Xin Lang Cai Jing·2025-07-31 09:07Core Viewpoint - The report from CITIC Construction Investment indicates that 66 REITs have disclosed their Q2 2025 results, showing a mixed performance with overall pressure on earnings despite some sectors performing steadily [1] Performance Metrics - Among the 66 REITs, 31 provided data on achievement rates, with average achievement rates for three core metrics being 94.1% for revenue, 101.5% for EBITDA, and 91.5% for distributable amounts [1] - Year-on-year growth rates for the three key metrics across all REITs were -3.5% for revenue, -4.7% for EBITDA, and -7.0% for distributable amounts, indicating ongoing performance pressure [1] Sector Analysis - There is a notable divergence in performance across 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 Conditions - Recent market pullbacks are attributed to decreased risk appetite and factors such as lock-up expirations, impacting investor sentiment [1] - Despite current challenges, the long-term logic of REITs as a core asset for dividend allocation remains unchanged, with expectations for better investment opportunities in the secondary market following adjustments [1] Investment Focus - The report suggests focusing on high-quality domestic demand sectors and areas with potential for recovery in market conditions as key investment themes moving forward [1]