Core Insights - The report indicates that in 2024, the招商模式 (investment attraction model) for industrial new cities will enter a phase of deep integration with capital empowerment, moving away from traditional land and tax incentives due to diminishing marginal returns [1] - The report highlights the acceleration of industrial park REITs applications and listings, with a notable increase in new applications and expansions compared to the previous year [2] Group 1: Investment Attraction and Capital Integration - The traditional招商模式 is becoming less effective, leading to the adoption of capital tools such as fund investments, incubators, and industry-finance integration to enhance招商效率 (investment attraction efficiency) [1] - Local governments and social capital are collaborating to establish母基金 (mother funds) and子基金 (sub-funds) to channel more investments into key sectors, creating a closed-loop of "investment - implementation - clustering" [1] - The report emphasizes the importance of a "科技—产业—金融" (technology-industry-finance) virtuous cycle to drive technological innovation and industrial upgrades [1] Group 2: REITs and Operational Strategies - The report notes a significant acceleration in the application and listing of industrial park REITs, with emerging economic zones like Chengdu-Chongqing and the Yangtze River Delta becoming key focus areas [2] - However, there is a stark performance divergence among underlying projects, with over half experiencing a decline in rental rates year-on-year, prompting some operators to adopt a price-for-volume strategy [2] - The report suggests that operators must manage their leasing situations and rental growth effectively to mitigate vacancy rates and protect profit margins in a market characterized by oversupply [2] Group 3: Development Strategies for Operators - The report advocates for a dual approach of "light and heavy" as a crucial development strategy for industrial park operators, emphasizing resource integration to achieve synergy between "asset holding" and "service output" [2] - Heavy asset operations are shifting from large-scale development to customized construction, while tools like public REITs and private funds are being utilized for asset exits to convert stagnant capital into rolling investment capabilities [2] - Light asset operations should focus on building a three-tier system of "basic services + value-added services + industrial investment" to enhance ecosystem empowerment [2]