Investment Rating - The report indicates a positive outlook for Thailand's manufacturing sector, highlighting strong foreign direct investment (FDI) and robust demand for serviced industrial land plots (SILP) [1][51]. Core Insights - Thailand's FDI reached THB 1.14 trillion across 2,259 projects in H2 2025, with a record high demand for SILP, totaling 12,955 rai sold [1][51]. - The average asking price for SILP increased by 5.0% to THB 6.65 million per rai, reflecting a tightening market with high occupancy rates in ready-built factories (RBF) at 98.4% [2][66]. - Future demand is expected to be robust but more specialized, driven by supply chain relocations and growth in digital and electrical industries, with structural factors becoming more critical for investors [3][79]. Market Overview - Thailand's economy saw a slowdown in Q3 2025, with real GDP growth at 1.2% YoY, down from 2.8% in the previous quarter, although external demand and a trade surplus provided some support [8]. - Goods exports rose by 11.5% YoY to USD 86.2 billion, with high-technology manufacturing leading the growth [9]. - Private investment grew by 4.2%, while public investment contracted by 5.3%, indicating a divergence between investment and consumption [10][13]. Foreign Direct Investment (FDI) - Cumulative FDI approvals increased significantly from THB 629.6 billion in Q2 to THB 1.14 trillion by the end of 2025, with the digital sector attracting the largest share of investment [24][26]. - The digital sector's capital inflow rose by 71.6%, highlighting a shift towards technology-driven industries [26]. Serviced Industrial Land Plots (SILP) - The total supply of SILP grew by 0.8% H-O-H to 185,498 rai, with the Eastern Economic Corridor (EEC) commanding a 63.6% market share [42][49]. - The cumulative sales rate for SILP reached 93.5%, indicating a highly competitive market with limited available inventory [52][56]. Ready-Built Factory (RBF) Market - The RBF market saw a national occupancy rate of 98.4%, with the EEC achieving total utilization at 99.94% [66][72]. - Average rental rates increased to 202.9 THB per sqm, reflecting a landlord's market driven by high demand from sectors like EV and electronics [74]. Structural Shifts in the Market - The industrial property market is transitioning towards more capital-intensive and infrastructure-dependent activities, influenced by trade policies and tariff asymmetries [79][80]. - Developers are increasingly adopting built-to-suit models, reducing speculative development and contributing to supply constraints [82]. Future Outlook - Industrial demand is expected to remain resilient but selective, with ongoing supply chain diversification and digitalization [84]. - Long-term structural constraints in power and infrastructure capacity may impact effective supply, leading to uneven land and rental price growth [84].

Investment Rating - The report does not explicitly provide an investment rating for the Greater Mekong Subregion Innovation Strategy for Development 2030 (GMS ISD) Core Insights - The GMS ISD aims to accelerate progress towards the ambitions of the Greater Mekong Subregion Economic Cooperation Program Strategic Framework 2030, focusing on unifying innovation direction, facilitating policy dialogue, building stakeholder skills, and promoting knowledge diffusion [17][20] - The strategy emphasizes three strategic approaches: digitalization, green transition, and connectivity, to enhance the subregion's integration into high value-added regional and global value chains [37][66] - The GMS ISD seeks to harness innovation for sustainable growth, improved connectivity, and enhanced well-being, promoting inclusive and collaborative solutions to regional challenges [37][56] Summary by Sections Introduction - The GMS ISD was agreed upon by GMS ministers in December 2023 to expedite progress towards GMS-2030, which addresses existing and new challenges [17][41] Vision of the GMS ISD - The vision is to build a subregional innovation system that enhances cross-border collaboration and maximizes innovation potential and efficiency [56][57] Strategic Approaches - **Digitalization**: Focuses on improving economic growth and competitiveness through digital technologies while managing potential inequalities [21][67] - **Green Transition**: Aims to address climate-related risks and promote sustainable growth through the adoption of green technologies and climate-resilient infrastructure [26][75] - **Connectivity**: Enhances trade and investment through improved infrastructure and regulatory frameworks, facilitating knowledge and technology exchange [27][80] Cross-Cutting Themes - **Knowledge and Technology Diffusion**: Facilitates the sharing of knowledge and technology across GMS countries to enhance innovation [29][98] - **Human Capital and Skills Development**: Focuses on building skills necessary for innovation and entrepreneurship [30][101] - **Start-Ups and Small and Medium-Sized Enterprises (SMEs)**: Supports innovation in SMEs by easing barriers and facilitating access to resources [105][109] - **Inclusivity**: Ensures that innovation addresses societal challenges, particularly for disadvantaged groups [110][111] Sector Strategies - The GMS ISD aligns with eight priority sectors, including agriculture, energy, environment, health, tourism, trade and investment facilitation, transport, and urban development, to promote innovation [114] Implementation - The GMS ISD will be implemented through various initiatives, including the GMS Task Force on Innovation, innovation forums, capacity building, and the establishment of a GMS Innovation Fund [32][33][35]

Core Insights - Harrison Street Asset Management (HSAM) has launched its first ETF, the Harrison Street Infrastructure Active ETF (Ticker: NFRX), aimed at providing investors with exposure to global listed infrastructure companies [1][2][3] Company Overview - HSAM is a leading global alternative investment management firm with over $108 billion in assets under management, specializing in real asset strategies [1][8] - The firm has a long-term track record in infrastructure investing, managing approximately $30 billion in assets across various infrastructure strategies [7] ETF Details - The NFRX ETF focuses on global listed infrastructure companies that provide essential services, particularly in the utilities, midstream energy, digital, and transportation sectors [2][6] - The ETF is designed to cater to wealth managers and private wealth investors seeking portfolio diversification and exposure to growth potential, income generation, and low volatility [5][6] Management Team - The ETF will be managed by HSAM's private wealth division, with a team that includes Robert Becker, Hasan Goncu, and Casey Frazier, all of whom have extensive experience in infrastructure investment [4][5] Market Outlook - The firm believes that infrastructure fundamentals are currently very attractive due to a global need for infrastructure development and long-term growth trends such as AI, digitization, and electrification [6]

Core Viewpoint - The "Cultural Heritage Protection & Tourism Innovation Forum" held in Leipzig is a significant event of the 2025 "China Nanjing Week," celebrating the 37th anniversary of the sister city relationship between Nanjing and Leipzig, and promoting cultural exchange and cooperation between China and Germany [1][5]. Group 1: Event Details - The forum gathered 70 representatives from local governments, cultural institutions, and creative industries from both China and Germany to discuss heritage preservation practices [5]. - An exhibition titled "Nanjing Ming City Wall & Leipzig Historic Buildings" showcased the preservation wisdom of ancient cities in both regions and will continue at Leipzig University for an additional week [5]. Group 2: Economic Cooperation - The "China Nanjing Week" initiated the "Shaping Future Cities" Dialogue in Munich, where 70 representatives reached agreements on industrial innovation and low-carbon economy [6]. - Nanjing has established 309 German projects with a total investment of 2.2 billion USD and an annual revenue of 44 billion yuan, indicating strong economic ties [7][8]. Group 3: Cultural and Economic Exchange - The event promotes a platform for China-Germany economic and cultural exchanges, enhancing cooperation in ecology, industry, and digital technology [9]. - The historical ties between Nanjing and Germany, symbolized by the International Safety Zone and John Rabe's legacy, continue to foster comprehensive cooperation [7].

Core Viewpoint - The European Commission has abandoned its plan to impose taxes on digital companies [1] Group 1 - The decision reflects a shift in the EU's approach to regulating the digital economy [1] - The abandonment of the tax plan may impact the competitive landscape for digital companies operating in Europe [1] - This move could lead to a more favorable environment for tech giants, potentially influencing their investment strategies in the region [1]