发改委推动首批数据中心基础设施REITs发行

Group 1: Industry Dynamics - The National Development and Reform Commission (NDRC) has recommended the issuance of the first two data center infrastructure REITs, namely the Runze Technology Data Center Project and the GDS Data Center Project, which have received approval from the China Securities Regulatory Commission (CSRC) [1][7] - These projects represent the first of their kind in the data center asset category and are private investment projects, which will enhance the innovation of investment and financing mechanisms in the new infrastructure sector, promote the development of the digital economy and artificial intelligence industries, and broaden financing channels for private enterprises [1][7] - The NDRC plans to intensify its efforts in regularly recommending the issuance of infrastructure REITs to expand the market and support effective investment [1][7] Group 2: Primary Market - As of June 20, 2025, the total issuance scale of listed REITs has reached 174.4 billion, with a total of 66 REITs issued [8][9] Group 3: Market Performance - During the week of June 16-20, 2025, the CSI REITs Total Return Index increased by 0.88%, while the REITs Total Index rose by 2.08%, and the Property REITs Index saw a rise of 2.95% [2][17] - The REITs Total Index outperformed the CSI 300 Index by 2.54 percentage points and the CSI All Bond Index by 1.80 percentage points, but underperformed the Nanhua Commodity Index by 0.21 percentage points [2][17] - Notable individual REITs included Guotai Junan Jinan Energy Heating REIT (+8.10%), Huaxia Fund Huayuan REIT (+7.77%), and CICC Xiamen Anju REIT (+7.72%) [2][17] Group 4: Liquidity - The total trading activity of REITs increased this week, with a total trading volume (MA5) of 569 million, up 3.8% from the previous week [3][37] - The trading volumes for property and operating rights REITs (MA5) were 317 million and 252 million, respectively, reflecting changes of 5.6% and 1.6% from the previous week [3][37] - The largest trading volume among REIT types this week was in transportation infrastructure, accounting for 26.2% of total trading volume [3][37] Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the REITs or the broader market [42]