Zhi Tong Cai Jing·2025-07-30 04:05Core Viewpoint - The C-REITs market is expected to continue its bull market trend into 2025, with the CSI REITs Index showing a year-to-date increase of 12.8%. Recent market pullbacks are attributed to lower risk appetite and lock-up expirations, but the core logic of REITs as a dividend allocation asset remains unchanged, suggesting better allocation opportunities post-adjustment [1][2]. Performance Summary - A total of 66 REITs disclosed their Q2 2025 reports, with 31 REITs providing achievement rate data. The average achievement rates for the three core indicators (revenue, EBITDA, and distributable amount) were 94.1%, 101.5%, and 91.5%, respectively. However, the overall performance pressure persists, with year-on-year growth rates for these indicators at -3.5%, -4.7%, and -7.0% [2][3]. Sector Analysis - The performance across sectors has become increasingly differentiated: - Industrial Parks: Overall performance and operations are mixed, with factory REITs maintaining stability while research and office REITs face ongoing pressure [4]. - Warehousing and Logistics: A strategy of exchanging price for volume continues, with a contraction in supply and growth in demand supporting a rebound in occupancy rates [4]. - Affordable Rental Housing: Operations remain stable at high levels, with policy-driven affordable rental housing showing significant performance advantages [4]. - Consumer Sector: Generally, performance targets are met, with high occupancy rates and seasonal fluctuations in rental prices. Shopping center REITs maintain stable occupancy, while outlet REITs face high pressure on occupancy and rental rates [4]. - Transportation: Overall performance is under pressure, with some projects significantly affected by traffic network diversions [4]. - Municipal Projects: Waste treatment projects face performance pressure, while water and water conservancy projects operate steadily [4]. - Energy Sector: Performance continues to diverge, influenced by electricity price pressures and fluctuations in power generation [4]. Investment Recommendations - Focus on two main lines for investment: - Prioritize quality domestic demand sectors, including policy-driven affordable rental housing, consumption, and municipal environmental protection [1][2]. - Pay attention to assets with relative valuation advantages under improving economic conditions, such as strong operational management factory projects, continuously improving occupancy warehouse logistics projects, and high-traffic highway projects [1][2].