Investment Rating - The investment rating for the company is "Buy" with a target price of 8.20 HKD [6]. Core Views - The company reported a revenue of 56.34 billion HKD for the year 2025, a decrease of 3.3% year-on-year, and a net profit of 1.41 billion HKD, down 8.5% year-on-year, which was above expectations due to better-than-expected performance in international freight forwarding [1][4]. - The company is expected to maintain its earnings forecasts for 2026 and 2027, with net profits projected at 1.44 billion HKD and 1.54 billion HKD respectively, and a new forecast for 2028 at 1.62 billion HKD [4]. Summary by Sections Financial Performance - The international freight forwarding business generated revenue of 42.33 billion HKD, down 3.4% year-on-year, with a segment profit of 1.87 billion HKD, down 3.9% year-on-year, primarily due to weak international trade demand [2]. - The comprehensive logistics business reported revenue of 14.01 billion HKD, a decrease of 3.0% year-on-year, with a segment profit of 1.26 billion HKD, an increase of 0.9% year-on-year [3]. Regional Performance - Profit contributions from various regions showed mixed results: Mainland China profit increased by 7.2% to 720 million HKD, while profits from the Americas decreased by 37.4% to 380 million HKD [2]. - The Asia and Oceania markets experienced significant growth, with profits increasing by 22.8% and 36.9% respectively, driven by the shift of manufacturing to Southeast Asia and South Asia [3]. Market Outlook - The company is optimistic about its long-term prospects, particularly in Southeast Asia, where it aims to leverage its diversified logistics solutions to smooth out market fluctuations and demonstrate profit resilience [1][4]. - The ongoing geopolitical uncertainties and tariff policies are expected to impact global macroeconomic and trade demand, but the company remains confident in its strategic positioning [4].

Investment Rating - The investment rating for the industry is maintained as "Accumulate" [5] Core Insights - The C-REITs market is experiencing a dual drive of new issuance and expansion of existing funds, with a focus on annual report information [2] - The overall performance of the C-REITs secondary market is weak, with a total market capitalization of approximately 223.89 billion yuan and an average market value of about 2.8 billion yuan per REIT [11] - The REITs index has shown a year-to-date increase of 1.18%, while the overall market indices have generally declined [9][10] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.13% this week, closing at 1021.8 points, while the CSI REITs closing index fell by 0.15% to 785 points [9] - Year-to-date, the CSI REITs total return index has increased by 1.18%, while the CSI REITs closing index has risen by 0.82% [9] C-REITs Secondary Market Performance - The secondary market for C-REITs is showing weak fluctuations, with 39 REITs rising and 37 falling this week, resulting in an average weekly change of -0.02% [11] - The best-performing sectors this week include affordable housing and transportation infrastructure, while municipal water conservancy and logistics sectors have seen a pullback [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11%), E Fund Guangkai Industrial Park REIT (9.9%), and Huaxia China Communications Construction REIT (9.7%) [3] - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.8, with the highest being E Fund Huawai Agricultural Market REIT (1.7) and the lowest being E Fund Guangkai Industrial Park REIT (0.7) [3] Investment Recommendations - The current investment strategy focuses on three main lines: 1. Attention to policy themes and quality undervalued projects, particularly in high-energy cities and professional operations [2] 2. Acknowledgment of the market's recognition of the benefits of affordable housing assets, with a recommendation to consider asset resilience and market prices for timing [2] 3. Monitoring the parallel expansion of REITs and new issuances, focusing on original rights holders with sufficient asset reserves and quality projects [2]

1. Report Industry Investment Rating No information provided in the text[1][2][3] 2. Core Views of the Report - This week (March 16 - 20, 2026), the CSI REITs Total Return Index closed at 1,021.8 points, a week - on - week decline of 0.13% and a decline of 2.91% compared to the end of January, falling back to the level around the beginning of the year on January 6, 2026. The daily average turnover rate dropped to 0.3% this week, the lowest weekly average since 2021, indicating a further decline in market trading sentiment. As of March 20, the total market value of 79 listed REITs reached 223.9 billion yuan, with a week - on - week decline of 0.07%, and the circulating market value was 123.8 billion yuan[1][9] - The "Dongfanghong Tunnel Expressway REIT" registered for effect on March 16, 2026, and will start the inquiry on March 25. It is the first infrastructure public REIT since December 2025. With certain primary market new - issue participation value, the project's IRR is expected to be above 4% if issued at the upper limit of the inquiry range[2][3][22] - In the secondary market, the rental housing and transportation facilities sectors led the gains, while the trading sentiment continued to decline. The performance of various assets was differentiated this week[4][29] 3. Summary According to Relevant Catalogs 3.1 Primary Market - "Dongfanghong Tunnel Expressway REIT" started the inquiry. Its underlying asset is the Qianjiang Tunnel connecting Hangzhou and Jiaxing. The project's evaluation value is 4.158 billion yuan, and the proposed issuance scale is 4.356 billion yuan. The inquiry range's corresponding fundraising scale is 4.012 - 4.7 billion yuan, with a discount - premium range of only ±8% compared to the proposed fundraising scale, smaller than the ±20% of new projects in the second half of 2025[2][17][18] - Other infrastructure REITs: Shanxi Securities Jinzhong Public Investment Ruiyang Heating, AVIC CNNC Group Energy, and E Fund Guangxi Beitou Expressway updated their feedback this week. On March 16, 2026, Guangdong Hongchuan Smart Logistics Co., Ltd. announced plans to issue infrastructure public REITs. On March 19, Tianhong Co., Ltd. decided to withdraw the application for "Zhonghang Tianhong Consumption REIT"[3][25][26] - As of March 20, 2026, 15 commercial real - estate REITs have been declared in the market, with 2 accepted and 13 under inquiry by the exchange, and the expected fundraising scale reaches 46.06 billion yuan, covering various business forms[26][28] 3.2 Secondary Market - This week, the rental housing, transportation facilities, energy facilities, and data center sectors rose by 0.97%, 0.67%, 0.1%, and 0.1% respectively, while other sectors fell. The storage and logistics, municipal environmental protection, and industrial park sectors had relatively large declines[4][29][31] - The rental housing sector led the gains this week. China Asset Management Beijing Affordable Housing and CICC Xiamen Anju led the rise. Considering Xiamen Anju's upcoming expansion, the new project's distribution rate is expected to reach 4.13%, and the combined distribution rate of new and old projects is expected to reach 3.05%[4][32] - The storage sector had the largest decline this week. The decline of CICC GLP REIT may be related to market rumors, and GLP has clarified on its official website. The stop - falling of Harvest JD Warehousing Infrastructure REIT may be related to the approaching renewal of the Langfang project[4][35][36] - The transportation facilities sector performed well this week. Most road sections saw an increase in traffic volume and toll revenue during the Spring Festival travel season, but some projects had a decline in toll revenue due to the free - toll policy for small passenger cars and the decrease in freight vehicle traffic[40] - The industrial park sector showed a differentiated performance. For some individual bonds with poor fundamentals or large previous declines and a distribution rate of over 5%, there may be opportunities for marginal improvement. It is recommended to pay attention to park REITs with stable fundamentals, a distribution adjustment mechanism, and a high distribution rate[45] - The energy facilities sector showed an overall positive trend. Against the background of the Middle East war, there are two main lines in the equity market: the substitution logic of rising oil prices and the "computing - power and electricity coordination"[49] - The data center (IDC) sector had a differentiated performance. The distribution rates of Runze Technology and Wanguo Data are slightly higher than the reference value of 3.33% for rental - type REITs projects, and there may be room for a 10BP increase[51] - The trading activity of REITs continued to decline this week. The daily average trading volume was 370 million yuan, the daily average trading volume was 85 million shares, and the daily average turnover rate was 0.30%, with week - on - week declines of 16.74%, 15.71%, and 0.06 percentage points respectively[53]

Core Viewpoint - The meeting hosted by Zheng Zhaojie focused on implementing the spirit of the National Two Sessions and promoting the expansion and quality improvement of the service industry, aiming for a good start in the "14th Five-Year Plan" [1][2]. Group 1: Meeting Insights - The meeting included representatives from various sectors such as financial services, logistics, healthcare, human resources, and environmental protection, who shared their opinions and suggestions on the development of the service industry [1]. - Participants expressed confidence in future development due to the emergence of new service industry formats and urged for accelerated digitalization, enhanced financial and talent support, and increased backing for sectors like elderly care and domestic services [1][2]. Group 2: Government Response - Zheng Zhaojie emphasized the importance of continuous communication with private enterprises to understand market conditions and address issues effectively, positioning the National Development and Reform Commission as a supportive advisor to the central government [2]. - The government recognizes the service industry's potential for growth, structural optimization, and innovation, viewing it as a new economic growth point and a reservoir for employment [2]. - The National Development and Reform Commission plans to develop an action plan for the expansion and quality improvement of the service industry, enhance support policies, and promote successful experiences to ensure a high-quality development [2].

Core Viewpoint - The Hong Kong stock market, driven by new technology and new consumption, is experiencing a strong rebound, supported by public funds and increased capital inflow from the Middle East [1][4]. Group 1: Market Performance - On March 16, the Hang Seng Technology Index rebounded by 2.69%, leading a collective rise in sectors such as internet, new technology, and new consumption, indicating a valuation recovery for previously adjusted industries [2][3]. - The Hang Seng Technology ETF saw a significant increase of approximately 6 times in shares over four months, reflecting heightened trading activity and institutional interest [2][3]. Group 2: Institutional Investment Trends - Institutional investors are expected to gradually enter the market as many Hong Kong companies prepare to disclose their earnings at the end of the month, with a notable focus on QDII and mainland fund heavyweights [3][4]. - The influx of Middle Eastern capital is recognized as a key factor in supporting the Hong Kong market, with various companies establishing strategic partnerships in the region [4]. Group 3: Valuation and Investment Strategy - The Hang Seng Technology Index's PE-TTM is currently at 21.21 times, indicating it is at a historical low valuation, below 85% of its historical periods, with a cumulative decline of 28% since its peak in October 2025 [5][6]. - Compared to global tech indices, the Hang Seng Technology Index offers significant valuation advantages, being approximately 50% cheaper than the ChiNext Index and 40% cheaper than the NASDAQ Index [6]. Group 4: Future Outlook - Fund managers express confidence in the long-term recovery potential of Hong Kong technology stocks, driven by low valuations, capital inflows, and ongoing industrial upgrades [7][8]. - The focus for stock selection should be on companies with stable performance, reasonable valuations, and high gross margins, particularly in the AI sector, which is expected to be a core theme for 2026 [8].

Investment Rating - The report does not explicitly state an investment rating for the general warehousing industry in China. Core Insights - The report provides a comprehensive overview of the general warehousing market in China, reflecting supply and demand dynamics across 41 major logistics cities, and offers insights for rational investment decisions [5]. Summary by Sections 1. Demand Situation - The demand for warehousing is primarily concentrated in the eastern region, with small-sized warehouses being in high demand. Warehousing rental demand is dominated by leasing, accounting for 80.77% of the total demand [11][18]. - In February 2026, the demand distribution by area shows that the eastern region accounts for 60.90% of the total demand, followed by the western region at 25.64% [17][18]. 2. Supply Situation - In February 2026, the newly supplied general warehouse area was 160,000 m², which represents a month-on-month decrease of 67.28% and a year-on-year decrease of 58.33% [19][22]. - The new supply is mainly concentrated in the eastern region, with significant projects located in cities like Foshan [25]. 3. Land Transaction Situation - There were 19 land transactions for warehousing in 41 key cities, covering an area of 1,287.2 acres, with a total transaction value of 553 million yuan, reflecting a month-on-month increase of 42.52% [26][29]. - The central region accounted for 43% of the total land transaction area, with Chengdu, Zhengzhou, and Nanchang being the top three cities for land transactions [32]. 4. Rental and Vacancy Rate Analysis - The average rental price in February 2026 was 23.14 yuan/m²·month, showing a slight decrease from the previous month, while the vacancy rate increased to 16.42% [36][38]. - The average rental prices and vacancy rates varied across different regions, with Beijing having the highest vacancy rate at 33.45% and the lowest rental price in Changchun at 12.72 yuan/m²·month [40][42]. 5. Regional Analysis - **Northeast Region**: Average rental price was 17.58 yuan/m²·month, with a vacancy rate of 21.79% [43][63]. - **Eastern Region**: Average rental price was 30.04 yuan/m²·month, with a vacancy rate of 20.31% [48][68]. - **Central Region**: Average rental price was 20.36 yuan/m²·month, with a vacancy rate of 10.97% [53][75]. - **Western Region**: Average rental price was 18.10 yuan/m²·month, with a vacancy rate of 10.87% [58][80].

Investment Rating - The investment rating for JD Logistics is maintained as "Buy" with a target price of HKD 17.10 [7][5]. Core Insights - JD Logistics reported a total revenue of RMB 217.1 billion for 2025, representing an 18.8% year-on-year increase. The net profit attributable to the parent company was RMB 6.65 billion, with a Non-IFRS profit of RMB 7.71 billion, reflecting a year-on-year growth of 7.2% and a decline of 2.6% respectively, which was below expectations due to higher costs from new business investments [1][5]. - The growth in revenue is primarily driven by the increase in JD Retail revenue, the addition of JD's takeaway and instant retail delivery services, accelerated overseas market expansion, and growth in external customer business [1][2]. - The gross margin and Non-IFRS profit margin for 2025 were 9.1% and 3.6% respectively, both showing a decline compared to the previous year, mainly due to increased resource investment in new businesses and higher employee compensation costs [3][5]. Revenue Breakdown - In 2025, revenue from JD Group reached RMB 80.31 billion, a significant increase of 45.9% year-on-year, accounting for 37.0% of total revenue, while external customer revenue was RMB 136.8 billion, growing by 7.1% and representing 63.0% of total revenue [2]. - The integrated supply chain business generated RMB 116.2 billion in revenue, a 33.0% year-on-year increase, reinforcing its core position in the business [2]. Future Outlook - For 2026, it is anticipated that the logistics infrastructure capacity utilization will improve, and the application of automation technology will enhance scale effects, leading to significant profit growth [1][3]. - The expansion of the instant delivery market is expected to further contribute to the company's revenue and profit in 2026 [2]. International Expansion - JD Logistics is accelerating its global strategy, having established nearly 200 bonded warehouses and direct mail warehouses by the end of 2025, and launched its self-operated express brand "JoyExpress" in key regions such as Saudi Arabia, the UK, France, Germany, and the Netherlands [4]. Profit Forecast Adjustments - The net profit forecast for 2026 and 2027 has been raised by 8% and 4% to RMB 8.35 billion and RMB 9.77 billion respectively, with an additional forecast for 2028 of RMB 11.43 billion [5].

Core Insights - The company, Jilin Longmate Supply Chain Management Co., Ltd., has maintained uninterrupted logistics services during the Spring Festival, ensuring daily deliveries of 12,000 to 20,000 items to meet local demand [1][2] Group 1: Operational Efficiency - The warehouse center spans 12,000 square meters and can store over 400,000 items, serving over 230 convenience stores across eight counties in the region [2] - The implementation of an intelligent picking system has significantly improved efficiency, allowing for a "goods-to-person" model that overcomes language barriers and enhances order fulfillment speed [2] - The company has achieved a peak processing capacity of 10,000 items per hour with a discrepancy rate of less than 0.02% through advanced sorting technology [3] Group 2: Future Developments - A new smart logistics industrial park is under construction, covering an area of 70,300 square meters, which will include automated storage systems and a multi-temperature cold chain center [3] - Upon completion, the new facility is expected to increase logistics efficiency by 50% and reduce operational costs by 20%, while also creating over 500 jobs [3] - The project will incorporate green energy systems, including solar power and rainwater recycling, promoting low-carbon operations and sustainable development [3]

Group 1 - The village of Shibin New Village has achieved significant economic growth, with collective annual income surpassing 70 million yuan, driven by industries such as warehousing logistics and non-ferrous metal smelting [2] - The village has set a goal of "tripling" its income over five years, and has successfully increased welfare benefits for residents, with total cash and material benefits reaching 10,000 yuan, an increase of 1,500 yuan compared to the previous year [2] - The establishment of various public facilities, including an elderly service center, has enhanced community engagement and improved the quality of life for residents [3][5] Group 2 - The village leadership is praised for its effective governance, focusing on practical benefits for the community, which has led to admiration from neighboring villages [8] - Investment in community projects is viewed as essential, with local leaders emphasizing the importance of careful financial management and strategic spending [6][7] - The community's satisfaction is reflected in the active participation of residents in village affairs, contributing to a positive atmosphere and a sense of belonging [4][8]

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between Guizhou Expressway Group and Anshun Municipal Government, focusing on collaboration in 18 areas including road network planning, bridge and travel integration, low-altitude economy development, and smart transportation [1][3] Group 2 - The agreement aims to create "zero-carbon expressways" and "zero-carbon service areas" as demonstration projects, promoting the development of charging infrastructure, LNG clean energy refueling stations, and hydrogen energy industries in Anshun [3] - The collaboration will explore the integration of expressways with low-altitude economy, focusing on developing new scenarios and business models for low-altitude applications along expressways [3] - A modern smart warehousing and logistics park will be established in Anshun, specializing in cold chain logistics and e-commerce logistics, utilizing idle land along expressways for storage and distribution services for local agricultural and industrial products [3]