基于首批数据中心公募REITs申报发行的实践，王雪认为数据中心公募REITs入池资产的筛选，除了法 规指引要求的必需条件之外，还要考虑四类额外指标：一是数据中心项目所在区位，一线城市所带来的 数据中心需求较高，可侧重于选择一线及一线周边区域运营成熟稳定的数据中心资产。二是资产规模， 具备较大规模的数据中心更能匹配终端客户大规模业务部署要求。三是合规手续，应重点关注能耗、 PUE等数据中心项目关键指标。四是增值电信业务经营许可证要求，建议将许可证的维护和管理纳入到 运管协议中重点考虑。 南方基金南方润泽科技（300442）数据中心REIT基金经理王雪以公募REITs与数据中心跨市场协同为主 题，对公募REITs赋能新质生产力进行深入阐述。王雪认为，数据中心是数字经济时代深度转型发展的 重要基础设施，数据中心公募REITs成功获批发行，为数据中心行业走通"投融管退"的资产全生命周期 提供了灵活且有效的退出平台，凸显了REITs作为新质生产力"加速器"的助推作用和活水作用。 王雪还提到，关于数据中心公募REITs重要关注点还包括资本性支出改造，包括专业服务设备的更新换 代以及满足数据中心绿色化、集约化发展趋势所带来 ...

Core Viewpoint - The listing of Southern SF Logistics REIT on the Shenzhen Stock Exchange marks the seventh public REIT product since 2025, indicating a growing trend in the public REITs market and its potential as a financial tool for revitalizing existing assets and new infrastructure development [1] Group 1: Market Development - The expansion of the stock of existing assets, coupled with policy support for asset revitalization, has led to an increase in companies opting for asset securitization products like CMBS and REITs to meet financing needs [1][2] - The market has seen a shift in perception, with original equity holders recognizing the importance of public REITs in enhancing brand strength and establishing a comprehensive investment and financing strategy [2] Group 2: Challenges and Opportunities - High issuance requirements for public REITs necessitate stable cash flow and a minimum valuation of 1 billion yuan (or 800 million yuan for affordable rental housing), leading to challenges in asset selection and compliance [2] - The lack of a mature secondary market for underlying assets has made it difficult to obtain fair asset value data, necessitating rigorous valuation processes [2] Group 3: Future Prospects - Despite being the largest public REIT market in Asia, the market's value-to-stock ratio is only 0.14%, compared to around 2% in mature international markets, indicating significant growth potential [3] - Future market development is expected to focus on expanding product scale and diversifying product types, with new projects anticipated in sectors like hotels and elder care following recent regulatory relaxations [3][4] Group 4: Information Disclosure and Industry Trends - Enhanced information disclosure is crucial for improving public REIT products, as current rules require high operational transparency but often fail to capture market trends effectively [4] - The real estate industry is transitioning from development to operation, necessitating a balance between maintaining core values and embracing innovation to seize opportunities in a changing market [4]