Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The Shenyang International Software Park REIT has certain investment value due to its stable performance, high EBITDA margin, and relatively high predicted distribution rate. However, it also faces risks such as potential fluctuations in the occupancy rate and the expiration of the incubator subsidy policy [4]. - The project's location is advantageous, with strong digital software cluster effects and government resource support. The original equity holders are leading developers and operators in the region, with rich experience in park operation and management [4]. - The expected fair - value range of the project assets in the next 12 months is 902 million - 1.15 billion yuan, and the IRR is 6.40% - 7.42%. The predicted capitalization rate in 2025 is 5.81% - 7.22%, and the assessment unit price is relatively low [4]. Summary by Relevant Catalogs 1. Basic Issuance Elements - The Shenyang International Software Park REIT has a total of 300 million fund shares to be issued. The initial inquiry period is from 9:00 - 15:00 on September 29, 2025, with an initial inquiry range of 2.736 - 4.104 yuan per share. The fund share raising period is from October 13 - 14, 2025. The expected fundraising is 1.026 billion yuan [8]. - The original equity holders plan to use over 90% of the net recycled funds from the fundraising for the Phase III of Block E and Phase V of Block A of the Shenyang International Software Park and the Shenyang Digital Economy Industrial Park [8]. 2. Prominent Digital Software Cluster Effect and Strong Backing of Industrial Resources 2.1 The Largest Software Industry Agglomeration Area in Shenyang, with Superior Location and Complete Transportation Facilities - The infrastructure projects of the REIT include the Angli Information Park A and B Buildings, the Software Park D and E Areas, and the Software Park B and F Areas, located in the Hunnan District of Shenyang. The total construction area is 201,195.19 square meters, and the actual rentable area is 198,239.67 square meters [10][11]. - The Hunnan District is a key transportation hub in the Shenyang Economic Zone, with an international airport, a high - speed railway station, and a well - connected transportation network. The park is adjacent to main roads and is the only subway - accessible park in the Hunnan District, which is conducive to population and industry introduction [12][13]. - The Hunnan District has a high concentration of innovative elements and strong industrial policy support, attracting a large number of high - tech enterprises. The park is in line with the local industrial planning and has become the largest software industry agglomeration area in the city [15][16]. 2.2 Original Equity Holders: Leading Developers and Operators in the Region, Managing Over One Million Square Meters of Industrial Parks - The original equity holders are the Industrial Development Company and the Software Park Company, with the same actual controller, Mr. Zhao Jiuhong. The Industrial Development Company manages five industrial park projects with a total construction area of about 1.07 million square meters as of March 31, 2025 [17][19][21]. - The Industrial Development Company's revenue fluctuates greatly, with losses in the recent two periods. The Software Park Company's revenue and net profit also fluctuate, and its gross profit margin is declining [23][27]. 2.3 Full - chain Introduction of Government Resources and Prominent Competitiveness of Value - added Services - The park is the only private park in Shenyang with participation from municipal state - owned capital and the only mixed - ownership park in the Hunnan District with investment from district - level state - owned capital. It has received full - chain resource support from the government in terms of equity investment, investment promotion, incubation, and capital assistance [29]. - The park has established multiple industrial guidance funds with the government, which have invested in 8 park enterprises with a total investment of 215 million yuan. Some of these enterprises are planning to apply for IPO [31]. - The park provides value - added services such as investment and financing, talent, and industrial services, which have attracted a large number of high - tech enterprises. As of Q1 2025, tenants in the "Scientific Research and Technical Services" and "Information Transmission, Software, and Information Technology Services" industries accounted for 68% of the total leased area [34][35]. 2.4 Abundant Supply of Industrial Parks in the Hunnan District, with High - level Rental Prices - As of March 31, 2025, the total inventory of industrial parks in Shenyang was 4.0183 million square meters, and the Hunnan District accounted for 56.25% of the total. The average occupancy rate in Shenyang was about 73%, and the average rent was 33.5 yuan per square meter per month. The occupancy rate in the Hunnan District was about 70%, and the rent was about 42.9 yuan per square meter per month [35][37]. - Although there will be new industrial park projects in the future, the supply rhythm is even, and the market pressure is controllable. With the economic development of Shenyang and the improvement of the regional recognition of the Hunnan District, the demand for high - quality industrial carriers is increasing [39][40]. 3. Stable Performance and Continuous Increase in EBITDA Margin - The income of the infrastructure project mainly comes from rental income, accounting for about 80%. From 2022 - Q1 2025, the project's revenue was 103 million, 106 million, 103 million, and 26 million yuan respectively, and the EBITDA was 73 million, 76 million, 76 million, and 19 million yuan respectively, showing stability [41]. - The project's gross profit margin is relatively stable but lower than the average of comparable REITs. The EBITDA margin has been increasing steadily and has been higher than the average of comparable REITs since 2023 [47]. 4. Predominantly Start - up and Small - medium - sized Tenants, with Potential Risk of Rising Vacancy Rate 4.1 Stable Occupancy Rate and Rental Price, Both at a Relatively High Level in the Region - From 2022 - Q1 2025, the weighted average occupancy rate of the project was 84%, 86%, 84%, and 84% respectively, which was relatively stable and higher than the average of comparable REITs in 2024 and Q1 2025. The project's de - stocking level is in the upper - middle range in the Hunnan District [50]. - The rent level of the project is relatively stable. In Q1 2025, the average effective rent was 45.61 yuan per square meter per month, which is in the upper - middle level in the market and in line with the project's competitive position [58]. 4.2 Low Tenant Concentration and Increasing Proportion of Start - up and Small - medium - sized Enterprises - As of March 31, 2025, there were 525 lease contracts in effect, and the top ten tenants accounted for 17.6% of the leased area, lower than the average of comparable REITs. There is no significant cash - flow provider in the project [62]. - From 2022 - Q1 2025, the rental income from start - up and small - medium - sized enterprises accounted for a high and increasing proportion, reaching 66.29% in Q1 2025 [65]. 4.3 Stable Historical Cash - flow of the Incubator, but Low Collection Rate due to Subsidy Delay - The government provides rent subsidies for start - up technology enterprises in the incubator. As of March 31, 2025, the incubator area was 24,230.71 square meters, accounting for 12.2% of the rentable area. The historical cash - flow of the incubator is stable, but the subsidy is delayed, resulting in a relatively low collection rate [68][69][73]. - The project's current collection rate is affected by the delayed subsidy payment and the existence of large tenants paying rent in arrears. The "Operation Management Service Agreement" stipulates that the operation management agency will provide liquidity support for the unpaid incubator rent subsidy [73][74][75]. 4.4 About 70% of Leases Expire Concentratedly, but the Renewal and De - stocking are Expected to be Controllable - As of March 31, 2025, the lease contracts in effect are mainly short - and medium - term, with about 40% of the leased area having a contract term of less than one year and about 75% less than three years. The weighted average remaining lease term is 1.34 years, and the areas expiring in 2025 and 2026 account for 46% and 25% respectively [76]. - The historical renewal rate of the project is about 60%, and the de - stocking efficiency after tenant withdrawal is relatively high, with about 58% of the area being de - stocked within three months and about 85% within six months [78]. 5. Valuation and Expected Increase of the Fund 5.1 The Expected Fair - value Range of the Project Assets is 902 million - 1.15 billion yuan, and the IRR is 6.40% - 7.42% - By making assumptions about the revenue, cost, and capital expenditure of each project, and using three discount rates (7.5%, 7.0%, 6.5%), the expected fair - value range of the project assets in the next 12 months is calculated to be 902 million - 1.15 billion yuan, with an IRR of 6.40% - 7.42%, higher than the average of comparable REITs [81][101][103]. 5.2 The Predicted Capitalization Rate in 2025 is 5.81% - 7.22%, and the Assessment Unit Price is Relatively Low - Based on the valuation results, the project's construction - area unit price is 4,483 - 5,716 yuan per square meter, lower than the average of comparable REITs. The predicted capitalization rate in 2025 is 5.81% - 7.22%, within the reasonable range of second - tier city business parks [105][106]. 5.3 The Predicted Distribution Rates at the Upper Inquiry Limit for 2025 and 2026 are 4.61% and 4.67% respectively - The predicted distributable amounts for the fund from April - December 2025 and 2026 are 56.71 million and 57.54 million yuan respectively. The predicted net cash - flow distribution rates (unannualized) for 2025 and 2026 are 5.53% and 5.61% respectively, higher than the latest distribution rates of other industrial park REITs. At the upper inquiry limit, the corresponding distribution rates are 4.61% and 4.67%, similar to other industrial park REITs [108]. - The original equity holders promise to ensure the distributable amount for other fund share - holders within five natural years after the fund's listing [109].

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2]. Industry Overview - The industrial park industry is currently facing deep adjustment pains due to external macroeconomic conditions and internal operational challenges, with the entire sector experiencing a fundamental logic reshaping [1]. - The introduction of important policies in the first half of 2025 has guided the transformation of operational and investment models in industrial parks, emphasizing service and ecological collaboration over mere policy competition [3]. Company Performance - China Electric Guoguang (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1]. - The company's operating service revenue reached 1.038 billion RMB, accounting for 70.6% of total revenue, with design and construction services and property management services contributing significantly [4]. Strategic Initiatives - The "one body, two wings" strategic transformation has proven effective, allowing the company to achieve stable development in a challenging industry environment [3][4]. - The company has adopted a light asset development model, which provides stable cash flow and reduces operational risks, while also leveraging industrial investment to activate the entire industrial ecosystem [3][4]. Market Positioning - China Electric Guoguang has established a differentiated core competitiveness by focusing on high-tech and high-end manufacturing sectors, which has allowed it to achieve double-digit growth in park development services despite market pressures [7][8]. - The company has expanded its market presence through cross-regional industrial cooperation and resource sharing, enhancing its competitive edge [8]. Future Outlook - The industry environment is expected to improve, with macroeconomic conditions stabilizing and potential monetary and fiscal policy support anticipated in the second half of 2025 [11][14]. - The company has seen a significant increase in new contract signings, with a total of 1.539 billion RMB in new signed amounts, indicating a positive trend for future performance [12][14]. Investment Value - The market has significantly undervalued China Electric Guoguang, with a price-to-book (PB) ratio of only 0.2, suggesting potential for valuation recovery as the company's fundamentals stabilize [16]. - The company has engaged in continuous share buybacks, reflecting confidence in its intrinsic value and future growth prospects [16].

Group 1 - The Dongshi Daling Mountain Smart Valley Industrial Promotion Center officially opened on September 17, marking the start of market recruitment and operation for the project [1] - The project is a collaboration between Dongshi Group and Daling Mountain Town, focusing on creating a "high-quality, low-cost" industrial space, and is the first demonstration project in the Songshan Lake area [2] - The project aims to cultivate strategic emerging industries such as high-end equipment manufacturing and new-generation electronic information, contributing to the optimization of the regional industrial structure [2] Group 2 - Dongshi Group has developed over 1.8 million square meters of industrial space and has over 750 enterprises in its operational parks, supporting the construction of a modern industrial system in Dongguan [3] - The Daling Mountain Smart Valley project continues the successful experience of the Tangxia Chuangzhi Park, with upgrades in product quality and operational services [3] - The project includes flexible space designs ranging from 1,200 to 3,000 square meters, along with supporting facilities like smart canteens and charging stations to address talent attraction and retention issues [3] Group 3 - A signing ceremony took place with the first batch of 10 enterprises and partnerships with 10 financial institutions and industry associations, marking a new development phase for the park [4] - Dongshi Group plans to leverage its state-owned enterprise resources and market-oriented operational advantages to create a model for high-quality industrial space in the region [4]

Core Insights - The company is actively transforming from a traditional industrial park developer to an operator and capital operator, demonstrating a commitment to high-quality development and embracing change [1][2] - The company has established an innovative operational model combining "investment + incubation +招商" to enhance service levels and accelerate asset liquidation [1] - The company is focusing on building an ecosystem by enhancing its technology service system and collaborating with quality operational institutions nationwide [1] Group 1 - The management engaged with investors on strategic transformation, industrial park operations, and asset restructuring during the investor reception event [1] - The company is integrating into the Binhai New Area's urban renewal and industrial upgrading, aiming to improve operational service levels [1] - The company has formed a significant industrial cluster within the park, including semiconductor and biomedicine enterprises [1] Group 2 - The company is progressing with the due diligence, auditing, and evaluation for the acquisition of the Zhixueyun project, with a preliminary report being formed [1] - The company is committed to enhancing its asset management capabilities and expanding its business segments to create greater value for investors [2] - The introduction of smart restaurants and a supercharging demonstration station is part of the effort to improve park services and competitiveness [2]

Core Viewpoint - Shanghai Lingang Holdings Co., Ltd. has released a new company charter in August 2025, detailing regulations on various aspects such as organization, operational objectives, shareholding, and board of directors. Company Basic Information and Operations - The registered capital of Shanghai Lingang Holdings Co., Ltd. is RMB 2,522,487,004, with a total of 2,522,487,004 shares, including 2,393,912,273 ordinary shares and 128,574,731 domestic listed foreign shares. The company's operational objective is to become a leading industrial park developer, operator, and service provider in China, with a business scope that includes park investment, development, and operation [2]. Share Regulations - The initiator of the company is Shanghai Automation Instrumentation Company, which subscribed for 158,861,000 shares. The company has clear regulations regarding share increases, decreases, repurchases, and transfers. Financial assistance for acquiring shares is generally prohibited, except for employee stock ownership plans, which can be authorized by the shareholders' meeting or board of directors, with a cumulative total not exceeding 10% of the issued share capital. Specific conditions limit the company's share repurchase, and there are clear regulations on the handling of repurchased shares [3]. Shareholders and Shareholders' Meeting - The company maintains a shareholder register based on securities registration agency certificates. Shareholders have rights such as dividend distribution and participation in shareholder meetings, while also bearing corresponding obligations. The shareholders' meeting is the company's authority body, divided into annual and temporary meetings, with decision-making power over significant matters, including the election of directors and financial plan reviews. Resolutions can be ordinary or special, requiring different voting rights for approval [4]. Board of Directors Regulations - The board of directors consists of 9 to 11 members, with the chairman and vice-chairman elected by a majority of the board. The board has multiple powers, including convening shareholder meetings and executing resolutions. It has established specialized committees such as the audit committee, strategy and ESG committee, nomination committee, and compensation and assessment committee, each with defined responsibilities. The board secretary is responsible for preparing shareholder and board meetings [5]. Party Committee and Senior Management - The company has established a party committee to lead and oversee major company matters. Senior management includes a president, executive vice presidents, and vice presidents, who must adhere to relevant appointment regulations and obligations of loyalty and diligence [6]. Financial and Profit Distribution - The company has developed a financial accounting system and is required to submit and disclose annual, interim, and quarterly reports. The profit distribution policy follows a principle of sustainability and stability, allowing for cash and stock distributions, with cash dividends prioritized. Cash dividends must meet specific conditions and have requirements regarding proportion and time intervals [7]. Other Important Matters - The company has clear regulations regarding mergers, divisions, capital increases, decreases, dissolution, and liquidation. Amendments to the charter must meet specific conditions. Additionally, the company has detailed provisions for notifications and announcements, internal audits, and the appointment of accounting firms [8].

Core Viewpoint - China Electric Power Valley (00798.HK) reported a slight revenue increase of 0.79% year-on-year, reaching RMB 1.47 billion for the six months ending June 30, 2025, while net profit decreased by RMB 1.1 million to RMB 2.1 million [1] Financial Performance - Revenue for the period was RMB 1.47 billion, reflecting a year-on-year growth of 0.79% [1] - Net profit for the period was RMB 2.1 million, a decrease of RMB 1.1 million compared to the same period last year [1] - Basic and diluted earnings per share were RMB 0.02 [1] Strategic Goals - The company aims to develop new productive forces and build a modern industrial system as its fundamental strategic goal for 2025 [1] - It plans to reassess the challenges and opportunities facing its industrial park business in 2025 [1] - The company intends to focus on systematic operational capabilities, enhance the quality of park development business, and improve the collaborative value of equity investment strategies [1] - The overarching goal is to provide comprehensive solutions for regional economic transformation and sustainable development [1]

Group 1 - Yida China Holdings Limited (stock code: 03639.HK) closed at HKD 0.062 on June 9, down 6.06% from the previous trading day, with an intraday low of HKD 0.060, marking a new low in nearly a year [1] - On the same day, the main capital flow showed an inflow of HKD 0.756 million and an outflow of HKD 5.221 million, resulting in a net outflow of HKD 4.46 million [1] Group 2 - Yida China is a comprehensive group enterprise engaged in park development, operation, and engineering construction, listed on the Hong Kong Stock Exchange since June 27, 2014 [2] - The company is a leading business park operator in China, focusing on the integration of industry and city, and has developed over 50 industrial park projects across more than 20 cities, including major regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area [2] - Yida China aims to replicate and innovate its successful business model in more cities, creating a technology-driven industrial ecosystem and urban ecology, while striving to provide value for society, cities, customers, investors, and partners [2]

Group 1 - The concept of "four generations of housing" is driving the upgrade and iteration of the residential industry, with a similar focus on healthy office environments in industrial parks [1] - The WELL2025 Suzhou Summit, initiated by CapitaLand (China) in collaboration with the International WELL Building Institute, discussed how healthy living concepts can inject "sustainable vitality" into industrial parks [1][3] - Suzhou has become the second global stop for the WELL2025 series after Singapore, with CapitaLand's latest project, the Suzhou Shishan Yuanchuang Park, receiving the Gold WELL Core Certification [3] Group 2 - Industrial parks are identified as key drivers of China's economic development but are also significant contributors to carbon emissions, making them critical for achieving "dual carbon" goals [3] - Financial institutions are encouraged to transition from being mere fund providers to co-creators of ecological value, innovating financial mechanisms to transform sustainable projects within parks into standardized financial products [3] - The summit also addressed how to enhance office spaces with innovation and well-being, discussing methods like distributed energy storage systems and energy-efficient renovations to improve energy usage efficiency [5]

| 证券代码：600848 | 股票简称：上海临港 | | | | 号 | | --- | --- | --- | --- | --- | --- | | | | 临港 | | | | | | | | | 股 | | | | | | | | 编号：2025-009 | | | | | B | | | | 900928 | | | | | | 上海临港控股股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》要求，现将上海临港控股股份有限公司（以下简称"公司"）2025 年第一季度主要经营数据公告如下： 一、新增土地储备面积 2025 年 1-3 月，公司产业园区业务无新增土地储备。 二、新开工面积 2025 年 1-3 月，公司产业园区业务无新开工面积。 三、竣工面积 2025 年 1-3 月，公司产业园区业务竣工面积约 46.7 万平方米。 四、产业园区签约销售面积及合同金额 2025 年 1-3 ...