REITs专题研究报告（六）：央地政策合力推进扩容提质，二季度市场稳中有进

Investment Rating - The report maintains a positive investment rating for the REITs sector, indicating a favorable outlook for future performance [7]. Core Insights - The REITs market is entering a new phase of high-quality development driven by both central and local policies, focusing on expanding and enhancing the quality of REITs [3][11]. - In Q2 2025, the market showed resilience with a significant recovery in the index, highlighting strong dividend performance and structural opportunities despite external pressures [4][16]. - The report emphasizes the importance of cash distribution stability, with a high dividend coverage rate and notable contributions from key REITs [28]. Summary by Sections 1. Policy and Development - Central policies are actively promoting the expansion and quality enhancement of REITs, with various initiatives aimed at improving asset quality and market mechanisms [12][15]. - Local governments are responding positively, implementing innovative mechanisms to support REITs, including project reserve management and the introduction of Pre-REITs tools [13][14]. 2. Market Performance - The China Securities REITs index experienced a temporary decline but rebounded to stabilize around the 10,000-point mark by the end of Q2 2025, demonstrating its resilience [4][16]. - The overall return of the REITs index was -9.80% over the past year, outperforming major stock indices, indicating its positioning between equity and fixed income [19][22]. 3. Sector Analysis - Different REIT sectors displayed varied performance, with strong growth in affordable housing and commercial REITs, while industrial park REITs showed significant internal divergence [5][26]. - The report highlights that the energy sector is improving, with some projects experiencing substantial growth in revenue and distributable funds [25][32]. - The logistics and warehousing sector continues to show stability, with all products reporting positive returns over the analyzed periods [26][32]. 4. Dividend Distribution - A total of 71 REITs were analyzed, with 57 distributing dividends in Q2 2025, resulting in a coverage rate of 80.3% and a total payout of 5.315 billion yuan [28][29]. - Key contributors to dividends included Ping An Ningbo REIT, which distributed 620 million yuan, and other significant players in the transportation and energy sectors [28][29].