沪市债券新语 | 沪市高速公路REITs稳健运营 资产韧性体现长期配置价值

Core Viewpoint - The recent performance of highway REITs in the Shanghai market shows strong operational stability and high dividend distribution, attracting significant investor interest [1][5][9]. Group 1: Performance and Financials - As of June 30, 2025, there are 10 highway REITs in the Shanghai public market with a total issuance scale of 54 billion yuan, accounting for about one-third of the total market REITs issuance [2]. - The total toll revenue for the disclosed highway REITs reached approximately 1.88 billion yuan in the first half of 2025 [2]. - The management of various REITs has implemented measures to enhance operational efficiency, resulting in a 4.25% decrease in operating costs for the National Gold Iron Construction REIT compared to the same period in 2024 [3]. Group 2: Dividend Distribution - In the first half of 2025, highway REITs achieved a total distributable amount of 1.585 billion yuan, with an average annualized cash distribution rate of 8.45% [5]. - The China Gold Shandong Highway REIT has distributed dividends three times this year, totaling approximately 139 million yuan, with a distribution ratio of about 100% [6]. - The Huatai Jiangsu Control REIT reported a 16.75% year-on-year increase in vehicle toll revenue, amounting to 200.51 million yuan [3]. Group 3: Market Outlook - The transportation sector in China is showing robust growth, with a 3.9% year-on-year increase in freight volume and a 4.2% increase in passenger flow in the first half of 2025 [10]. - Experts believe that the implementation of differentiated toll discounts will encourage more freight to shift to highways, potentially improving the profitability of the highway sector [10].