零售板块持续激发消费潜力，越秀房产基金公布上半年单:实现经营收入9.66亿元

Core Insights - Yuexiu Real Estate Investment Trust reported stable operating performance with total revenue of RMB 966 million and net property income of RMB 679 million for the first half of the year [2] - The average financing cost has decreased to a near three-year low, reflecting prudent financial management [5] Operational Performance - The diversified property portfolio of Yuexiu REIT demonstrated robust operational stability, with office properties contributing 55% of total revenue, generating RMB 532 million [3] - The Guangzhou International Financial Center (IFC) office had a renewal rate of 70%, while the newly launched renovated units in Yuexiu Financial Tower achieved over 60% take-up rate [3] - The hotel and serviced apartment segment accounted for 26% of revenue, benefiting from the recovery of business travel and exhibitions, with the Four Seasons Hotel in Guangzhou achieving record room revenue of RMB 190 million [3] - Retail segment performance improved through brand adjustments and operational strategies, with the IFC's rental rate reaching 96.4% and the introduction of the first downtown duty-free store in Guangzhou [3] Financial Management - Total financing costs for the fund were RMB 403 million, a year-on-year decrease of 13.5%, saving approximately RMB 63 million [5] - The average interest rate for the first half was 3.92%, down 64 basis points, marking the lowest level in three years [5] - The fund successfully issued RMB 600 million three-year panda bonds in July, with a coupon rate of 2.70%, expanding its financing channels [5] - The fund's debt structure optimization led to an increase in RMB financing proportion to 72%, up 31 percentage points from the previous year, while foreign exchange exposure decreased from 59% to 28% [5]