[CITIC Securities: Logistics Network focuses on policy implementation dividends in the short term Multimodal transport and hub supporting construction have high certainty] September 1st, CITIC Securities research report stated that on August 28, 2026, the National Development and Reform Commission and the Ministry of Transport issued the "Logistics Network Construction Implementation Plan", with cost reduction and efficiency improvement as the primary policy goal, and clearly promoted the ratio of total social logistics costs to gross domestic product (GDP) during the "15th Five-Year Plan" period to 13.1%, 0.8 percentage points lower than at the end of the "14th Five-Year Plan". During the "15th Five-Year Plan" period, the construction of the logistics network has entered a structural stage. It is expected that the rising difficulty of cost reduction will drive the continued expansion of infrastructure investment. CITIC Securities estimates that the cumulative infrastructure investment in the logistics network will reach 3.6 trillion yuan to 4.3 trillion yuan. Looking forward to the future, the short-term focus is on the dividends of policy implementation, and the construction of multimodal transport and hub supporting facilities has high certainty; in the long-term, opportunities are not limited to short-term project benefits from traditional infrastructure, but rely on derived values ​​such as logistics operations, supply chain services, digital supporting facilities, and industrial empowerment after the network is formed.