" 280亿元的收购价，也照出A股IDC厂商的估值泡沫。 " 作者丨 赵之齐 编辑丨 胡敏 "REITs是秦淮数据这类IDC厂商，未来特别需要的金融工具"，基金业内人士徐力向雷峰网说道。 在国内数据中心REITs（不动产投资信托基金）项目获批的元年，市场热度已充分显现——八月上市的万 国数据与润泽科技REITs项目，发行阶段公众认购倍数便达到三四百倍。多家头部IDC厂商正摩拳擦掌筹 备REITs，而成立于2017年的秦淮数据，凭借稳定的头部客户、长期技术积累和规模化运营壁垒，自身的 优质数据中心资产，本就能成为适配REITs的"好苗子"。 然而，此前握在贝恩资本手中的秦淮数据，受制于外资控股下潜在的数据安全隐患，只能旁观这一切发 生。 不过，就在上周，秦淮数据中国区业务（以下所指的"秦淮数据"以及"秦淮"，都仅指代秦淮中国区业 务），以280亿元现金完成出售。此次交易由深圳市东阳光实业发展有限公司牵头、联合保险投资机构与 地方政府基金组成的银团收购方，与贝恩资本达成交易。 十年内， 秦淮已两度易主，从网宿科技、到贝恩资本，再到如今的东阳光 ，回头看，每次变更背后，似 乎都折射着秦淮在不同发展阶段的新野心—— ...

东吴证券（601555）总裁薛臻又有新职务。8月9日，东吴基金发布公告称，公司原董事长马震亚到龄转 任高级督导，任命薛臻为公司董事长。 公开资料显示，东吴证券持有东吴基金70%的股份。《每日经济新闻》记者注意到，自2018年马震亚出 任东吴基金董事长以来，公司经历了三任总经理，现任总经理李素明也已接近退休年龄。 数据显示，截至2025年二季度末，东吴基金管理规模为376.81亿元，行业排名第九十三，较2024年末提 升1个名次。 关于公募基金业务，东吴证券在2024年年报中表示，2025年公募基金业务加强人才梯队建设，持续优化 产品结构，系统推进战略转型与业务升级，进一步提升行业排名。重点发展权益类产品，提升REITs （不动产投资信托基金）专业化投资运营能力，构建多元化产品体系。 马震亚掌舵东吴基金7年 马震亚出生于1966年，职业轨迹清晰且具有较强连续性，从1998年起至今，尽管屡经岗位调整，但始终 深耕财务与管理领域，尤其在证券行业积累了深厚经验。 早期，马震亚曾在苏州市审计局工作长达12年，其间积累了政府审计领域的工作经验，熟悉财务监管、 审计流程等。2000年3月，他进入证券行业，加入苏州证券（东吴 ...

Core Viewpoint - The REIT market in China is experiencing significant growth, with insurance institutions playing a crucial role in strategic investments, as evidenced by the recent listing of Huatai Suzhou Hengtai Rental Housing REIT and the active participation of various insurance companies in multiple REITs [1][2][5]. Group 1: Market Activity and Participation - Huatai Suzhou Hengtai Rental Housing REIT is set to be listed on May 21, with insurance institutions actively participating as strategic investors, acquiring a total of 38.5 million shares, representing approximately 7.7% of the total allocation [2]. - A total of 7 REITs have been successfully issued this year, with an issuance scale exceeding 11.3 billion yuan, indicating high market enthusiasm [1][2]. - Insurance institutions are the largest participants among non-original equity strategic investors in REITs, with a significant presence in various sectors including commercial, rental housing, energy, and highways [2][4]. Group 2: Factors Driving Investment - The characteristics of public REITs, such as standardized products and mandatory dividend distributions, align well with the long-term investment needs of insurance funds, providing stable cash flow [3][4]. - The current macroeconomic environment, characterized by declining interest rates, has diminished the attractiveness of traditional fixed-income assets, making REITs an appealing alternative for investors seeking stable returns [3][4]. - The application of new accounting standards has positively impacted insurance institutions' willingness to invest in REITs by designating them as financial assets measured at fair value, which smooths out market price fluctuations [3][6]. Group 3: Challenges and Recommendations - Despite the advantages of REITs, challenges remain, including the overall market size, liquidity issues, and the need for quality underlying assets to ensure long-term returns [5][6][7]. - Recommendations for improving the REIT market include simplifying the fundraising process, enhancing regulatory frameworks for insurance investments, and establishing effective management mechanisms to increase the participation of strategic investors [7]. - The growing complexity of underlying asset types in the REIT market necessitates insurance companies to invest in professional research teams to enhance investment decision-making processes [7].

关注算力产业的投资人皓天表示，润泽科技净利润低于预期的部分原因是受传统IDC业务改造影响， 影响 业绩金额约3亿元。 " 行业拨乱反正阶段，算力摸底是润泽科技股价下跌的原因之一。 " 作者丨刘伊伦 编辑丨包永刚 4月23日晚，润泽科技（ 300442.SZ ）发布2024年年报，报告发布后，市场反应强烈。次日开盘，润泽 科技股价下跌14.16%，盘中一度跌近17%。当日，算力板块整体也表现不佳。 截至2025年4月25日收盘，润泽科技的市值为788.44亿元，与此前逼近1300亿元的历史高点相比， 市值 近乎腰斩。 报告期内，润泽科技实现营业收入43.65 亿元，同比仅增长0.32%；归属于上市公司股东的净利润为 17.90亿元，同比增长1.62%。此前，国盛证券、兴业证券等发布的研报对其2024年归母净利润预测均超 21亿元，实际17.90亿元的净利润远低于预期，致使投资者信心受挫引发股价下跌。 然而，也有业内人士称，能耗指标以及政府关系才是数据中心运营商面对大厂的核心筹码。产业投资人俊 杰称， 润泽科技能搞定能耗指标以及政府关系才是关键 ，并且头部的数据中心都有英伟达供应商的关 系，能拿到高端N卡供应。 ...

Core Viewpoint - CITIC Securities aims to achieve first-class standards in the industry by 2030 and strives for international competitiveness by 2035, focusing on investment banking, wealth management, and asset management while enhancing risk control and compliance [1] Financial Performance - In 2024, CITIC Securities reported operating revenue of 21.129 billion yuan, a year-on-year decrease of 9.10%, while net profit attributable to shareholders was 7.223 billion yuan, an increase of 2.68% [1] - The net profit excluding non-recurring gains and losses was 7.240 billion yuan, down 7.03% year-on-year [1] - The decline in revenue was attributed to external market and policy factors, significantly impacting the investment banking segment, which has a high proportion in the company's revenue structure [1] Business Segment Analysis - Wealth management revenue showed significant growth, with 1.9902 million new clients acquired in 2024, a year-on-year increase of 62.73%, and the number of high-net-worth clients reaching a five-year high [2] - Investment banking revenue was under pressure, with a reported income of 2.491 billion yuan, down 48.14% year-on-year, linked to a contraction in equity financing in the primary market [2] - In 2024, CITIC Securities completed 27 A-share equity financing projects, ranking second in the industry with a total underwriting amount of 15.060 billion yuan [2] Strategic Initiatives - In 2025, CITIC Securities plans to implement new capital market policies and focus on customer needs in equity financing, enhancing service quality for the real economy [3] - The company has increased its focus on policy-encouraged businesses, particularly in mergers and acquisitions and REITs, achieving the highest transaction amount in major asset restructuring projects in the industry [3] - CITIC Securities is also expanding its efforts in the Hong Kong stock market, accumulating a strong reserve of quality clients for future projects [3]