通信行业点评报告：IDC REITs或助力AIDC规模扩张

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for AIDC cabinets is expected to continue increasing in the AI era, and IDC REITs will assist AIDC companies in achieving scale expansion [6][18] - IDC REITs can help domestic IDC companies to revitalize existing assets, improve financing pressure, and create a closed funding loop [4][13] - Implementing IDC REITs allows IDC companies to enhance their ROE and transition to a light asset operation model [5][16] Summary by Sections REITs Structure - China's REITs pilot adopts a trust-based structure, distinguishing between company-type and contract-type REITs, with the latter being predominant in Asia [12] IDC REITs Benefits - IDC REITs provide a viable channel for mature projects to realize significant investment returns, facilitating new project development and acquisitions [4][13] - By separating heavy asset operations from the parent company, IDC REITs can lower financial risks and costs while maintaining operational income through management of the REITs [5][16] Investment Recommendations - Key recommendations include companies like Runze Technology (first IDC REITs filing) and Baoxin Software, with beneficiaries including a range of IDC firms such as Guanghuan New Network and Century Interconnect [6][18]