Group 1 - The conference themed "Chain Ecology, Building the Future - Collaborative Development and Governance Innovation" was successfully held in Hangzhou, focusing on the integration of industrial ecological collaborative governance and Real World Asset (RWA) tokenization [1] - The founder of CT-CHAIN, Ma Haoqi, emphasized that technological innovation is leading a new era of "digital-physical integration," aiming to achieve asset confirmation, circulation value enhancement, and full lifecycle management through RWA technology [1] - Li Wenlong, a digital economy advisor, proposed a governance framework that is technology-supported and scenario-oriented, aiming to enhance the effectiveness of the industrial ecosystem [1] Group 2 - The conference highlighted cross-industry integration, with representatives from the aviation sector discussing the intersection of the aviation industry and ecological collaboration, particularly in low-altitude economy and digital asset integration [2] - Ji Haiyong, a co-founder of CT-CHAIN, stated that the organization is building a "collaborative and standard value loop" through cash flow management, fund management center, and scientific decision-making mechanisms [2]

Core Viewpoint - The company is actively investing in the Beijing Pingzhun Infrastructure Real Estate Investment Fund and the Shounong REIT, aiming to revitalize existing assets and align with national policy directives [1][2] Group 1: Investment Activities - The company's wholly-owned subsidiary, Beijing Shouyuan Xinrong Investment Co., Ltd., is involved in managing the Beijing Pingzhun Fund, which is investing in the Shounong REIT [1] - The Shounong REIT is backed by the Shounong Food Group, a major state-owned agricultural enterprise in Beijing, and serves as a significant initiative to activate existing assets [1] Group 2: Strategic Importance - The Shounong REIT is the first approved headquarters-type technology innovation industrial park REIT project, supporting the capital's strategy as a "Technology Innovation Center" [1] - The investment in the Shounong REIT is seen as a model for urban renewal financing and is expected to attract social capital [1] Group 3: Future Plans - The company plans to continue increasing its investment in China's core infrastructure real estate sector, leveraging its full industry chain synergy and REITs first-mover advantage [2] - The focus will be on enhancing the efficiency and value of core infrastructure assets in China [2]

Core Insights - The real estate investment sector is entering a bottom cycle, with a need for capital providers to allocate quality assets to enhance investment returns, while asset owners must explore asset potential to increase market value [2][5][9] - The industry should focus on proactive management, asset integration, and institutional improvement to bridge the structural mismatch between supply and demand [2][9] Group 1: Conference Overview - The Tsinghua Wudaokou Global Real Estate Finance Forum held a session on "2025 Q2 Real Estate Industry Review and Outlook," focusing on new models of alternative asset management and policy optimization suggestions for real estate investment [2][3] - Key figures from the China Securities Regulatory Commission, real estate associations, and major financial institutions participated in the conference, sharing insights on the current state and future of the real estate market [3] Group 2: Market Analysis - The current real estate market shows signs of recovery, with demand increasing due to policy implementation that lowers housing costs, leading to a rise in transactions and price stabilization [5][6] - The REITs market is characterized by a strong index performance and a diverse sector structure, with insurance capital becoming a key player in investment strategies [5][6] Group 3: Investment Strategies - Insurance capital should adopt a long-term investment philosophy, focusing on high-quality assets and management to enhance investment efficiency and returns [6][7] - The investment landscape is shifting towards private equity and stable income-generating assets, with a focus on sectors like office, warehousing, and industrial parks [7][8] Group 4: Collaborative Ecosystem - The need for effective collaboration between various stakeholders is emphasized to create a resilient real estate investment ecosystem [8][9] - The integration of asset management and financial capital is crucial for unlocking the potential of existing assets and improving capital allocation efficiency [11][12] Group 5: Regulatory and Institutional Framework - The establishment of a robust regulatory framework for real estate investment and financial products is essential for efficient capital and asset matching [12][13] - Recommendations include enhancing legal frameworks for REITs and improving the operational capabilities of underlying assets to support long-term investment needs [12][13]

Core Viewpoint - Shoucheng Holdings has announced the establishment of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is the first public REITs fund in China to include "Pingzhun" in its name, targeting a total scale of 10 billion RMB with an initial closing size of 5.237 billion RMB, making it the largest single public REITs special investment fund in the market [1][5]. Company Summary - The fund is a collaboration between Shoucheng Holdings, China Life Insurance, Caixin Life Insurance, and other partners, with Shoucheng's indirect wholly-owned subsidiary, Shoujing Investment, acting as a limited partner [2][4]. - The total capital contribution from all partners amounts to 5.237 billion RMB, with China Life contributing 3.5 billion RMB, Shoujing Investment 1 billion RMB, and Caixin Life 700 million RMB [5][6]. - The fund will primarily invest in public REITs related to infrastructure, utilizing strategic placements and other investment methods to enhance market liquidity and operational efficiency [7][9]. Industry Summary - The public REITs market in China has reached a new stage of quality improvement and efficiency, with 65 products listed and a total issuance scale of approximately 170 billion RMB as of April 24 [8]. - Insurance capital has increasingly participated in public REITs investments since 2021, with a projected investment scale exceeding 13 billion RMB by the end of 2024, representing 12.45% of the market share [8][9]. - The Beijing Pingzhun Infrastructure Fund aims to stabilize the market and discover value through professional operations, thereby promoting healthy market expansion and attracting long-term capital [9].