政策支持与需求爆发双重加持！新型基础设施REITs受关注

Core Viewpoint - The rise of REITs (Real Estate Investment Trusts) focused on new infrastructure, particularly in data centers and related technologies, is gaining market attention due to the increasing demand for computing resources and the potential for cash flow generation from these assets [1][5][11]. Group 1: REITs and New Infrastructure - REITs are designed to pool funds from multiple investors to invest in real estate assets for returns [1]. - New infrastructure REITs are attracting interest due to their underlying assets, which include data centers, industrial internet, AI, smart transportation, and smart energy [1]. - The market heat for new infrastructure REITs is driven by the scarcity of underlying assets, high cash distribution rates, and positive expectations for expandable assets [9]. Group 2: Data Center Growth - Data centers are becoming critical infrastructure for the digital economy, with a projected compound annual growth rate of 46.2% for China's intelligent computing capacity from 2023 to 2028 [5]. - The demand for data centers is expected to grow significantly, necessitating rapid infrastructure development to keep pace with advancements in AI and technology [7]. Group 3: Financing and Investment Opportunities - REITs provide a flexible structure and strong refinancing capabilities, making them suitable for long-term cash flow characteristics of heavy asset projects like data centers [13]. - The funds recovered from REITs can be reinvested to acquire and cultivate new assets, creating a complete cycle of investment, financing, construction, management, and exit [16]. - The technology-driven nature of new infrastructure REITs allows for diverse revenue streams beyond rent, including cloud services and value-added services, enhancing future profit potential [11].