REITs产品书系列：中金印力消费REIT投资价值分析

Market and Economic Overview - Hangzhou Yuhang District's GDP in 2023 reached 293.643 billion yuan, a year-on-year increase of 10.76%[8] - Yuhang District's per capita disposable income in 2022 was 79,400 yuan, up 2.85% year-on-year[8] - Yuhang District's population in 2023 was 1.405 million, an increase of 3.01% year-on-year[8] REIT Performance and Valuation - CICC Yinli Consumption REIT's market value as of July 22, 2024, was 3.148 billion yuan, with a P/NAV of 0.96, the lowest among listed consumption infrastructure REITs[26] - CICC Yinli Consumption REIT's valuation yield is 6.68%, higher than comparable REITs[26] - The predicted net cash flow distribution rate for CICC Yinli Consumption REIT in 2024 is 5.05%, higher than the average of comparable REITs[37] Asset and Revenue Details - Xixi Impression City's total rentable area is 99,896.24 square meters, with a fixed rental income of 152 million yuan in the first nine months of 2023, accounting for 62% of total operating income[114] - Xixi Impression City's NOI Margin is 72.70%, higher than the average of comparable REITs[168] - The project's monthly rent per square meter increased from 146.9 yuan in 2020 to 191.2 yuan in the first nine months of 2023[144] Investment and Market Position - CICC Yinli Consumption REIT's strategic investors subscribed to 836 million shares, accounting for 83.56% of the total issued shares[60] - The top ten holders of CICC Yinli Consumption REIT hold 89.67% of the total shares, indicating high concentration[76] - Xixi Impression City's occupancy rate reached 99.6% as of September 30, 2023, with a weighted average occupancy rate exceeding 97.5%[161]