"国泰君安东久REIT"拟于2025年12月26日扩募份额上市交易；参考此前已完成扩募的REITs在发售前后的溢价率、业绩完成度以及后续市场表现等因素， 扩募上市后，预计二级市场价格或将低于扩募价格。 "国泰君安东久REIT"自2022年10月上市以来，2022年—2024年期间出租率维持在95%以上，但进入2025年，其出租率进入下降阶段，不同季度期末出租率 最低94.62%，季度平均出租率最低仅为93.61%。租金单价方面，首发及存续期间评估报告给出的运营期内市场租金增长率在3%—5%之间。实践中，最新 租金单价为30.34元/平方米/月，虽然较2023年以及2024年下半年有所提升，但与上市首年相比则下降了3.1%。 自2023年上市后，租金未如预测般稳定增长，反而呈下降态势；发行前预期与实际数值差异较大。2023年评估报告预测2024年的营业收入为10,486万元， 运营净收益为8,058万元；2024年实际营业收入10,905.74万元，经营净利润为5,118.36万元，可供分配金额7,768.27万元。 二、扩募探讨 1.动机与动力 "国泰君安东久REIT"自首发上市以来，受益于其较为稳健的出租率 ...

Core Viewpoint - The announcement by Huaxia Fund regarding the first expansion of the Huaxia Fund Huayun Rental Housing Closed-End Infrastructure Securities Investment Fund (REIT) for 2024 marks the commencement of the fundraising phase, allowing original shareholders to subscribe for additional shares under specific conditions [1][14]. Group 1: Fund Details - The fund is officially named "Huaxia Fund Huayun Rental Housing Closed-End Infrastructure Securities Investment Fund" and is abbreviated as "Huaxia Fund Huayun REIT" [1][15]. - The total number of fund shares available for subscription is 500 million, with 450 million shares available for allocation to original shareholders at a ratio of 0.9 shares for every 1 share held [2][16]. - The subscription price for the fund is set at 2.53 yuan per share, determined based on market factors [3][16]. Group 2: Fundraising Scale - The total amount to be raised through this expansion is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a projected total of 11.385 billion yuan if all original shareholders fully subscribe [3][17]. Group 3: Subscription Process - The subscription period is from December 8, 2025, to December 12, 2025, during which original shareholders can participate through both on-market and off-market channels [6][21]. - Minimum subscription amounts are set at 1 yuan for both on-market and off-market subscriptions, with specific rules applicable based on the sales institutions [5][20]. Group 4: Underlying Assets - The fund plans to acquire the "Youchao Majiao" project located in Minhang District, Shanghai, which is a demonstration project for affordable rental housing, having opened in March 2023 [10][26]. - The underlying assets also include the "Youchao Sijing" and "Youchao Eastern Economic Development Zone" projects, which are significant examples of the city's efforts to promote affordable rental housing [10][28].

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。 ...

Core Viewpoint - The article discusses the rapid development and expansion of public REITs in China, highlighting their role in transforming real estate into standardized and liquid financial products, and the supportive policies from the government to enhance the market [1][4]. Group 1: Market Expansion and Development - As of now, there are 77 public REITs listed in China, with a total market capitalization exceeding 220 billion yuan [4]. - The National Development and Reform Commission's recent notification supports the normalization of public REITs applications, injecting new momentum into the market [1][4]. - The public REITs market in China is still in its early stages compared to mature markets like the US and Japan, but it has already shown positive impacts on project financing and effective investment expansion [4]. Group 2: Importance of REITs Expansion - Industry leaders emphasize that the expansion of public REITs is not merely about increasing scale but is crucial for creating a sustainable market that enhances long-term value [5]. - The expansion of REITs can effectively diversify asset risks and improve expected returns, making it a key focus for companies in the sector [5][6]. - Historical data from mature markets indicate that the expansion scale of REITs often far exceeds initial public offerings, suggesting a significant growth potential for China's REITs market [5][6]. Group 3: Operational Excellence and Asset Management - High-level asset management is essential for the healthy development of REITs, requiring companies to demonstrate refined operational capabilities and risk management [6]. - Companies that manage stable underlying assets and can withstand industry cycles tend to gain higher investor recognition, paving the way for future expansions [6]. - The ability to maintain high occupancy rates and optimize rental levels is critical for the operational quality of underlying assets, with some companies achieving occupancy rates above 99% [7].

Core Insights - The article discusses the current opportunities for the domestic REITs market in China, emphasizing the importance of enhancing the investment and financing cycle through the expansion and quality improvement of public REITs [1][3]. Group 1: Market Expansion and Policy Support - The number of publicly listed REITs in China has reached 77, with a total market capitalization exceeding 220 billion yuan [3]. - The National Development and Reform Commission (NDRC) has issued a notice to support the normalization of REITs applications in the infrastructure sector, providing new policy guidance and continuous momentum for market expansion [1][3]. - The REITs market in China is still in its early stages compared to mature markets in Europe, the U.S., and Japan, but it has already shown positive impacts on project financing channels and effective investment [3]. Group 2: Importance of Asset Management - High-level asset operation is crucial for the healthy development of REITs, requiring companies to enhance their operational capabilities and risk management [6]. - Companies that can demonstrate stable asset management and resilience to industry cycles are likely to gain higher investor recognition [6]. - The focus on maintaining high occupancy rates and optimizing rental levels is essential for stabilizing the asset base of REITs [6]. Group 3: Perspectives from Industry Leaders - Leaders from various companies, such as Anhui Communications Investment Group and Dongjiu Industrial Real Estate Investment Co., have expressed strong interest in the expansion of REITs, highlighting its role in revitalizing existing assets and funding new projects [4][5]. - The expansion of REITs is seen as a critical mechanism for risk diversification and enhancing asset yield expectations [5]. - The experience from international markets indicates that the scale of REITs expansions often surpasses initial public offerings, suggesting a positive trend for the future of China's REITs market [5][6].

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].