● 本报记者 王雪青 从重庆地铁6号线光电园站走出，迎面便是沿着两江新区照母山产业轴线展开的数栋现代化楼宇，这里 就是中金重庆两江REIT的底层资产所在地。清晨，园区内人流穿梭，面包店与便利店开门迎客。由于 拥有地铁直达的便利交通，这片研创核心区已成为两江新区最活跃的产业集聚带之一。 作为西部首单产业园REIT，中金重庆两江REIT在2025年12月11日迎来上市一周年。伴随区域产业结构 调整，中金重庆两江REIT如何在竞争激烈的环境中稳住基本盘？近期，中国证券报记者实地走访该项 目底层资产了解到，在拼地段、拼硬件的基础上，产业园资产的竞争更加强调拼运营，精细化运营正在 成为产业园区管理的重要抓手。 租户质量构筑基本盘 根据2025年第三季度报告，中金重庆两江REIT通过专项计划100%持有的基础设施资产由4个产业园区 组成，分别为位于重庆市两江新区两江数字经济产业园照母山研创核心区内的双鱼座项目、双子座项 目、凤凰座项目及拓D一期D2项目，合计建筑面积约24.37万平方米，可租赁面积18.77万平方米。 2025年以来，该基础设施资产运营较为稳定。截至2025年9月30日，园区出租率为87.81%，报告期末 ...

（文章来源：证券日报） 证券日报网12月10日讯红棉股份在12月10日回答调研者提问时表示，公司子公司新仕诚公司主营业务为 园区资产的开发运营，以T.I.T创意园改造运营为典范，打造多个T.I.T品牌系列园区。2025年，T.I.T品牌 园区已增至9个，新仕诚公司致力于传承城市记忆，助力企业发展，成为粤港澳大湾区创新空间专业化 经营者。园区具有较强的品牌优势及区位优势，园区主要客户稳定，经营收益良好。未来，公司将聚焦 主责主业，深化园区项目建设，强化市场竞争力，精准招商布局，夯实发展根基，提升公司整体的盈利 能力。 ...

据了解，海泰发展成立于1993年1月5日，于1997年6月20日在上海证券交易所上市，注册及办公地址均 为天津。公司是天津本地国资背景的产业园区运营商，在产业地产领域具有一定的资源和经验优势。公 司主营业务为高新技术企业孵化器建设和经营及创业孵化服务，高新技术产业开发、投资及管理等。中 经记者 童海华 北京报道 海泰发展前三季度实现营业总收入4.45亿元，同比增长1256.49%；归母净利润242.2万元，同比扭亏。 【海泰发展：终止收购知学云控股权事项】海泰发展（600082.SH）12月5日晚发布公告，海泰发展决 定终止以现金方式收购知学云（北京）科技股份有限公司控股权的事项。自2025年6月筹划以来，双方 因交易对价和方式未能达成一致，最终决定友好协商终止交易。此举不会影响海泰发展正常业务，且双 方无须承担违约责任。 ...

Group 1 - The core viewpoint emphasizes the need for industrial parks to transition from being mere landlords to becoming ecosystem managers that better serve enterprises in a rapidly evolving market environment [1] - The CEO of Zhongyuan Industrial Operation (Shenzhen) Co., Ltd. highlighted three roles that operators must adopt: focusing on long-term value like brand founders, deeply engaging in the innovation chain, and utilizing the park as a testing ground for technology [1] - The shift in service focus from traditional manufacturing to emerging technology companies indicates a change in demand from physical space aggregation to innovation ecosystem construction [1] Group 2 - Recent data from the Viewpoint Index Research Institute shows that the average vacancy rate of industrial parks across the country has decreased by 2.1 percentage points compared to last year, with smart parks integrating AI operations and green energy technologies achieving rental premiums exceeding 15% [2] - The transition from "heavy development" to "refined operation" and from traditional infrastructure to a "technology + capital" dual-drive model signifies a critical leap for industrial parks and logistics warehousing sectors [2]

临近年底，又到了一年一度要交答卷的时候。很多产业园区都感到压力山大，因为招租太难了。 最近，跟一国企产业园区的老总闲聊，他就直言：焦虑得晚上经常失眠。小明问：你们不是推出了零租 金的产业空间吗，怎么还不好租？他听了更是连连摆手：零租金的事，已经踩刹车了。 聊完，小明又特地深入调研了解了一番，还真如这位老总所说：零租金产业园，因为问题太多开始踩刹 车了。产业园区想要做好招商引资，提高出租率，还是要回归产业空间运营的本质，不能指望一招制 胜。 零租金产业园区 零租金产业园区也有类似的问题，其入驻企业的公示、资质审核等环节，都比较容易出现寻租空间。有 些企业为了入驻这些产业园区，向所谓的中介支付「服务费」，让后者为其提供包装。还有企业先套出 零租金产业空间，再低价转租牟利…… 推出时间不长，但问题不少 零租金产业园区的本意是好的，那就是城市用空间资源购买「产业期权」。这跟过去返税和低价甚至零 地价招商引资，有异曲同工之妙。可是，跟前者一样，实践下来产生的问题很多。 首先是各地盲目跟风，不管有没有条件都一拥而上，使零租金产业空间慢慢偏离了政策初心。 去年8月1日，《公平竞争审查条例》正式施行，返税式招商行不通了，亟需 ...

Core Insights - The article emphasizes the importance of adaptability and optimism for entrepreneurs to navigate various economic cycles and challenges [4][10] - The company, Debi Group, has successfully served over 10,000 cultural and technological enterprises and more than 200,000 white-collar workers, managing nearly 2 million square meters of park area [3][5] - Debi Group has developed a diverse range of cultural and creative park products and has established itself as a leading operator in the industry since its founding in 2003 and subsequent listing in 2021 [5][6] Company Overview - Debi Group operates various park models, including the "Debi WE series" and "Debi Sports LOFT series," focusing on creating vibrant and community-oriented workspaces [5][6] - The company has shifted its business model from a traditional landlord approach to a collaborative revenue-sharing model with property owners, enhancing its service offerings [8][9] - The company is expanding its footprint into second and third-tier cities, aligning with national trends in cultural tourism integration [9] Growth and Development - The growth journey of Debi Group is categorized into four phases, with a significant transition occurring in 2012 when the company began to thrive after overcoming initial survival challenges [7][8] - The company has seen rapid growth in non-rental income, with a projected 15.53% year-on-year increase in membership and service revenue for 2024 [9] Vision and Future Plans - The company aims to embrace technology and invest in artificial intelligence while exploring international expansion, particularly in regions like Australia [10][11] - Debi Group has initiated a data engineering project to create a substantial database that will enhance operational efficiency for its tenants [11] - The establishment of an entrepreneurial academy is envisioned to help entrepreneurs avoid common pitfalls and improve management skills [12][13]

Core Points - The meeting emphasized the importance of revitalizing and effectively utilizing urban stock resources, with a focus on deepening reforms and accelerating transformations in development zones [1] - It highlighted the need for innovation in policies and systems to foster the growth of new industries and business formats [1] - The meeting called for industrial parks and technology parks to adhere to a scale-oriented and intensive development approach, creating a better innovation and industrial ecosystem [1] - There is a push for the active disposal of inefficient industrial land, with an emphasis on dynamic classification assessments and the effective use of an integrated "regulatory storage supply and use" mechanism to enhance urban land management [1] - The update and renovation of commercial office buildings should align with the needs of transformation and upgrading, achieving functional compatibility and conversion [1]

Core Insights - The Beijing Fengtai District government has approved the renovation and upgrade of the former Jingfeng Pharmaceutical Factory, which has been idle since its relocation in 2019, to enhance the utilization of low-efficiency industrial space and release high-quality industrial space [1] Group 1: Project Overview - The renovation project is supported by the Beijing Development and Reform Commission, which has approved funding for the Jiuzhoutong (600998) urban renewal project [1] - The project is located at No. 8 Hangfeng Road, Science City, Fengtai District, Beijing, with a total construction area of 24,937.82 square meters [1] - The expected completion date for the project is December 2026 [1] Group 2: Renovation Details - The renovation will include green energy-saving modifications, structural reinforcement, and fire safety system upgrades [1] - The project aims for a comprehensive energy-saving rate of 35.96% after the upgrades, utilizing solar panels, energy-efficient lighting, and high-efficiency heating and cooling systems [1] Group 3: Service Offerings - Post-renovation, the facility will provide various platforms for concept validation, pilot production, and testing services, including project evaluation, analysis testing, microbial testing, and international standard technology services [1] - Additional amenities such as parking lots, charging stations, cafes, and presentation rooms will be constructed to enhance convenience for surrounding businesses and residents [2]

Core Insights - The company reported a total revenue of 3.8 billion yuan for the first three quarters of 2025, a year-on-year decrease of 7.9%, while the total profit reached 1.82 billion yuan, a year-on-year increase of 49.3%, and the net profit attributable to shareholders was 1.1 billion yuan, a year-on-year increase of 74.6% [1][4] Financial Performance - For the first three quarters of 2025, the company achieved a total profit of 1.82 billion yuan, reflecting a 49.3% increase year-on-year [4] - The net profit attributable to shareholders was 1.1 billion yuan, showing a 74.6% year-on-year growth [4] - The total rental income for the first three quarters was 2.22 billion yuan, with an annualized unit rent of approximately 88.5 yuan per square meter per month, which is a 13.3% increase compared to the same period in 2024 [4] Operational Highlights - As of September 30, 2025, the total leased area of the company's industrial park was approximately 2.788 million square meters [2] - The company has focused on integrated operations in industrial parks, emphasizing innovation and investment in key industries such as integrated circuits, biomedicine, and artificial intelligence [3] - The company has implemented a "fund + direct investment" strategy to enhance its investment in innovative technologies and has supported notable companies like ByteDance and SenseTime [3] Shareholder Returns - The company has maintained a stable dividend payout, with cash dividend ratios of 50.0%, 47.6%, and 46.0% for the years 2022 to 2024, averaging approximately 47.9% [4] - The current stock price corresponds to a dividend yield of about 3.4% to 3.7% for the forecasted earnings from 2025 to 2027, indicating strong attractiveness for investors [4] Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 1.3 billion, 1.35 billion, and 1.42 billion yuan, respectively, up from previous estimates [5] - The current stock price reflects a price-to-earnings ratio of 22, 21, and 20 times for the years 2025-2027, indicating a stable growth outlook [5]

Group 1 - Two state-owned shareholders, Beijing Urban Development Group and Beijing Urban Construction Investment Development Co., are transferring their stakes in Beijing Technology Park Construction (Group) Co., Ltd. [1] - Beijing Technology Park Construction Group, established in 1999, is known for developing the Zhongguancun Science Park and focuses on industrial park operations and technology real estate [1][2] - The company has four major shareholders, with Beijing State-owned Assets Management Company holding 69.93% and Jiangsu Bank Suzhou Branch holding 17.45% [1] Group 2 - Beijing Technology Park Construction Group has reported continuous losses in recent years, with a revenue of 7.067 billion yuan in 2024, down 5.99% year-on-year, and a net loss of 5.402 billion yuan [2] - The transfer prices for the two shareholders are set at 282 million yuan and 103 million yuan, corresponding to a company valuation of approximately 3.05 billion yuan, indicating a decrease compared to the last year's net asset value of 6.45 billion yuan [2] Group 3 - A new company, Zhejiang Zhezi Science and Technology Industry Integration Development Co., Ltd., has been established with a registered capital of 4 billion yuan, focusing on technology services and investment activities [3] - The company is jointly owned by six state-owned enterprises, including Zhejiang State-owned Capital Operation Co. and Zhejiang Energy Capital Holdings Co. [3]