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].

Core Viewpoint - Hengji Daxin's stock price has shown significant volatility, with a year-to-date increase of 77.04%, but a recent decline of 9.69% over the past five trading days [1] Group 1: Stock Performance - As of November 14, Hengji Daxin's stock price was 8.48 CNY per share, with a market capitalization of 3.434 billion CNY [1] - The stock has experienced a trading volume of 44.19 million CNY, with a turnover rate of 1.32% [1] - The stock has been on the "龙虎榜" (a trading list for stocks with significant trading activity) once this year, with the latest appearance on November 12, where it recorded a net buy of -65.74 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Hengji Daxin reported a revenue of 260 million CNY, a year-on-year decrease of 1.34% [2] - The net profit attributable to the parent company for the same period was 52.81 million CNY, reflecting a year-on-year decrease of 5.20% [2] - The company has distributed a total of 263 million CNY in dividends since its A-share listing, with 89.07 million CNY distributed over the past three years [3] Group 3: Business Overview - Hengji Daxin, established on November 7, 2000, operates in the logistics and warehousing sector, focusing on the handling, storage, and transportation of bulk liquid petrochemical products [2] - The company's revenue composition includes 45.82% from storage, 34.87% from handling/terminal operations, and 15.79% from other services [2] - The company is categorized under the transportation and logistics industry, with concepts including small-cap stocks, oil and gas storage, and smart logistics [2]

Core Viewpoint - Dongbai Group (600693) has experienced a significant stock price increase, with the stock reaching a limit up of 11 yuan per share and a trading volume exceeding 210,000 hands, marking five consecutive days of limit up trading [1] Company Overview - The company primarily engages in commercial retail and warehousing logistics, aiming to meet the infrastructure and operational service needs in commercial consumption scenarios and logistics warehousing scenarios [1] - As of the announcement date, the company's business activities and operations are normal, with no significant changes in its main business or external market environment [1] Market Sentiment and Risks - The company has issued a warning regarding the recent sharp increase in its stock price, indicating potential market overheating and high speculation risks, which may lead to significant declines after short-term gains [1] - Investors have inquired about the company's involvement in duty-free business; however, the company clarifies that it does not possess qualifications for duty-free goods and does not engage in the operation of duty-free products [1]

Event Overview - The 2025 Guangdong Province Live Job Recruitment event will conduct 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2]. Live Event Details - The 34th session of the event is a special session for universities, scheduled for November 14, 2025, from 10:00 to 12:00 at Guangdong Science and Technology Vocational College (Zhuhai Campus) [4]. Company Profiles - **Dongguan Xingteng Technology Co., Ltd.**: Established in December 2019, the company aims to become China's largest new retail company in the "people, car, home" ecosystem, with over 130 offline stores and a cumulative investment of 160 million yuan. The company plans to achieve over 3 billion yuan in revenue within three years [5]. - **Zhuhai Guanyu Power Co., Ltd.**: A subsidiary of Guanyu Group, specializing in lithium battery R&D, production, and sales, with a focus on polymer lithium-ion batteries and expanding into power battery fields [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Founded in 1989, the company has evolved into a significant player in the daily chemical industry, focusing on oral care and personal care products [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Established in 2015, the company operates 18 branches in Shenzhen and 2 in Guangzhou, focusing on fresh seafood dining with a total operating area of approximately 54,179 square meters [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Founded in 2024, it is the first domestic company to integrate R&D, production, sales, and technical services in semiconductor packaging and precision probe manufacturing [9]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Established in 1984, the company has a registered capital of 100 million yuan and is expanding its warehousing network across multiple provinces, with plans for international market expansion [10]. Job Opportunities - **Dongguan Xingteng Technology Co., Ltd.**: Hiring for positions including Xiaomi Home Sales (30 positions), After-sales Service Specialist (8 positions), and Management Trainees (10 positions) with salaries ranging from 5,000 to 10,000 yuan [6]. - **Zhuhai Guanyu Power Co., Ltd.**: Seeking 100 skilled workers in smart manufacturing with salaries ranging from 2,440 to 7,500 yuan [6]. - **Zhongshan Duomei Chemical Co., Ltd.**: Open positions include Equipment Maintenance Workers, Quality Inspectors, R&D Staff, and Production Management Trainees, with salaries from 4,000 to 6,200 yuan [7]. - **Shenzhen No. 79 Fishing Boat Holdings Co., Ltd.**: Hiring Front Hall Reserve Cadres across various service roles, with salaries between 4,500 and 6,200 yuan [8]. - **Haoji (Zhuhai) Semiconductor Co., Ltd.**: Looking for Production Management Trainees with salaries from 5,000 to 6,000 yuan [10]. - **Guangdong Guangsheng Warehousing Management Co., Ltd.**: Recruiting Warehouse Managers with salaries ranging from 4,100 to 7,500 yuan [10].

Core Viewpoint - Dongbai Group (600693.SH) clarified that it does not engage in duty-free business despite recent investor inquiries regarding its involvement in this sector [1] Group 1: Company Operations - The company primarily operates in commercial retail and warehousing logistics [1] - Dongbai Group does not possess qualifications for operating duty-free goods [1] - The company emphasizes the importance of cautious investment for its shareholders [1]

Core Viewpoint - Dongbai Group (600693) has clarified that it does not engage in duty-free business, despite recent investor inquiries, and its main operations remain stable [1] Company Summary - Dongbai Group primarily operates in commercial retail and warehousing logistics, without any qualifications for duty-free goods [1] - The company reported that its current business activities and order status are normal, with no significant changes in its main business operations [1] Market Conditions - The stock of Dongbai Group has experienced a continuous limit-up closing for four trading days since November 10, indicating a potential overheating of market sentiment and high speculation risks [1] - There is a possibility of a significant decline following the recent substantial price increase [1]

Core Insights - The Hubei Provincial Development and Reform Commission has released the second batch of investment projects for private capital in 2025, comprising 275 projects with a total planned investment of 216.99 billion yuan and an aim to attract 84.14 billion yuan from private capital [1][4] - The initiative is part of a broader strategy to encourage private investment in major projects, focusing on infrastructure, industry, and social services, with the goal of enhancing the province's economic development [2][5] Group 1: First Batch of Projects - The first batch of projects included 229 initiatives with a total investment of 293.47 billion yuan, targeting to attract 91.67 billion yuan from private capital [2] - Key sectors highlighted in the first batch include modern industry clusters such as optoelectronics, new materials, biotechnology, and modern agriculture, with a total investment of 124.95 billion yuan aimed at attracting 39.74 billion yuan from private capital [3] - Infrastructure projects in the first batch focused on transportation, water conservancy, energy, and new infrastructure, totaling 108.86 billion yuan with an expected 23.3 billion yuan from private investment [3] Group 2: Second Batch of Projects - The second batch of 275 projects spans various sectors including advanced manufacturing, logistics, environmental protection, energy, and urban infrastructure, with a total planned investment of 216.99 billion yuan [4] - The projects will utilize multiple methods to attract private capital, including commissioned operations, equity participation, and public-private partnerships, with government support mechanisms such as capital injections and investment subsidies [4] - The Hubei Provincial Development and Reform Commission aims to facilitate private capital engagement by providing transparent project information and ensuring a conducive investment environment [5]