西开投把债务化解摆在突出位置，坚持分类施策、精准发力，通过优化债务结构、置换高成本融资、推 进资产证券化等方式，稳妥化解存量债务，资产质量和抗风险能力显著增强。同时，深入推进"三资三 化"改革，积极探索资源资产化、资产证券化、资金杠杆化路径，不断提升国有资本配置效率。紧扣开 发区光通信等特色产业发展方向，西开投实施股权投资和产业并购，推动产业链条延伸，助力构建"光 纤预制棒-光纤-光缆"完整产业体系，为园区主导产业提质升级注入新动能。与此同时，依托旗下担保 和小贷平台，集团持续加大对园区企业的金融支持力度，为中小微企业纾困解难、稳健经营提供有力保 障，有效发挥了产投国企服务实体经济的重要作用。 作为西宁（国家级）经济技术开发区建设的主力军，西开投长期承担道路、地下管网、污水处理、标准 化厂房等基础设施建设任务，持续夯实园区宜居宜业的硬件基础。同时，集团聚焦债权清收、闲置房产 楼宇、厂房商业设施等低效资产系统化攻坚，纵深推进市场化转型，成功实现从传统"城投"向现代"产 投"的关键转变，为开发区发展持续注入强劲动能。通过资金融通、资源整合和项目孵化，积极服务新 能源、新材料、生物医药等主导产业发展，推动产业由分散 ...

Group 1 - The core achievement of the domestic public REITs market in 2025 includes 20 new issuances and 5 expansions, raising a total of 47.335 billion yuan, with a total issuance of 79 products and a total scale exceeding 210 billion yuan [1] - The domestic REITs market has grown to become the largest in Asia and the second largest globally over five years [1] - The market is evolving from a focus on financing to becoming a key tool for revitalizing existing assets, with increasing participation from individual investors [1] Group 2 - In the secondary market, public REITs gained popularity in 2025, experiencing a significant rise in the first half of the year followed by a recent adjustment, with the CSI REITs total return index rising nearly 10% from the beginning of the year to August [2] - By December 31, 2025, out of 78 listed REITs, 55 saw price increases while 22 experienced declines, with the top performer, the Jiashi Wumei Consumption REIT, rising over 39% [2] Group 3 - Different asset types showed varied performance, with consumption REITs leading the market with an average increase of over 30% due to consumer subsidy policies and improved market expectations [3] - The average distribution rate for franchise rights assets was recorded at 9%, significantly higher than the 10-year government bond yield by 7 percentage points, making it an attractive option for long-term investors [3] Group 4 - The public REITs market experienced a "hot" new issuance trend in 2025, with record subscription multiples for various products, including 1,192 times for the Huitianfu Jiuzhoutong Pharmaceutical REIT [4] - The underlying asset types for REITs have diversified, now including not only logistics and transportation but also heating equipment, industrial park renovations, and pharmaceutical logistics [4] Group 5 - The approval of data center REITs in 2025 indicates ongoing support for technology companies to utilize intellectual property and data assets for asset securitization [5] - The diversification of original rights holders has increased, with more international asset management entities entering the market, such as the first foreign asset management institution initiating a consumption REIT [5]

Core Insights - VNET Group, Inc. has successfully issued a holding-type real estate green asset-backed security under its newly-launched Private REIT Project, marking a first in China's IDC industry [1][2] - The Private REIT Project will be listed on the Shanghai Stock Exchange and aims to revitalize existing IDC assets, recycle capital for expansion, and optimize the company's capital structure [1][2] Financial Details - The offering size of the Private REIT Project is approximately RMB860 million, with equity consideration of about RMB800 million, implying a valuation of approximately 13x EV/EBITDA [2] - 93% of the REIT will be subscribed by leading domestic institutional investors, including China Pacific Insurance (Group) Co., Ltd., while VNET will subscribe 7% [2] Project Impact - The Private REIT Project has received a G-1 rating from a third-party evaluation institution, indicating strong effectiveness in achieving environmental objectives [2] - The underlying asset is a premium retail IDC project located in a tier-one city in China, which has a robust and growing demand for IDC services [3] Company Overview - VNET is a leading carrier- and cloud-neutral internet data center services provider in China, operating in over 30 cities and servicing a diverse base of over 7,000 enterprise customers [4]