2025年REITs二季度季报点评：大势未改，微澜有别

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, the operating performance of REITs in the second quarter basically continued the expected trend. The REIT market experienced an overall correction after the release of the second - quarter reports, similar to the situation after the first - quarter reports. The correction occurred during the period of investors' risk preference conversion and the rotation of major asset market trends, with a relatively small weight on fundamental pricing. In the short term, the overall REIT market may still be dominated by its bond - like nature, and long - term investment value exists for some projects and investors [3][6][11]. 3. Summary According to the Table of Contents 3.1 Second - Quarter REIT Performance: The General Trend Remains Unchanged, with Minor Differences - Most projects in the affordable housing, consumption, and municipal environmental protection sectors maintained stable operations. The overall occupancy rate of the warehousing sector increased marginally, but rents were still under pressure. The industrial park basically continued its previous operating trend, and there were internal differentiations in the highway and energy sectors [11]. 3.2 Affordable Housing: Steady Growth - The overall operation of the affordable housing sector remained stable. For rental - allocation projects, the occupancy rate and rent basically increased steadily. Some projects had different performance due to factors such as expansion and tax policies. Market - oriented rental projects also had stable operating indicators [12]. 3.3 Highway: Seasonal Decline and Differentiated Impact of Road Networks - In the second quarter, there were differentiations in revenue and operation among highway projects. Seasonal changes and road network changes were important influencing factors. Some projects were affected by new competing projects or road reconstruction, while others benefited from road network improvements [19][21]. 3.4 Energy: Differentiation under the Intersection of Multiple Factors - The revenue and operating indicators of the clean energy sector had a relatively high volatility. Some projects benefited from the rapid growth of power - on - grid volume, while others were affected by factors such as low light resources, competition, and power grid maintenance. However, some projects improved their distributable amounts through measures like factoring national subsidy accounts receivable [26]. 3.5 Municipal Environmental Protection: Overall Stable - The overall operation of municipal projects remained basically stable. Some projects were affected by factors such as non - heating seasons, changes in waste generation, and tax policies [31]. 3.6 Industrial Park: Continued Pressure - The industrial park basically continued its previous operating trend. Industrial plant projects had relatively stable occupancy rates and rents, while most R & D office projects faced situations of "trading price for volume" and "decline in both volume and price" [11]. 3.7 Warehouse: Marginal Stabilization - The overall occupancy rate of the warehouse sector increased marginally, but rents were still under pressure [11]. 3.8 Consumption: Seasonal Decline but Overall Strong - Some consumption projects reported a marginal decline in rent, which might be related to the seasonal decline in mall turnover and the reduction in rent commissions [11].