科创引领，重塑产业园区价值评估体系

Investment Rating - The report assigns an "Overweight" rating to the industry [4]. Core Insights - The report emphasizes the importance of accurately assessing the underlying asset value of industrial park REITs, which are crucial for investment decisions. It aims to establish a more effective evaluation system for industrial parks, which are key to China's economic development and industrial upgrading [6][7]. - Since the launch of the first industrial park REIT in 2021, a total of 19 REITs have been listed, with a cumulative market value of 37.4 billion yuan, primarily located in core first- and second-tier cities [6][7]. - The report categorizes industrial parks into two main types: manufacturing parks, which focus on brand and replicability, and innovation parks, which emphasize uniqueness and innovation. The latter is expected to have greater long-term value growth potential [6][7][9]. Summary by Sections Research Purpose - The report aims to construct a comprehensive analysis framework for industrial park REITs, highlighting their role in China's economic development and alignment with national strategies [7]. Industrial Transformation and Upgrading - Industrial parks are classified into manufacturing and innovation parks, with the former focusing on brand strength and replicability, while the latter prioritizes innovation and uniqueness [9][20]. Value Assessment Framework - A new evaluation system is proposed, consisting of seven basic indicators and two additional indicators. The basic indicators focus on objective conditions and operational performance, while the additional indicators assess technological innovation and value spillover [38][39]. - The evaluation results will be updated biannually, with the top three performing REITs in H1 2025 being identified [6][38]. Basic Indicators - The seven basic indicators include location, tenant quality, major shareholder attributes, structural supply and demand, market positioning, local policies, and dividend yield [39][66]. - The report highlights the significance of location as a core factor in determining the value of industrial parks, with a notable concentration in first- and second-tier cities [42][66]. Additional Indicators - The two additional indicators focus on the technological innovation attributes of parks and their contributions to regional economic development [69][70]. - The report underscores the importance of innovation parks in fostering high-tech enterprises and enhancing regional competitiveness [69][70].