Shenwan Hongyuan Securities·2025-11-05 01:00Core Insights - The report highlights a significant divergence in performance across various sectors within the public REITs market for Q3 2025, with utility, rental housing, and consumer sectors showing robust growth, while logistics and transportation sectors are underperforming [4][14] - The overall market experienced a V-shaped rebound in October, driven by the central bank's resumption of public bond trading, leading to a notable increase in trading volume and a recovery in valuations [5][14] Sector Performance Summary - Utility Sector: Demonstrated exceptional performance with EBITDA growth exceeding 10% year-on-year, indicating strong demand and operational efficiency [4][14] - Rental Housing and Consumer Sectors: Both sectors showed steady performance with positive year-on-year growth in revenue, EBITDA, and distributable amounts, reflecting resilience in consumer spending [4][14] - Logistics and Transportation Sectors: These sectors faced significant challenges, with over 80% of companies in the industrial park sector reporting declines in performance, and only a few companies in the transportation sector achieving growth [4][14] - Energy Sector: Overall performance declined, with most projects reporting significant year-on-year decreases in revenue and EBITDA, except for a few standout companies [4][14] Market Trends - Dividend Yields: The latest dividend yield for property REITs rose to 4.06%, with a spread of 2.27% over the 10-year government bond yield, indicating a favorable investment environment for income-seeking investors [5][14] - Valuation Recovery: Valuations for property and operating rights REITs have rebounded to the 66% and 72% percentiles, respectively, suggesting a recovery in investor confidence [5][14] - New REITs Performance: A significant disparity in the performance of newly established REITs was noted, with only 14% of those established in 2025 meeting their expected distributable amounts [4][14] Company-Specific Insights - Ding Tai Gao Ke (301377): Reported a revenue of 1.457 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 29.13%, with a notable profit increase of 63.94% [13] - Rongchang Bio (09995.HK): Achieved a revenue of 1.72 billion yuan in the first three quarters of 2025, a 42.3% increase year-on-year, with a significant reduction in net losses [15][16] - Zhong Tung Gao Xin (000657): Announced plans for capacity expansion in response to high demand for PCB drill bits, with a projected increase in monthly production capacity [20][21]