S Shanghai Services Federation 上海现代服务业联合会 荣续智库 零碳物流园区发展白皮书 摘要 零碳物流园区，不仅是现代物流体系升级的必然选择，更是企业践行ESG理念、城市实现可持续发展的重要支点。它以技术 创新为引擎，以政策标准为框架，将低碳基因融入仓储、运输、管理的每一个环节，重新定义着物流基础设施的生态价值。 本白皮书深耕零碳物流园区的发展脉络、技术路径与实践案例，愿为行业破局提供思路。 PREFACE ANALYST 前言 研究员 作为物流网络的核心节点，物流园区承载着货物集散、仓储管理、 孙旭灿 CFAESG证书：102257287 信息交互等关键功能，其碳排放强度直接影响着产业链的绿色水平。 近年来，中国物流园区数量已突破2500家，但传统园区"重规模、 轻低碳"的发展模式与生态环境保护的矛盾日益尖锐，零碳转型成 国际通用ESG高级分析师：SH7514FBA0189 为破解资源环境约束、提升行业竞争力的核心路径。 从全球视角看，零碳物流园区建设已形成多元探索格局。欧盟通过 吴虹静 高级注册ESG分析师：23RZQLKC003184A "绿色新政"推动物流设施能源结构转型 ...

Group 1 - The core viewpoint of Huayuan Securities is that Shenzhen International (00152) maintains a "buy" rating, as the transformation and upgrading project of the South China Logistics Park is entering a realization phase, with land preparation providing profit increments and dividends enhancing company value [1] Group 2 - The second phase of the South China Logistics Park's reserved land continues to be realized, with expected incremental revenue release in 2026-2027. The company signed a land preparation agreement in 2023, receiving HKD 1.058 billion in demolition compensation and 108,700 square meters of reserved land usage rights, including residential and commercial areas [2] - The estimated post-tax revenue from the land exchange for the 02-20-02 plot (approximately 140,000 square meters of residential area) is about HKD 2.6 billion, with an additional expected 337,500 square meters of land to be confirmed in two phases, potentially releasing about HKD 5.6 billion in post-tax land exchange revenue [2] Group 3 - Shenzhen International maintains a stable dividend policy, with a payout ratio of around 40% from 2013 to 2016, increasing to about 50% from 2017 to 2024. The total dividends paid from 2018 to 2024 amount to HKD 11.8 billion. Based on a 50% dividend ratio, the expected dividend yield for 2025-2027 is approximately 8.7%, 8.7%, and 6.7%, indicating a potential return to value under high dividends [3]

Core Insights - The Hainan Free Trade Port will officially start its full island closure operation on December 18, which is expected to enhance trade efficiency and logistics in the region [1] - The newly established animal pre-inspection area in Xu Wen, Guangdong, will facilitate smoother transportation of goods across the Qiongzhou Strait, significantly improving the logistics process [2] Group 1: Logistics and Efficiency - The pre-inspection area allows truck drivers to present electronic quarantine certificates and testing reports, streamlining the inspection process [1] - The relocation of the inspection area from Haikou to Xu Wen reduces the need for trucks to return to Guangdong if they fail inspection, saving time and costs [2] - It is estimated that a fully loaded truck can save at least half a day and several thousand yuan in costs by avoiding an extra round trip across the strait [2] Group 2: Infrastructure Development - The Xu Wen International Logistics Park has been initiated, covering a total planned area of 1,629 acres, which will support various functions including island access, maritime services, and emergency reserves [2] - The logistics park is expected to create a synergistic relationship with the new sea-land-island logistics park in Haikou, enhancing overall logistics capabilities in the region [2]

Core Points - Prologis Shanghai Xinshi Northwest Logistics Park (Phase I) has received the "Excellent Level" Net Zero Carbon Park certification, the highest level, at the "Net Zero Carbon Buildings and Parks 2025 Annual Awards" organized by BRE and TÜV Rheinland [1] - This certification marks the first time a logistics park in China has achieved this highest level of recognition [1] - The Net Zero Park Evaluation System was jointly developed by TÜV Rheinland and BRE in 2022 to reduce carbon emissions through collaborative efforts [1] Company Achievements - Prologis Shanghai Xinshi Northwest Logistics Park is a smart zero-carbon flagship park, rebuilt from the original Prologis Northwest Logistics Park, and officially commenced operations in September 2023 [1] - During its trial operation period, the park achieved an occupancy rate of over 90% [1] Previous Certifications - Prologis Jinyi International Logistics Park previously received the first domestic "Excellent Level" certification for low-carbon parks under the same evaluation system [1] - Prologis Dongguan Xingsha Logistics Park also obtained the first "Excellent Level" certification for net zero carbon buildings in China [1]

Core Insights - Prologis Shanghai Xinshi Northwest Logistics Park (Phase I) has received the "Excellent Level" Net Zero Carbon Park certification, the highest level, from BRE and T V, marking it as the first logistics park in China to achieve this certification [1] - The Net Zero Park Evaluation System was jointly developed by T V and BRE in 2022, aimed at reducing carbon emissions through collaborative efforts [1] - Prologis has previously received the first domestic "Excellent Level" certification for a low-carbon park at the Jinyi International Logistics Park and the first "Excellent Level" certification for net zero building at the Dongguan Xingsha Logistics Park, both also at the highest level [1] - The Shanghai Xinshi Northwest Logistics Park is a smart zero-carbon flagship park, rebuilt from the original Prologis Northwest Logistics Park, and has achieved over 90% occupancy during its trial operation since its opening in September [1]

Core Viewpoint - Prologis Shanghai Northwest Logistics Park (Phase I) has received the highest level "Excellence" certification for net-zero carbon management practices, making it the first logistics park in China to achieve this recognition [1] Group 1: Awards and Certifications - Prologis Shanghai Northwest Logistics Park was awarded the "Excellence" net-zero carbon park certification by BRE and TÜV, along with the "NetZ Net-Zero Carbon Park Selection Project" award [1] - The "Net-Zero Carbon Park Evaluation System" was jointly developed by TÜV and BRE in 2022, focusing on reducing carbon emissions through collaborative efforts [1] - Prologis has previously received the first domestic "Excellence" certification for a low-carbon park at the Jinyi International Logistics Park and the first "Excellence" certification for net-zero carbon buildings at the Dongguan Xinsha Logistics Park, both achieving the highest level [1] Group 2: Operational Details - The Prologis Shanghai Northwest Logistics Park is a smart zero-carbon flagship park, rebuilt from the original Prologis Northwest Logistics Park, and officially commenced operations in September this year [1] - During the trial operation period, the park achieved an occupancy rate of over 90% [1]

Core Viewpoint - Prologis Shanghai New Northwest Logistics Park has received the highest "Excellent" certification for net-zero carbon parks, marking a significant recognition in the logistics industry for its sustainable development efforts [1][9][12] Group 1: Certification and Recognition - The park was awarded the "Excellent" net-zero carbon park certification at the 2025 Annual Awards Ceremony co-hosted by BRE and TÜV, making it the first logistics park in China to achieve this highest level of certification [1][9] - The net-zero park evaluation system was jointly established by TÜV and BRE in 2022, aiming to reduce carbon emissions through collaborative actions across economic, environmental, social, and energy systems [4][12] - Prologis has previously received the first low-carbon park "Excellent" certification in China and has achieved the highest level of certification for its Dongguan New Sha Logistics Park [4][12] Group 2: Operational Performance - The first phase of the Prologis Shanghai New Northwest Logistics Park officially commenced operations in September 2023, achieving over 90% occupancy during its trial operation period [4][12] - The park collaborates with its smart cold chain platform, ProCold, to serve clients such as Aldi and ASC Fine Wines, supporting consumer and industrial development in Shanghai and the Yangtze River Delta region [4][12] Group 3: Design and Awards - The park was designed by Prologis's professional architectural design center, Haiyi Design Institute, which also provided green certification consulting [4][12] - The project has been recognized as a major project in Shanghai for two consecutive years (2024-2025) and has won multiple awards, including the Annual Gold Award for Urban Design & Architectural Design and the Zero Carbon Earth Anchor Award [4][12] Group 4: Company Commitment - Prologis is committed to building a smart and zero-carbon modern logistics infrastructure network in China, focusing on energy conservation and emission reduction across all stages of building design, construction, and management [6][14] - The company aims to drive high standards of development across the industry and promote the green transition of the supply chain, contributing to the high-quality development of the real economy [6][14]

Group 1: New Energy Business Development - The company is actively expanding its new energy business through its subsidiary China Nuclear Technology, focusing on distributed photovoltaic and energy storage projects [2] - As of June 2025, China Nuclear Technology has completed the construction and grid connection of the 100MW/200MWh energy storage project in Linxiang, and operates a total of 117 power stations, including 103 wind and solar stations and 14 energy storage stations, with a total operational scale of 2,030MW [2][4] - The company aims to enhance the "green" aspect of its industrial parks by implementing rooftop photovoltaic projects [2] Group 2: Real Estate and Market Strategy - The company is committed to avoiding competition with its controlling shareholder in real estate development and will address any potential conflicts through asset injection or management delegation [3] - The Xi'an Fengxi project, acquired in 2024, is currently under construction and has begun pre-sales [3] - The company plans to deepen its presence in key markets such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, despite facing performance pressures from market conditions [3][4] Group 3: Financial Performance and Asset Management - The company conducts annual asset impairment assessments to ensure accurate financial reporting [4] - The marine engineering business, operated by its subsidiary Shenzhen Chiwan Shengbao Wang Engineering Co., achieved a revenue of 691 million yuan in 2024 [4] - The company is exploring the issuance of additional public REITs to enhance asset management and operational efficiency [4]

Core Insights - JD Logistics has achieved a significant milestone by obtaining the logistics zero-carbon park verification statement from TÜV Rheinland, marking another step in response to China's dual carbon strategy following the establishment of the first zero-carbon logistics park in Xi'an in 2022 [1][3] - The company is actively integrating environmental concepts into its logistics park operations, collaborating with tenants and supply chain partners to promote green logistics management and sustainable development [3][6] Group 1 - JD Logistics has established zero-carbon parks in Langfang and Dongguan, equipped with a solar power generation system with a capacity of 21.5 MW, utilizing green electricity sourced from its other parks [4][6] - The parks employ various green production technologies, including prefabricated buildings and sponge city designs, to enhance energy efficiency and reduce carbon emissions [3][6] - Since 2018, JD Logistics has been building a rooftop solar power generation ecosystem, achieving over 38 million kWh of self-generated solar power by the end of 2024 [6] Group 2 - The company has implemented advanced energy management systems, smart lighting controls, and water resource management systems to optimize energy use and significantly improve efficiency [3][6] - JD Logistics collaborates with partners to offset unavoidable greenhouse gas emissions during park operations, ensuring a commitment to net-zero production [3][6] - The successful implementation of these initiatives not only contributes to carbon reduction in JD's supply chain infrastructure but also serves as a model for the logistics industry in achieving dual carbon goals [6]

Core Insights - The article highlights the strategic development of Zengcheng District in Guangzhou as a key logistics hub, leveraging major railway stations and various economic platforms to create an efficient and green transportation system aimed at supporting the dual circulation development model in China [1] Group 1: Infrastructure Development - Zengcheng is focusing on building an international comprehensive transportation hub, with three major railway stations: Xintang Station, Zengcheng Station, and Zengcheng West Station [1] - The district aims to establish the largest production service-oriented national logistics hub in the Greater Bay Area [1] Group 2: Logistics Projects - Several large-scale logistics park projects have been established in Zengcheng, including the ESR Yishang Group Advanced Industrial Park and the China Foreign Trade Green Natural South China Import and Export Food Industry Park [1] - Four comprehensive logistics parks have completed joint acceptance and are ready for use, including the Zhongchi Chefu-Weilong South China E-commerce Industrial Park, which covers approximately 122,000 square meters and has a total construction area of about 350,000 square meters [2] - The Tuhu Car South China Intelligent Operation and Settlement Center project is set to be fully completed by October 2024, with a planned construction area of approximately 121,000 square meters [2] Group 3: Future Plans - The Guangzhou Planning and Natural Resources Bureau Zengcheng Branch will continue to provide proactive services and organize core teams to enhance planning management services [3] - The district aims to achieve a "one-hour freight transport circle" strategy to support high-quality regional development [3]