在中国经济保持稳健增长的驱动下，普洛斯物流供应链、数字新基建以及新能源业务均具有进一步向好 发展的基础。 8月28日，普洛斯集团(GLP Pte Ltd，下文简称"普洛斯")，宣布获得阿布扎比投资局("ADIA")全资子公 司15亿美元投资。 普洛斯致力于在物流供应链、数字新基建以及新能源三大新经济领域打造具有差异化优势和规模化的业 务平台，此次投资首轮部署资金5亿美元，将进一步加强集团的财务实力，加速其新经济业务发展。 ADIA是中东最大的主权财富基金之一，此前普洛斯与ADIA旗下机构已经在基金层面合作多年，本次投 资意味着双方将展开新的合作模式。ADIA不动产投资执行董事Mohamed Al Qubaisi表示，"此次投资将 深化我们的合作，在公司层面支持普洛斯跨越新台阶，赢得新增长。同时也符合ADIA的战略，实现新 经济领域投资的进一步扩张。" 普洛斯与ADIA本次合作，是两大"耐心资本"在新经济领域的一次深度协同，折射了国际金融机构对中 国经济的乐观预期。 目前普洛斯在中国70个地区市场，投资开发和管理运营着约450处物流仓储及制造研发等产业基础设 施；数据中心IT负载约1,400兆瓦(MW)；新能源 ...

Core Viewpoint - The completion of the merger between GCP International and Ares Management Corporation for a total transaction value of $5.2 billion highlights the ongoing interest in new economic asset investments globally, showcasing Prologis' mature capital operation model [1][2]. Group 1: Prologis' Capital Operation Model - Prologis is known for its keen market insight and efficient execution, achieving a core operating EBITDA of $2 billion over the past 12 months, with the recent transaction reflecting a PE ratio of nearly 30 times [2]. - The successful transaction is part of Prologis' strategy of "incubation-operation-monetization," which has established a high-efficiency capital appreciation model [2][3]. - Prologis has a history of significant asset transactions, such as acquiring IndCor for $8 billion in 2014 and later selling it for $18.7 billion, demonstrating its ability to create substantial asset value [2]. Group 2: Financial Impact and Business Focus - Following the merger, Prologis' net leverage ratio decreased from 27% to 24%, enhancing liquidity and allowing for a focus on high-growth areas [3]. - The international fund management business involved in the merger accounts for less than 10% of the group's core operating EBITDA, indicating a strategic shift towards optimizing the balance sheet [3]. Group 3: New Economic Infrastructure Investment Trends - New economic infrastructure remains a hot investment area, with significant transactions such as Blackstone's acquisition of AirTrunk for AUD 23.5 billion and BlackRock's $12.5 billion acquisition of GIP [4]. - Infrastructure assets, including logistics real estate and data centers, are increasingly favored by long-term capital due to their stable cash flows and high growth potential [4]. Group 4: Ares Management's Expansion - Ares Management indicated that the merger would expand its global real estate asset management platform, with expectations of a better fundraising environment by 2025 [5]. - The completion of the merger is expected to initiate fundraising for several private real estate equity funds in Japan, Europe, and the U.S. [5]. Group 5: Prologis' Focus on the Chinese Market - Prologis' international business transaction does not involve its Chinese assets, allowing it to strengthen its capabilities in the Chinese market, focusing on new economic infrastructure development [6]. - The company has a significant presence in China, covering 70 regions and managing over 450 logistics and industrial facilities, with a robust performance in logistics, data centers, and renewable energy [6][9]. Group 6: Logistics and Data Center Growth - The logistics sector is supported by strong macroeconomic and industrial demand, with a projected net absorption of over 12 million square meters in 2024 [7]. - The data center sector is experiencing explosive growth due to increased demand for private AI deployments, supported by favorable government policies in the renewable energy sector [7].