【财经分析】C-REITs表现不俗 保租房板块涨幅可观

Core Viewpoint - C-REITs have emerged as a new investment choice in the low-interest-rate environment, with increasing asset pools and ongoing expansions expected to enhance cash flow reserves and asset management quality, ultimately providing better and more stable returns for investors [1] Market Performance - From June 9 to June 13, 2025, the weighted REITs index rose to 143.48, with a return rate of 0.74%, outperforming other major asset classes [2] - The most notable performance was from the保障性租赁住房REITs, with 华夏基金华润有巢 REIT showing the highest market value increase of 4.32% during the same period [2] - Since their listing, 中金厦门安居 REIT has seen a total equity increase of 94.09% compared to its initial market value [2] - The price index for the保障性租赁住房 sector rose by 29.8% in Q1 2025, with the total return index increasing by 34.8% [2] Product Performance and Demand - As of June 10, 2025, the eight listed保障性租赁住房REITs have averaged a 52.7% increase from their issuance prices, with an average increase of 19.7% since the beginning of 2025 [3] - The average cash distribution rate for six products issued before 2025 was 2.81%, with an actual distribution rate of 2.82% [3] - The stable rental income and low capital expenditure requirements of保障性租赁住房REITs have made them attractive to investors [3] Expansion and Market Sentiment - 华夏北京保障房REIT recently completed its first expansion, raising approximately 946.2 million yuan by issuing 224,218,009 shares at a price of 4.22 yuan per share [4] - The successful expansion of the first保障性租赁住房REIT validates the effective development model of "initial issuance + continuous expansion" and boosts market sentiment, with other REITs also experiencing significant price increases [4] Future Outlook - The cumulative issuance scale of公募REITs is expected to exceed 25 billion yuan, driven by increasing investor interest and the need for new investment avenues in a low-interest-rate environment [5] - The expansion trend is anticipated to continue, allowing original equity holders to grow asset scales and improve asset management quality [5] - Analysts suggest that保障性租赁住房REITs, characterized by low operational costs and stable rental income, are likely to remain attractive investments [5] Investment Strategy - Investors are encouraged to focus on core cities for allocation in保障性租赁住房REITs, given their low operational risks and stable rental income [5] - The potential for significant returns from newly listed REITs is highlighted, with many projects experiencing high subscription rates and substantial first-day price increases [5] - Research indicates that buying newly listed REITs within the first 60 trading days can yield favorable returns, with a win rate of 60% [5][6]