智通财经网·2025-09-15 08:56Core Viewpoint - The recent announcement by the National Development and Reform Commission (NDRC) regarding the normalization of REITs application processes is expected to accelerate IPO procedures and expand the market, positively impacting companies like GDS Holdings (09698, GDS.US) and Century Internet (VNET.US) [1] Group 1: Policy Impact - The NDRC's updated notification allows newly listed REITs to apply for asset injection six months post-IPO, facilitating quicker acquisitions within the first 12 months [1] - The Chinese government is keen on rapidly increasing the scale of REITs in the stock market, which is anticipated to lead to a larger initial asset acquisition for GDS Holdings [1] Group 2: Company Outlook - Both GDS Holdings and Century Internet are viewed positively by the firm, with a preference for Century Internet due to its ongoing REIT application process [1] - Century Internet is expected to pursue private REITs concurrently to mitigate risks associated with potential delays in the public REIT process [1] Group 3: Financial Projections - The firm maintains a favorable outlook on the fundamentals of GDS Holdings and Century Internet, assigning a target price of $67.12 for GDS Holdings, reflecting a 22.7x EV/EBITDA based on the SOTP method [1]