Group 1 - The Southern Runze Technology Data Center REIT has completed its inquiry with a subscription multiple of 167.06 times, indicating strong market response [1] - The fund will officially start public offerings on July 14, with a total issuance scale of 1 billion units, aiming to raise approximately 4.5 billion yuan [1] - The issuance strategy includes a combination of strategic placement, offline sales, and public investor subscriptions, with 70% allocated for strategic placement [1] Group 2 - The underlying asset of the fund is the Langfang A-18 Data Center, which features 5,794 standard cabinets and advanced energy-saving technologies [2] - The A-18 Data Center has been recognized as a "2023 National Green Data Center," meeting stringent energy efficiency requirements [2] - The successful issuance of the REIT will broaden the company's financing channels and enhance its reinvestment capabilities, optimizing asset structure and improving market competitiveness [2] Group 3 - The REIT is among the first batch of data center public REITs in China, supported by national policies promoting the issuance of REITs in new infrastructure sectors [3] - The REIT serves as a model for financial innovation in the data center industry, encouraging more social capital investment in intelligent computing center construction [3] - The company aims to explore innovative development paths in artificial intelligence applications and computing infrastructure, striving to build a competitive smart computing industry cluster [3]

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...