智通财经APP注意到，上周日本债市的暴跌正威胁着要进一步抑制房地产投资信托基金(REITs)的融 资，而由于融资成本上升，该行业的筹资活动此前已经放缓至停滞状态。 数据显示，去年上市REITs仅筹集了740亿日元(约合4.8亿美元)，为2009年以来的最低水平。尽管此类房 产投资信托在今年年初通过增发筹集了310亿日元，但随着日本央行继续提高借贷成本，市场担忧情绪 已反映在该行业表现逊于大盘的走势中，这种势头不太可能持续。 信金资产管理高级基金经理Noaki Fujiwara表示："在利率上升导致融资成本存在不确定性的情况下，通 过新股发行来筹集现金是很棘手的。"他补充称，在REITs公布财报以向投资者展示实际影响之前，今年 上半年的新一轮融资可能会很困难。 日本REITs募资或将再创疲软 他表示："资产管理人将寻求通过出售部分物业来抵消恶化风险。由于他们可以通过投资组合的重新平 衡来获取现金，通过发行新股筹集的资金可能不会显著增加。" 日本REITs指数已从四年低点反弹 私募股权公司Integral Corp房地产投资部门总监Kohei Omura表示，通胀加速也增加了房地产管理人的成 本，建筑和维护变得更 ...

Core Insights - The article highlights the structural changes in the Russian market post the Ukraine conflict, presenting new opportunities for Chinese enterprises to expand into Russia [1][12]. Economic Growth and Structural Changes - Russia's nominal GDP is projected to grow by 4.1% in 2024, marking one of the highest growth rates in the past five years, with an unemployment rate at a historical low of 2.3% [1]. - The growth is characterized by a significant shift towards defense-driven economic growth, with over 35% of industrial output growth in 2024 stemming from military and strategic security orders, while civilian manufacturing output has decreased by 1.2% [3]. - Defense and security spending in the federal budget is expected to rise to 36% in 2024, the highest since the dissolution of the Soviet Union [3]. - Russia's trade dynamics have shifted dramatically, with exports to the EU plummeting by 72%, while trade with China surged, increasing from 17% in 2021 to 35% in 2024 [3]. - Energy export revenues have risen from 39% of the federal budget in 2021 to 52% in 2024, indicating a growing dependency on energy [3]. Investment Opportunities by Sector - **Energy and Resources**: Russia, as a major oil and gas exporter, has seen a 46.6% increase in natural gas supplies to China in 2023, presenting collaboration opportunities for Chinese companies in energy extraction, transportation, and processing [4]. - **High-Tech and IT**: The local software industry is expected to grow at an annual rate of over 25% from 2023 to 2024, supported by tax incentives and the "Digital Sovereignty Law," particularly in areas like basic software and cybersecurity [4]. - **Agriculture and Food Processing**: Russia's wheat exports are projected to reach a record 55.3 million tons in the 2023-2024 agricultural season, accounting for 26% of global wheat exports, making agriculture a resilient sector amid sanctions [4]. - **Consumer and Retail**: The demand for home appliances, furniture, and daily consumer goods is increasing, with a notable rise in electronic products among younger consumers [4]. Government Support and Policy Initiatives - The Russian government is focusing on production-linked incentive programs to boost local industries, particularly in import substitution, with a 40% increase in domestic automotive and machinery manufacturing capacity from 2023 to 2024 [5]. - Infrastructure development remains a priority, with opportunities for Chinese companies to leverage their expertise in transportation, energy, and urban infrastructure [6]. Market Entry and Legal Structure - Foreign investors must navigate the Russian legal framework, which includes options like Limited Liability Companies (OOO) and Joint Stock Companies (AO), with a registration process typically taking 30-45 days [8]. - Companies are advised to establish a local presence through market research, pilot projects, and building local networks to facilitate entry into the Russian market [10][13].