消费REITs2025年中报综述：稳健运营，扩容在即

Investment Rating - The report maintains an "Overweight" rating for the consumption REITs sector, indicating a positive outlook for investment opportunities in this area [7]. Core Insights - The consumption REITs have shown resilient operations in 2025, outperforming the broader market, with stable revenue and distribution targets being met as expected [1][3]. - The report highlights that consumption REITs are likely to benefit first from improvements in the macroeconomic environment, particularly in the context of property REITs [1]. - The overall retail market in China has experienced steady recovery, with a year-on-year growth of 5.0% in the first half of 2025, driven by both policy support and internal recovery [2][11]. - The supply of commercial real estate is under pressure but has shown signs of easing, with a 29% year-on-year decrease in the number of new openings for centralized commercial spaces [2][19]. - The average occupancy rate for consumption REITs remains high, exceeding 95%, with some leading projects achieving over 98% [3][25]. Summary by Sections Industry Overview - The retail market has seen a steady recovery, with a 5.0% year-on-year increase in social retail sales in H1 2025, up 1.3 percentage points from the previous year [2][11]. - The gap between offline and online retail growth rates is narrowing, indicating a reduced diversion of customers from physical stores to online platforms [2][11]. Operational Performance - Consumption REITs have demonstrated operational resilience, with an average revenue growth of 0.4% year-on-year in H1 2025 [3][27]. - The average occupancy rate for consumption REITs is reported at 97.13%, with most projects maintaining high occupancy levels [60][66]. - The EBITDA for consumption REITs has seen a slight year-on-year decline, but most are expected to meet their 2025 targets [74][81]. Market Performance - The average distributable amount for consumption REITs has increased by 3.5% year-on-year, indicating strong dividend intentions [4]. - Consumption REITs have significantly outperformed the REITs index this year, with dividend yields ranging from 3.5% to 6.3% [4][5]. Outlook - The consumption REITs sector is expected to continue expanding, with new projects entering the market and existing REITs planning to inject additional assets [5]. - The report notes a positive sentiment in the secondary market, with a valuation reassessment benefiting the primary market as well [5].