Group 1 - The company, Shou Cheng Holdings, has made significant investments in two REITs focused on data centers, aligning with national strategies for digital economy and new infrastructure [1] - The Southern Wanguo Data Center REIT, backed by Wanguo Data Holdings, is positioned as a valuable asset in China's data center landscape, supporting the country's new infrastructure strategy [1] - The company aims to leverage REITs as a key financial tool to optimize asset structure and expand investments in new infrastructure, contributing to the growth of China's digital economy [1] Group 2 - Runze Technology is focused on providing comprehensive solutions for big data, cloud computing, and 5G applications, with its REIT positioned as a leader in the domestic market [2] - The successful listing of the Southern Runze Technology Data Center REIT exemplifies the integration of technology finance and green finance, enhancing asset utilization and capital structure [2] - The group plans to continue increasing investments in core intelligent infrastructure real estate in China, aiming to strengthen its leading position in the REITs market [2]

Group 1 - The company, Shou Cheng Holdings, has made significant investments in two REITs focused on data centers, aligning with national strategies for digital economy and new infrastructure [1] - The Southern Wanguo Data Center REIT, backed by Wanguo Data Holdings, is positioned as a valuable asset in China's data center landscape, supporting the country's new infrastructure strategy [1] - The company aims to leverage REITs as a key financial tool to optimize asset structure and expand investments in new infrastructure, contributing to the growth of China's digital economy [1] Group 2 - Runze Technology is focused on providing comprehensive solutions for big data, cloud computing, and 5G applications, with its REIT positioned as a leader in the domestic market [2] - The successful listing of the Southern Runze Technology Data Center REIT exemplifies the integration of technology finance and green finance, enhancing asset utilization and capital structure [2] - The group plans to continue increasing investments in core intelligent infrastructure real estate in China, aiming to strengthen its leading position in the REITs market [2]

Industry Overview - The medium and thick wide steel strip industry is experiencing structural growth opportunities due to the transformation and upgrading of the manufacturing industry and the rapid development of the new energy sector [1][8] - The production of medium and thick wide steel strips in China reached 114 million tons in the first half of 2025, representing a year-on-year increase of 4.47% [1][8] Industry Chain - The upstream of the medium and thick wide steel strip industry includes raw materials such as iron ore, coal, scrap steel, and electricity, as well as production equipment like blast furnaces and rolling mills [4] - The downstream applications encompass construction, machinery manufacturing, shipbuilding, energy equipment, bridges, and the automotive industry [4] Market Dynamics - The global iron ore supply is expected to increase, with major producers like Rio Tinto and BHP expanding capacity, leading to a projected global output of 2.45 billion tons in 2025, a year-on-year increase of 3.8% [6] - The price of iron ore futures in China fell to 715.5 yuan per ton by the end of June 2025, a decrease of 13.27% year-on-year, which significantly reduced production costs for medium and thick wide steel strips [6] Key Enterprises - The medium and thick wide steel strip industry has a relatively high market concentration, with a few large enterprises dominating the market, such as Baosteel Group and Ansteel [12] - Baosteel is recognized for its advanced production technology and equipment, while Ansteel has a strong market share in various sectors including construction and machinery [12][14] Development Trends - The industry is shifting towards high-end and intelligent transformation, with a focus on high-strength and corrosion-resistant steel [18] - The green and low-carbon development trend is becoming mainstream, with expectations of a 15% reduction in carbon emission intensity through the adoption of hydrogen metallurgy and short-process steelmaking technologies [19] - The application of medium and thick wide steel strips in new infrastructure projects, such as rail transit and new energy vehicles, is expected to expand significantly [20]

Core Insights - China Mobile reported steady growth in its mid-year performance for 2025, with significant achievements in digital transformation and operational quality [1][2] Financial Performance - In the first half of 2025, China Mobile achieved operating revenue of 543.8 billion yuan, with communication service revenue reaching 467 billion yuan, a year-on-year increase of 0.7% [1] - Shareholder profit was 84.2 billion yuan, reflecting a 5.0% year-on-year growth [1] - EBITDA margin reached 34.2%, an increase of 0.9 percentage points, maintaining a leading position among global operators [1] Revenue Structure - Digital transformation revenue was notable at 156.9 billion yuan, up 6.6% year-on-year, accounting for 33.6% of communication service revenue [1] - Revenue from household, government-enterprise, and emerging market businesses (HBN) increased to 47.6%, a rise of 2.6% year-on-year [1] - Government-enterprise market revenue was 118.2 billion yuan, growing by 5.6% year-on-year, with mobile cloud revenue reaching 56.1 billion yuan, an 11.3% increase [1] - 5G private network revenue surged to 6.1 billion yuan, a 57.8% year-on-year growth [1] Emerging Markets - Revenue from emerging markets, including international business, digital content, fintech, and equity investment, totaled 29.1 billion yuan, a 9.3% increase [1] - International business revenue grew by 18.4%, while digital content revenue reached 14.9 billion yuan [1] Technological Advancements - China Mobile has accelerated investment in new infrastructure, opening over 2.59 million 5G base stations and establishing the first small-scale 6G experimental network [2] - The company’s intelligent computing capacity reached 61.3 EFLOPS, with 33.3 EFLOPS self-built [2] - The establishment of China Mobile Jiutian AI Technology Company and the upgrade of the "Jiutian" model matrix to version 3.0, with over 50 industry-specific models [2] - The company leads in the number of international standards for 5G-A and 6G, with a total of over 18,000 effective patents [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) has completed the selection of approximately 38,000 special bond projects for 2024, with a demand of around 5.9 trillion yuan, laying a solid foundation for the issuance of 3.9 trillion yuan in special bonds this year [1][2]. Group 1: Project Acceleration and Funding Utilization - The NDRC emphasizes the need for local governments to strictly adhere to project quality requirements and accelerate project construction and funding utilization to quickly generate physical work volume [2]. - As of April 15, 34 provinces and municipalities have disclosed their second-quarter local bond issuance plans, totaling 22,091 billion yuan, including 11,692 billion yuan in new special bonds [2]. - The Ministry of Finance plans to guide local governments in optimizing the issuance rhythm of special bonds and enhancing the performance of bond fund utilization to support major projects and stimulate economic recovery [2][3]. Group 2: Improvement of Fund Utilization Efficiency - The Ministry of Finance will optimize the direction of special bond investments, including more areas such as new energy, new infrastructure, and new industries, and will support projects like independent new-type energy storage and comprehensive water environment governance [3]. - The focus will be on significant projects that have clear economic and social benefits, strong driving effects, and are highly anticipated by the public, such as affordable housing and student dormitories [3]. - There will be an emphasis on enhancing the efficiency of special bonds while managing a negative list and ensuring a balance in project financing returns, directing resources to well-prepared and high-efficiency investment regions [3].

Core Insights - The launch of the Southern Runze Technology Data Center REIT marks a significant milestone in financial innovation for the computing power era, filling a gap in the Chinese public REITs market for digital infrastructure [1][3] - This REIT represents a shift from traditional infrastructure to new infrastructure, recognizing the importance of data centers in supporting the digital economy and artificial intelligence [1][3] Group 1: Market Position and Innovation - The Southern Runze Technology Data Center REIT is one of the first public REITs in China to use data centers as underlying assets, indicating a new model for asset securitization in the industry [1] - The underlying asset, A-18 Data Center, has been recognized as a "National Green Data Center," showcasing high operational standards with a cabinet occupancy rate exceeding 99% [1] Group 2: Financing and Investment Cycle - The REIT provides a new paradigm for addressing financing challenges in the data center sector, allowing original stakeholders to recover funds quickly and reinvest in new projects, thus creating a virtuous cycle of investment and operation [2] - The REIT structure is seen as a key step in facilitating a healthy cycle for IDC assets, improving liquidity and enabling efficient expansion while reducing debt [2] Group 3: Investor Interest and Performance Metrics - The REIT has garnered significant investor interest, with public investors subscribing to 28.616 billion shares, resulting in a subscription ratio of nearly 318 times, indicating strong market demand [3] - Forecasted cash distribution rates for 2025 and 2026 are projected at 6.38% and 5.32% respectively, which are higher than the average for other property-type REITs, highlighting its attractiveness as a rare quality asset [3]

中证报中证网讯(王珞)据智慧互通(AICT)消息，近日，公司中标广东肇庆四会市"百千万工程"新基建项 目。该项目将大力提高公路用能可再生能源比例，重点打造在公路路域范围进行光伏能源开发和(近)零 碳公路，改善民众出行体验，提升城市形象及综合竞争实力，以高精度人工智能技术(HAI)赋能建设空 间智能应用新典范。 作为备受当地民众关注的新基建工程，该项目一方面将在四会市公路建设道路光伏；另一方面将建设新 能源充电桩，以封闭车场充电桩为主，满足广大新能源车主停车充电的需求。项目将本着能建尽建、应 接尽接的原则，大力提高公路用能可再生能源比例，在创建示范项目、树立标杆的同时，将绿色低碳打 造成为带动发展的重要元素，重点打造在公路路域范围进行光伏能源开发和(近)零碳公路。与此同时， 该项目建设将对标现有新能源汽车行业政策调整方向，合理布局充电设施，建设公共充电桩，积极布局 高精度人工智能(HAI)技术，赋能空间智能应用场景，提升人民生活幸福感。 作为项目承建方的智慧互通是一家深耕于高精度人工智能技术领域的高科技企业，为高精度感知机器 人、具身智能机器人、云端智能机器人、交通智能无人车等HAI系列产品与解决方案的提供商， ...

Core Viewpoint - The company, Beijing Dinghan Technology Group Co., Ltd., plans to issue shares to a specific group of investors to raise funds for operational liquidity and support its growth in the rail transit industry, which is experiencing significant opportunities due to national policies and technological advancements [10][12][16]. Group 1: Company Overview - Company Name: Beijing Dinghan Technology Group Co., Ltd. - Stock Code: 300011 - Established: June 10, 2002 - Listed: October 30, 2009 - Registered Capital: 558,650,387 RMB [9][18]. Group 2: Issuance Details - The company plans to issue up to 46,905,000 shares, representing 8.40% of the total shares before the issuance, at a price of 4.78 RMB per share [18][20]. - The total amount to be raised is not exceeding 224.21 million RMB, which will be used entirely to supplement working capital [20][32]. - The issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6][22]. Group 3: Industry Context - The rail transit industry is seen as a critical infrastructure sector in China, with significant growth opportunities driven by national strategies such as "Belt and Road" and "New Infrastructure" [10][12]. - The industry is expected to benefit from stable growth in operational mileage and investment scale, with the national railway fixed asset investment projected to reach 850.6 billion RMB in 2024, a year-on-year increase [11][12]. - The market for maintenance services is also anticipated to grow as existing rail transit projects enter maintenance phases [11][14]. Group 4: Strategic Importance - The company aims to enhance its competitive edge by focusing on technological innovation and the integration of advanced technologies such as AI and big data into its products [15][16]. - The issuance of shares to the controlling shareholder, Gongkong Capital, is expected to strengthen the company's capital structure and governance, reflecting confidence in the company's future [17][22].

股票简称：鼎汉技术 股票代码：300011 北京鼎汉技术集团股份有限公司 （北京市丰台区南四环西路188号十八区2号楼（园区）） 方案的论证分析报告（修订稿） （一）本次向特定对象发行的背景 交通运输是国民经济中具有基础性、先导性、战略性的产业，是重要的服务 性行业和现代化经济体系的重要组成部分，是构建新发展格局的重要支撑和服务 人民美好生活、促进共同富裕的坚实保障。作为高端制造装备的重要组成部分， 轨道交通装备与国家经济发展水平、城市轨道交通发展及建设规划密切相关，伴 随着"一带一路"建设、"新基建"、"双碳"等战略目标深入推进，我国轨道 交通行业仍具有广阔的发展机遇及偌大的市场空间。 轨道交通作为国民经济"大动脉"、关键基础设施和重大民生工程，因其快 速高效、低碳环保、安全稳定、运力强大等优点，在我国经济社会发展中的地位 和作用至关重要，近年来，国家高度重视轨道交通基础设施等建设，陆续出台《"十 四五"现代综合交通运输体系发展规划》和《中华人民共和国国民经济和社会发 展第十四个五年规划和 2035 年远景目标纲要》《新时代交通强国铁路先行规划 纲要》《国家综合立体交通网规划纲要》《城市轨道交通发展战略与" ...

Group 1 - The core viewpoint is that intelligent computing power has become a new engine for infrastructure development, with the global computing power market reaching a scale of over 1 trillion yuan [2] - The global computing power scale has surpassed 910 EFLPOS, with a year-on-year growth of 40%, and intelligent computing power growing at a rate of 136%, accounting for 37% of the total computing power [2] - In China, the total computing power scale reached 237 EFLPOS, representing 26% of the global total, with the domestic computing infrastructure market estimated to be between 324.7 billion and 395 billion yuan in 2023 [2] Group 2 - The liquid cooling equipment market has exceeded 10 billion yuan, driven by high power consumption, energy efficiency improvements, and economic advantages [3][4] - Liquid cooling technology can be categorized into contact and non-contact methods, with single-phase cold plate liquid cooling currently dominating the market, accounting for over 90% of applications [3] - The necessity and advantages of liquid cooling are highlighted by the increasing power density of racks, with AI cluster computing density exceeding 50KW per rack, and liquid cooling showing a total utilization efficiency 15% higher than air cooling [4] Group 3 - The domestic data center cooling market is expected to reach 23.8 billion yuan by 2028, with the liquid cooling market projected to be 13.6 billion yuan [4] - The liquid cooling ecosystem includes upstream component suppliers, midstream liquid cooling server providers, and downstream computing power users, with companies like Invec and Feirongda being key players [5] - Invec is noted for its capability to provide a full-chain solution for liquid cooling [5]