Wind数据显示，截至目前，国内已上市公募REITs项目74只，发行规模达1943.32亿元，其中，6只 产品完成扩募，扩募规模总计77.34亿元。截至9月16日，REITs市场总市值达2212.32亿元。 业内人士认为，《通知》的出台表明我国公募REITs市场发展的重点由建立机制转向扩规模与提质 量并重。 公募不动产投资信托基金（REITs）常态化发行有望更进一步。 9月12日，国家发展改革委发布《关于进一步做好基础设施领域不动产投资信托基金（REITs）常 态化申报推荐工作的通知》（以下简称《通知》），提出进一步做好基础设施REITs常态化申报推荐工 作，推动基础设施REITs高质量发展。 《通知》从持续推动市场扩围扩容、积极支持通过扩募方式新购入项目、优质高效做好项目把关、 切实加强组织保障等四方面提出13项具体内容。 自去年国家发展改革委出台《关于全面推动基础设施领域不动产投资信托基金（REITs）项目常态 化发行的通知》（以下简称"1014号文"）后，我国公募REITs市场正式迈入常态化发行阶段，新发项目 显著提速。Wind数据显示，2024年以来，累计上市REITs项目47只（包含两只扩募）。 " ...

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]