Core Viewpoint - The successful listing of the first domestic data center REITs on August 8 marks a significant expansion of China's REITs asset scope into new infrastructure supporting the digital economy [1] Group 1: Market Performance - On the first day of trading, both Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT experienced stable operations, with each product rising 30% from their issuance prices [2][3] - The total fundraising amounts for the two REITs were 2.4 billion yuan and 4.5 billion yuan, respectively, with share counts of 800 million and 1 billion [3] Group 2: Subscription Results - Southern Runze Technology REIT attracted approximately 289.63 billion yuan in subscription requests, while Southern Universal Data Center REIT attracted about 183.54 billion yuan [4] - For Southern Runze Technology REIT, 76 strategic investors subscribed for 700 million shares, accounting for 70% of the total offering, while 129 offline investors contributed 35.0457 billion shares [4] - Southern Universal Data Center REIT saw 54 strategic investors subscribe for 560 million shares, also 70% of the total, with 117 offline investors contributing 27.7066 billion shares [4] Group 3: Asset Utilization and Investment - The listing of the first data center REITs is expected to support technological finance, green finance, and digital finance innovation, revitalizing quality existing assets in the data center sector [6] - Southern Universal Data Center REIT's underlying asset is a cloud computing data center project in Jiangsu, with a 100% signing rate and over 92% billing rate in the past three years, projecting a 5.07% annual cash flow distribution rate by 2025 [6] - Southern Runze Technology Data Center REIT's underlying asset is a data center in Hebei, recognized as a national green data center, with a total power capacity exceeding 42 MW and a rack utilization rate over 99% [7] Group 4: REITs Market Expansion - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a variety of sectors including consumption facilities, hydropower, and data centers, demonstrating a good scale and demonstration effect [9] - The Shenzhen Stock Exchange has 24 REITs listed, with a total fundraising scale of 63.9 billion yuan and a total market value of 75.1 billion yuan, covering nine types of infrastructure [10] - The REITs market is expected to continue expanding, with plans to enhance operational standards and diversify underlying asset types [11]