二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 28 只，合计发行规模为 240.79 亿元，较前一周有所增 加。此外，上周有 28 只基金首次进入发行阶段，本周将有 6 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 报 告 摘 要 一、上周市场回顾 一、基金申报发行动态 上周共上报 36 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 5 只 FOF ，国证通用航空产业 ETF 、国投瑞银中证全指自由现金流指数基金、嘉 实中证港股通创新药 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，中小板指、中证 1000 、创业 板指指数收益靠前，收益分别为 2.13% 、 1.85% 、 1.74% ，科创 50 、沪深 300 、上证综指指数收益靠后，收益分别为 -0.40% 、 0.38% 、 0.56% 。 从成交额来看，除科创 50 、沪深 300 、上证综指外，上周主要宽基指数 成交额均有所上升。行业方面，上周综合金融、汽车、电力设备及新能源收 益靠前，收益分别为 5.06% 、 4.98% 、 3.09% ，食品饮料、消费者服 务、房地产收益靠后，收益分别为 ...

近日，在港交所上市的首程控股宣布，与中国人寿（601628）、财信人寿等机构联合发起设立北京平准基础设施不 动产股权投资基金。 这是国内公募REITs市场首只官宣带有"平准"二字的投资基金。该基金目标规模100亿元，首关规模为人民币52.37亿 元，是目前市场单只规模最大的公募REITs专项投资基金。 "战略投资+财务投资"双引擎模式 4月24日，首程控股公告称，公司的间接全资附属公司首景投资(作为有限合伙人)与中国人寿、财信人寿(作为有限合 伙人)和创弛企业管理(作为特殊有限合伙人)，以及首程控股另一家间接全资附属公司北京朗佳与国寿置业作为普通 合伙人(同时担任执行事务合伙人)，共同签订了合伙协议，以设立合伙企业。国寿资本自合伙企业成立之日起担任 管理人。 直程控股有限公司 SHOUCHENG HOLDINGS LIMITED (於香港註冊成立之有限公司) (股份代號：697) 須予披露交易 成立合夥企業 於2025年4月23日,以下各方簽署了合夥協議,以成立合夥企業: (i) 首景投資,本公司之間接全資附屬公司; 有限合夥人: (ii) 中國人壽; 及 (iii) 財信人壽 創弛企業管理 特殊有限合夥人: ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].

- The report does not contain any quantitative models or factors related to the requested topic[5][7][15]

华夏时报记者 李贝贝 上海报道 公开资料显示，酒店投资市场近年颇为活跃。4月23日，仲量联行酒店及旅游地产事业部大中华区董事 总经理周涛向《华夏时报》记者透露，2024年中国内地酒店成交额为187.9亿元（统计截止至3月中）， 预计2025年酒店投资交易额将与2024年持平，约为180亿元。 需要注意的是，尽管投资市场活跃度渐高，但流拍情况仍时有发生。记者根据阿里法拍平台公布的信息 统计，今年截至4月24日，该平台已有18个超过1亿元的酒店资产流拍，其中一些为第二次上架，部分酒 店再上架时则选择降价。 "中国酒店投资市场近年来进入活跃期。"该行提供的白皮书显示，2015年至2024年，中国酒店投资交易 额约1685.4亿元。其中，超过60%酒店交易发生在一线城市，其核心区位的土地稀缺性支撑酒店资产的 长期增值潜力。同时，新一线城市营业正成为中国酒店投资市场的新蓝海，相较于2015—2019年，2020 —2024年新一线城市酒店投资交易额占比增加6个百分点。 作为房地产细分领域的重要组成部分，酒店投资市场的活跃源于多个因素。例如，部分酒店资产持有者 面临现金流压力，希望通过折价出售酒店资产以盘活流动资金。"这 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has achieved significant growth in net profit due to the issuance of REITs, with a projected net profit of 1.567 billion yuan in 2024, representing a year-on-year increase of 292.93% [1][7] - The company is undergoing a transformation in its core business, focusing on trends such as two-dimensional culture shopping malls and outlet stores, which may pressure short-term performance but support long-term growth [1][7] - The retail environment remains challenging, particularly for the department store segment, which has seen a revenue decline of 31.93% year-on-year [2][8] Financial Performance Summary - In 2024, the company is expected to generate revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit is projected to be 1.567 billion yuan [1][5] - The gross margin for 2024 is estimated at 25.88%, with a net margin of 5.00%, reflecting a significant increase in net margin due to REIT-related gains [3][11] - The company’s various business segments show mixed performance, with department stores declining significantly, while shopping centers and outlet stores show resilience [2][8][10] Segment Performance Summary - **Department Stores**: Revenue of 1.483 billion yuan in 2024, down 31.93%, with a gross margin of 31.42% [2][8] - **Shopping Centers**: Revenue of 2.234 billion yuan, up 17.60%, but with a declining gross margin of 45.18% [2][8] - **Outlets**: Revenue of 1.517 billion yuan, stable growth of 0.03%, with a gross margin of 78.06% [2][8] - **Supermarkets**: The supermarket segment, particularly the Lianhua Supermarket, reported a net loss of 333 million yuan, with overall revenue declining across various formats [2][8][10] Future Outlook - The company is expected to continue leveraging its geographical and property advantages to enhance operational performance, with ongoing adjustments in business strategy [4][17] - The projected net profits for 2025, 2026, and 2027 are revised to 548 million, 620 million, and 679 million yuan respectively, reflecting a cautious outlook due to pressures in the supermarket segment [4][19]

（文/朱道义 编辑/张广凯） 大扩容的中国公募REITs市场，再度迎来了新物种，也成为外资布局中国的新渠道。 4月17日，凯德投资宣布，已经向中国证券监督管理委员会和上海证券交易所提交申请，拟推出旗下首支消费基础设施公募REIT——凯德商业C-REIT。 值得注意的是，这是首支由国际资产管理公司在中国申报的消费类公募REIT产品，同时也是唯一包含一线城市购物中心资产组合的消费类公募REIT，颇具 投资稀缺性。 据悉，凯德商业C-REIT首批纳入的两个资产分别是位于广州的凯德广场·云尚和位于长沙的凯德广场·雨花亭，总规模约为28亿元人民币，总建筑面积达到 16.84万平方米，整体出租率约为97%。凯德广场·云尚目前由凯德投资和凯德发展共同持有，凯德广场·雨花亭则是凯德中国信托旗下资产。 具体来看，凯德广场·雨花亭位于长沙雨花区，是一座成熟的社区型购物中心，周边拥有高密度的住宅和办公楼群。2019年，凯德将凯德广场·雨花亭注入凯 德商用信托（时名CRCT，现名CLCT）；2023年3月，项目完成资产升级改造，重新定位为一个更加注重生活方式与体验的商业空间。根据CLCT 2024年年 报，凯德广场·雨花亭客流及销售 ...

中金研究 51只公募REITs发布年度报告，本报告将从基本面、业绩完成度、资产重评估以及投资者结构四大维度解码增量信息。 点击小程序查看报告原文 Abstract 24年全年承压，关注结构性韧性。 2024年我国宏观经济仍处于弱复苏阶段，相关政策逐步发力，但传导至企业和居民端尚需时间。在此背景下，我们观 测代表企业和居民活动载体的存量REITs项目全年经营普遍承压，但也不乏结构性亮点。整体来看，当前形势下REITs项目经营韧性主要来源于：1）资产 供需矛盾相对可控；2）顺应政策主导方向（如产业园中的厂房以及消费基础设施）；3）具有稳定付费终端项目（如部分整租项目及政府付费项目）。 | 项目名称 | | 报告期末可出租面积 | | 报告期末出租率 | | | | 有效月租金 | | | 报告期末加权剩余租期 | | | 当期租金收缴率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (万平方米) | | (%) | | | | (元/平方米/月) ...