 603.633 million yuan [1]. Shareholder Information - As of November 10, 中储股份 had 90,200 shareholders, a decrease of 1.02% from the previous period. The average circulating shares per person increased by 1.04% to 24,059 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 16.007 million shares, an increase of 3.2619 million shares from the previous period [3].

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].

Core Insights - A new company, Liangshan Funnong Food Co., Ltd., has been established with a registered capital of 5 million RMB [1] Company Overview - The legal representative of the company is You Xiaofei [1] - The company operates in various sectors including retail and wholesale of edible agricultural products, sales of agricultural by-products, and food import and export [1] - The company is involved in the processing of edible agricultural products and has a wide range of activities including grain and livestock acquisition, seafood wholesale, and fresh produce sales [1] Business Activities - The company’s business scope includes general projects such as: - Retail and wholesale of fresh vegetables and fruits - Wholesale and retail of fresh meat and eggs - Supply chain management services and daily life services for residents [1] - The company also engages in manufacturing and sales of paper and plastic products [1] - Licensed activities include livestock slaughtering and transportation of goods [1]