人民财讯12月31日电，中国证监会发布关于推动不动产投资信托基金(REITs)市场高质量发展有关工作 的通知，其中提出，不断完善市场生态。完善REITs发行与交易机制，优化以市场化为导向的REITs估 值与发行定价机制，规范推介、询价、定价、配售等发售行为。结合不动产运营特点与风险收益特征， 强化REITs信息披露和市场约束。持续加强与相关部门沟通协调，积极推动REITs配套政策落实落地， 提升政策合力。加快推进REITs专项立法及部门规章的制定工作，着力提升制度的包容性和适应性，夯 实REITs市场高质量发展的法治基础。健全多层次REITs市场体系。 ...

人民财讯12月31日电，中国证监会发布关于推动不动产投资信托基金(REITs)市场高质量发展有关工作 的通知，其中提出，加强二级市场建设。丰富覆盖REITs的指数体系，支持基金管理人开发挂钩相关指 数的基金产品，支持符合条件的公募基金将REITs纳入投资范围，研究探索跟踪REITs指数的交易型开 放式指数基金(REITs ETF)等创新产品，进一步丰富投资者资产配置选择。加大力度引导保险资金、社 保基金、年金基金等各类中长期资金入市，发挥其稳定器和压舱石作用。推动将REITs纳入沪深港通标 的范围，扩大市场高水平对外开放。推动专业投资机构加强REITs投研能力建设，倡导投资者关注资产 基本面与长期投资价值。 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector (2025 Edition)", expanding the scope of projects eligible for REITs to include various clean energy and infrastructure projects [1][2]. Group 1: Project Categories - The eligible project categories include: 1. **Transportation Infrastructure**: Toll roads, railways, airports, and port projects [4]. 2. **Energy Infrastructure**: Clean energy projects such as wind, solar, hydro, natural gas, biomass, and nuclear power; energy storage facilities; and flexible, low-carbon coal power projects [4]. 3. **Municipal Infrastructure**: Urban water supply, gas, heating projects, and parking facilities [4]. 4. **Environmental Protection Infrastructure**: Urban sewage and waste treatment facilities, hazardous waste treatment, and solid waste recycling projects [4]. 5. **Warehouse and Logistics Infrastructure**: Warehouses providing storage services, including general and cold storage [4]. 6. **Park Infrastructure**: R&D platforms, industrial plants, and incubators located in free trade zones and national-level development zones [5][6]. 7. **New Infrastructure**: Data centers, AI infrastructure, 5G, communication towers, IoT, and smart city projects [6]. 8. **Rental Housing**: Affordable rental housing projects in major cities, public rental housing, and market-oriented rental housing for enterprises [7]. 9. **Water Conservancy Facilities**: Projects with water supply and power generation functions [7]. 10. **Cultural and Tourism Infrastructure**: Projects related to natural and cultural heritage, including tourism hotels within designated areas [7]. 11. **Consumer Infrastructure**: Urban commercial projects such as shopping centers, markets, and sports venues [7]. Group 2: Project Quality and Submission - Projects must adhere to strict quality standards and risk awareness during the application process, emphasizing the importance of high-quality project submissions [2]. - The NDRC will revise the list and project submission requirements as needed to better support the development of the real economy [2].

Group 1: Guizhou Moutai Share Buyback - Guizhou Moutai plans to repurchase shares with an amount between RMB 1.5 billion and RMB 3 billion, using its own funds through centralized bidding [1] - The maximum repurchase price is set at RMB 1,887.63 per share, with an estimated repurchase quantity of approximately 794,647 to 1,589,294 shares, representing about 0.0635% to 0.1269% of the total issued share capital [1] Group 2: Battery Industry Regulation - The Ministry of Industry and Information Technology (MIIT) is accelerating the regulation of the power and energy storage battery industry to improve competition order and promote high-quality development [2] - The MIIT emphasizes the need for effective monitoring and regulation of production capacity to prevent irrational competition in the battery sector [2] - Analysts are optimistic about the future demand for batteries, driven by increased electrification and higher battery capacity per vehicle [2] Group 3: Tianfeng Securities Investigation - Tianfeng Securities is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations related to the previous major shareholder's fund occupation [3] - The occupied funds and interest were fully repaid by the end of 2022, which may mitigate long-term uncertainties for the company [3] Group 4: Commercial Real Estate Investment Trusts - The CSRC is drafting a proposal for a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support new real estate development models [4] Group 5: State-Owned Enterprises Profit Decline - From January to October, the total profit of state-owned enterprises reached RMB 34,214.4 million, reflecting a year-on-year decline of 3% [5] Group 6: Lifan Technology Penalties - The CSRC has imposed penalties on Lifan Technology for falsely reporting financial data, resulting in a cumulative inflation of revenue by RMB 638 million and costs by RMB 628 million from 2021 to 2023 [6] - The company is facing a potential delisting process due to serious violations of securities laws [6] Group 7: Global Memory Chip Shortage - A global shortage of memory chips is intensifying, with predictions of a 50% price increase by the second quarter of 2026 due to rising demand from AI infrastructure [7] - Major consumer electronics companies are warning of potential price hikes for their products due to chip shortages [7] Group 8: Positive and Negative Announcements - Positive announcements include China Jushi's shareholder plan to increase holdings between RMB 550 million and RMB 1.1 billion [9] - Negative announcements involve investigations into Yongtai Energy and other companies facing regulatory scrutiny [10]

Core Viewpoint - The recent announcement by the National Development and Reform Commission (NDRC) regarding the normalization of REITs application processes is expected to accelerate IPO procedures and expand the market, positively impacting companies like GDS Holdings (09698, GDS.US) and Century Internet (VNET.US) [1] Group 1: Policy Impact - The NDRC's updated notification allows newly listed REITs to apply for asset injection six months post-IPO, facilitating quicker acquisitions within the first 12 months [1] - The Chinese government is keen on rapidly increasing the scale of REITs in the stock market, which is anticipated to lead to a larger initial asset acquisition for GDS Holdings [1] Group 2: Company Outlook - Both GDS Holdings and Century Internet are viewed positively by the firm, with a preference for Century Internet due to its ongoing REIT application process [1] - Century Internet is expected to pursue private REITs concurrently to mitigate risks associated with potential delays in the public REIT process [1] Group 3: Financial Projections - The firm maintains a favorable outlook on the fundamentals of GDS Holdings and Century Internet, assigning a target price of $67.12 for GDS Holdings, reflecting a 22.7x EV/EBITDA based on the SOTP method [1]

Group 1 - The first batch of data center REITs, namely Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT, successfully listed on the Shanghai and Shenzhen Stock Exchanges, marking the expansion of REITs into new infrastructure supporting the digital economy in China [1][2] - Southern Universal Data Center REIT issued 800 million shares at a price of 3.0 CNY per share, raising a total of 2.4 billion CNY, while Southern Runze Technology Data Center REIT issued 1 billion shares at a price of 4.5 CNY per share, raising a total of 4.5 billion CNY [1] - On the first day of trading, both REITs experienced a stable performance, with each increasing by 30% compared to their issue prices [1] Group 2 - The underlying asset of Southern Universal Data Center REIT is the Guojin Data Cloud Computing Data Center project located in Kunshan, Jiangsu, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash distribution rate of 5.07% by 2025 [1] - Southern Runze Technology Data Center REIT is based on the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list, located in Langfang Economic Development Zone, Hebei, featuring 5,897 cabinets and a total power exceeding 42 MW with a cabinet utilization rate of over 99% [1] - The successful listing of the first batch of data center REITs is seen as a positive demonstration for supporting technological finance, green finance, and digital finance innovation, revitalizing quality assets in the data center sector and expanding effective investment [2]

Core Viewpoint - The Hainan Provincial Government has introduced a set of policy measures to support urban renewal, emphasizing the importance of providing housing solutions for displaced residents and optimizing land use for urban development [1][2]. Group 1: Urban Renewal Policies - The measures allow for housing vouchers or "purchase instead of construction" methods to accommodate displaced residents, encouraging the acquisition of commercial housing for urban village redevelopment [1][2]. - Cities and counties are encouraged to create detailed planning for urban renewal based on actual needs, using a layered approach to planning [1]. - The calculation rules for floor area ratio (FAR) have been optimized, allowing for additional floor area as a reward for public infrastructure projects under 300 square meters, which do not count towards the FAR [1]. Group 2: Land Supply and Development - The policy optimizes land supply by allowing small, irregular plots of land (up to 10% of the total project area) to be supplied through allocation or agreement if they cannot be developed independently [1]. - There is a focus on transforming old factory areas while ensuring building quality and safety, encouraging the renovation and functional adjustment of existing legal factory buildings [1]. Group 3: Housing Quality and Investment - The measures support the construction of high-quality residential projects, promoting ecological and aesthetic design, and optimizing residential project FAR calculations to enhance living conditions [2]. - A multi-faceted financing mechanism is proposed to attract private enterprises and social capital into urban renewal projects, including partnerships and the establishment of urban renewal funds [2]. - The measures encourage eligible urban renewal projects to apply for Real Estate Investment Trusts (REITs) to facilitate investment [2].