1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1052 points this week, up 0.47% week - on - week, but the market trading activity declined marginally. The total market capitalization of 78 listed REITs reached 228.7 billion yuan, with a circulating market capitalization of 124.7 billion yuan. The Huaxia Zhonghe Clean Energy REIT will be listed on February 2, 2026 [1][11]. - The first batch of 8 commercial real - estate REITs were accepted by the Shanghai Stock Exchange. With excellent occupancy rates and good locations, they are worthy of attention for their application progress and new - share subscription opportunities [2][20][21]. - In the secondary market, new - type facilities declined by 1.19%, while energy facilities led the gain by 1.54%. It is advisable to focus on hydropower assets with high stability or projects with high guarantee of distributable amounts [5][6][26]. 3. Summary by Relevant Catalogs 3.1 Primary Market: The First Batch of 8 Commercial Real - Estate REITs Accepted - In late 2025, the CSRC officially launched commercial real - estate REITs, focusing on commercial complexes, commercial retail, office, hotels and other commercial assets with clear ownership, mature operation models, and stable cash flows [2][17]. - From January 29 - 30, 2026, the first batch of 8 commercial real - estate REITs were accepted by the SSE. The total proposed fundraising scale is about 31.475 billion yuan, with the largest being CICC Vipshop Commercial Real - Estate REIT (7.47 billion yuan) and the smallest being Huaan Jinjiang Commercial Real - Estate REIT (1.703 billion yuan). The original equity holders include private enterprises, foreign - funded enterprises, Shanghai state - owned enterprises, and central enterprises [2][20]. - The occupancy rates of the first batch of 8 commercial real - estate REITs are excellent, and some are fully occupied. The average occupancy rate of 21 "Jinjiang Metropolo" hotels is about 61.58%. They are mainly located in core cities [3][21]. 3.2 Secondary Market: New - Type Facilities Corrected, Energy Facilities Led the Gain - Except for a 1.19% decline in new - type facilities, other asset types rose slightly, with energy facilities leading the gain at 1.54%, followed by municipal environmental protection (+0.52%) and transportation facilities (+0.41%) [5][26]. - The data center (IDC) sector had a significant pull - back this week. Runze Technology and万国 Data Center declined by 0.40% and 2.67% respectively. The two IDC REITs' dynamic distribution rates are close to the reference value, and opportunities from subsequent asset fluctuations can be monitored [5][29]. - Energy facilities had the largest increase this week. ICBC Inner Mongolia Energy Clean Energy REIT performed well, but it is recommended to give priority to hydropower assets with high stability or projects with high guarantee of distributable amounts due to the large performance fluctuations of energy - related projects in Q4 2025 [6][32][34]. - The industrial park sector rose 0.34% this week. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The consumption infrastructure sector rose 0.22% this week. With the late Spring Festival this year, the consumption boom continues to support the Q1 performance of each project. Some projects with relatively high distribution rates are worth attention [39][40]. - The trading activity of REITs weakened marginally this week. In terms of sectors, except for municipal environmental protection, the turnover rates of each asset sector declined. Attention can be paid to the trading situation of the consumption sector [42][45][46].

【DT新材料】 获悉， 1月29日， 浙江振石新材料股份有限公司 （简称"振石股份"，股票代码：601112）在上交所主板成功上市。 中国石化资本 作为战略配售投 资者参与本次发行。 振石股份 自2025年6月25日IPO申报获受理，至11月18日成功过会，仅用146天便完成关键流程，创下2025年抽中现场检查的IPO项目中最短过会纪录。 中国石化资本投资振石股份，是布局新材料产业链的又一关键举措。未来， 双方将聚焦 碳纤维材料 核心领域深化协同 ，充分整合各自的资源、技术与产业优 势，持续拓展清洁能源、新能源汽车等应用场景。 中石化对IPO项目越来越积极，比如去年5月， 中国石化作为全球最大基石投资者投资5亿美元入股 宁德时代 港股，然后7月， 1.95亿元 入股新能源龙头 华电新能 。近日，公司再出手。 此前， 中国石化已入股 航空航天级高性能碳纤维龙头 中简科技 ，同时通过旗下 上海石化 推进， 2018年突破48K大丝束技术，2025年推出60K碳纤维产品， 目 前已具备2.4万吨/年原丝和1.2万吨/年大丝束碳纤维的生产能力，是国内大丝束碳纤维的重要供应商。 2025年，中石化宣布投资约31.96亿 ...

Market Overview - US stock markets opened lower, with the Dow Jones down 0.07%, Nasdaq down 0.57%, and S&P 500 down 0.36% [1] - The storage sector saw strong gains, with SanDisk's stock price soaring by 24%, raising its cumulative increase since listing to 1755% [3] - Micron Technology's stock rose over 3%, with a monthly increase exceeding 57%, marking a market capitalization surpassing $500 billion [3] Commodity and Cryptocurrency Trends - Precious metals experienced a collective decline, with Pan American Silver dropping nearly 11% and Harmony Gold down 8.6% [4] - Spot gold fell over 7% to $4993.47 per ounce, while spot silver dropped nearly 15% to $98.25 per ounce [5] - Crude oil prices saw a short-term increase, with Brent crude surpassing $70 per barrel [7] - Major cryptocurrencies faced significant losses, with Bitcoin down over 5% to $83,135 and Ethereum down 5.80% [8] Federal Reserve Leadership Changes - President Trump nominated Kevin Warsh as the next Federal Reserve Chairman, a decision pending Senate approval [9][19] - Warsh, known for his hawkish monetary policy stance during his tenure at the Fed, has shifted towards supporting lower interest rates in recent years [11][26] - The nomination reflects external pressures on Trump to avoid selecting a dovish candidate, with Warsh seen as a relatively moderate choice compared to other candidates [13] Economic Policy Implications - Warsh's potential leadership is expected to maintain a dovish monetary policy in the short term, favoring a cautious approach to interest rate cuts while advocating for a separation of responsibilities between the Fed and the Treasury [26] - His hawkish background may help stabilize market expectations regarding the Fed's independence, potentially supporting the US dollar in the long term [15][26] - Analysts suggest that Warsh's policies could lead to a unique combination of interest rate cuts alongside balance sheet reduction, although the feasibility of such a strategy remains uncertain [15]

该可转换优先股首六年每年累计股息不低于3.75%，第六周年起最低股息率提升至6.75%且每季度调升 50个基点;转换价约为每股GDS美国存托股54.43美元，较2026年1月30日香港收市价溢价17.5%。 董事会认为私人配售对公司及股东整体有利，因为其显示公司与中国领先金融机构之一的关系得以巩 固，使公司能够在投票权方面进一步加强中国籍人士的"控制"，进而使公司能够继续服务中国内地的主 要客户。 万国数据-SW(09698)公布，私人配售3亿美元B轮可转换优先股予一名中国机构投资者华泰资本投资有 限公司。万国数据将动用私人配售所得款项扩充数据中心容量及作一般企业用途。 ...

该可转换优先股首六年每年累计股息不低于 3.75%，第六周年起最低股息率提升至 6.75% 且每季度调升 50 个基点;转换价约为每股GDS美国存托股54.43美元，较2026年1月30日香港收市价溢价 17.5%。 董事会认为私人配售对公司及股东整体有利，因为其显示公司与中国领先金融机构之一的关系得以巩 固，使公司能够在投票权方面进一步加强中国籍人士的"控制"，进而使公司能够继续服务中国内地的主 要客户。 智通财经APP讯，万国数据-SW(09698)公布，私人配售3亿美元B轮可转换优先股予一名中国机构投资者 华泰资本投资有限公司。万国数据将动用私人配售所得款项扩充数据中心容量及作一般企业用途。 ...

格隆汇1月30日丨万国数据-SW(09698.HK)宣布，私人配售3亿美元B轮可转换优先股予一名中国机构投 资者华泰资本投资有限公司(「私人配售」)。万国数据将动用私人配售所得款项扩充数据中心容量及作 一般企业用途。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 內幕消息 私人配售300百萬美元可轉換優先股予一名中國機構投資者 本公告根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及第 13.10B條以及 ...

Core Viewpoint - The article emphasizes the importance of integrating energy storage with intelligent computing centers to promote green energy development and enhance economic efficiency in the industry [1][8]. Group 1: Event Overview - The "Focus on Green Energy, Empower Intelligent Computing Development" seminar was successfully held, organized by the Beijing Economic and Information Technology Bureau, aiming to discuss the application of energy storage in intelligent computing centers [1]. - Key representatives from major companies and research institutions attended the event, including China Mobile, China Unicom, and JD.com, highlighting the collaborative nature of the discussions [3]. Group 2: Company Insights - Haibo Shichuang, founded in 2011, has transformed from a traditional product sales model to a comprehensive service provider in the energy storage sector, focusing on innovative applications of energy storage in computing centers [3]. - The company has already implemented energy storage projects in data centers, demonstrating the feasibility of large-scale promotion [4]. Group 3: Technical Discussions - The seminar featured discussions on the economic viability and safety of energy storage applications, with a focus on reducing reliance on diesel generators through innovative energy storage solutions [5][6]. - Experts highlighted the need for continuous innovation in technology and business models to fully replace diesel generators with energy storage systems [6]. Group 4: Policy and Future Directions - Officials from the Beijing Economic and Information Technology Bureau emphasized the critical role of energy storage in supporting the green and sustainable development of the intelligent computing industry [7]. - The article calls for collaborative efforts to explore scalable solutions for integrating energy storage with intelligent computing centers, aiming to support the high-quality development of the digital economy in Beijing [7][8].

Core Insights - The company, Keda, is implementing different development strategies for its data center business, focusing on self-owned brands domestically and ODM (Original Design Manufacturer) overseas [1] Group 1: Domestic Strategy - The company is intensifying efforts to expand its domestic business by deepening cooperation with major internet clients such as ByteDance, Alibaba, JD.com, Kuaishou, GDS, and Century Internet [1] - The focus is on enhancing partnerships with leading enterprises to strengthen market presence in China [1] Group 2: International Strategy - The company is establishing a channel structure centered around core agents, operators, and EPC (Engineering, Procurement, and Construction) contractors in the overseas market [1] - There is an ongoing effort to expand cooperation with major overseas ODM clients and to broaden the geographical scope of these partnerships [1] - The company aims to solidify its market share in traditional strongholds like Europe and Southeast Asia while accelerating business development in emerging markets such as North America and Australia [1]

南财智讯1月30日电，科士达在投资者关系活动中表示，数据中心业务国内以自有品牌为主，持续强化 与字节跳动、阿里巴巴、京东、快手、万国数据、世纪互联等头部企业合作；海外以ODM为主，正拓 宽与ODM大客户的合作区域，在稳固欧洲、东南亚份额基础上，加快推进北美、澳洲等新兴市场业务 拓展。 ...