点击小程序查看报告原文 Abstract 项目基本面经营分化差异加剧。1）产业园： 产业园区供需压力进一步加大，大部分项目主动或被动进入降价竞争。我们统计板块收入同环比分别下降 11.8%和7.7%。由于供需端矛盾尚未缓解，我们认为产业园后续经营或仍将持续波动。 2）物流仓储： 大部分项目通过下调租金应对供给冲击和存量竞 争，促使同口径下板块收入重回下降通道，同环比下滑4.8%和3.6%。供需再平衡过程中，一季度特朗普关税不确定性或也将影响物流仓储租户行为。 3） 保租房： 保租房板块受宏观经济影响较小，一季度板块收入仅出现小幅波动，出租率维持较高水平，租金水平变化则出现小幅分化，其中政策性保租房 租金保持稳定或略有上涨，市场化项目则出现环比下滑，但整体仍符合预期。 4）消费： 得益于各地促消费政策，消费REITs一季度开局良好，我们测算 可比口径收入环比上升1.7%，收入完成度较好。 5）高速： 受低基数与路网变化的影响，高速项目表现分化明显，往后看我们认为板块仍有望延续稳中 向好态势，但路网变化对于单条路产影响较大，应持续关注分流影响。 6）市政环保： 生物质发电项目吨发表现、成本管控好于预期，水务受合肥 ...

Group 1: Listing and Fundraising - Southern SF Logistics REIT successfully listed on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of CNY 3.29 billion[8] - The offline subscription multiple reached 53.52 times, while the public subscription multiple was 381.58 times[8] Group 2: Market Performance - During the week of April 21-25, 2025, the Southern SF Logistics REIT led the market with a gain of 13.10%, while the CSI REITs total return index fell by 1.43%[3] - The REITs total index underperformed the CSI 300 index by 1.52 percentage points and the CSI All Bond index by 1.09 percentage points[3] Group 3: Liquidity and Trading Volume - The total trading volume of REITs for the week was CNY 589 million, an increase of 3.4% from the previous week[4] - The largest trading volume among REIT types was in the warehousing and logistics category, accounting for 25.2% of total trading volume[4] Group 4: Risk Factors - Future operational conditions of REITs' underlying assets are uncertain, and projected cash flows may not accurately reflect actual performance[46] - The fundraising process may not proceed as expected, posing additional risks to investors[46]

Group 1 - The core viewpoint of the report highlights the successful listing of Southern SF Logistics REIT on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of 3.29 billion yuan, with offline subscription multiples reaching 53.52 times and public subscription multiples at 381.58 times [2][8] - The underlying assets of Southern SF Logistics REIT are located in key logistics hubs in Shenzhen, Wuhan, and Hefei, which inject new vitality into the private economy and promote the logistics industry towards a new era of intelligence and efficiency [2][8] Group 2 - In terms of market performance, the REITs market experienced a decline, with Southern SF Logistics REIT leading the gains at +13.10% during the week of April 21-25, 2025, while the CSI REITs total return index fell by 1.43% [3][14] - The total issuance scale of listed REITs reached 173 billion yuan, with a total of 65 REITs issued as of April 25, 2025 [9] Group 3 - The liquidity of the REITs market showed an increase, with a total trading volume of 589 million yuan (MA5) for the week, up 3.4% from the previous week, and the largest trading volume type being warehouse logistics, accounting for 25.2% [4][34] - The trading volume for REITs reached 135 million shares (MA5), reflecting a 5.8% increase from the previous week, with warehouse logistics also leading in trading volume at 31.4% [34] Group 4 - The report indicates that the Southern SF Logistics REIT has a significant performance advantage compared to other REITs, with a year-to-date increase of 13.10% since its listing [25] - The report provides a detailed analysis of various REIT categories, showing the performance of warehouse logistics REITs and their substantial market share [25][34] Group 5 - The report includes correlation analysis between the CSI REITs index and major asset classes, indicating varying degrees of correlation over different time frames [27][29] - The report also presents historical performance comparisons among different REIT categories, highlighting the relative performance of infrastructure and logistics REITs [28][34] Group 6 - Valuation metrics such as P/NAV and bond yield estimates are discussed, providing insights into the current valuation landscape of the REITs market [40][41] - The report emphasizes the ongoing expansion of the REITs market and its implications for future investment opportunities [9][11]

Core Viewpoint - Shoucheng Holdings has launched the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, marking a significant step in its REITs strategy and reinforcing its leading position in the market [1][8]. Group 1: Fund Establishment and Strategic Positioning - The Pingzhun Fund aims for a target size of 10 billion yuan, with an initial closing size exceeding 5 billion yuan, making it the largest public REITs investment fund in the market [1]. - This initiative reflects Shoucheng Holdings' long-term strategy as a smart infrastructure asset service provider, promoting a "full industry chain" model to reshape the REITs market ecosystem [1][4]. - The fund is expected to attract long-term capital from insurance and fund of funds (FOF), optimizing the investor structure and facilitating a shift from "scale expansion" to "value discovery" in the market [3][6]. Group 2: Comprehensive Industry Chain Layout - Shoucheng Holdings has developed a comprehensive capability covering "Pre-REITs fund cultivation, asset operation management, public REITs issuance exit, and REITs investment" [2]. - The company has established over 30 public REITs projects, with an expected issuance scale surpassing 100 billion yuan [2]. - The focus on "asset circulation" allows the company to identify and cultivate quality infrastructure assets with REITs issuance potential [2][4]. Group 3: Financial Performance and Growth - The asset financing business of Shoucheng Holdings achieved a revenue of 284 million HKD in 2024, reflecting a significant year-on-year growth of 31% [3]. - The Pingzhun Fund is seen as a "high-level version" of the company's REITs strategy, leveraging its experience and the advantages of insurance capital to invest in public REITs for long-term value growth [3][9]. Group 4: Technological Integration and Operational Efficiency - The company employs smart inspection robots and IoT platforms to enhance operational efficiency, reducing labor costs and optimizing asset management strategies [5]. - This technological empowerment shifts the asset appreciation path from traditional scale expansion to efficiency-driven growth, solidifying the revenue foundation for future REITs issuance [5]. Group 5: Market Opportunities and Future Outlook - The establishment of the Pingzhun Fund aligns with the transition of China's REITs market from "pilot" to "normalization," with significant growth potential in the sector [6][9]. - The current REITs market size is estimated to have over ten times the expansion potential, given the substantial infrastructure investment completed in the past decade [6]. - Shoucheng Holdings is positioned to become a key hub connecting the real economy and capital markets, continuously supplying quality assets for public infrastructure REITs [9].

Core Viewpoints - In 2024, Dayuecheng Holdings achieved a sales revenue of 36.9 billion, a year-on-year decline of 20%, with a sales rights ratio of 44.5%, down 5.5 percentage points from the previous year, indicating potential risks from partners [2][6] - The investment intensity has rebounded, with a land acquisition-to-sales ratio rising to 0.23, driven by a significant increase in land purchases, totaling 8.4 billion, up approximately 33% year-on-year [2][16] - The company has faced continuous net losses for three consecutive years, with a net loss of 2.98 billion in 2024, exacerbated by expanded losses from joint ventures [3][26] Sales Performance - Sales in Hangzhou and Xi'an contributed over 40% of total sales, with significant declines in Beijing, Shanghai, and Tianjin, where single-city sales dropped over 70% [2][10][13] - The Yangtze River Delta region became the largest contributor, accounting for 43% of total sales, an increase of 18.6 percentage points year-on-year [8][10] Investment and Land Acquisition - Dayuecheng Holdings increased its investment efforts, acquiring five new land parcels with a total area of 560,000 square meters, representing a year-on-year increase of 232% [2][19] - The average floor price of the newly acquired residential land in Hangzhou was 32,250 yuan per square meter, which accounted for 65% of the selling price, compressing profit margins [20] Financial Performance - The total revenue for 2024 was 35.79 billion, a slight decline of 2.7%, with property development revenue at 28.39 billion, down 2.3% [26][33] - The gross profit decreased by 20% to 7.79 billion, with a gross margin of 21.8%, down 4.7 percentage points year-on-year [26][33] Operational Efficiency - The average financing cost improved to 4.06%, with a non-restricted cash-to-short-term debt ratio dropping to 0.98, indicating liquidity risks [28] - The company successfully opened three shopping centers, with an average occupancy rate of 95.1% across 44 commercial projects [4][31]

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines high-quality dividend stocks with other asset classes like Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - A solid base of classic dividend growth stocks can be complemented with other investment vehicles to create a diversified portfolio [1]. - The hybrid system aims to balance growth and income, allowing investors to capture total returns on par with the S&P 500 [1]. Group 2: Investment Focus - The focus is on uncovering high-quality dividend stocks that offer potential for long-term growth and significant income generation [1]. - The strategy includes a mix of different asset types to boost overall investment performance [1].

Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I'm a Navy veteran who enjoys dividend investing in quality blue-chip stocks, BDC's, and REITs. I am a buy-and-hold investor who prefers quality over quantity and plans to supplement his retirement income ...

Issuance Market - The current issuance includes the Huatai Suzhou Hengtai Rental Housing REIT with an expected scale of 1.367 billion yuan, and there are no new approved projects this period [1][6] - In 2025, six REITs have been issued, maintaining the same number as last year, with a total issuance scale of 10 billion yuan, which is a 35% decrease compared to the same period last year [1][6] Secondary Market - The Southern SF Logistics REIT was listed on April 21, with a first-day increase of 13.53%, lower than other REITs issued this year [2][12] - The REITs market currently has 65 products, with a total scale exceeding 191.2 billion yuan, and the market overall rose by 0.22%, significantly outperforming major stock indices [2][12] - Year-to-date, the REITs market has increased by 12.18%, leading the stock indices, with property REITs performing better than operating rights REITs [2][14] Dividend Situation - This period, nine REITs distributed dividends totaling over 618 million yuan, with a total dividend of 2.249 billion yuan in 2025, yielding 1.39%, which is higher than major stock indices [3][26] - The dividend yield for property REITs is 1.02%, lower than operating rights REITs but higher than the CSI Dividend Index [3][26] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.45, which is significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500 [4][32] - The valuation for storage logistics REITs is relatively low, while affordable housing REITs have a higher valuation [4][32] - The internal rate of return for clean energy REITs is the highest among operating rights REITs, followed by ecological environmental REITs, with toll road REITs having the lowest [4][36]

Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].