Core Viewpoint - The Shenzhen Stock Exchange has launched four new indices focusing on new infrastructure, carbon neutrality, and domestic brands, enhancing the green index system and expanding investment options for investors [1][2][3] Group 1: New Indices Overview - The newly launched indices include the Shenzhen New Infrastructure 50 Index, National Carbon Neutral Green Bond Index, National Carbon Neutral 50 Index, and National Hong Kong Stock Connect New Domestic Goods 50 Index [1][2][3] - These indices aim to guide resource allocation and support national strategies while providing diverse investment opportunities for capital markets [1] Group 2: Performance Metrics - The Shenzhen New Infrastructure 50 Index has an annualized return of 14.1% from its base date of December 31, 2012, to March 31, 2022 [1] - The National Carbon Neutral Green Bond Index has an annualized return of 3.8% since its base date of December 31, 2020, while the National Carbon Neutral 50 Index has an annualized return of 11.4% since December 31, 2014 [2] - The National Hong Kong Stock Connect New Domestic Goods 50 Index has an annualized return of 7.5% from its base date of December 31, 2014, to March 31, 2022 [3] Group 3: Market Implications - The introduction of these indices is expected to lower information screening costs for investors and promote investment diversification, particularly in the context of China's green transition [2][3] - The indices are anticipated to enhance the refinancing capabilities of companies with new domestic goods attributes, improve brand value, and increase liquidity in related stocks [3]

Group 1: New Infrastructure Investment - Increasing investment in new infrastructure and emerging industries has become a crucial measure for stabilizing the economy [1] - Various regions are implementing measures to expand effective investment, focusing on new infrastructure and strategic emerging industries [1][2] - The investment scale for new infrastructure during the 14th Five-Year Plan period is expected to exceed 15 trillion yuan [3] Group 2: Strategic Emerging Industries - Development of strategic emerging industries is key to achieving the transformation of old and new growth drivers [5] - Policies are being leveraged to support leading enterprises in enhancing supply chain capabilities within the Beijing-Tianjin-Hebei region [5] - There is a focus on attracting foreign investment in advanced manufacturing and strategic emerging industries to support digital, marine, green, and cultural tourism economies [6]

Core Insights - Private investment plays a crucial role in stabilizing investment and growth, but its growth rate has slowed this year due to complex international situations and domestic pandemic outbreaks [1][3]. Group 1: Current Trends in Private Investment - From January to May, private investment in Hunan Province grew by 11.4%, outpacing overall investment growth by 2.6 percentage points, contributing 80.4% to total investment growth [2]. - Nationally, private investment increased by 4.1% in the same period, accounting for 56.9% of total investment, with manufacturing private investment rising by 18.9% and infrastructure investment by 9.1% [3]. - Despite these gains, private investment growth remains below the overall investment growth rate, which was 6.2% [3]. Group 2: Government Initiatives to Boost Private Investment - The State Council has issued policies to encourage private investment in major projects, emphasizing the need for social capital participation in significant engineering projects [4]. - Recent meetings have focused on improving the efficiency of private investment procedures and supporting the healthy development of the platform economy [4]. - Various local governments are identifying key investment areas, such as urban infrastructure and new infrastructure projects, to attract more private capital [5][7]. Group 3: Future Directions and Recommendations - Experts suggest that enhancing private capital participation in new infrastructure, industrial upgrades, and environmental protection can drive high-quality economic development [8]. - There is a call for optimizing the business environment and protecting the rights of private capital and entrepreneurs to stimulate market demand [9]. - Recommendations include further relaxing market access restrictions for private enterprises and establishing long-term mechanisms to attract private investment in key areas [9].

Group 1 - The construction of marine data centers has been included in the national new infrastructure initiative, focusing on marine observation data services [1] - The marine big data industry is gaining attention, providing integrated data services for national marine meteorological forecasting, offshore fishery safety, and maritime route planning [1] - The integration of marine data resources has effectively reduced offshore wind power operation and maintenance costs by 15% through high-precision numerical forecasting models [1] Group 2 - Tsunami forecasting is a critical application of wave forecasting, requiring high data volume and real-time capabilities, but its accuracy is lower than that of typhoon forecasting [2] - There is a need to strengthen the connection between marine big data and industry, establishing clear industrial support capabilities and service models [2] - The emphasis on high-quality development of the marine economy has been highlighted by national leadership, with systematic deployment for promoting marine economic growth [2]

Core Viewpoint - The company has made significant investments in two data center REITs, enhancing its asset layout in the smart infrastructure sector, aligning with national strategies for digital economy and new infrastructure development [1] Investment Details - The company's wholly-owned subsidiary, Beijing Shouyuan Xinrong Investment Co., Ltd., has invested in the Southern Wanguo Data Center Closed-End Infrastructure Securities Investment Fund [1] - The Beijing Pingzhun Fund, managed by the company, has invested in the Southern Runze Technology Data Center Closed-End Infrastructure Securities Investment Fund [1] REITs Focus - Both REITs focus on core digital infrastructure assets, with the Southern Wanguo REIT based on the Kunshan Huqiao Guojin Data Cloud Computing Data Center, operated by Wanguo Data, a leading third-party data center service provider in China [1] - The Southern Runze Technology REIT is based on the Langfang Runze International Information Port A-18 Data Center, which is a leading project in the domestic big data and computing power infrastructure sector [1] Market Performance - Both REITs achieved a simultaneous trading limit increase last Friday, indicating strong market performance [1] Strategic Importance - The investments are seen as a response to national strategies for digital economy and new infrastructure, aiming to optimize the company's asset structure and reinforce its leading position in the smart infrastructure real estate sector [1]

Group 1 - The company, 首程控股, announced investments in two closed-end infrastructure securities investment funds related to data centers, aligning with national strategies for digital economy and "new infrastructure" [1] - The investments are made through its wholly-owned subsidiary, 北京首源欣荣投资有限公司, and its fully-owned subsidiary under 首程基石, which manages the 北京平准基金 [1] - These investments aim to promote the development of smart infrastructure and technology infrastructure, contributing to the high-quality development of the real economy [1]

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]