Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For soda ash, although the overall profit on the supply - side has declined, natural soda ash projects maintain high profits. Traditional backward - capacity maintenance has intensified, and the expansion of natural soda ash project capacity has led to an increase in production and capacity utilization, resulting in significant supply pressure. On the demand side, while futures and spot traders are active and restocking is sufficient, the decline in soda ash spot prices is expected to lead to a slowdown in demand and a decrease in the de - stocking speed. The main downstream industries of soda ash, such as float glass and photovoltaic glass, are not optimistic. Therefore, it is recommended to go short on the soda ash main contract after a rebound [2]. - For glass, on the supply side, the resumption of production lines in some areas has increased the weekly output, but the overall industry profit is poor, and the willingness of enterprises to support prices is limited, so the subsequent resumption of production may decline. On the demand side, the current real - estate situation is not optimistic, and demand will weaken further in the traditional off - season. Downstream deep - processing orders are unstable, and purchases are mainly for rigid needs. The increase in the inventory of automobile glass factories cannot offset the weak demand related to real estate, and photovoltaic glass also faces inventory pressure. It is expected that there is still upward momentum in the short term, and it is recommended to go short after a short - term rebound [2]. 3. Summary by Relevant Catalogs Futures Market - **Price and Spread**: The closing price of the soda ash main contract is 240 yuan/ton, with a decrease of 22 yuan; the closing price of the glass main contract is 963 yuan/ton, with a decrease of 25 yuan. The soda ash - glass price difference is 1203 yuan/ton. The 9 - 1 contract spread of soda ash is 7 yuan, with a decrease of 2 yuan; the 9 - 1 contract spread of glass is - 55 yuan, with a decrease of 3 yuan. The basis of soda ash is 5 yuan, with a decrease of 45 yuan; the basis of glass is 68 yuan, with a decrease of 46 yuan [2]. - **Position and Warehouse Receipt**: The position of the soda ash main contract is 1443208 lots, with a decrease of 65754 lots; the position of the glass main contract is 1552205 lots, with an increase of 107933 lots. The net position of the top 20 in soda ash is - 227449 lots, with a decrease of 52982 lots; the net position of the top 20 in glass is - 220121 lots, with a decrease of 45869 lots. The soda ash exchange warehouse receipt is 3340 tons, with an increase of 1278 tons; the glass exchange warehouse receipt is 0 tons, with no change [2]. 现货市场 - **Soda Ash**: The price of North China heavy soda ash is 1230 yuan/ton, with a decrease of 5 yuan; the price of Central China heavy soda ash is 1350 yuan/ton, with no change. The price of East China light soda ash is 1340 yuan/ton, with no change; the price of Central China light soda ash is 1285 yuan/ton, with no change [2]. - **Glass**: The price of Shahe glass sheets is 1056 yuan/ton, with a decrease of 12 yuan; the price of Central China glass sheets is 1070 yuan/ton, with no change [2]. Industry Situation - **Operating Rate**: The operating rate of soda ash plants is 78.57%, with a decrease of 0.06 percentage points; the operating rate of float glass enterprises is 75.68%, with an increase of 0.34 percentage points [2]. - **Production Capacity and Inventory**: The in - production capacity of glass is 15.63 million tons/year, with no change; the number of in - production glass production lines is 225, with an increase of 2. The inventory of soda ash enterprises is 162.43 million tons, with an increase of 2.2 million tons; the inventory of glass enterprises is 6766.2 million heavy - boxes, with a decrease of 10.7 million heavy - boxes [2]. 下游情况 - **Real - Estate**: The cumulative new construction area of real estate is 17835.84 million square meters, with an increase of 4839.38 million square meters; the cumulative completed area of real estate is 15647.85 million square meters, with an increase of 2587.58 million square meters [2]. 行业消息 - Multiple industry news is reported, including the organization of the first - batch pilot work of new - type power system construction by the National Energy Administration, the research and deployment of promoting the development of the artificial - intelligence industry by the Ministry of Industry and Information Technology, the preliminary estimate of 124 million new - energy passenger - vehicle wholesale sales in May by the Passenger Car Association with a year - on - year increase of 38%, etc. [2] 宏观情况 - The Caixin China Manufacturing PMI in May is 48.3, a decrease of 2.1 percentage points from April, and it has fallen below the critical point for the first time since last October [2].

Group 1 - Cartier's user data breach confirmed, affecting global customers, with information including names and birth dates leaked, but no bank information involved [1] - Beijing's electric bicycle trade-in program has surpassed 140,000 units since its launch, generating over 380 million yuan in new bike sales [2] - Shanghai encourages local enterprises to actively apply for infrastructure REITs projects, with minimum asset valuation set at 1 billion yuan for first-time issuances [3] Group 2 - Nezha Automobile's parent company faces 16 new consumption restriction orders related to various disputes, indicating potential legal challenges [4] - Xiaomi refutes rumors regarding a promotional 18 yuan red envelope linked to CEO Lei Jun, labeling it as false information [5] - XPeng Motors and Huawei announce a strategic partnership, with a formal announcement expected soon [6] Group 3 - Shenzhen's government promotes innovation in vertical industries, encouraging the development of products based on international mainstream large models [7] - Meta signs a 20-year power supply agreement with Constellation Energy to meet the rising electricity demand driven by AI, starting from June 2027 [8] - Elon Musk projects SpaceX's revenue to reach 15.5 billion dollars this year, surpassing NASA's entire budget [9] Group 4 - Huawei and Apple are set to hold major product launch events around the same time, indicating competitive dynamics in the tech industry [10] - Reports suggest former President Trump expressed skepticism about Musk's ability to cut federal spending by 1 trillion dollars, reflecting doubts within the government [11] - A hotel in Hangzhou apologizes for using pillowcases with a hospital logo, highlighting quality control issues in the hospitality sector [12]

Market Performance - On June 4, the Shanghai Composite Index rose by 0.42%, the Shenzhen Component Index increased by 0.87%, and the ChiNext Index surged by 1.11%[3] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.15 trillion yuan, with an increase of approximately 110 billion yuan compared to the previous trading day[1] - Nearly 4,000 stocks in the two markets experienced price increases, indicating a broad market rally[1] Sector Trends - Key sectors that saw significant gains included textiles, light industry, building materials, non-ferrous metals, electronics, steel, and telecommunications[1] - The main inflow of funds was observed in sectors such as copper cable high-speed connections, lithium mining, gold, rare earth permanent magnets, and new retail[1] Investment Insights - The recent rebound in the ChiNext Index highlights a growing preference for growth stocks, particularly in the technology sector[2] - The AI infrastructure and application expansion in China and the U.S. is expected to create new investment opportunities, especially in satellite communication, optical modules, and software applications[2] Capital Flow - On June 4, net inflows into the Shanghai Stock Exchange amounted to 11.53 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 14.64 billion yuan[4] - The top three sectors for capital inflow were communication equipment, securities, and optical electronics, while the largest outflows were from state-owned banks, commercial vehicles, and military electronics[4] Economic Indicators - In the first four months of the year, the private economy in China saw a year-on-year sales revenue growth of 3.6%[8] - Tax reductions and refunds for the private sector totaled 351.88 billion yuan, accounting for over 60% of the total tax relief measures[8]

Domestic News - The FTSE China A50 Index will include Jiangsu Bank and exclude Great Wall Motor [4] - The Energy Administration is organizing the first batch of pilot projects for the construction of a new power system [4] - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors [4] - The Ministry of Industry and Information Technology is focusing on promoting the development of the artificial intelligence industry and empowering new industrialization [4] - Shanghai encourages local enterprises to actively apply for infrastructure REITs reserve projects [4] - The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in May reached 1.24 million units, a year-on-year increase of 38% [4] - Tiger International denies "violating regulations to develop new clients in mainland China," stating that all operations are conducted within the regulatory framework [4] International News - Saudi Arabia plans to push OPEC+ to continue increasing oil production by at least 411,000 barrels per day in August and September to consolidate its market share [3] - Reports indicate that the Bank of Japan will consider slowing down its bond reduction pace next year [3] - The ISM survey shows that the US services PMI unexpectedly contracted in May, indicating rising inflation [3] - Trump calls for the complete elimination of the debt ceiling and urges bipartisan cooperation to achieve this [3] - Iran's Supreme Leader Khamenei states that completely abandoning uranium enrichment is against Iran's interests [3] - The Bank of Canada maintains its key interest rate but may consider lowering it in the future, with the Canadian dollar reaching a new high [3] - The US ADP employment figures for May significantly fell short of expectations, prompting Trump to call for immediate interest rate cuts from Powell [3] - Musk continues to criticize Trump's tax law, publicly urging fans to call legislators to reject the law [3] - The US Congressional Budget Office states that Trump's tax law will increase the US deficit by $2.4 trillion over the next decade [3] - Saudi Arabia lowers the oil price for July shipments to Asia to the lowest level in nearly four years, priced at $1.20 above the Oman/Dubai average [3] - The Federal Reserve's Beige Book reports slight declines in economic activity across six regions, with businesses generally expecting future costs to rise [3]

转自：新华财经 新华财经北京6月4日电（胡晨曦）沪深两市三大股指6月4日早盘高开高走，创业板指领涨。盘面上，算 力概念股展开反弹，华脉科技、得润电子涨停，太辰光等涨超10%；食品饮料等消费股再度走强，香飘 飘、嘉美包装、乐惠国际等涨停；稀土永磁板块再度走高，科恒股份、广晟有色涨停。下跌方面，稳定 币概念迎来调整，霍普股份跌超10%。 至午间收盘时，上证指数报3376.58点，涨幅0.43%，成交额约2764亿元；深证成指报10148.98点，涨幅 0.91%，成交额约4506亿元；创业板指报2027.16点，涨幅1.22%，成交额约2049亿元。 消息面上 深圳：探索建立深圳证券交易所与香港联合交易所会员互联互通机制 近日，深圳市商务局、市发展改革委联合印发《深圳市推动服务贸易和数字贸易高质量发展实施方 案》。其中提出，大力发展跨境金融保险服务。探索建立深圳证券交易所与香港联合交易所会员互联互 通机制。支持港澳银行内地分行开办外币银行卡业务以及对除中国境内公民以外客户的人民币银行卡业 务。支持符合条件的香港保险公司在深设立子公司。探索在前海开展私募股权和创业投资份额转让试 点。支持符合条件的银行和非银行支付机 ...

上海市发改委发布关于进一步加强项目储备谋划推动我市基础设施REITs提质扩容的通知。鼓励上海市 各有关企业积极申报基础设施REITs储备项目，拟申报储备项目需基本符合以下相关条件：资产规模方 面，对于首次发行基础设施REITs的项目，估值原则上不低于10亿元(租赁住房项目和养老设施项目不低 于8亿元)；对于已发行上市REITs项目的扩募项目，规模上不作要求。由同一发起人持有控制、归属同 一资产大类的多个项目可打包后合并计算。 ...

Core Insights - The recent expansion of the Guotai Junan Lingang Innovation Industrial Park REIT has garnered market attention, reflecting a recovery in the macroeconomic environment and improved fundamentals for industrial park REITs [1][4] - The REIT is seen as a strategic tool for enhancing asset quality and promoting sustainable development within the Lingang Group, aiming to establish a globally influential high-tech industrial park brand [2][4] Group 1: REIT Expansion and Market Response - The Guotai Junan Lingang Innovation Industrial Park REIT has maintained a rental rate above 94% since its listing, indicating strong operational performance [4][8] - As of April 30, 2025, the REIT's secondary market price has increased by 13.25% since its listing, reflecting investor confidence in its operational results [4][9] - The REIT's expansion is part of a broader strategy to enhance asset quality and scale, with plans to inject high-quality assets into the REIT to drive organic growth [4][8] Group 2: Strategic Importance of REITs - The Lingang Group has established a dedicated team to implement a long-term REIT strategy, focusing on optimizing existing assets and enhancing management quality [2][3] - The REIT strategy is integral to the Lingang Group's transformation into a leading integrated service provider for innovative ecosystems [2][3] - The group aims to create a robust ecosystem for REITs, emphasizing the importance of professional talent development and operational excellence [3][6] Group 3: Operational Management and Growth Potential - The operational management team has implemented incentive mechanisms and enhanced information disclosure practices to improve transparency and performance [7] - The Lingang Group is actively pursuing both internal and external growth strategies to enhance the REIT's distribution performance and overall value [7][9] - The underlying asset, the Caohejing Technology Oasis Kangqiao Project, has demonstrated strong operational capabilities with an average occupancy rate exceeding 95% over the past three years [8]

Core Viewpoint - The China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission (CSRC) for the establishment of the CICC Yizhuang Industrial Park closed-end infrastructure securities investment fund, marking the first REIT project in China focused on the automotive manufacturing industry chain [1]. Group 1: Fund Details - The CICC Yizhuang Industrial Park REIT will invest in infrastructure assets located in the Beijing Economic-Technological Development Area, specifically targeting high-end automotive and new energy vehicle key component industrial parks [5]. - The REIT aims to become a global hub for high-end automotive key components and a forefront of technological innovation in the capital, focusing on "high-end equipment + intelligent manufacturing + innovative research and development" [5]. Group 2: Strategic Importance - The current enterprises within the infrastructure assets primarily provide upstream and downstream products and services to well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the core functions of the capital and creating a high-end manufacturing industry cluster [9]. - This project is the first infrastructure REIT in the Beijing Economic-Technological Development Area, initiated by Beijing Yizhuang Investment Holding Co., Ltd., with the original rights holder being its wholly-owned subsidiary, Beijing Yizhuang Shengyuan Investment Development Group Co., Ltd. [9]. Group 3: Asset and Development Overview - Yizhuang Holding has established 57 industrial platforms, including industrial parks and customized factories, covering a total construction area of nearly 4 million square meters and hosting over 5,000 enterprises, including 391 high-tech companies [9]. - As of the end of 2024, the initiator and original rights holder have a total book value of quality assets exceeding 13 billion yuan, indicating a rich reserve of expandable assets [9].

Group 1: Technology Innovation Bonds - The interbank bond market officially launched technology innovation bonds on May 9, with 36 companies announcing a total issuance scale of 21 billion yuan as of May 8 [1] - The People's Bank of China emphasized the importance of long-term value investment in technology innovation bonds and encouraged market participants to actively engage in investment and trading [4][5] - The Central Bank's report indicated that nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, suggesting a potential increase in issuance in the near future [15][16] Group 2: Monetary Policy and Market Operations - The Central Bank announced a temporary suspension of government bond trading operations, monitoring market supply and demand to determine when to resume [2] - The report highlighted that the 10-year government bond yield had dropped below 1.6%, prompting the Central Bank to use alternative tools to maintain liquidity and stabilize the bond market [2] Group 3: Regional Developments - The Henan provincial government is promoting the establishment of a provincial-level recycling resource recovery platform and supporting agricultural service projects through special government bonds [6] - Hunan province announced a subsidy of 2 million yuan for infrastructure REITs projects that pass the National Development and Reform Commission's evaluation [7] Group 4: Issuance Dynamics - Zhengzhou Thermal Power Group completed the issuance of 400 million yuan in corporate bonds with a 2.43% interest rate [9] - Xuchang New District Construction Investment Co., Ltd. issued 300 million yuan in corporate bonds at a 3.29% interest rate, with proceeds used to repay existing debt [10] - The Ministry of Finance plans to reissue 145 billion yuan in special government bonds for financial institution capital injection, with a 7-year term starting from May 15, 2025 [8]

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No information provided Report's Core View - No information provided Summary by Relevant Catalogs Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and closing price trends. For example, the year-to-date return of Boshi Shekou Industrial Park REIT is 7.45%, and its weekly turnover rate is 2.50% [11] Secondary Market Valuation Situation - No information provided Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated. For REITs, the correlation coefficients with the Shanghai Composite Index, CSI 300, ChiNext Index, and other assets are 0.21, 0.20, 0.13, etc. respectively. Different types of REITs (such as property rights, franchise rights, etc.) also show different correlation characteristics with these asset classes [20] Primary Market Tracking - Information on REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations. For instance, Huatai Zijin Suzhou Hengtai Rental Housing REIT has a project valuation of 1.342 billion yuan and is in the "passed" stage [23]