2025 年 11 月 27 日 华夏华润有巢 REIT (508077.SH) 扩募价值深度分析 相关研究 证券分析师 彭文玉 A0230517080001 nenawv@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 申购策略观点：有巢马桥项目地处上海闵行与松江交界，25 年末马桥 AI 试验区新企业 的入驻有望产生新增租赁需求, 但在市场租金普降的背景下以及区域内散租占主导, 可能 对项目租金产生扰动。我们预计有巢马桥项目的公允价值区间为 8.28~10.39 亿元，与 披露评估值相差-16.32%~5.05%。扩募前，华润有巢分红能力处于中游水平，但扩募 后预计 25 年中性 Cap Rate 达到 3.37%，仅次于城投宽庭与招蛇租赁；中性 IRR 预计 4.8%,较扩募前提升 0.26 个百分点。 ...

作为资产证券化的重要形式之一，公募 REITs 自 2020 年于国内启动试点以来，市场规模迅速提 升。截至目前，我国二级市场在运行基础设施公募 REITs 共 77 只，总市值规模已超过 2200 亿 元。虽然相比欧美、日本等成熟市场，国内公募 REITs 市场发展还处于相对早期，但作为国内基建 项目投资的重要退出机制，其所带来的拓展项目融资渠道，扩大有效投资等方面积极影响已经显现。 在成熟市场中， REITs 的扩募能够显著提升资产规模，优化收益结构，并进一步增强市场流动性， 是推动公募 REITs 市场发展的重要机制，也是市场发展的必然趋势。随着国家发改委发布了关于进 一步做好基础设施领域不动产投资信托基金（ REITs ）常态化申报推荐工作的通知，中国公募 REITs 市场也已迎来了扩募的重要契机。 安徽交控集团财务部部长，财务公司党委书记、董事长王猛表示，基础设施 REITs 更注重的功能是 盘活存量资产，提供新项目的建设资金，中金安徽交控 REIT 发行上市以来，有效推动了产业链再 融资的有效循环，促成整个集团实现投资建设、运营和资产盘活的闭环管理。对于公募 REITs 的扩 募，他表示，安徽交控 ...

国内REITs将如何抓住当前发展契机，实现更加畅通的投融循环，REITs投资又将迎来哪些机会。 REITs通过证券化方式将不动产转化为标准化且流动性较高的金融产品，是我国投融资体系持续改革背景下，金融市场创新的重要组成部分。首批公募 REITs上市四年多以来，目前国内已上市的公募REITs数量达到77只，为投资者提供了更多低门槛参与不动产投资的选择和机会。2025年9月，国家发改委发 布关于进一步做好基础设施领域不动产投资信托基金（REITs）常态化申报推荐工作的通知，支持REITs扩容扩募与资产创新，进一步为REITs注入了持续动 力和新的政策指引。 厦门安居集团有限公司副总经理、首席运营官陈勇也表达了对于REITs扩募的高度关注和认可。他表示，中金厦门安居REIT目前正在积极寻求扩募，以盘活 存量资产，分散风险并提升经营的稳健性。"在保租房领域，国内存量资产规模庞大，要借助REITs实现风险的有效分散就势必要通过不断的扩募来逐步盘活 资产"，陈勇介绍道，"十五五期间，REITs扩募将是我们的重点工作之一，我们将把厦门岛内外更多成熟、优质的资产拿出来作为扩募的备选项目，不断注 入到REITs平台中。" 上海 ...

Report Industry Investment Rating - Not provided in the given content Core Views - REITs financing can be divided into debt - raising and share - issuing, with share - issuing further split into IPO and expansion. From 2001 to July 2025, in the US REITs market, the average proportions of debt - raising, expansion, and IPO were 49%, 47%, and 4% respectively. China's REITs have a lower leverage ratio cap (29%) than overseas markets, making expansion a more suitable financing form for China's REITs. All implemented expansions in China's REITs so far are private placements of common shares, mainly used for asset purchases [2]. - China's REITs expansion regulatory system consists of the CSRC, exchanges, and the NDRC, and the approval and issuance process takes about 9.7 months. Four important rules for investors in REITs expansion are: 1) After IPO, for newly purchased assets, projects of the same original equity holder should generally be listed through the same REITs platform, with no scale requirement for asset valuation. 2) REITs can apply to the exchange for new asset purchases only after being listed for 12 months. 3) The pricing of public expansion should not be lower than the market price, and that of private expansion should not be lower than 90% of the market price. 4) The lock - up period of expansion shares is about half of that of IPO, with a minimum of 6 months [2]. - The value of expansion assets is slightly weaker than that of IPO assets, and their valuation is also lower. The median ratio of expansion asset valuation to IPO asset valuation is 64%. In terms of asset quality, the scale, geographical level, and profitability of expansion assets are relatively inferior to those of IPO assets. The Cap Rate of expansion assets is 0.28 - 0.61 pct higher than that of IPO assets, indicating that investors require a higher return for expansion assets of lower quality [3]. Summary by Directory 1. Expansion is One of the Main Financing Forms of REITs - REITs financing includes debt - raising, IPO, and expansion. In overseas markets, debt - raising and expansion are the main financing forms, with IPO accounting for a relatively small proportion. From 2001 to July 2025, the average proportions of debt - raising, expansion, and IPO in the US REITs market were 49%, 47%, and 4% respectively. In 2024, the amounts of debt - raising, expansion, and IPO in the US REITs were $48.1 billion, $30.5 billion, and $6.1 billion respectively, accounting for 57%, 36%, and 7%. China's lower leverage ratio cap (29%) makes expansion a more suitable financing form for its REITs [10]. - Overseas, expansion funds can be used for debt repayment and asset purchase. Expansion and other external financings of REITs can be used to pay off debts and acquire assets. Debt repayment can optimize the debt structure during interest - rate decline periods or reduce the leverage ratio when the REITs' debt ratio is too high. Asset purchase often relies on external financing due to the low fund retention rate of REITs. Although expansion for asset - purchase purposes is relatively infrequent, it involves larger financing volumes [12]. - China's REITs financing forms and uses are relatively single. As of September 19, 2025, all 6 REITs expansions in China were private placements of common shares, mainly used for asset purchases, and no expansion for debt - repayment purposes has been seen [16]. 2. Expansion Supervision and Process - China's REITs expansion regulatory system is composed of the CSRC, exchanges, and the NDRC. The rules of the Shanghai and Shenzhen Stock Exchanges are the most direct and comprehensive guidelines for current REITs expansion practices. Important rules for investors include: newly purchased assets of the same original equity holder should generally be listed through the same REITs platform after IPO, with no scale requirement for asset valuation; REITs can apply for new asset purchases after 12 months of listing; public expansion pricing should not be lower than the market price, and private expansion pricing should not be lower than 90% of the market price; the lock - up period of expansion shares is about half of that of IPO, with a minimum of 6 months [19][22][27]. - Referring to existing expansion experiences, the whole process takes about 9.7 months. The longest time - consuming stage is from the exchange's feedback to the issuer's response, with an average of 3.4 months. The time from the exchange's acceptance to the inquiry is highly uncertain, ranging from 0.8 to 12.6 months. After the issuer's response, the issuance rhythm is relatively controllable. Currently, there are 11 projects awaiting expansion, mainly in the affordable housing, industrial park, and consumer sectors [28][29][31]. 3. Comparison between Expansion Assets and Initial Public Offering (IPO) Assets - The value of expansion assets is slightly lower than that of IPO assets, and their quality is also weaker. The median ratio of expansion asset valuation to IPO asset valuation is 64%. In terms of asset quality, the scale, geographical level, and profitability of expansion assets are relatively inferior to those of IPO assets, while there is no obvious difference in the remaining term of sub - sectors [37]. - The valuation of expansion assets is lower than that of IPO assets. The Cap Rate of expansion assets is generally higher than that of IPO assets, ranging from 0.28 pct to 0.61 pct higher, indicating that investors require a higher return for expansion assets of lower quality [43].

Core Viewpoint - China Resources Commercial REIT is expected to complete its expansion by the end of 2025, following the submission of its expansion share listing application to the Shenzhen Stock Exchange and the recent policy changes that facilitate quicker expansion processes [1][2]. Group 1: Expansion Application and Policy Support - China Resources Commercial REIT submitted an application for expansion share listing to the Shenzhen Stock Exchange, with the first expansion planned for 2025 [1]. - The National Development and Reform Commission (NDRC) has reduced the expansion threshold for infrastructure REITs from 12 months to 6 months, allowing for a faster application process [1][2]. - The NDRC will prioritize recommending expansion projects that meet certain conditions, particularly those with high net recovery fund scales, indicating strong policy support for the expansion of China Resources Commercial REIT [2]. Group 2: Market Performance and Investor Sentiment - The market performance of China Resources Commercial REIT is influenced by fluctuations in the stock and bond markets, with a notable increase in related REITs, such as Huaxia Fund's "Wochao," which rose by 2.2% in early September 2025 [3]. - The ongoing expansion application process is likely to enhance market attention and recognition for China Resources Commercial REIT, especially given the focus on REITs with stable rental income and good asset quality [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The REITs expansion business rules have been further improved, and the Dujiangyan Scenic Area REITs project was successfully bid. The Shanghai Stock Exchange issued the "REITs Expansion Business Handling Guide", and the Shenzhen Stock Exchange also enabled the non - targeted expansion business function. The Huaxia Anbo Warehouse Logistics REIT's application status was updated to "accepted", and AVIC Fund won the bid for the Dujiangyan Scenic Area REITs project [4]. - In the primary market, 4 single - issue REITs made new progress this week, and the issuance scale decreased year - on - year. In the secondary market, the market rebounded with fluctuations this week, and the liquidity continued to rise [5]. 3. Summary According to the Table of Contents 3.1 Primary Market: 4 Single - Issue REITs Made New Progress - As of July 4, 2025, 10 REITs have been successfully issued this year, with a total issuance scale of 15.35 billion yuan, a year - on - year decrease of 43.8%. This week, 4 single - issue public REITs made new progress, and there was no new progress in expansion [5]. - There are currently 15 single - issue REITs under application, 5 have been queried and responded, 0 have passed the review, and 1 is registered and awaiting listing. For expansion, 10 have been applied, 4 have been queried and responded, and 3 have passed the review [5]. 3.2 Secondary Market: The Market Rebounded with Fluctuations This Week, and the Liquidity Continued to Rise 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.66% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1116.42 points, up 0.66%, underperforming the CSI 300 by 0.88 percentage points and the CSI Dividend by 1.28 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 15.35%, outperforming the CSI 300/CSI Dividend by 14.15/16.43 percentage points [5]. - By project attribute, property - type REITs rose 0.42%, and franchise - type REITs rose 1.05%. By asset type, the transportation (+1.29%), ecological environment protection (+1.08%), park (+0.83%), and energy (+0.60%) sectors performed better [5]. - Among individual bonds, 55 rose and 13 fell this week. CICC China Greentown Commercial REIT (+6.50%), E Fund Huayi Farmers' Market REIT (+5.25%), and Huaxia Nanjing Transportation Expressway REIT (+3.91%) led the gainers, while Huaxia TBEA New Energy REIT (-2.09%), Huaxia Beijing Affordable Housing REIT (-1.70%), and Guotai Junan Lingang Innovation Industrial Park REIT (-1.55%) were the biggest losers [5]. 3.2.2 Liquidity: The Ecological Environment Protection Sector Had the Highest Activity - The average daily turnover rate of CSI REITs this week was 0.62%, an increase of 3.94BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.78%/0.63%, an increase of 16.46/1.69BP from last week. The trading volumes during the week were 569 million/170 million shares, a week - on - week increase of 28.49%/9.15%. The ecological environment protection sector was the most active [5]. 3.2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/franchise - type REITs were 3.77%/3.94% respectively. The warehouse logistics (5.12%), transportation (5.09%), and park (4.70%) sectors ranked among the top three [5]. 3.3 This Week's News and Important Announcements - **This Week's News**: On June 27, the Shanghai Stock Exchange issued the "REITs Expansion Business Handling Guide", and the Shenzhen Stock Exchange also enabled the non - targeted expansion business function. On June 30, the application status of Huaxia Anbo Warehouse Logistics REIT was updated to "accepted". On July 4, AVIC Fund won the bid for the Dujiangyan Scenic Area REITs project [4][31]. - **Important Announcements**: Multiple REITs released expansion, listing, and operation data announcements, including Guotai Junan Lingang Innovation Industrial Park REIT, CICC China Greentown Commercial REIT, etc. [32]

Core Viewpoint - The successful expansion of the Huaxia Beijing Affordable Housing REIT marks a significant milestone in China's public REITs market, indicating a dual-driven model of "initial issuance + expansion" that accelerates the normalization of REITs issuance [1][2] Group 1: Market Development - As of June 25, 2023, there are 66 public REITs listed in China, with 5 having completed expansions, totaling an issuance scale of 180.4 billion yuan, covering various asset types [1] - The total market value of public REITs reached 200 billion yuan on June 5, 2023, reflecting a steady growth trend in the market [1] - The approval of the first batch of data center REITs on June 18, 2023, signifies ongoing market expansion and diversification [1] Group 2: Expansion Mechanism - The expansion of REITs is viewed as a crucial mechanism for sustainable market development, allowing for asset scale growth and improved asset management quality [3] - The expansion project is expected to yield an annualized cash distribution rate of 4.11% by 2025, which is higher than the initial issuance rate, enhancing investor returns [2] - Since June 2023, 10 REITs have announced expansion plans, with 2 approved and 4 under review, indicating a growing trend in the market [3] Group 3: Financial Innovation and Social Impact - The successful expansion of the REITs project opens new sustainable financing pathways for affordable housing construction, demonstrating the role of financial innovation in supporting major social projects [2] - The potential for asset securitization of 1% to 2% of China's infrastructure stock, valued over 100 trillion yuan, could create a trillion-yuan scale REITs market, highlighting the importance of expansion [4] Group 4: Challenges and Considerations - The current number of expansion projects in China's REITs market remains limited, which poses a challenge for long-term market vitality [5] - Balancing the interests of issuers, investors, and fund managers is critical for the success of the expansion mechanism, as it affects pricing and market efficiency [5] - Legal considerations for REITs expansion include the need for flexible rules to accommodate diverse asset types and optimize governance structures [6]

Core Viewpoint - The public REITs market in China has experienced significant growth over the past four years, evolving from a nascent stage to a robust ecosystem, with a total market size exceeding 200 billion yuan and a cumulative dividend amount surpassing 22 billion yuan, indicating a shift towards high-quality development [1][2][3]. Market Growth and Development - As of June 28, the total market value of public REITs reached 206.07 billion yuan, despite a slight decline from its historical peak of 206.73 billion yuan on June 23 [3]. - The cumulative dividend amount for public REITs has exceeded 22 billion yuan, showcasing the market's commitment to rewarding investors [3]. - The public REITs market has expanded its asset categories from traditional sectors like warehousing and logistics to include ten categories such as affordable housing, data centers, and consumer infrastructure, reflecting a comprehensive coverage of key economic sectors [1]. Institutional Innovation and Market Demand - The rise of the public REITs market is a result of a synergy between institutional design and market demand, with a clear evolution of policies since the pilot launch in 2020 [3][4]. - The introduction of new regulatory guidelines in early 2024 has clarified the equity attributes of REITs, encouraging long-term capital, such as insurance funds, to enter the market [4]. Investor Diversity and Market Stability - The investor base for REITs has diversified, enhancing market stability and liquidity, with both long-term and trading-oriented investors benefiting from dividends and secondary market transactions [4]. - The presence of long-term capital has been crucial for the development of the REITs market, providing strong support for its growth [4]. Future Opportunities and Market Expansion - The Chinese REITs market is still in a high-growth phase, with potential for further expansion through product diversity and fundraising strategies, drawing lessons from international markets [7]. - There is an opportunity to broaden the underlying asset categories for REITs in China, potentially including sectors like cultural tourism, which could attract more quality assets [7]. - The market is expected to become a "new blue ocean" for global capital seeking investment options in China, given the vast array of infrastructure and real estate assets available [8].

Group 1: Industry Dynamics - The Shanghai Stock Exchange released new guidelines for public REITs expansion, which includes three methods: issuance to specific objects, allocation to existing fund holders, and public fundraising [1][7] - The Shenzhen Stock Exchange announced that the non-directional expansion function for REITs will officially start on June 30, allowing fund managers to handle various expansion-related tasks [1][7] Group 2: Primary Market - As of June 28, 2025, the total issuance scale of listed REITs reached 177.1 billion, with 68 funds issued [8][10] Group 3: Market Performance - For the week of June 23-27, 2025, the CSI REITs total return index fell by 1.38%, while the total REITs index decreased by 1.99% [2][18] - The total REITs index underperformed the CSI 300 index by 3.94 percentage points and the CSI All Bond index by 1.93 percentage points, but slightly outperformed the Nanhua Commodity index by 0.01 percentage points [2][18] - Individual REITs such as Zhongjin Yizhuang Industrial Park REIT, Zhongjin China Green Development Commercial REIT, and AVIC Jingneng Photovoltaic REIT led the gains with increases of 43.01%, 30.00%, and 0.95% respectively [2][18] Group 4: Liquidity - The total trading activity of REITs increased, with a total trading volume (MA5) of 579 million, up 1.8% from the previous week [3][37] - The MA5 trading volumes for property and operating rights were 325 million and 249 million respectively, with changes of 2.3% and -0.9% [3][37] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 25.9% of total trading [3][37] Group 5: Valuation - The report includes various valuation metrics and trends for REITs, indicating ongoing assessments of their market positions and performance [42]

Core Viewpoint - Guotai Junan Dongjiu New Economy REIT has gained significant attention from investors since its listing, reflecting its role as a key player in the development of industrial park REITs in the Yangtze River Delta region [1] Group 1: Asset Overview - Guotai Junan Dongjiu New Economy REIT holds four industrial parks, including Dongjiu (Wuxi) Intelligent Manufacturing Park, with a total building area of approximately 283,934 square meters and a leasable area of about 278,282 square meters [2] - The Dongjiu (Wuxi) Intelligent Manufacturing Park is strategically located near major transportation hubs, enhancing its appeal to high-end manufacturing and semiconductor industries [2] Group 2: Operational Performance - As of Q1 2025, the REIT has 44 tenants primarily in precision machinery, high-tech materials, information industry, and automotive equipment, aligning with national industrial policies [3] - The park has established a "iron triangle" tenant structure centered around high-end manufacturing, enhancing lease stickiness due to significant customization investments by leading enterprises [3] Group 3: Expansion Plans - The REIT is actively pursuing expansion, with plans to add Dongjiu (Nantong) Intelligent Manufacturing Park and Dongjiu (Chongqing) Intelligent Manufacturing Park as new assets [4] - The REIT's historical performance has been strong, maintaining an average occupancy rate of over 95% since its launch in October 2022, which supports the rationale for expansion [5]