Investment Rating - The industry view for Greater China Telecoms is rated as Attractive [2][78]. Core Insights - The datacenter industry is currently experiencing a multi-year upcycle, driven primarily by inference demand, which is expected to significantly influence future capital expenditures [6][7]. - The top six companies in the datacenter sector are projected to increase their capital expenditures by 62% year-over-year, reaching approximately Rmb373 billion [9]. - Datacenter electricity consumption is anticipated to account for 2.9% of total electricity usage in China [13]. Summary by Sections Datacenter Cycle - The industry is in a multi-year upcycle, with strong demand expected to drive capital expenditures [6][7]. Capital Expenditure Forecast - Significant growth in capital expenditures is expected, with a forecast of Rmb373 billion for the top six companies, marking a 62% increase year-over-year [9]. Datacenter Orders and Capacity - Datacenter orders are forecasted to reach approximately 3.7GW over the next three years, indicating robust demand [11]. - New supply was limited during the previous downcycle, leading to a more rational approach to new third-party wholesale capacity [15][20]. REITs and Valuation - Rapid progress in REITs issuance is noted as a key driver for valuation and funding within the industry [20][23]. - A dividend yield of 5-6% is expected at issuance, with trading multiples potentially exceeding the issuance [25]. Regional Market Insights - Various regional markets, including Hong Kong, Greater Tokyo, and Singapore, show differing dynamics in terms of market size, return profiles, and future supply trends [28]. - Finland is emerging as a key secondary market in Europe, benefiting from favorable energy resources and a mix of green energy capacity [39][41]. Financial Forecasts - GDS Holdings is projected to achieve an EBITDA of approximately Rmb6,740 million by 2027, with a consistent growth trajectory in net revenues [49]. - The utilization rate for datacenter area is expected to increase to 81% by 2027, reflecting improved operational efficiency [50].

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Core Insights - The article discusses the recent developments in industrial park policies, focusing on the need for high-quality growth and strict control of new industrial park increments [3][5][6] - It highlights the ongoing challenges in the industrial sector, including a slowdown in industrial value-added growth and continuous negative growth in the Producer Price Index (PPI) [11][14] Policy Developments - Six policy dynamics were recorded during the reporting period, primarily aimed at promoting high-quality development of industrial parks and controlling their increments [3][5] - A notable policy from Jinan, Shandong, emphasizes strict control over the increment of industrial standard factory projects, marking a shift towards more direct measures in response to national guidelines [6][7] - The policy aims to optimize existing industrial space and restrict new industrial standard factory area indicators, except for key projects [6][8] Economic Indicators - The industrial value-added growth rate for May 2025 was reported at 5.8% year-on-year, with a month-on-month increase of 0.61% [3][11] - The Consumer Price Index (CPI) showed a month-on-month decrease of 0.2% and a year-on-year decrease of 0.1% in May 2025, while the core CPI rose by 0.6% [13][14] - The PPI has recorded negative growth for 32 consecutive months, indicating ongoing deflationary pressures in the industrial sector [14] Industry Trends - The article notes a shift in the招商模式 (investment attraction model) from "tax-based" to "talent-based," driven by the demand for high-end talent due to industrial upgrades [20] - The establishment of the Pasini Embodied Intelligence Super Data Factory aims to enhance the supply of high-quality training data for the embodied intelligence industry, addressing a critical bottleneck in the sector [18][19] - The report mentions the approval of several REITs focused on data centers, which are expected to improve financing channels for private technology enterprises [21][22] Investment Events - The report recorded 10 investment events, primarily in smart manufacturing and data center sectors, indicating a growing interest in these areas [18] - A significant investment event in Guangzhou resulted in the signing of 20 industrial projects worth over 15.4 billion yuan, focusing on digital economy and smart city initiatives [20]

Market Overview - The bond market experienced a slight decline last week (June 23-27, 2025), with the China Bond Composite Wealth Index (CBA00201) down by 0.05% and the China Bond Composite Full Price Index (CBA00203) down by 0.09% [2] - Short-term interest rates decreased while long-term rates increased, with credit bond yields generally rising and credit spreads widening [11] - The People's Bank of China (PBOC) maintained a supportive stance, injecting a net of 12,672 billion yuan into the market, which favored short-term bonds [11] Public Fund Market Dynamics - The PBOC announced plans to open a new batch of Qualified Domestic Institutional Investor (QDII) investment quotas to meet domestic investor demand, marking the first release in a year [14][15] - As of May 31, 2025, the total approved QDII quota reached 167.79 billion USD, with securities accounting for the largest share at 54.93% [15] Fund Performance Tracking - Short-term bond fund index rose by 0.02% last week, with a cumulative return of 3.94% since inception [3] - Medium to long-term bond fund index fell by 0.05%, with a cumulative return of 6.48% since inception [4] - Low volatility fixed income + fund index increased by 0.16%, with a cumulative return of 2.47% since inception [5] - Medium volatility fixed income + fund index rose by 0.42%, with a cumulative return of 1.78% since inception [6] - High volatility fixed income + fund index increased by 0.35%, with a cumulative return of 3.00% since inception [7] - Convertible bond fund index rose by 2.13%, with a cumulative return of 9.98% since inception [8] - QDII bond fund index increased by 0.59%, with a cumulative return of 7.96% since inception [9] - REITs fund index fell by 2.80%, but still recorded a cumulative return of 39.01% since inception [10] REITs Market Observation - The REITs secondary market adjusted from high levels, with the CSI REITs Total Return Index down by 1.38% last week [13] - Newly launched REIT products received strong market interest, with first-day trading limits reached for new listings [13] - The Shanghai and Shenzhen Stock Exchanges released new guidelines for public REITs expansion, which may stabilize future operations [13]

Group 1 - CICC China Green Development Commercial REIT listed on June 27, 2023, with a fundraising scale of 1.59 billion yuan and a subscription multiple of 249 times, setting a historical high for similar assets [3] - On its first trading day, the REIT hit the daily limit with a 30% increase and closed at a 7.4% rise on June 30, 2023 [3] - This REIT is the first public REIT product focused on consumer infrastructure following the issuance of guidelines to support consumption [3] Group 2 - Yang Huahui resigned as Chairman of Xingzheng Global Fund due to age reasons, with Zhuang Yuanfang taking over [4][5] - Su Junliang was appointed as Chairman of Industrial Securities on the same day [4][5] - Yu Yang from Fortune Fund left for personal reasons, and Xue Lili from Chunhou Fund resigned due to health issues [6][12] Group 3 - The global stock market experienced a collective rise, with the Shanghai Composite Index increasing by 1.91% and the Shenzhen Component Index by 0.34% over the past week [2] - The Nasdaq and S&P 500 indices in the US rose by 4.25% and 3.44%, respectively, with Nvidia's market value returning to the top globally [2] - The computer sector led the gains in the Shenwan first-level industry index, rising by 7.7% [2] Group 4 - The resignation of Yang Dawei from the浦银安盛品质优选 fund was due to internal adjustments, with Li Haoxuan taking over [13] - The fund has seen a total return of -53.07% since its establishment on December 28, 2021, significantly underperforming its benchmark [13][14] - Yang Dawei's management of the fund resulted in a return of -52.1% during his tenure [15] Group 5 - Xue Lili's resignation from Chunhou Fund was followed by a management transition, with Chen Wen and Gu Wei taking over the management of the funds she previously managed [6][12] - Under Xue Lili's management, the Chunhou Xin Yi fund achieved a return of 20.8% over a period of four and a half years [9][12] - The Chunhou Xin Rui fund, managed by Xue Lili for nearly five and a half years, recorded a return of 137.8% [9][12] Group 6 - Huabao Fund's Deputy General Manager, Lü Xiaoran, left due to a job transfer after only six months in office [17] - Lü Xiaoran previously held various strategic roles in Baosteel Group before joining Huabao Fund [17]

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [3][5] - The market transaction scale for REITs reached 599 million shares, a year-on-year increase of 20.04%, with a transaction amount of 2.895 billion yuan, up 49.92% year-on-year [25][27] - The overall performance of various REITs sectors showed mixed results, with housing REITs experiencing a weekly decline of 1.94% but a monthly increase of 5.98% [36][52] Summary by Sections 1. Policy Support - Six departments, including the People's Bank of China and the National Development and Reform Commission, jointly issued guidelines to support the issuance of REITs for eligible consumer infrastructure [4][12] - The China Green Development Commercial REIT was officially listed on the Shenzhen Stock Exchange, marking the 68th product in the public REIT market [13][14] 2. Market Review - The CSI REITs closing index was 880.9, up 11.83% year-on-year but down 1.46% month-on-month; the CSI REITs total return index was 1109.13, up 18.46% year-on-year but down 1.38% month-on-month [15][20] - Year-to-date, the CSI REITs closing index has increased by 16.45%, outperforming the CSI 300 index, which has risen by 14.3% [15][20] 3. Weekly Tracking - The weekly performance of various REIT sectors showed declines: housing (-1.94%), environmental (-0.88%), highway (-1.83%), industrial park (-1.06%), warehousing logistics (-2.37%), energy (-0.30%), and consumer REITs (-1.93%) [36][52] - The monthly performance for housing REITs was positive, with a 5.98% increase [36] 4. Market Activity - There are currently 16 REITs waiting to be listed, indicating a vibrant issuance market [6][36] - The average turnover rate over the past 30 days was 0.62%, down 10.11% year-on-year [30][34]

Core Viewpoint - The launch of the Zhongjin Yizhuang Industrial Park REIT marks a significant step in promoting high-quality economic development in the Beijing Economic-Technological Development Area, focusing on the automotive manufacturing industry chain [1][2]. Group 1: Fund Overview - The Zhongjin Yizhuang Industrial Park REIT was listed on the Shanghai Stock Exchange on June 26, with a total of 400 million fund shares issued at a price of 2.720 yuan per share, raising a total of 1.088 billion yuan [1]. - The fund is 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. [1]. Group 2: Asset Details - The fund's assets include two key projects located in the Beijing Economic-Technological Development Area, specifically the N12 and N20 projects, with a combined construction area of approximately 128,600 square meters [2]. - These projects have been operational for over five years and primarily serve well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the capital's core functions and creating a high-end manufacturing cluster [2]. Group 3: Company Background - Yizhuang Shengyuan, as a professional entity within the Yizhuang Holding system, focuses on the comprehensive operation of high-end specialty industrial parks, emphasizing a government-led and state-owned enterprise implementation approach [3]. - As of the end of 2024, the initiator and original rights holder have quality expandable assets with a book value exceeding 13 billion yuan, indicating a rich reserve of expandable assets [3]. Group 4: Market Context - The REITs market is experiencing steady growth, with a total of 67 publicly listed REITs, of which 45 are listed on the Shanghai Stock Exchange [3]. - The Zhongjin Yizhuang Industrial Park REIT is the 13th industrial park REIT listed on the Shanghai Stock Exchange, expected to demonstrate significant scale and exemplary effects within the sector [3].

Core Viewpoint - The approval of the first data center REITs, namely Southern Universal Data Center REIT and Southern Runze Technology REIT, signifies the expansion of public REITs product types in the market [1][3]. Group 1: REITs Product Expansion - The Southern Universal Data Center REIT is backed by the Guojin Data Center located in Kunshan, Jiangsu Province, while the Southern Runze Technology REIT is based on the Runze (Langfang) International Information Port A-18 Data Center in Langfang, Hebei Province [3]. - The continuous introduction of new REITs projects includes the listing of the first agricultural market public REIT by E Fund on January 24, and several other first-of-their-kind REITs throughout February [3]. - The approval of the Chuangjin Hexin First Agricultural Industrial Park REIT on June 19 marks the first public REIT product from Chuangjin Hexin Fund [3]. Group 2: Market Dynamics and Performance - As of June 24, there are 68 public REITs in the market, with major players like Huaxia Fund having 14, CICC Fund with 10, and Huatai Securities Asset Management and Guotai Junan Asset Management each having 4, collectively accounting for nearly half of the total REITs [4]. - Despite the concentration of products among leading firms, the REITs industry has significant growth potential, providing ample opportunities for new entrants [4]. - Public REITs have shown strong performance in the secondary market, with notable year-to-date gains, including a 50.36% increase for Huaxia Dayuecheng Commercial REIT and over 40% for several others [4].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - The underlying assets of Shounong Industrial Park REIT are R & D office - type industrial parks in the Shangdi area of Beijing. The two core tenants, Kuaishou and Xiaomi, account for over 90% of the leased area, and the project occupancy rate in 2024 was about 95%. The original equity holder has rich reserve assets for potential expansion. The fund is expected to attract significant attention in the early stage of listing [2]. - The project assets are relatively new with advanced facilities, and are backed by the Shounong Food Group. The revenue has been shrinking, but the profit margin is relatively high. The occupancy rate remains stable at a high level, and the lease agreements of the two major tenants are stable [2]. - The predicted distribution rates for the second half of 2025 and 2026 are 8.29% and 8.23% respectively, significantly higher than those of other industrial park REITs. The project discount rate is 6%, and the asset valuation has increased by 74.21%. The P/NAV is 1.00 - 1.66 times, and the P/FFO is 16.25 - 27.08 times, comparable to the valuations of listed industrial park REITs [2]. 3. Summary According to Relevant Catalogs 3.1 Basic Issuance Elements - The initial offering of the Chuangjin Hexin Shounong Industrial Park Closed - end Infrastructure Securities Investment Fund is 1 billion shares. The preliminary inquiry period is from 9:00 to 15:00 on June 27, 2025, and the preliminary inquiry range is 2.303 - 3.838 yuan per share. The estimated raised funds are 3.0701 billion yuan, which will be invested in the urban renewal project of the Western Suburb Food Cold Storage (Shounong Financial Technology Innovation Park) and the Shounong Medical Engineering Cross - innovation Center [7][8]. 3.2 New and Advanced Project Assets in a Core Science and Technology Industry Cluster - **Underlying assets comparable to Grade A office buildings, targeting high - end and sophisticated office - type industrial parks**: The infrastructure project is the Zhongguancun Mobile Intelligent Service Innovation Park (Shounong Yuanzhongxin Project), located in the Shangdi area of Beijing. It has a total construction area of 203,643.55 square meters and a leasable area of 160,967.36 square meters, and has been in stable operation since November 2021. It is a model for headquarters - office parks and a benchmark for regional operations, with facilities comparable to Grade A office buildings and supporting commercial spaces [9][10][12]. - **Differentiated property quality in the region, with the average occupancy rate dropping to 70%**: As of Q2 2024, the total inventory of industrial parks in Beijing was about 22.853 million square meters. The Shangdi area ranked third in inventory, accounting for about 15.9%. The property products in the Shangdi area are polarized, and the occupancy rate has been declining since 2022, stabilizing at around 70% in 2024 [14][15]. - **State - owned background of the original equity holder, and stable operation of the project company**: The original equity holder is Beijing Shounong Information Industry Investment Co., Ltd., ultimately controlled by the Beijing State - owned Assets Supervision and Administration Commission. Shounong Information has professional operation capabilities, and the Shounong Food Group directly or indirectly holds 10 expandable industrial park assets [18][20][22]. 3.3 Shrinking Revenue but High Profit Margin - The project's revenue comes entirely from market - based rent, with no government subsidies. From 2022 to 2024, the revenue was 351 million, 332 million, and 283 million yuan respectively, and the EBITDA was 318 million, 278 million, and 228 million yuan respectively, with a CAGR of - 10.3% and - 15.2% respectively. The decline in revenue was mainly due to adjustments in lease agreements with tenants. The gross profit margin and EBITDA margin were relatively high compared to comparable REITs [24][27]. 3.4 Stable High Occupancy Rate and Stable Lease Agreements of Two Major Tenants - **Kuaishou and Xiaomi together account for over 90% of the leased area with strong lease stickiness**: As of May 31, 2025, the two major tenants, Shunjie Zhongheng (related to Kuaishou) and Xiaomi, accounted for 92.98% of the leased area and 97.79% of the 2024 revenue. Kuaishou built its global headquarters in the project through lease - purchase combination, and Xiaomi's global headquarters is adjacent to the project [29][31][32]. - **The project occupancy rate is about 95%, with an expected new supply of 390,000 square meters of R & D office space in the surrounding area**: From 2022 to 2024, the occupancy rate was 96.7%, 96.5%, and 94.5% respectively, higher than that of comparable REITs. There are 3 planned projects in the Shangdi area in the next three years, with a total construction area of 390,000 square meters [35][38]. - **High effective rent, with the rent increase time postponed**: In 2024, the average monthly rent was 197 yuan per square meter, relatively high among surrounding competitors. In 2024 and 2025, the company signed supplementary lease agreements with tenants, postponing the rent increase time [39][41]. - **Long - term lease agreements with scattered expiration times in the next 5 years**: As of May 31, 2025, over 80% of the leased area had lease terms of more than 5 years, and more than 60% of the lease agreements will expire in 2032 or later [42]. 3.5 Project Valuation Comparison - **Predicted distribution rates of 8.29% and 8.23% for the second half of 2025 and 2026 respectively, significantly high**: Based on the Prospectus, the predicted distributable amounts for the second half of 2025 and 2026 are 254.65 million and 252.58 million yuan respectively. With an assumed raised fund of 3.0701 billion yuan, the predicted net cash flow distribution rates are 8.29% and 8.23% respectively, significantly higher than those of other industrial park REITs [46]. - **Project discount rate of 6% and asset valuation increase of 74.21%**: The discount rate is 6.00%, lower than the average of industrial park REITs (6.69%) and the recently issued CICC Yizhuang Industrial Park REIT (7.25%). The project valuation is 3.066 billion yuan, with a valuation increase rate of 74.21%, lower than the comparable REITs average (104%) [48][51]. - **P/NAV of 1.00 - 1.66 times and P/FFO of 16.25 - 27.08 times**: As of December 31, 2024, the NAV is 2.3106 yuan, and the FFO is 0.1417 yuan. Based on the preliminary inquiry range, the P/NAV is 1.00 - 1.66 times, and the P/FFO is 16.25 - 27.08 times, comparable to listed industrial park REITs. The premium rate of the initial offering valuation compared to the assessment value ranges from - 24.89% to 25.18% [52]. - **Predicted capitalization rates of 9.19% and 9.48% for 2025 and 2026 respectively**: According to the Prospectus, the target operating net income for 2025 and 2026 is 281.8806 million and 290.5346 million yuan respectively, corresponding to capitalization rates of 9.19% and 9.48%. The 2025 capitalization rate is higher than the predicted value of CICC Yizhuang Industrial Park REIT (7.99%) [56].

Group 1 - Domestic gold jewelry prices have dropped below 1000 yuan per gram, with notable reductions from major brands such as Chow Tai Fook and Lao Miao [1] - The first domestic REITs project for rental housing has been successfully expanded and listed on the Shanghai Stock Exchange, indicating a growing trend in public REITs issuance [1] - The global smart camera market saw a shipment of 33.87 million units in Q1 2025, reflecting a year-on-year growth of only 4.6%, indicating a slowdown in growth [1] Group 2 - The price of Feitian Moutai has decreased by nearly 300 yuan within a month, with current prices reported at 1830 yuan per box and 1780 yuan per bottle [2] - Shanghai Lianjia is trialing a new "single agency" model to improve service quality in real estate transactions, separating the roles of agents for buyers and sellers [2] Group 3 - McDonald's and Krispy Kreme have decided to terminate their partnership in the U.S., effective July 2, 2025, due to challenges in matching costs with store demand [3] - The Zhejiang Securities Regulatory Bureau has issued a warning letter to Chenguang Electric Machine and related personnel for failing to disclose related party transactions properly [4] Group 4 - Shanghai Shimao Construction has been executed for over 16.4 billion yuan due to various financial disputes, highlighting significant legal and financial challenges [4] - Barclays has downgraded ratings for several advertising companies due to concerns over the impact of artificial intelligence, while maintaining a positive outlook for Publicis [5] Group 5 - Guangdong Construction's subsidiary has received approval for a 5.479 billion yuan renewable energy project, indicating ongoing investment in sustainable energy [7] - Demar Technology has signed a sales contract worth 43.39 million USD with MercadoLibre, focusing on smart logistics systems [9] - Boshi Co. has entered into a business contract with Rongsheng Petrochemical valued at 116 million yuan, expected to positively impact future performance [10] Group 6 - The Shanghai Composite Index rose over 1%, reaching a new high for the year, with significant trading volume of 1.6 trillion yuan, driven by strong performances in financial and military sectors [11]