Core Insights - The CICC Yizhuang Industrial Park REIT achieved a remarkable fundraising total of 236.8 billion yuan in just one day, marking a significant milestone in the public REIT market [1][2][4] Fundraising Details - The public offering attracted approximately 647.43 billion shares, equating to 1798.42 times the initial public offering size, with a total fundraising scale of 2368.23 billion yuan, which is 217.67 times its initial fundraising target of 10.88 billion yuan [2][4] - The allocation ratios for offline and public investors were recorded at 0.381% and 0.056%, respectively, both representing historical lows [2][4] Market Impact - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participants to share in the development dividends of the industrial park market [4] - The public REITs market has shown strong performance this year, with the CSI REITs total return index and closing index rising by 14.71% and 11.98%, respectively, indicating robust investor interest [5] Performance of REITs - Notable REITs such as Huazhong Bai Lian Consumer REIT and Huaxia Dayuecheng Commercial REIT have recorded impressive year-to-date gains of 57% and over 50%, respectively [5][6] - A public REITs fund manager highlighted that the strong performance is attributed to favorable interest rate environments and improved macroeconomic conditions, while cautioning against impulsive trading behaviors [5][7]

Group 1 - The core viewpoint of the news is the significant oversubscription of the CICC Yizhuang Industrial Park REIT, with public investors' effective subscription reaching 647.43 billion shares, approximately 1798.42 times the initial public offering amount [1][2] - The total fundraising scale for the CICC Yizhuang Industrial Park REIT reached 2368.23 billion yuan, which is 217.67 times the initial fundraising scale of 10.88 billion yuan [1] - The strategic investors will receive a 100% allocation, while the allocation ratios for offline and public investors are 0.38105434% and 0.05560442%, respectively [1] Group 2 - The CICC Yizhuang Industrial Park REIT aims to invest in high-end automotive and new energy vehicle key component industrial park projects located in Beijing Economic-Technological Development Area [2] - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participation [2] - The successful issuance is anticipated to attract more investors' attention and support for public REITs products, contributing to the high-quality development of China's public REITs market [2]

【导读】中金亦庄产业园REIT发行一天，提前结募 公募REITs发行再现"一日售罄"。 6月11日，中金亦庄产业园REIT启动发行，仅一天时间，公众发售部分便因超额募集而提前结募。 随着公募REITs持续扩容，目前已有27家基金管理人下场，华夏基金、中金基金是其中的发行大户。 "一日售罄" 中金亦庄产业园REIT提前结募 6月11日，中金基金发布公告称，旗下中金亦庄产业园封闭式基础设施证券投资基金（以下简称中金亦庄产业园REIT）原定募集期为2025年6月10 日至2025年6月11日，由于公众投资者认购踊跃，截至6月10日，本基金公众投资者认购总量已超过公众发售总量，根据相关规定，公众发售基金 份额认购截止日提前至6月10日，公众投资者认购申请将采用"全程比例配售"的原则予以确认。 中金亦庄产业园REIT首次发行拟投资的基础设施资产，是位于北京经济技术开发区融兴北一街11号院的高端汽车及新能源汽车关键零配件产业园 N12-1地块建设项目及位于北京经济技术开发区融兴北一街4号院的高端汽车及新能源汽车关键零配件产业园N20-1地块建设项目。基础设施资产当 前入驻企业主要为知名整车企业和智能驾驶企业提供产业链上下 ...

Group 1 - The core viewpoint of the article highlights the strong performance of public REITs in the market, with significant year-to-date gains, particularly in the consumer sector [1][5]. - The Huazhong BaiLian Consumer REIT has achieved the highest increase of 52.77% this year, leading the performance among public REITs [1][5]. - As of June 9, the total market capitalization of public REITs has surpassed 200 billion yuan, indicating robust investor interest and market activity [5]. Group 2 - Multiple new public REITs are in the application process, including the Huazhong Nuclear Clean Energy REIT, which is currently listed as "submitted" on the Shanghai Stock Exchange [2][4]. - The Xinjiang water power asset, which is part of the Huazhong Nuclear Clean Energy REIT, is expected to be the underlying asset, specifically the Bopona Hydropower Station [2]. - Other public REITs, such as the Chuangjin Hexin Agricultural Park REIT and the Huazhong Huadian Clean Energy REIT, are also progressing through the approval process, with some experiencing valuation adjustments [4]. Group 3 - The China Securities REITs Total Return Index has shown a year-to-date increase of over 14%, with a cumulative increase of nearly 20% over the past six months, outperforming other asset indices [5]. - Among the 66 listed public REITs, 25 have seen gains exceeding 20% this year, with 11 surpassing 30% [5]. - The consumer sector dominates the top-performing public REITs, with six out of the top ten year-to-date gainers being consumer-related REITs [5]. Group 4 - The Shanghai Stock Exchange has implemented measures to protect investors, such as temporarily suspending trading for the Huazhong Tebian Electric REIT after its price rose significantly [6]. - The recent economic stability and low bond yields are expected to support the long-term attractiveness of REITs, suggesting potential investment opportunities in sector rotation and capital expansion [6]. - The Shanghai government has issued a notice to enhance the quality and expansion of infrastructure REITs, encouraging collaboration with existing REIT platforms for asset restructuring [6].

Core Viewpoint - The public REITs market in China has reached a total market value of over 200 billion yuan for the first time, driven by new issuances and a rising secondary market [3] Group 1: Public REITs Market - As of June 6, the total market value of public REITs has increased by 29% since the end of 2024, reaching over 200 billion yuan [3] - The public REITs market index closed at 113.91, reflecting a 19% increase since the end of 2024, positioning it at the 78th percentile historically [3] - The narrowing yield spread between public REITs and long-term bonds is a significant factor contributing to the market's upward trend, alongside new trading elements such as new issuances, dividends, and expansions [3] - Eight new products have been launched in 2025, with a total issuance scale of 13.4 billion yuan, and several more products are currently under review [3] Group 2: Infrastructure Projects - The Three Gorges Waterway New Channel project has begun bidding, with the aim to start construction within the year [4] - The project includes the Three Gorges Hub New Channel Engineering and the Gezhouba Navigation Capacity Expansion Project, with a static total investment of approximately 76.6 billion yuan and a total construction period of 100 months [4] - The project has received approval for its feasibility study, and funding sources have been secured, indicating a positive outlook for infrastructure investment in the transportation sector [4]

Core Insights - The public REITs market has seen a significant price increase, with the total market capitalization surpassing 200 billion yuan for the first time, reaching 2019.9 billion yuan as of June 5 [2][8] - The market indices, including the CSI REITs closing index and the CSI REITs total return index, have shown year-on-year increases of 10.7% and 18.05% respectively [2] - The performance of different asset types indicates that transportation infrastructure and municipal water conservancy REITs have outperformed others [1][2] Market Performance - As of June 6, the CSI REITs total return index rose by 1.58%, while the closing index increased by 1.55% [1] - The REITs total index outperformed the CSI 300 index by 0.69 percentage points and the CSI All Bond Index by 1.41 percentage points, but underperformed the Nanhua Commodity Index by 0.24 percentage points [1] - Among the 66 listed REITs, 54 experienced a week-on-week increase, with the top three performers being highway REITs: China Merchants Highway REIT (+7.96%), Huatai Jiangsu Expressway REIT (+5.90%), and Ping An Ningbo Traffic REIT (+5.84%) [3][1] Asset Type Performance - The property-type REITs saw a 0.9% increase, while operating rights-type REITs rose by 3.2% [2] - The total return indices for various sectors showed significant gains, particularly in highways (+3.34%), municipal environmental protection (+1.67%), and consumption (+1.38%) [2] Trading Activity - The trading volume for public REITs reached 20.9 billion yuan last week, with water conservancy REITs leading in average turnover rates [6] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Bosera Shekou Industrial Park REIT, and Huaxia China Communications Construction REIT [6] Policy and Regulatory Developments - Recent policy developments include a notification from the Shanghai Development and Reform Commission aimed at enhancing project reserves and promoting the quality and expansion of infrastructure REITs [8] - Four new projects submitted feedback to regulatory inquiries, with all experiencing valuation adjustments [8][9] - Notable valuation adjustments included a 7.1% decrease for Chuangjin Hexin Shifang Industrial Park REIT and an 11.4% decrease for Nanfang Runze Technology Data Center REIT [9]

Market Overview - On June 6, the market showed mixed performance with the Shanghai Composite Index up by 0.04%, while the Shenzhen Component and ChiNext Index fell by 0.19% and 0.45% respectively[2] - On June 6, net inflow of funds into the Shanghai Stock Exchange was 7.004 billion CNY, and 575 million CNY into the Shenzhen Stock Exchange[3] Sector Performance - On June 9, precious metals, pesticides, mining, and construction materials sectors led the gains, while sectors like gaming, diversified finance, food and beverage, media, light industry, and shipbuilding experienced slight declines[1] - The overall market showed insufficient upward momentum, indicating a cautious attitude among investors ahead of resistance levels[1] Economic Indicators - The global manufacturing PMI for May was reported at 49.2%, indicating a slight increase of 0.1 percentage points but remaining below the neutral level for three consecutive months[4] - In May, the restaurant industry performance index was 49.42, indicating continued pressure, although the expectation index was at 54.22, suggesting optimism for the upcoming month[7] Industry Insights - The automotive industry is expected to undergo inevitable mergers and restructuring due to market stagnation and declining profits, as stated by the China International Trade Promotion Committee[8][9] - The Ministry of Water Resources announced plans to add over 300 million cubic meters per year of unconventional water utilization capacity by 2026, addressing water resource challenges in key regions[10] Investment Opportunities - Short-term investment strategies should focus on defensive sectors and potential rotations, while long-term opportunities lie in technology and industries supported by national policies[1] - The REITs market in China has surpassed a total market value of 200 billion CNY, indicating significant growth and development in this financial tool[13]

建邺高投集团作为建邺区人民政府授权的产业园区基础设施投融资、建设和运营管理主体，始终致力于 为建邺发展提供优质的产业园区载体和全方位的服务保障。集团紧密围绕"金融＋数字经济"的建邺主导 产业和园区精细管理的发展目标，践行园区"建设、运营、服务"一体式发展规划，不断做强做优产业园 运营业务。 未来，建邺高投集团将持续打造基础设施"募投管退"的全链条业务，以"孵化一批、成熟一批、上市一 批"的资产管理模式，助推南京市产业园区基础设施常态化REITs发行，为地方经济引入更多民间资本， 形成资本与实体经济良性互动的双赢格局。 本报讯(建宣鹿琳)近日，第十一届中国资产证券化论坛年会在北京召开。由建邺区高新科技投资集团有 限公司(简称"建邺高投集团")担任原始权益人和运营管理机构，由华泰证券旗下华泰证券(上海)资产管 理有限公司担任基金管理人和资产支持证券管理人的"华泰紫金南京建邺产业园封闭式基础设施证券投 资基金"(简称"华泰南京建邺REIT")荣获"公募REITs年度优秀项目"殊荣，系唯一一个获得该称号的产业 园区类项目。 华泰南京建邺REIT于去年12月3日在上海证券交易所正式上市，是南京市首单产业园类基础设施公募 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 公募 REITs 总市值首次突破 2000 亿元 ——公募 REITs 周速览（2025 年 6 月 2-6 日） 本周（2025 年 6 月 2-6 日）中证 REITs 全收益指数收于 1107.26 点，周度上涨 1.58%，2025 年来首次突 破 1100 点位。中证 REITs（收盘）指数收于 881.85 点，周度上涨 1.55%。我国基础设施公募 REITs 市场已上 市 66 个项目，本周总市值收于 2021 亿元，首次突破 2000 亿元大关，环比上涨 1.95%。大类资产角度，本周 REITs 各资产板块均上涨，整体跑赢沪深 300、债券板块、沪金和 COMAX 黄金，跑输中证 500、中证 1000、 恒生科技和沪银。 图 1：REITs 市场整体表现 资料来源：WIND，华西证券研究所 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.55 0.65 0.75 0.85 0.95 1.05 1.15 1.25 1.3 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up, and the total market capitalization of REITs exceeded 200 billion yuan. Three public REITs made new progress, and the public REITs market continued to expand [1]. - This week, the performance of concession - based REITs was stronger than that of property - based REITs. The average weekly price changes of property - based REITs and concession - based REITs were +0.9% and +3.0% respectively [1][3][18]. - In terms of the comparison of weekly price changes of major indices, China Securities REITs > China Securities Convertible Bonds > CSI 300 > China Securities All - Bond. The average daily turnover rate of REITs throughout the week increased slightly compared with the previous week [1]. - All types of REITs in the entire market closed up, with energy, transportation, and consumer REITs having the largest increases [1][3][18]. - As of June 6, the average annualized cash distribution rate of public REITs was 5.8%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property - based REITs was 315 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 167 BP [1][29]. Summary by Related Catalogs Market Trends Secondary Market Trends - As of June 6, 2025, the closing price of the China Securities REITs (closing) Index was 881.85 points, with a weekly price change of +1.6%, outperforming the China Securities Convertible Bonds Index (+1.1%), the CSI 300 Index (+0.9%), and the China Securities All - Bond Index (+0.2%). Since the beginning of the year, the price change rankings of major indices were: China Securities REITs (+11.7%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+0.7%) > CSI 300 (-1.5%) [2][8]. - As of June 6, 2025, the one - year return rate of the China Securities REITs Index was 11.1%, and the volatility was 7.0%. The return rate was higher than those of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index; the volatility was lower than those of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities All - Bond Index. The total market capitalization of REITs rose to 202.1 billion yuan on June 6, an increase of 3.9 billion yuan from the previous week; the average daily turnover rate throughout the week was 0.60%, an increase of 0.04 percentage points from the previous week [2][13]. - Energy, transportation, and consumer REITs led the gains. From the perspective of different project attributes, the average weekly price changes of property - based REITs and concession - based REITs were +0.9% and +3.0% respectively. From the perspective of different project types, all types of REITs closed up, with the three project types with the largest average increases being energy (3.7%), transportation (3.5%), and consumer (2.4%). The top three REITs in terms of weekly price increases were China Merchants Expressway REIT (+7.96%), Huatai Jiangsu Expressway REIT (+5.90%), and Ping An Ningbo Expressway REIT (+5.84%) [3][18][22]. - Water conservancy REITs had the highest trading activity. In terms of different project types, water conservancy facilities were the most actively traded this week, and transportation infrastructure had the highest proportion of trading volume. The former had an average daily turnover rate of 1.0% during the period, and its trading volume accounted for 1.6% of the total REITs trading volume. The latter had an average daily turnover rate of 0.7% during the period, and its trading volume accounted for 34.3% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Ping An Guangzhou Expressway REIT (8.32 million yuan), China Merchants Huaxia Expressway REIT (7.44 million yuan), and Huaxia Hefei High - tech REIT (5.39 million yuan) [3][24]. Primary Market Issuance - As of June 6, 2025, there was 1 REIT product in the declared stage, 1 in the questioned stage, 2 in the accepted stage, 7 in the feedback stage, 5 passed and awaiting listing, and 3 first - issued products that had passed and were listed on the exchange [26]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is focused on. As of June 6, the average annualized cash distribution rate of public REITs was 5.8%, significantly higher than the current static yields of mainstream fixed - income assets [28]. - From the equity perspective, the relative net asset value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net asset value premium/discount rate = closing price / latest net value - 1, reflecting the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash flow method; P/FFO is the current price / cash flow generated from operations. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term perspective, valuing the distributable cash flow from the recent operating conditions of assets and judging the current investment return rate [28]. - There are obvious differences between property - based REITs and concession - based REITs in terms of asset rights, sources of income, term characteristics, and risk characteristics. For property - based REITs, the focus is on the dividend yield, while for concession - based REITs, the focus is on the internal rate of return. As of June 6, 2025, the dividend yield of property - based REITs was 315 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 167 BP [29]. Industry News - On May 30, BOC Sinotrans Warehouse Logistics REIT was registered. Its first - issue assets focus on important logistics nodes in the Yangtze River Delta, Beijing - Tianjin - Hebei, and Sichuan - Chongqing regions, with strong regional logistics demand, a stable customer base, and cargo throughput. The first - issue infrastructure assets to be invested in total 6, with a total construction area of 305,400 square meters, a leasable area of 299,700 square meters, and a leased area of 286,500 square meters, with a rental rate of 95.59%. As of December 31, 2024, the project's income - based valuation was 1.097 billion yuan [35]. - On May 30, the expansion of Guotai Junan Lingang Industrial Park REIT was officially approved by the CSRC. The underlying assets of the expansion project are the Caohejing Science and Technology Oasis Kangqiao Park in the southern part of Zhangjiang Science City, with a construction area of about 182,400 square meters and a leasable area of 104,600 square meters. The project is valued at 1.532 billion yuan [35]. - On June 3, the Shanghai Development and Reform Commission issued the "Notice on Further Strengthening Project Reserve and Promotion to Promote the Quality Improvement and Expansion of Infrastructure REITs in the City", establishing a dynamic reserve library of "willing to promote all", focusing on key infrastructure areas, sorting out high - quality assets with clear ownership, stable returns, and market - oriented operation capabilities, strengthening pre - cultivation, simplifying the evaluation process for expansion projects of the same sponsor, optimizing project review and recommendation, improving the efficiency of declaration and issuance, and enriching the supply of issuable assets [35]. - On June 3, Southern WanGuo Data REIT and Southern Runze Technology REIT completed the exchange feedback responses, adjusted the assessment base date to March 31, 2025, with the valuation reduced by about 12% compared with the initial assessment, and disclosed the energy - saving renovation plans for 2027 and 2035, adding an operation efficiency improvement path for IDC - type assets [35]. - On June 3, CICC China Greentown Commercial REIT was approved by the CSRC, further enriching the consumer infrastructure REITs landscape. The underlying asset of the project, the Lingxiu City Guihe Shopping Center, is located at the intersection of the Second Ring South Road and Yingxiongshan Road in the central district of Jinan City, Shandong Province. The latest valuation is 1.53 billion yuan [35][36].