Core Insights - The report emphasizes the continuous expansion of the public REITs market in the infrastructure sector, driven by the National Development and Reform Commission's notification to enhance the application process for infrastructure REITs [2] - The report highlights the significant growth in steel structure sales for Jinggong Steel Structure, with a year-on-year increase of 47% in 25H1, despite a challenging market environment [3] - The report notes the revenue growth potential for Tuobang Co., with a revised net profit forecast for 2025 and 2026, reflecting a decrease of 16% and 15% respectively, but maintains a positive long-term growth outlook [3] Industry Research - The infrastructure REITs market is expected to see accelerated expansion, particularly in the fundraising aspect, suggesting a focus on leading companies with substantial operational assets and strong fundraising intentions [2] - The report indicates that the public REITs market is likely to benefit from the government's push for a more streamlined application process, which could lead to increased market activity [2] Company Research - Jinggong Steel Structure's overseas new contract value nearly doubled year-on-year in 25H1, showcasing the company's resilience and improved operational quality, with a notable enhancement in cash flow metrics [3] - Tuobang Co. faces challenges in its digital energy business due to lower-than-expected downstream demand and competitive pressures affecting profit margins, leading to a downward revision in profit forecasts for 2025 and 2026 [3]