1、贵州茅台：将以不低于人民币15亿元且不超过人民币30亿元回购股份 重要程度：★★★★★ 据贵州茅台公告，公司将以自有资金通过集中竞价交易方式回购股份，用于注销并减少注册资本，回购价 格不超过1,887.63元/股，回购金额不低于人民币15亿元且不超过人民币30亿元，实施期限为自公司股东大 会审议通过回购方案之日起6个月内。 按照公司回购股份的价格上限测算，预计本次回购股份数量约为794,647股—1,589,294股，约占公司已发行 总股本的0.0635%—0.1269%。 2、事关动力和储能电池!工信部加速推进"反内卷" 机构看好行业供需结构改善 重要程度：★★★★ 工信部召开动力和储能电池行业制造业企业座谈会，围绕规范动力和储能电池产业竞争秩序、推动产业高 质量发展，听取相关企业情况介绍及意见建议。 会上，工信部部长李乐成指出，要全面客观认识产业发展形势，认真落实党中央关于综合整治"内卷式"竞 争的决策部署，加快推出针对性政策举措，依法依规治理动力和储能电池产业非理性竞争，加强产能监 测、预警和调控。 综合券商分析来看，未来电池需求承接产能预期相对乐观。一方面，受益电动化渗透率进一步提升叠加单 车带电 ...

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].