Group 1 - The core viewpoint of Huayuan Securities is to maintain a "buy" rating for Shenzhen International (00152), highlighting the company's progress in the transformation and upgrading of its South China logistics park, which is entering a realization phase, providing profit increments through land preparation and enhanced dividends that underscore the company's value [1] Group 2 - Shenzhen International announced the progress of its South China logistics park phase one transformation project, with the second phase land (02-20-02) approved by the Longhua District government, and related land supply work to commence [1] - The transformation of the South China logistics park's second phase is expected to continue generating incremental revenue, with anticipated releases in 2026-2027 [1] - In 2023, the company signed a land preparation agreement for the South China logistics park, receiving HKD 1.058 billion in demolition compensation and 108,700 square meters of retained land use rights, including residential and commercial areas [1] - The estimated after-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 release of approximately HKD 5.6 billion from about 337,500 square meters of land in two phases [1] 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, totaling HKD 11.8 billion in dividends from 2018 to 2024 [2] - Based on a 50% dividend payout ratio, the expected dividend yield for 2025-2027 is approximately 8.7%, 8.7%, and 6.7%, indicating that the company is likely to return to a value range under high dividend conditions [2]