国泰海通｜地产：科创引领，重塑产业园区价值评估体系

Core Insights - The article emphasizes the importance of a new evaluation system for industrial parks, particularly focusing on the characteristics of production manufacturing parks and technology innovation parks [1][2] - The article highlights the growth of park REITs in China, with 19 listed REITs and a total market value of 37.4 billion yuan, indicating a significant investment opportunity [1][2] Group 1: Industrial Park Classification - Industrial parks are fundamentally divided into two categories: production manufacturing parks, which emphasize brand and replicability, and technology innovation parks, which focus on innovation and uniqueness [2] - The core value of production manufacturing parks lies in the transmission of policy advantages into brand strength and quality management, while technology innovation parks require a combination of tangible and intangible investments to foster competitive innovation [2] Group 2: Evaluation System Design - A new evaluation system is proposed, consisting of seven basic indicators and two additional indicators, aimed at determining what constitutes a good industrial park and identifying currently investable parks [2] - The seven basic indicators include location, tenants, major shareholders, structural supply-demand, market positioning, local policies, and dividend yield, focusing on objective conditions and operational performance [2] - The two additional indicators focus on technological innovation and contribution effectiveness, emphasizing the park's innovative attributes and value spillover [2] Group 3: Evaluation Results - The evaluation results will be updated biannually, with the first half of 2025 showing that parks with prominent technology innovation attributes performed better overall [3] - The top three REITs based on comprehensive scoring for 2025H1 are Huaxia Jinyu Intelligent Manufacturing Park REIT, GF Chengdu High Investment Industrial Park REIT, and E Fund Guangzhou Development Zone High-tech Industrial Park REIT [3]