城市的核心是人，城市更新不能搞"面子工程"和"形象工程"，而是要建起能够惠及民生的更多"里子"工 程。因此，在提出建设好房子、好小区、好社区、好城区"四好"愿景的基础上，《意见》提出要建设安 全健康、设施完善、管理有序的完整社区，构建城市一刻钟便民生活圈，同时开展社区嵌入式服务设施 建设。 中共中央办公厅、国务院办公厅日前发布了《关于持续推进城市更新行动的意见》（以下简称《意 见》），提出到2030年，城市更新体制机制不断完善，城市开发建设方式转型初见成效，安全发展基础 更加牢固，服务效能不断提高，人居环境明显改善，经济业态更加丰富，文化遗产有效保护，风貌特色 更加彰显，城市成为人民群众高品质生活的空间，在此基础上《意见》完整而清晰地描绘出了我国城市 更新的"路线图"。 城市更新项目往往需要巨量真金白银，且运转周期长，因此，在目前已有25个城市设立了城市更新基金 的基础上，《意见》一方面提出加大中央预算内投资等支持力度，通过超长期特别国债对符合条件的项 目给予支持，并在债务风险可控前提下，通过发行地方政府专项债券对符合条件的城市更新项目予以支 持；另一方面，《意见》鼓励完善市场化投融资模式，吸引社会资本参与城 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].

Group 1 - The article discusses the investment strategy focused on Real Estate Investment Trusts (REITs) for generating stable passive income and potential mean reversion [1] - The individual highlighted in the article, Luuk Wierenga, emphasizes the importance of dividends from REITs as a source of additional cash flow to support lifestyle needs [1] - The investment journey began during the COVID-19 pandemic, leading to a specialization in identifying high-yield REITs [1] Group 2 - There is a mention of Sila Realty Trust, indicating that a position may be initiated if the company shows improved per share performance in upcoming quarters [3]

Group 1: Report Summary - Report industry: Real estate services [2] - Report research company: Electronic City [16] - Research date: May 30, 2025 [1][16] - Company representatives: Vice Chairman and President Zhang Yuwei, Vice President and Board Secretary Zhang Yi, Financial Controller Zhu Weirong, Independent Director Song Jianbo [16] Group 2: Core Views - The company is transforming from heavy - asset development to light - asset operation, focusing on technology service strategic transformation [24][25][26] - In 2024, the company's new technology service revenue was 916 million yuan, accounting for 43.4% of the operating income, and the company will continue to promote the transformation [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, which is expected to raise 1 - 1.5 billion yuan, helping to revitalize assets and innovate financing methods [25] Group 3: Summary by Directory 01. Research Basic Situation - Research object: Electronic City, belonging to the real estate service industry, with a reception time of May 30, 2025 [16] 02. Detailed Research Institutions - The reception object is investors participating in the company's online 2024 annual and Q1 2025 performance briefing [19] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - In 2024, the company's operating income was 2.112 billion yuan, and the net profit attributable to shareholders of the listed company was - 1.58 billion yuan [23] - The company broadened financing channels by carrying out infrastructure public offering REITs issuance and application work and issuing 2.05 billion yuan of ultra - short - term financing bills in five installments in 2024 [23] - New technology service revenue in 2024 mainly includes rent, property fees from park operation services, income from entrepreneurship incubation and enterprise growth acceleration services, and information service income [23] - Regarding the large - scale reduction of shares by major shareholders who participated in the private placement in 2016, it is a normal capital market transaction behavior based on their own asset allocation and capital needs [24] - The company did not participate in Yandong Micro's 4 - billion - yuan private placement project [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, with an estimated fundraising scale of 1 - 1.5 billion yuan, which is beneficial for revitalizing assets and innovating financing methods [25] - The company plans to transform to a light - asset model. For projects outside Beijing, it focuses on full - scale sales to accelerate capital recovery, while for projects in Beijing, it tends to hold and operate in the long - term [26] - In 2025, the company will promote multiple tasks, including deepening technology service transformation, building three major business platforms, optimizing the market - oriented management system, and strengthening refined fund management [26]

引言： 2025年5月29日，由全联房地产商会指导，亿翰智库主办，不如租房研究所协办的《2025中国租赁住房运营商百强峰会》在上海虹桥隆重举行，本届峰会 聚焦"新序·韧性"主题，从REITs到服务式公寓，从智能能耗到区域产品差异，再到行业报告发布与深度圆桌探讨，数位实战派大咖齐聚一堂。期间重磅发 布《2025中国租赁住房运营商综合实力TOP30研究成果》。 | 排名 | 企业名称 | 品牌名称 | | --- | --- | --- | | 1 | 万科企业股份有限公司 | 泊雷 | | 2 | 龙湖地产有限公司 | 冠富 | | 3 | 有巢住房租赁(深圳)有限公司 | 有巢 | | 4 | 招商局蛇口工业区控股股份有限公司 | 招商伊敦公寓 | | 5 | 上海领居公寓复理有限公司 | 领富国际 | | 6 | 雅诗阁有限公司 | 雅诗阁 | | 7 | 上海地产集团 | 城方 | | 8 | 协信汇商业运营管理有限公司 | 办信汇 | | 9 | 城家酒店管理有限公司 | 城家 | | 10 | 上海城投控股股份有限公司 | 城投需庭 | | 11 | 魔方(中国)生活服务集团有限公司 | 魔方公寓 | ...

Core Viewpoint - New Huangpu reported a decline in revenue for 2024 but a significant increase in net profit, primarily due to asset sales and strategic acquisitions [2][4]. Financial Performance - In 2024, New Huangpu achieved operating revenue of 2.922 billion yuan, a year-on-year decrease of 4.38% [2]. - The net profit attributable to shareholders was 81.7085 million yuan, reflecting a year-on-year increase of 31.60% [2]. - For Q1 2024, the company reported operating revenue of 277.8 million yuan, a year-on-year increase of 28.07% [2]. - The net profit for Q1 2024 was 77.5857 million yuan, showing a remarkable year-on-year increase of 2123.13% [2]. Strategic Moves - The increase in net profit for Q1 2024 is attributed to the transfer of a 10% stake in Shanghai Weixing Housing Rental Operation Co., generating approximately 170 million yuan, with expected net gains of 50 to 70 million yuan [4]. - New Huangpu is actively expanding its business through acquisitions, including a project in Beijing for 215 million yuan, which will be integrated into the city's affordable housing system [5]. - The company is also focusing on the rental housing market, having established the "Zhu Meng Cheng" brand for its rental projects [5]. Business Focus - New Huangpu's main revenue sources include real estate sales, property management, real estate leasing, and financial services, with approximately 80% of revenue coming from real estate sales [4][5]. - The company is optimizing its "dual-driven" development strategy, aiming to strengthen its core real estate business while enhancing its financial services [6].

Core Viewpoint - The performance of rental housing REITs is expected to remain positive due to favorable policies and the scarcity of high-yield products, but investors should be cautious of potential risks behind the "hot market" [1][3]. Group 1: Market Performance - The Huatai Suzhou Hengtai Rental Housing REIT was suspended twice this week due to rapid price increases, with a closing price of 4.178 yuan per share on May 23, 2025, representing a 52.82% increase from the base price of 2.734 yuan per share [2]. - On May 26, 2025, the REIT's closing price reached 4.133 yuan per share, leading to another suspension after a cumulative increase of 16.29% over three trading days [2]. Group 2: Investor Sentiment - The REIT's popularity is attributed to frequent favorable national policies and the distinct advantages of mandatory dividends and high yields in a market with limited supply of high-yield products [3]. - The subscription multiples for the REIT were notably high, with offline subscriptions at 216.91 times and public subscriptions at 829.78 times, indicating strong demand [3]. Group 3: Risks - Three main risks in the public REITs market include price volatility risk, high premium risk, and operational risk of underlying assets [4][5]. - Price volatility can lead to significant deviations from net asset values due to short-term speculation and market sentiment [4]. - High premiums can erode actual cash flow distribution rates, as demonstrated by the projected cash flow distribution rates of 4.00% and 4.07% for 2025 and 2026, respectively, which decrease with rising secondary market prices [4]. Group 4: Future Outlook - The current rental housing REITs are considered "top performers," primarily located in first- and second-tier cities with strong rental demand, suggesting limited investment risks [5]. - However, as the market expands, the difficulty in identifying quality underlying assets will increase, necessitating careful evaluation of rental demand and operational quality [7].

值得一提的是，除节日本身消费热度外，项目营销活动对客流和消费的增长也起到积极作用。如上海静安大悦城推出首届"超好逛IP&COFFEE市集"，融 合咖啡体验与IP元素，假期首日吸引客流13.1万人次，带动销售额同比提升17.5%。 恰逢节假日，新项目入市热度也有明显提升，大部分新项目选择在五一前后入市，更好地抓住节日的消费热度。 | | | 样本企业五一前后项目入市情况 | | | | --- | --- | --- | --- | --- | | 城市 | 项目名称 | 面积(万m') | 开发商 / 运营商 | 开业时间 | | 深圳 | K11 ECOAST | 22.85 | K11 集团 | 4 月 28 日分阶段试营业 | | 深圳2 | 罗湖益田假日广场 | 12 | 益田旅游商业集团 | 4月30日 | | 广州 | 广州花厅坊 | 4.12 | 合生商业 | 5月1日 | | 佛山 | 佛山顺德万象汇 | 20 | 华润万象生活 | 4月25日 | | 上海 | 浦发唐城印象天地 | 6 | 印力集团 | 4月28日 | | 上海 | JLC 金陵中环 | 7.3 | 香港置地 | 4 月 2 ...

Core Insights - Both Century Internet and GDS Services reported significant growth in their Q1 2025 financial results, driven by the increasing demand for computing power due to AIGC [2][3][4] - Despite the growth, challenges remain in the commercialization transformation of IDC service providers in China [2][8] Century Internet Financial Performance - Century Internet's total revenue for Q1 2025 increased by 18.3% year-on-year, reaching 2.25 billion RMB; adjusted EBITDA grew by 26.4% to 682 million RMB, with an EBITDA margin improvement of 1.9 percentage points to 30.4% [3][4] - The operational capacity of base IDC increased by 18.1% quarter-on-quarter, adding approximately 88 MW to reach 573 MW, while the rack capacity grew by 23.9% to 437 MW, marking a historical high of 84 MW in new rack capacity [3][6] - The monthly recurring revenue per cabinet in urban IDC facilities rose to 8,898 RMB, with a slight increase in the rack utilization rate to 63.7% [3][6] GDS Services Financial Performance - GDS Services reported a net income of 2.7232 billion RMB (375.3 million USD) for Q1 2025, reflecting a year-on-year growth of 12.0%; adjusted EBITDA reached 1.3238 billion RMB (182.4 million USD), up by 16.1%, with an EBITDA margin of 48.6% [4] - The total usage area of GDS data centers grew by 14.6% year-on-year, with an additional 18,687 square meters, bringing the total usage area to 462,423 square meters and a utilization rate of 75.7% [4] Strategic Focus and Differentiation - Century Internet is focusing on domestic base IDC business, while GDS Services is expanding its international presence through its newly established entity, DayOne, which aims to leverage its domestic experience to enter Southeast Asia and Japan [6][7] - DayOne has made significant progress, securing new data center contracts in Thailand and Finland, with a total expected capacity exceeding 220 MW, aiming for a total pre-signed capacity of over 750 MW by the end of 2025 [7] Commercialization Challenges - The IDC service industry in China is facing challenges in its traditional business model, with increasing price sensitivity among users leading to declining cabinet prices [8] - Both Century Internet and GDS Services are exploring new business models, including the establishment of a Pre-REITs fund by Century Internet and the issuance of asset-backed securities by GDS Services [8][9] - The potential for REITs in the data center sector remains uncertain, with experts expressing skepticism about the ability to generate attractive returns for investors in the domestic market [10][11]

为优化安置，《措施》明确充分保障被征迁居民选择安置方式的自主权和相关合法权益。在推动城市更 新过程中，涉及被征迁居民安置的，可采用房票安置或"以购代建"方式安置，鼓励收购商品房用于城中 村改造安置房。 为了在城市更新项目中建设"好房子"，海南支持各市县探索建设立体生态住宅项目，出台相应技术导 则，注重从设计上提升住宅品质；优化住宅项目容积率等计算规则，促进住宅更新换代，推动住宅高质 量发展，改善人居环境。 《措施》还提出健全多元投融资机制，支持更多民营企业等社会资本参与城市更新领域项目谋划、建设 和运营；鼓励各市县通过政企合作、特许经营、企业承包、自主更新等方式，吸引社会资本投入；鼓励 省属企业、属地国有企业牵头发起设立城市更新基金；支持符合条件的城市更新项目申报不动产投资信 托基金(REITs)等。(完) （文章来源：中国新闻网） 中新网海口5月28日电(记者王子谦)海南省人民政府办公厅28日公布《关于支持实施城市更新行动若干 政策措施》(简称《措施》)，为城市更新工作提供政策指引。《措施》提出，可采用房票安置或"以购 代建"方式安置被征迁居民，鼓励收购商品房用于城中村改造安置房。 《措施》明确，各市县可采 ...