Zheng Quan Shi Bao Wang·2025-07-30 00:13Core Viewpoint - The report from CITIC Securities indicates that while 66 REITs have disclosed their Q2 2025 results, the overall performance remains under pressure, with a notable decline in key financial metrics compared to the previous year [1] Financial Performance - Among the 66 REITs, 31 reported achievement rates for three core indicators: revenue, EBITDA, and distributable amount, with average achievement rates of 94.1%, 101.5%, and 91.5% respectively [1] - Year-on-year growth rates for the three key indicators across all 66 REITs are -3.5%, -4.7%, and -7.0% respectively, indicating a decline in performance [1] Sector Analysis - There is an increasing divergence among different sectors, with consumer and rental housing sectors showing overall stable operations, while warehousing, industrial parks, transportation, and energy sectors exhibit significant internal disparities [1] Market Outlook - Recent market pullbacks are attributed to decreased risk appetite and factors such as lock-up expirations; however, the core logic of REITs as a dividend allocation asset remains unchanged [1] - The secondary market is expected to present better allocation opportunities following adjustments, with a focus on high-quality domestic demand sectors and recovery in economic conditions as key investment themes [1]