Group 1 - The public REITs market is expanding with the approval of the first two data center REITs, indicating a shift towards new underlying asset projects [1] - As of June 18, 2023, there are 66 publicly traded REITs in the market, with a total market capitalization exceeding 205.3 billion [1] - The performance of public REITs has been strong, with the CSI REITs total return index reaching a new high of 1120.36 points, reflecting a year-to-date increase of nearly 16% [1] Group 2 - The recent REITs market rally is driven by factors such as declining risk-free interest rates, increased institutional demand, and the cyclical advantages of certain assets [2] - The market is expected to reach a valuation of 400 to 500 billion over the next three years, with the number of listed REITs exceeding 100, leading to a gradual supply-demand balance [2]

Group 1 - The core viewpoint emphasizes the strengthening of stock-bond linkage to support technological innovation [1] - The development of technology innovation bonds (科创债) is prioritized, with plans to optimize issuance and trading systems [1] - The introduction of the first two data center REITs in China is approved, indicating a move towards asset securitization in the tech sector [1] Group 2 - The China Securities Regulatory Commission (CSRC) will continue to support tech companies in utilizing intellectual property and data assets for financing [1] - The official launch of the third set of standards for the Growth Enterprise Market (创业板) aims to support high-quality, unprofitable innovative companies in going public [1]