Group 1 - The fourth industrial revolution, characterized by artificial intelligence, big data, and the Internet of Things, is underway, leading the world into an intelligent era [1] - China is accelerating the construction of new infrastructure, including 5G networks, to seize technological advantages and prepare for a new round of global technological revolution and industrial transformation [1] - The new infrastructure construction in China is expected to create significant investment opportunities and enhance development momentum in the short to medium term, facilitating the arrival of an intelligent economy and society [1] Group 2 - Collaboration is essential in the intelligent interconnected era, with industrial cluster development and global cooperation being key to prosperity [2] - China can leverage resources from initiatives like the Belt and Road, Asian Infrastructure Investment Bank, and Silk Road Fund to promote international cooperation in industrial internet and big data [2] - The intelligent economy will be a major driver of high-quality development, necessitating a psychological readiness to adapt to changes in industrial patterns [2]

Core Viewpoint - The article emphasizes the Chinese government's efforts to optimize the business environment and stimulate private sector investment, highlighting a significant push towards involving private capital in various projects, with over 10 trillion yuan in investments being promoted [1][4]. Group 1: Government Initiatives - The National Development and Reform Commission (NDRC) has introduced a platform to promote projects to private capital, with over 3,200 quality projects amounting to more than 3 trillion yuan [1][4]. - The NDRC aims to establish a coordination mechanism for promoting projects to private capital, enhancing support for land use, environmental assessments, and financing [4][6]. - The government is reducing restrictions on private investment in key sectors, as evidenced by the decrease in the number of items on the Market Access Negative List from 117 to 106 [6]. Group 2: Investment Trends - There is a noticeable increase in private investment in new infrastructure and emerging industries, with significant interest in artificial intelligence and low-altitude economy projects [6][12]. - The participation of private capital in major infrastructure projects is rising, with examples like the San'ao nuclear power project, where private capital's share increased from 2% to 10% [10]. - The NDRC has recommended 92 infrastructure REITs projects to the China Securities Regulatory Commission, with 70 projects already issued, expected to drive over 1 trillion yuan in new investments [12][13]. Group 3: Regional Policies - Local governments are implementing supportive policies to attract private investment, such as Tianjin's efforts to eliminate restrictions in procurement and bidding processes [6][7]. - Jiangsu province has seen an increase in major projects funded by private enterprises, with 228 projects planned for the year, focusing on strategic emerging industries [14]. - Shandong province is promoting technological upgrades in traditional industries, with a focus on artificial intelligence integration [14]. Group 4: Economic Performance - From January to May, private investment remained stable, with a 5.8% increase in non-real estate private investment [18]. - The hospitality and catering sectors saw a 25.3% increase in private investment, while infrastructure and manufacturing sectors also experienced growth [18]. - Private enterprises' sales revenue growth outpaced the national average, indicating a positive trend in the private sector's economic performance [18].

Core Viewpoint - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. is on the verge of listing on the A-share market, marking a significant milestone in its development as a national-level specialized and innovative "little giant" in the smart distribution equipment industry [1][4]. Company Overview - Haochuang Ruitong has been dedicated to the smart distribution equipment sector for over 18 years, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [2][3]. - The company has established a robust core technology system that includes fault location and self-healing technology, IoT integration, high-precision power sensor technology, and air-insulated technology [2][3]. Financial and Investment Highlights - The company plans to publicly issue no more than 27.90 million shares, raising approximately 477 million yuan, which will be used for projects including the production of smart ring main units and the establishment of a smart distribution R&D center [1][5]. - R&D investment has increased from 17.30 million yuan to 32.32 million yuan over the past three years, with a compound annual growth rate of 36.69% [2][3]. Technological Achievements - Haochuang Ruitong has obtained 119 patents and 29 software copyrights, including 14 invention patents, and has contributed to the formulation of two national standards [3]. - The company's outdoor pole-mounted vacuum circuit breaker has been recognized for its advanced technical performance, particularly in integrated design and high-precision sensor technology [3]. Industry Context - The power equipment industry is experiencing significant growth driven by the "new infrastructure" strategy and the "dual carbon" goals, with an estimated investment in distribution network construction exceeding 1.52 trillion yuan during the 14th Five-Year Plan period [4]. - The demand for stable, reliable, and intelligent distribution networks is increasing, influenced by the integration of IoT, 5G, and digital twin technologies [4][5]. Future Outlook - The establishment of the smart distribution R&D center will focus on self-healing control technology based on big data and collaborative optimization algorithms for distributed energy access [5]. - With the successful fundraising and implementation of investment projects, the company aims to enhance its smart manufacturing capabilities, expand production scale, and solidify its market position in the smart distribution equipment sector [5].

Core Viewpoint - The Chinese government is actively promoting private investment by optimizing the business environment and reducing barriers, with a focus on new infrastructure and emerging industries, leading to a significant increase in private investment confidence [1][6][10]. Group 1: Investment Projects and Amounts - As of June 25, over 10 trillion yuan in projects are being promoted to private capital, with more than 3,200 quality projects recommended by the National Development and Reform Commission (NDRC) [1][6]. - The total number of projects being promoted has reached 11,752, with a total investment amount of 10.15 trillion yuan [6]. - Local governments are also introducing supportive policies to attract private capital, with specific project lists being established in provinces like Tianjin and Hubei [6][7]. Group 2: Focus on Emerging Industries - The current project recommendations include key sectors such as transportation, energy, and new infrastructure, as well as emerging industries like artificial intelligence and low-altitude economy [4][10]. - Private investment is increasingly directed towards new projects, with significant interest in new infrastructure, artificial intelligence, and quantum information [10]. Group 3: Policy Support and Legislative Framework - The implementation of the Private Economy Promotion Law on May 20 has provided strong signals to support private investment in major national strategies and projects [9]. - The NDRC is establishing a special coordination mechanism to promote private capital participation in project construction and enhance support for land use, environmental assessments, and financing [4][8]. Group 4: Trends in Private Investment - Private investment in traditional industries is also experiencing a transformation, with a notable increase in industrial technological upgrades, particularly in sectors like steel and building materials [10]. - Data shows that from January to May, private investment remained stable, with a year-on-year growth of 5.8% in non-real estate private investment [15].

Group 1: C-REITs Market Overview - As of June 16, 2025, a total of 66 C-REITs have been listed, with a cumulative market value exceeding 200 billion yuan [2][7] - In 2024, 29 C-REITs were issued, with a total issuance scale of 65.6 billion yuan; the C-REITs total return index reached 1117.87 points, reflecting a year-to-date increase of 14.69% [2][7] - The approval of the first two data center public REITs marks an expansion of underlying asset types, indicating a shift towards new infrastructure assets [2][7][11] Group 2: Data Center REITs Characteristics - Data center REITs differ significantly from traditional property REITs in terms of operational models, revenue stability, and valuation logic [2][9] - The operational model of data centers relies heavily on specialized operational capabilities and continuous technological upgrades, with a focus on reducing energy consumption [8][9] - Revenue stability is enhanced by high customer concentration, long lease terms, and high customer retention rates, making them attractive to investors [9][10] Group 3: Investment Recommendations - Investors are encouraged to actively participate in the offline issuance of the newly approved data center REITs to secure potential premium returns during the initial listing phase [11][12] - The unique attributes of the data center REITs, such as advantageous locations and high energy efficiency, position them as scarce assets with clear growth drivers [11][12] Group 4: Fragrance and Flavor Industry Growth - The fragrance and flavor market in China is projected to grow from approximately 43.9 billion yuan in 2023 to over 50 billion yuan by 2026, driven by the booming cosmetics industry [18][19] - The cosmetics market is expected to increase from 516.9 billion yuan in 2023 to 579.1 billion yuan by 2025, with a compound annual growth rate of 15.1% in the ODM/OEM sector from 2017 to 2023 [18][19] Group 5: Gold Mining Sector Insights - The company, Zhaojin Mining, is positioned as a leading gold mining enterprise in China, with gold resources expected to reach 1,446.16 tons and production of 26.4 tons in 2024 [22][23] - The company's revenue and net profit are projected to grow significantly, with a compound annual growth rate of 18.97% and 250.49% respectively from 2021 to 2024 [24][26] - The strategic focus on both domestic and international gold mining projects is expected to enhance resource potential and profitability [25][26]

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Views of the Report - C - REITs have witnessed continuous expansion in the primary market and leading performance in the secondary market. As of June 16, 2025, 66 C - REITs have been listed, with a cumulative market value exceeding 200 billion yuan. The CSI REITs Total Return Index had a cumulative increase of 14.69% since the beginning of 2025 [4][10]. - Data center REITs, as new infrastructure assets, differ from traditional property - type REITs in terms of operation mode, income stability, and valuation logic. They may have a large premium space in the initial listing stage [3][20][34]. - The primary issuance of C - REITs has seen a booming market, and the secondary - market holdings are mainly by securities firm proprietary trading and insurance funds. Attention should be paid to the marginal increase brought by FOF funds [36][43]. 3. Summary by Relevant Catalogs 3.1 Current Performance of C - REITs 3.1.1 Continuous Expansion in the Primary Market and Leading Performance in the Secondary Market - Since the listing of the first batch of 9 public REITs in June 2021, relevant policies have been introduced. In 2024, the issuance entered a new stage of normalization. As of June 16, 2025, 66 C - REITs have been listed, with a cumulative issuance scale of 180.4 billion yuan (including expansion) and a cumulative market value exceeding 200 billion yuan. In 2024, 29 C - REITs were issued, with a scale of 65.6 billion yuan. The CSI REITs Total Return Index had a cumulative increase of 14.69% since the beginning of 2025 and 31.57% since the beginning of 2024 [9][10]. - The underlying asset types of listed C - REITs cover nine major categories. In 2025, the China Securities Regulatory Commission proposed to support the issuance of REITs in new infrastructure fields, and on June 18, 2025, the first two data center REITs were approved [11]. 3.1.2 High Payout Ratio for Concession - type REITs and Focus on Residual Value for Property - type REITs - Listed C - REITs can be divided into property - type and concession - type. Property - type REITs have ownership of underlying assets, with income from rent and asset disposal. Concession - type REITs mainly rely on operating income during the product life cycle [14]. - The cash - flow structure of property - type and concession - type REITs differs. Generally, property - type REITs have a lower payout ratio during the product life cycle, and more cash - flow is concentrated at the end of the product life. Concession - type REITs may face the risk of their net asset value approaching zero over time [15]. 3.2 Differences of Data Center REITs - On June 18, 2025, the first two data center REITs, "Southern Wanguo Data Center REIT" and "Southern Runze Technology Data Center REIT", were approved. They are listed on the Shanghai and Shenzhen Stock Exchanges respectively, with Southern Fund as the fund manager [17]. 3.2.1 Operation Mode - Data centers are technology - intensive assets, highly dependent on professional operation and maintenance capabilities and continuous technological iteration. The industry chain consists of upstream infrastructure, mid - stream professional operation service providers, and downstream customers. The operation of data center REITs is more professional than traditional property - type REITs [21][24]. - Data centers are highly energy - consuming. Operators need to reduce PUE through technological upgrades and green energy applications. The PUE values of the two approved data center REITs in 2024 met the policy requirements, and they are expected to carry out liquid - cooling transformation in the future [25][26]. 3.2.2 Income Stability - Data center assets may have more stable income than traditional property - type REITs due to high customer concentration, long lease terms, high customer stickiness, high signing rates, and high rack - up rates. The signing rate and rack - up rate/charging rate are key operating indicators [26]. - Data center assets have a "large - order, few - customer" business model. Their customers are mainly large - scale enterprises, and the long - term and high - stickiness lease agreements ensure stable income. The signing rates of the two approved data center REITs are 100%, and the average rack - up rate/charging rate in Q1 2025 exceeded 95% [27][28][29]. 3.2.3 Valuation Logic - REITs are generally valued using the income approach. Although data center REITs and traditional property - type REITs both use this method, there are significant differences in cash - flow structure and discount rate [32][33]. - The residual value of data center REITs is relatively low, and they require a higher discount rate and should have a higher distribution rate than traditional property - type REITs [33]. 3.3 Who is Buying C - REITs? 3.3.1 Booming Primary Issuance - The issuance of C - REITs includes strategic placement, offline inquiry and pricing, offline placement, and public investor subscription. Strategic investors mainly include original equity holders and their affiliates, and their placement ratio is generally above 70%. Offline investors include various professional institutional investors, and the public investor subscription ratio is generally less than 10% [36][37][38]. - Since the beginning of 2025, the 7 newly - listed C - REITs have received high market enthusiasm. The average subscription ratios of offline and public investors have reached record lows since the beginning of 2024 [42]. 3.3.2 Secondary - Market Holdings Dominated by Securities Firm Proprietary Trading and Insurance Funds - As of the end of 2024, among C - REITs' investors, securities firm proprietary trading and insurance funds held the largest shares, accounting for 58.49% of the shares excluding original equity holders and their affiliates [43]. - Among securities firm proprietary trading, the top five in terms of cumulative holdings are Guotai Junan, CITIC Securities, CITIC Construction, CICC, and Orient Securities. Among insurance funds, the top five are China Life Group, Taikang Insurance, New China Life Insurance, Pacific Life Insurance, and China Life Capital [44][46]. 3.4 Investment Analysis Opinion - Data center REITs, as an important part of "new infrastructure", may have a large premium space in the initial listing stage. Investors are advised to actively participate in the offline issuance of the two approved data center REITs to lock in the premium income at the initial listing stage [34][51].

Investment Rating - The report initiates coverage with an "Add-B" rating for the company [6] Core Insights - The company is positioned in the "new energy + new infrastructure" dual-track strategy, aiming to create an integrated ecosystem for digital computing and energy [1][4] - The synergy between computing power and green energy is seen as a critical trend for the development of the digital economy [3][56] - The company has successfully transitioned from financial investments to industrial investments, significantly increasing its asset scale in emerging industries [4][23] Summary by Sections Company Overview - The company has transformed its business model since 2021, focusing on industrial investments and holding significant stakes in key subsidiaries [16][18] - As of December 31, 2024, the total asset scale is approximately 661.7 billion, with emerging industry investments accounting for 78.6% [23] Financial Performance - In 2024, the company achieved a revenue of 55.8 billion, a year-on-year increase of 11.38%, and a net profit of 539 million [24][25] - The gross profit reached approximately 26.36 billion, with a gross margin of about 47% [25][29] Market Trends - The renewable energy sector is experiencing rapid growth, with a 23% year-on-year increase in new installed capacity in 2024 [31] - The integration of green electricity and computing power is reshaping the energy landscape of the digital economy [31][41] Strategic Initiatives - The company is actively expanding its presence in the renewable energy market, having significantly increased its project indicators in 2024 [69] - It aims to leverage its dual-track strategy to optimize asset allocation and enhance investment returns [5][6]

Group 1 - The company received an "AA+" rating for its bond issuance aimed at professional investors, indicating a strong credit quality [1] - The company's main revenue sources are from digital systems and data operation services, with a gradual shift away from its original data lake business towards smart transportation and data element integration [2] - As of March 2025, the company has seen a steady increase in its contract amounts, providing a foundation for revenue [2] Group 2 - The company experienced a significant decline in total operating revenue due to the contraction of its data lake business and revenue adjustments in certain projects, which could not be compensated by the growth in smart transportation and data element businesses [2] - The company reported substantial losses in total profit due to large impairment provisions for accounts receivable and contract assets, as well as investment losses related to long-term equity investments [2] - The company faces high asset restrictions and limited financing channels, leading to a significant increase in debt burden and a net cash outflow situation, which does not provide adequate support for its debt [2] Group 3 - The company has a risk of impairment for accounts receivable and contract assets, as well as potential contingent liabilities, raising concerns about the continued decline in equity [2] - China Hualu Group Co., Ltd. provides unconditional and irrevocable joint liability guarantees for the company's bond, significantly enhancing its credit level [2]

Group 1 - Zhejiang Jiaokao's controlling shareholder, Zhejiang Transportation Group, increased its stake by 20,922,260 shares, representing 0.7834% of the total share capital, bringing its total ownership to 1,121,631,626 shares or 42.00% of the company [1] - The controlling shareholder plans to continue increasing its stake by at least 1% and up to 2% of the total share capital within six months, with a maximum purchase price of 8.77 yuan per share [1] - According to Guangfa Securities, the significant increase in stake by the controlling shareholder indicates strong growth potential for Zhejiang Jiaokao [1] Group 2 - Zhejiang Transportation Group is the main platform for comprehensive transportation investment and financing in the province, responsible for the financing, construction, operation, and management of major transportation infrastructure projects [2] - The group plans to complete transportation investments exceeding 739 billion yuan in 2025, focusing on key projects such as the Wenzhou-Fuzhou Railway and Hangzhou-Chuzhou Expressway [2] - As of the end of 2024, Zhejiang Jiaokao has a total contract amount of 2,285.32 billion yuan for ongoing projects, with confirmed revenue of 922.69 billion yuan and remaining uncompleted contracts of 1,362.63 billion yuan [2] Group 3 - Zhejiang Jiaokao aims to expand its new business models and optimize its industrial chain by pursuing mergers and acquisitions related to its core business [3] - The company plans to enhance its industrial chain by addressing qualification, regional, and industrial gaps, thereby developing new profit growth points [3] - The focus will be on key areas within the industry, including new infrastructure and technologies, to improve the company's core competitiveness [3]

Core Viewpoint - The announcement by President Trump to increase steel and aluminum import tariffs from 25% to 50% is a significant escalation in the "America First" trade policy, aimed at forcing manufacturing to return to the U.S. and impacting global supply chains [2][5]. Trade Reactions - The decision has sparked strong opposition from various countries, including the EU, Canada, and Australia, which expressed concerns over increased uncertainty and costs for consumers and businesses [3]. - Canada and Australia have labeled the move as detrimental to their economies, with Canadian labor leaders calling it a direct attack on workers [3]. Impact on U.S. Market - The increase in tariffs is expected to raise U.S. steel and aluminum import costs significantly, with estimates indicating an additional $220 billion in costs from the previous 25% tariffs and $290 billion for derivative products [4]. - Industries such as automotive, machinery, construction, and appliances will face sharp increases in raw material costs due to the new tariffs [4]. Effects on China’s Steel and Aluminum Industry - As the largest producer of steel and aluminum, China faces severe challenges from the proposed tariffs, which could eliminate remaining trade channels to the U.S. and exacerbate existing issues of domestic demand weakness and overcapacity [5][6]. - The Chinese steel industry is already experiencing low prices and high inventory levels, with many small and independent mills operating at a loss [6]. Challenges for Aluminum Sector - The Chinese aluminum industry, while benefiting from demand in new energy sectors, is also under pressure from high raw material costs and potential losses in U.S. exports due to the tariffs [7]. - The overall economic slowdown and trade tensions may further suppress demand for aluminum products [7]. Strategic Responses - The industry needs to stabilize market expectations and confidence through proactive fiscal policies, particularly in new infrastructure and energy sectors, to absorb excess capacity and support long-term transformation [8]. - China should collaborate with affected trade partners to challenge the U.S. tariffs within the WTO framework, aiming to uphold multilateral trade rules [8]. Long-term Development Strategies - The industry must shift from a focus on volume to quality, targeting high-end materials and advanced manufacturing processes to enhance competitiveness [9]. - Global expansion and local production in target markets are essential strategies to mitigate the impact of tariffs and respond quickly to market demands [9]. Conclusion - The situation remains fluid, and the ultimate outcome of the tariff increase is uncertain, with potential for both significant disruption and opportunities for industry transformation [10].