Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

Core Viewpoint - The article highlights the impressive financial performance of Runze Technology, particularly its significant profit increase due to the innovative asset-light operation model in data centers, which separates heavy and light assets [3][5][7]. Financial Performance - In Q3 2025, Runze Technology reported revenue of 1.48 billion yuan, a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 3.82 billion yuan, up 598% compared to the same period last year, which is 2.58 times the revenue [4][5]. - For the year-to-date period, the revenue reached approximately 3.98 billion yuan, reflecting a 15.05% increase, while the net profit attributable to shareholders increased by 210.74% to about 4.70 billion yuan [4]. Investment Gains - The company confirmed an investment gain of 3.76 billion yuan from transferring its wholly-owned subsidiary to the "Southern Runze Technology Data Center REIT," which was listed on August 8, 2025 [6][10]. - The underlying asset of this REIT is the Langfang International Information Port A-18 Data Center, which has 5,897 cabinets and a total power capacity exceeding 42 MW, with a total fundraising of approximately 4.5 billion yuan [6]. Asset-Light Operation Model - Runze Technology has pioneered a "light-heavy asset separation" operational model in the data center industry, moving away from the traditional heavy asset model that requires significant upfront investment [7][13]. - The company has historically operated under a "self-invest, self-build, self-hold, self-operate" model, which has led to substantial cash flow challenges due to the heavy asset nature of data centers [7]. Financial Challenges and Solutions - As of September 2025, Runze Technology had approximately 5.4 billion yuan in cash, with short-term borrowings of 1.3 billion yuan and long-term borrowings of 12.4 billion yuan, indicating significant financial pressure [9]. - The securitization of the mature A-18 data center asset allows the company to recover substantial funds for new project construction and to repay part of its debts, thereby reducing its debt ratio [10]. Future Projects - The funds raised from the REIT will be used to address the funding gap for ongoing projects, including the Chongqing Runze (Southwest) International Information Port project, which has a total investment of 880 million yuan and a capital gap of 209 million yuan [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q3 2025, the company's revenue performance met expectations, with a significant increase in net profit primarily due to substantial investment income from REITs issuance. The company achieved a revenue of 39.8 billion yuan, a year-on-year increase of 15.0%, and a net profit of 47.0 billion yuan, a year-on-year increase of 210.7% [6][12]. - The gross margin decreased quarter-on-quarter, likely due to the increased proportion of leasing business, while the fixed asset scale expanded rapidly driven by the development of leasing business and IDC scale delivery [2][12]. - The successful issuance and listing of public REITs allowed the company to effectively revitalize its existing assets and establish a light-asset operation platform [2][12]. - The company has rich experience in liquid cooling delivery and a leading strategic layout, which positions it to benefit continuously amid the AI arms race among domestic cloud vendors [2][12]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of 39.8 billion yuan, up 15.0% year-on-year, and a net profit of 47.0 billion yuan, up 210.7% year-on-year. The net profit for Q3 alone reached 38.2 billion yuan, reflecting a year-on-year increase of 598.4% [6][12]. - The investment income for Q3 was 37.6 billion yuan, mainly from the transfer of a wholly-owned subsidiary to the Southern Runze Technology Data Center REIT, resulting in significant equity disposal gains [12]. Asset Management and REITs - The company successfully issued a public REIT on August 8, raising 4.5 billion yuan, which activated quality existing assets and optimized the capital structure [12]. - The REIT platform supports a full-cycle capital operation system, enhancing the company's sustainable operational capabilities [12]. Strategic Developments - The company has been proactive in deploying liquid cooling technology, having collaborated with clients since early 2021. It has delivered the industry's first large-scale liquid-cooled intelligent computing center, establishing a strong trust foundation with clients [12]. - The company is currently advancing the construction of a 200MW intelligent computing center project in Langfang, designed to liquid cooling standards, which is expected to respond quickly to large-scale liquid cooling demand [12].

Core Viewpoint - The company is expected to benefit from the ongoing AIGC wave and has maintained a "buy" rating, with significant revenue and profit growth reported for Q3 2025 and the first three quarters of 2025 [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.977 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 4.704 billion yuan, a year-on-year increase of 210.74%, primarily due to equity disposal gains from a subsidiary [1]. - For Q3 2025, the company reported revenue of 1.481 billion yuan, a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 3.822 billion yuan, a year-on-year increase of 598.38% [1]. - The company’s non-recurring net profit for Q3 2025 was 475 million yuan [1]. Group 2: AIGC and AIDC Business - The development of AIGC continues to drive demand for high-power cabinets and large-scale clusters, with the company’s AIDC business expected to benefit from the delivery of multiple computing power centers [1]. - The company is a leader in liquid cooling AIDC within the industry, strategically positioned in core locations [1]. Group 3: REIT and Asset Structure - The company is advancing its REIT application using the A-18 data center and its associated facilities, with the first REIT for the Southern Runze Technology Data Center officially listed on August 8, 2025, raising 4.5 billion yuan [2]. - The REIT listing is expected to enhance the company’s asset structure, optimize capital, and facilitate a full-cycle capital operation system [2]. Group 4: National Layout and Infrastructure - As of the first half of 2025, the company has established seven AIDC intelligent computing power infrastructure clusters across six major regions in China, with a total of approximately 61 intelligent computing centers and 320,000 cabinets [2]. - In the first half of 2025, the company delivered approximately 220 MW of new capacity, including 100 MW in the Pinghu park and 40 MW each in Langfang, Foshan, and Huizhou [2].

Core Viewpoint - Runze Technology has demonstrated significant financial growth in the first three quarters of 2025, driven by successful public REIT issuance and strong operational performance [1][2]. Financial Performance - The company achieved operating revenue of approximately 3.977 billion yuan, representing a year-on-year increase of 15.05% [1]. - The net profit attributable to shareholders reached approximately 4.704 billion yuan, showing a substantial year-on-year growth of 210.74% [1]. - Excluding the impact of REITs, the net profit attributable to shareholders for the third quarter was approximately 475 million yuan, with a quarter-on-quarter increase of 5.47% [1]. - The net cash flow from operating activities amounted to 2.764 billion yuan, reflecting a year-on-year increase of 140.05% [1]. Business Model and Strategy - The successful issuance of the South Runze Technology Data Center REIT, which raised 4.5 billion yuan, marks a significant breakthrough in asset securitization for the company [2]. - The company is transitioning from a heavy asset model to a mixed asset operation model, which is beneficial for rapid capital recovery and accelerating new infrastructure development [2][3]. - The REITs platform has optimized the company's capital structure and provided solid financial support for future growth [3]. Industry Context - The "14th Five-Year Plan" emphasizes the need for advanced infrastructure development, including information communication networks and integrated computing networks, which aligns with the company's strategic direction [3]. - The demand for intelligent computing infrastructure is expected to grow, providing Runze Technology with opportunities to leverage its first-mover advantage and optimized asset structure [3].

Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with the weighted REITs index closing at 183.91 and a return rate of -0.47% during the period from September 29, 2025, to October 10, 2025 [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Convertible Bonds > A-shares > Pure Bonds > REITs > US Stocks > Crude Oil [4] REIT Performance - Both property rights and franchise REITs experienced price declines in the secondary market, while municipal facilities and new infrastructure REITs saw price increases [5] - The top three performing underlying asset types in terms of return rates were municipal facilities, new infrastructure, and ecological environmental REITs [5] - Out of the publicly listed REITs, 17 increased in value, 1 remained unchanged, and 57 decreased in value during the period [5] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, Huaan Waigaoqiao REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Trading Activity - The total trading volume for publicly listed REITs was 1.78 billion yuan, with the average daily turnover rate at 0.45% [5] - The top three REITs by trading volume were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were also Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Guojin China Railway Construction REIT [5] Net Inflow and Block Trading - The total net inflow from major investors was 9.83 million yuan, indicating a decrease in market trading enthusiasm compared to the previous period [6] - The top three REITs by net inflow were in the categories of consumer infrastructure, new infrastructure, and ecological environmental REITs [6] - The total amount of block trading reached 431 million yuan, which is a decrease from the previous period, with the highest single-day block trading amount being 184.8 million yuan on October 9, 2025 [7] New Listings - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.287 billion yuan [8] - Two REIT projects had their status updated during this period [8]

Group 1 - The core viewpoint of the articles indicates a significant increase in the issuance of public funds in the first three quarters of the year, with a total issuance scale of 912.907 billion yuan, representing a year-on-year growth of 4.54% [1][3] - Equity funds have overtaken bond funds as the main contributors to new issuances, with equity funds accounting for 47.99% of the total issuance, while bond funds accounted for 43.12% [3][4] - The largest single fund issued this year is the "Oriental Red Yingfeng Stable Allocation 6-Month Holding Period Mixed Fund (FOF)" with a total issuance scale of 6.573 billion yuan [3] Group 2 - The total scale of public funds has been on the rise, surpassing 36 trillion yuan, with equity funds showing significant growth, particularly stock funds which increased by 12.76% to reach 5.55 trillion yuan [4] - A total of 132 new funds ended their fundraising early during the third quarter, indicating strong market demand [5] - The current trend of new equity fund issuance is expected to continue, driven by a strong capital market and improved investor sentiment, particularly in sectors like technology and Hong Kong stocks [6][7]

Core Insights - The public fund issuance in the first three quarters of the year reached 912.91 billion yuan, marking a year-on-year growth of 4.54% [1][3] - Equity funds have overtaken bond funds as the main contributors to new issuance, accounting for 47.99% of the total new issuance [1][3] - The largest single fund issued this year is the Dongfanghong Yingfeng Stable Allocation Fund, with a total issuance of 6.573 billion yuan [3] Fund Issuance Trends - As of September 29, the total new issuance of public funds reached 912.91 billion yuan, compared to 873.25 billion yuan in the same period last year, reflecting a growth of 4.54% [3] - Equity funds, including stock and mixed funds, accounted for 438.07 billion yuan of the new issuance, while bond funds accounted for 393.67 billion yuan [3] - Last year, bond funds made up over 70% of new issuance, indicating a significant shift towards equity funds this year [3] Market Dynamics - The public fund market has seen a steady increase in total assets, surpassing 36 trillion yuan, with equity fund assets also showing significant growth [4] - The stock fund size reached 5.55 trillion yuan, reflecting a quarter-on-quarter increase of 12.76%, while mixed funds grew by 8.69% to 4.16 trillion yuan [4] - The trend of new fund issuance is expected to continue, driven by a strong capital market and increased investor interest in equity funds [5][6] Investor Sentiment - The strong performance of the A-share market has attracted retail investors to enter the market through fund purchases, indicating improved investor sentiment [5] - The issuance of equity funds has been characterized by a number of funds selling out on the first day, highlighting the demand for these products [5] - Regulatory support and promotional efforts from banks and brokerages are contributing to the positive market environment for equity funds [6]

Group 1 - The report highlights the growth of certain industrial park companies, such as Zhangjiang Hi-Tech, which has shifted towards equity investment, resulting in significant profit increases [2] - The National Data Bureau plans to deploy data industry clusters by 2025, aiming to optimize the national data industry layout and accelerate the formation of an industrial ecosystem [2] - A total of 63 pilot projects covering 13 cities and 22 industries have been announced, focusing on exploring data circulation mechanisms [2] Group 2 - Key industrial park operators reported net profit increases: Zhangjiang Hi-Tech up 38.6%, Suzhou High-tech up 23.2%, and Shanghai Lingang up 8.4% [3] - New business models and land development have contributed to revenue growth for companies like Zhongxin Group, which saw revenue rise from 1.511 billion to 2.104 billion yuan [3] - Some companies, such as Electronic City and Huaxia Happiness, faced significant challenges, including a 144% increase in financial expenses for Donghu High-tech [3] Group 3 - Over half of the companies reported year-on-year growth in investment income, with Zhangjiang Hi-Tech's investment income rising by 336.75% to 326 million yuan [4] - Companies in the data center sector, including Ruize Technology and WanGuo Data, experienced an average revenue growth of 10.5%, with WanGuo Data's total revenue reaching 5.623 billion yuan, up 12.2% [4] - The data center sector is becoming a growth area, with companies like ProLogis and East China New Yi expanding their operations [4] Group 4 - JD Property is developing a smart computing data center project with a construction area of 140,000 square meters, supporting regional digital industry development [5] - Two public REITs focused on data centers were launched, both experiencing a 30% increase on their first trading day, indicating strong market interest [5] - The demand for computing power and data storage is increasing due to advancements in AI, making data centers a crucial part of the AI industry ecosystem [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to enhance the regular application and recommendation process for infrastructure Real Estate Investment Trusts (REITs), focusing on market expansion, optimizing fundraising and application processes, and encouraging new types of projects to be listed [1] Group 1: Policy Support for Asset Mix and Expansion - The "Document 782" provides clear policy support for asset mix expansion in REITs, allowing for the integration of existing assets across regions and industries, thereby strengthening the infrastructure REITs products [2][3] - The document allows leading companies to acquire smaller projects and utilize REITs for revitalization, enabling smaller firms to indirectly issue REITs for project exit [2][3] Group 2: Encouragement of Private Investment Projects - The notification emphasizes support for private investment projects to issue infrastructure REITs, establishing a coordination service mechanism to assist in compliance and accelerate project development [3][4] - As of September 13, over 10 private REITs projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4] Group 3: Expansion of Asset Types - The document outlines plans to accelerate the application of mature asset types like toll roads and clean energy, while also exploring new asset types such as railways and cultural tourism for future issuance [5] - Currently, over 70 public REITs products are listed, with more than 80 in the approval process, covering approximately 10 asset types [5] Group 4: Information Management Improvements - The NDRC plans to launch an information system for infrastructure REITs project applications, enhancing standardization and traceability of the application process [6] - The introduction of this information system is expected to improve internal coordination efficiency and address existing bottlenecks in the application stages [6]