Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall market performance of the North Exchange shows a decline, with the North Exchange 50 Index dropping by 2.46% to close at 1419.61 points, while the Shanghai and Shenzhen 300 Index, ChiNext Index, and Sci-Tech 50 Index fell by 1.96%, 1.69%, and 1.74% respectively [5][12]. - The top five performing sectors in the A-share market this week were pharmaceuticals and biotechnology, communications, media, leisure services, and mining, with respective gains of 1.46%, 1.29%, 1.19%, 0.28%, and 0.00% [5][17]. - Among the 269 listed companies on the North Exchange, 51 stocks rose, 218 fell, and none remained flat, resulting in a rise ratio of 19% [5][19]. Summary by Sections North Exchange Market Overview - As of August 3, 2025, the North Exchange comprises 269 constituent stocks with an average market capitalization of 3.113 billion [5][12]. - The average daily trading volume for the North Exchange A-shares reached 25.7 billion, a decrease of 17% from the previous week, with a turnover rate of 5.94% [15]. North Exchange New Stocks - No new stocks were issued this week. As of July 28 to August 3, 2025, 22 companies updated their review status to "inquired," while 1 company was approved for the listing committee meeting, and 1 company was terminated [7][25]. North Exchange Key Announcements - Three key companies, Taihu Snow, Parallel Technology, and Minshida, released their semi-annual reports for 2025, all reporting net profit growth [30]. North Exchange Investment Strategy - The report suggests focusing on high-quality development in 2025, highlighting potential opportunities in data centers, robotics, semiconductors, consumer goods, and military information technology [31].

Core Viewpoint - SoftBank Group has acquired Foxconn's electric vehicle factory in Ohio for $375 million, aiming to initiate a $500 billion "Gateway to the Stars" data center project in collaboration with OpenAI and Oracle [1] Group 1 - SoftBank's acquisition of the factory is part of a larger strategy to invest in data center infrastructure [1] - Foxconn's parent company, Hon Hai, agreed to sell the electric vehicle factory to Crescent Dune LLC for $375 million, although the identity of the buyer was initially undisclosed [1] - Sources indicate that SoftBank is the actual buyer behind the transaction [1]

策略报告 | 投资策略 两只数据中心 REITs 上市首日涨停 证券研究报告 周观 REITs 南方万国数据中心 REIT、南方润泽科技数据中心 REIT 首日上市涨停 8 月 8 日，首批两只数据中心公募 REITs（南方万国数据中心 REIT、南方润泽 科技数据中心 REIT）在沪深交易所上市，全天大涨 30%，达到首日上市涨幅 上限。截至收盘，上述两只公募 REITs 成交金额分别达到 2.34 亿元、4.52 亿 元，位居全市场公募 REITs 前两名。 市场表现方面，本周 REITs 市场下行，南方万国数据中心 REIT（+30%）、南 方润泽科技数据中心 REIT（+30%）领涨 本周（2025.8.4-2025.8.8），中证 REITs 全收益指数下跌 0.33%，REITs 总指数 下跌 0.45%，产权 REITs 指数下跌 0.74%，经营权 REITs 指数下跌 0.02%。大类 资产角度，REITs 总指数跑输沪深 300 指数 1.69 个百分点，跑输中证全债指 数 0.53 个百分点，跑输南华商品指数 0.09 个百分点。个券层面，南方万国 数据中心 REIT、南方润泽科技数据中 ...

"截至2025年6月底，西宁市已建成数据中心10个，已建及在建标准机架达2.3万架，算力规模突破1万 PFlops，绿电使用率稳定在80%以上。"青海省西宁市工信局副局长李长福8日对外介绍，青海首个"源网 荷储"低压交直流融合示范台区顺利建成。 据介绍，西宁市已成功招引中国联通三江源国家大数据基地、青海蓝算科技、绿色算力数据标注基地、 中国移动绿电智算融合示范基地等重点项目。 （文章来源：中国新闻网） 西宁地处青藏高原，平均海拔2261米，夏季平均气温18.3℃，常年低温，独特的气候条件使数据中心全 年可实现314天自然冷却，运营成本降低约30%至40%。 李长福介绍，西宁市被评为全国首批"千兆城市"，并建成运营西宁国家级互联网骨干直联点，西北四省 至青海的网络时延整体降幅达50%，网络质量在全国处于领先水平，建成西北地区首个根镜像服务器， 解析时延降至1毫秒，"西宁国际互联网数据专用通道建成投运，外向型企业国际互联网访问性能显著提 升。" ...

Core Viewpoint - The successful listing of Southern Runze Technology Data Center REIT marks a significant milestone in the asset securitization of China's data center industry, reflecting profound changes in the digital infrastructure sector [1][5]. Group 1: Underlying Asset Logic - The core value of Southern Runze Technology REIT lies in its ownership of the A-18 data center, which has a unique geographical advantage, being only 20 kilometers from Beijing's South Sixth Ring and 29 kilometers from Daxing Airport, catering to the high demands of the Beijing region [2]. - The A-18 data center has 5,897 cabinets and a total power of 42.5 MW, achieving a 100% signing rate and over 99% listing rate for three consecutive years since its operation began in December 2020, positioning it as a leader among similar projects in China [2]. Group 2: Model Innovation - The REIT's success is attributed to its unique "data center + green electricity" model, which addresses the challenges of heavy asset investment and long payback periods in the data center industry [3]. - By securitizing the A-18 data center with a valuation of 3.725 billion yuan, the company has created a virtuous cycle of "investment-operation-securitization-reinvestment," allowing for accelerated national computing network layout without significantly increasing debt [3][4]. Group 3: Industry Significance - The REIT model provides a replicable framework for the industry, enabling companies to transition from heavy asset holders to light asset operators, focusing on high-value-added services like computing power scheduling and customer service [4]. - The introduction of REITs allows for the transformation of illiquid fixed assets into tradable standardized products, reducing corporate debt ratios and providing social capital with access to the digital economy's benefits [4]. Group 4: Policy and Market Resonance - The successful listing of Southern Runze Technology REIT is supported by a robust policy framework, including the 2024 notice from the National Development and Reform Commission promoting the regular issuance of REITs in infrastructure [5]. - The REIT's launch enhances the multi-tiered capital market system in China, with a total of 68 public REITs issued by June 2025, expanding the asset spectrum to include technology-intensive assets like data centers [6]. Group 5: Valuation Logic Restructuring - The emergence of REITs introduces a new valuation method based on NAV (Net Asset Value), shifting the focus from PE (Price-to-Earnings) ratios, which are volatile due to heavy asset characteristics [7]. - This shift may lead the industry to prioritize operational efficiency and cash flow stability over mere scale competition [7]. Group 6: New Opportunities from Asset Securitization - The listing of Southern Runze Technology REIT initiates a new wave of asset securitization in the data center sector, vital for supporting the construction of digital infrastructure during the 14th Five-Year Plan period [8]. - The REIT model creates a closed loop of "construction-operation-securitization," potentially becoming a crucial financial infrastructure for building a digital China [8]. Group 7: Industry Development and Green Transition - The successful issuance of data center REITs promotes healthy development across the industry, with third-party IDC service providers holding over 50% market share, indicating room for increased concentration [9]. - The green attributes of the A-18 project, recognized as a "National Green Data Center," are essential for its approval, and future REITs will likely consider green metrics as key valuation factors [9].

Group 1 - GDS Holdings opened at $37.27 per share on August 8, with a market capitalization of $7.692 billion and a trading volume of $81.4186 million [1] - As of March 31, 2025, GDS reported total revenue of 2.723 billion RMB, representing a year-over-year growth of 11.96%, and a net profit attributable to shareholders of 763 million RMB, showing a significant increase of 320.64% [1] - GDS is scheduled to release its fiscal year 2025 interim report on August 20, before the market opens [1] Group 2 - GDS Holdings is a leading high-performance data center operator and service provider in China and Southeast Asia, with data centers located in key economic hubs and non-first-tier cities to meet diverse customer needs [2] - The company offers large-scale, high-density, and efficient data centers with robust power supply and multiple redundancy in critical systems, allowing customers to connect freely with major telecom operators and cloud service providers [2] - GDS has 23 years of experience in providing reliable data center hosting and management services, catering to large-scale cloud service providers, major internet companies, financial institutions, telecom and IT service providers, as well as large domestic and multinational enterprises [2]

Core Insights - SoftBank has acquired Foxconn's electric vehicle factory in Ohio to kickstart its $500 billion "Stargate" data center project in collaboration with OpenAI and Oracle [1] - Foxconn's parent company, Hon Hai Precision, agreed to sell the factory for $375 million, with SoftBank being the buyer [1] - The acquisition is part of SoftBank's strategy to secure a central position in the growing AI hardware investment wave [1] Group 1 - SoftBank faced challenges in financing the "Stargate" project and sought Foxconn's involvement in building data centers and supporting infrastructure across the U.S. [1] - The factory will be operated by Hon Hai Precision, which plans to use the site for its own AI server manufacturing [1] - The Ohio site may also serve as a data center [1] Group 2 - SoftBank and Foxconn previously collaborated on the humanoid robot "Pepper" and have established a joint venture to build data centers and manufacturing projects in the U.S., each investing $735 million [2] - SoftBank is evaluating multiple potential locations for the "Stargate" flagship site, considering factors like water supply, electricity, and communication network access [2] - The company acknowledged that the "Stargate" project is taking longer to launch than expected, with ongoing negotiations with partners including Oracle and Abu Dhabi's MGX [2] Group 3 - OpenAI is advancing other "Stargate" branded data center projects, including one in Abilene, Texas, which started before the "Stargate" announcement [3] - OpenAI has also announced a collaboration with Nscale and Aker to build a project named "Stargate Norway," marking its first data center initiative in Europe [3] - Additionally, OpenAI revealed the "Stargate UAE" project just over two months ago [3]

Core Insights - The launch of the first batch of closed-end infrastructure REITs based on data centers marks a significant advancement in China's REITs market, indicating a new phase of development for infrastructure assets [1][6] - The strong market response to the debut of data center REITs reflects investor confidence in the industry's growth potential, driven by the increasing importance of data centers in the digital economy [2][4] Group 1: Market Performance - On the first day of trading, both the Southern Wanguo Data Center REIT and Southern Runze Technology REIT saw a 30% increase, with trading volumes of 234 million yuan and 452 million yuan respectively [1] - During the issuance phase, the two REITs attracted over 470 billion yuan in subscription funds, indicating high demand from various investors [2] Group 2: Industry Growth Potential - The data center market in China is projected to reach 318 billion yuan by 2025, with a year-on-year growth rate of 32%, and could exceed 1.2 trillion yuan by 2030, reflecting a compound annual growth rate of over 25% [2] - The "East Data West Computing" strategy is expected to further enhance the development opportunities for the data center industry, leading to a sustained increase in demand for quality data center assets [2] Group 3: Asset Characteristics and Benefits - Data centers are characterized by stable cash flows and long-term operational value, often located in prime areas with robust infrastructure and efficient management [2] - The successful listing of data center REITs provides a pathway for companies to unlock capital tied up in fixed assets, facilitating reinvestment into new projects and technology development [4][5] Group 4: Broader Economic Impact - The introduction of data center REITs enriches the asset landscape of public REITs, complementing traditional infrastructure assets like highways and industrial parks, thus enhancing the market's ability to support new productive forces [5] - The development of data centers as a foundational element of the digital economy is crucial for advancing the digitalization and intelligent transformation of the economy, contributing to high-quality economic growth [5][6]

Group 1 - The contract duration is 6 years, starting from October 1, 2025, to September 30, 2031, with the possibility of two one-year extensions if both parties agree [1][2] - The first phase of the contract is expected to be valued at no more than 1.811 billion yuan, with revenue recognized based on actual deployment over the entire cooperation period [1][2] - The second phase of the contract is projected to be valued at no more than 2.716 billion yuan, with operational service details and payment terms to be determined in a separate agreement [1][2] Group 2 - The company, Chengdi Xiangjiang, primarily provides full lifecycle services for Internet Data Centers (IDC), including investment, operation, and comprehensive solutions [1][2] - In the first quarter of 2025, Chengdi Xiangjiang reported revenue of 420 million yuan and a net profit attributable to shareholders of 18.2246 million yuan [1][2] - The announcement indicates that the contract is part of the company's routine operations and will not adversely affect its business independence [1][2]

Core Viewpoint - The listing of the Southern Runze Technology Data Center REIT marks a significant expansion of China's REITs market and provides a new channel for investors to share in the digital economy's benefits [3][4] Group 1: Fund Overview - The Southern Runze Technology Data Center REIT, managed by Southern Fund, officially listed on the Shenzhen Stock Exchange on August 8 [1][3] - This REIT is the first public data center REIT in the Shenzhen Stock Exchange and represents a key achievement in integrating new infrastructure construction with capital market support for the real economy [3][4] Group 2: Underlying Assets - The REIT's underlying asset is the International Information Cloud Gathering Port (ICFZ) A-18 data center project, located in a core area of the national integrated computing network [3] - The data center is designed with high standards and green low-carbon principles, providing stable, safe, and efficient operational capabilities to support advanced technology industries such as artificial intelligence, cloud computing, and big data [3][4] Group 3: Company Background - Runze Technology has been a leading comprehensive computing center company for 16 years, focusing on building high-performance, low-carbon computing infrastructure [4] - The listing of the REIT reflects the capital market's recognition of the value of data center assets and exemplifies the financial empowerment of the real economy [4] Group 4: Future Plans - Southern Fund aims to leverage its collaborative advantages and work closely with partners to enhance the fund's operational efficiency and asset allocation, thereby continuously creating value for investors [4] - The initiative is part of a broader effort to inject new momentum into the construction of a digital China and support the establishment of a new high-quality development pattern [4]