资料来源:同花顺iFinD 其 他 报 告 2025年06月18日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3387 | -0.04 | -0.25 | | 深证成份指数 | 10151 | -0.12 | -0.60 | | 沪深300指数 | 3870 | -0.09 | -0.25 | | 创业板指数 | 2050 | -0.36 | 0.22 | | 上证国债指数 | 225 | 0.04 | 0.16 | | 上证基金指数 | 6915 | -0.03 | -0.02 | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23980 | -0.34 | 0.42 | | 中国香港国企指数 | 8695 | -0.40 | 0.30 | | 中国台湾加权指数 | 22212 | 0.73 | 1.90 | | 道琼斯指数 | 42515 | 0.75 | - ...

Core Viewpoint - C-REITs have emerged as a new investment choice in the low-interest-rate environment, with increasing asset pools and ongoing expansions expected to enhance cash flow reserves and asset management quality, ultimately providing better and more stable returns for investors [1] Market Performance - From June 9 to June 13, 2025, the weighted REITs index rose to 143.48, with a return rate of 0.74%, outperforming other major asset classes [2] - The most notable performance was from the保障性租赁住房REITs, with 华夏基金华润有巢 REIT showing the highest market value increase of 4.32% during the same period [2] - Since their listing, 中金厦门安居 REIT has seen a total equity increase of 94.09% compared to its initial market value [2] - The price index for the保障性租赁住房 sector rose by 29.8% in Q1 2025, with the total return index increasing by 34.8% [2] Product Performance and Demand - As of June 10, 2025, the eight listed保障性租赁住房REITs have averaged a 52.7% increase from their issuance prices, with an average increase of 19.7% since the beginning of 2025 [3] - The average cash distribution rate for six products issued before 2025 was 2.81%, with an actual distribution rate of 2.82% [3] - The stable rental income and low capital expenditure requirements of保障性租赁住房REITs have made them attractive to investors [3] Expansion and Market Sentiment - 华夏北京保障房REIT recently completed its first expansion, raising approximately 946.2 million yuan by issuing 224,218,009 shares at a price of 4.22 yuan per share [4] - The successful expansion of the first保障性租赁住房REIT validates the effective development model of "initial issuance + continuous expansion" and boosts market sentiment, with other REITs also experiencing significant price increases [4] Future Outlook - The cumulative issuance scale of公募REITs is expected to exceed 25 billion yuan, driven by increasing investor interest and the need for new investment avenues in a low-interest-rate environment [5] - The expansion trend is anticipated to continue, allowing original equity holders to grow asset scales and improve asset management quality [5] - Analysts suggest that保障性租赁住房REITs, characterized by low operational costs and stable rental income, are likely to remain attractive investments [5] Investment Strategy - Investors are encouraged to focus on core cities for allocation in保障性租赁住房REITs, given their low operational risks and stable rental income [5] - The potential for significant returns from newly listed REITs is highlighted, with many projects experiencing high subscription rates and substantial first-day price increases [5] - Research indicates that buying newly listed REITs within the first 60 trading days can yield favorable returns, with a win rate of 60% [5][6]

2025年 6 月 12 日，申万宏源证券主承销的 " 中国南山开发（集团）股份有限公司 2025 年度第四期中期票据 " （债券简称： 25 南山开发 MTN004 ）在银行间债券市 场成功发行。本期债券发行规模 10 亿元，期限 3+N 年，主体 / 债项评级 AAA （中 诚信国际）。 中国南山开发集团积极响应国家发改委《关于推进基础设施领域不动产投资信托 基金（ REITs ）试点工作的通知》政策导向，在发行过程中创新采用 "3+N" 期限设 计，为基础设施类企业债务融资提供了新的解决方案。作为我国改革开放后成立的第一 家股份制企业，集团在港口物流、产城开发等领域的市场份额持续领先。 本期债券发行过程中，申万宏源证券充分发挥专业优势，通过精准把握市场窗口 和优化投资者结构，最终实现极具市场竞争力的发行定价。本次发行获得市场投资者 广泛认可，超额认购倍数达2.5倍， 充分体现了投资者对发行人和主承销商的信任。在 销售和定价过程中，申万宏源证券凭借对市场走势的精准研判和高效的执行能力，为本 次债券的成功发行起到了决定性作用。未来，中国南山开发集团将持续探索 " 基础设施 + 科技创新 " 的融合发展模式， ...

Core Viewpoint - Three public REITs triggered temporary suspensions due to excessive price increases, reflecting a heated secondary market and heightened institutional demand for stable cash flow assets [1][6][7] Group 1: REITs Performance and Suspension - On June 16, the Industrial Bank of China Mengneng Clean Energy REIT and Guotai Junan Jinan Energy Heating REIT both announced a suspension for one day after their prices rose over 70% from the benchmark [1][2] - The Industrial Bank of China Mengneng Clean Energy REIT closed at 9.145 CNY per share, marking a cumulative increase of 71.35% [2][5] - The Guotai Junan Jinan Energy Heating REIT closed at 12.749 CNY per share, with a cumulative increase of 70.44% [5] - The Bosera Jinkai Science and Technology Industrial REIT also announced a temporary suspension for one hour after a 52.88% increase, closing at 3.666 CNY per share [5] Group 2: Market Trends and Statistics - There have been 36 instances of public REITs triggering temporary suspensions due to high price increases this year [6] - The Huatai Suzhou Hengtai Rental Housing REIT has triggered suspensions four times since its listing on May 21, while the Huaxia Shouchuang Outlet REIT has triggered suspensions three times [6] - As of June 16, the CSI REITs Total Return Index and the CSI REITs (Closing) Index have increased by 15.5% and 12.54% respectively this year [6] Group 3: Market Conditions and Investor Behavior - The current low interest rate environment, with ten-year government bond yields around 1.6%, has led to increased institutional demand for REITs [7] - The nature of public REITs as listed assets provides relatively stable cash flow, but limited liquidity can lead to significant price volatility in the secondary market [7] - As prices rise, the distribution yield based on the benchmark market value decreases, prompting a recommendation for investors to participate in trading with caution [7]

2025 年 06 月 16 日 资产配置报告 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn [Table_Title] REITs 指数延续涨势，产权类本周走强 公募 REITs 周报 最近一年走势 投资要点: 相关报告 《5 月资金流向月报：资金面宽松，科创 ETF 净流 入*徐凝碧，林加力》——2025-06-15 《资产配置报告：财政发力支撑总量，M1 增速回 升*林加力，徐凝碧》——2025-06-15 《公募 REITs 周报：二级市场表现领先，REITs 总 市值首破两千亿*林加力》——2025-06-09 《2025 年 6 月大类资产配置报告：审慎情绪延续， 聚焦结构性机会*林加力》——2025-06-05 《公募 REITs 周报：市场活跃度略降，交通基础设 施连续上涨*林加力》——2025-06-04 一级市场两单项目状态更新：根据交易所最新披露，截至 2025 年 6 月 13 日，目前无已申报项目，有 2 单已受理、1 单已问询、8 单已 反馈，以及 5 单已通过审核等待上市。本周（2025 年 6 月 9 日至 2025 年 ...

联合研究 中国公募REITs自2021年上市已走过四个年头。伴随市场建设与投资需求共振，我们认为市场正呈现螺旋式上升发展。在低利率宏观环境 下，我们相信公募REITs或将被更多资金认可，在大类资产配置格局中占据愈发重要的战略地位。 点击小程序查看报告原文 Abstract 中国公募REITs四周年回顾： 1）市场政策徐徐推进，为市场规模持续增长和存续期信息披露体系完善奠定基础。总体而言，我们认为市场当前仍处于政 策红利期。2）中国REITs市场市值已突破2,000亿元，项目个数66个，为亚太地区最多，展现强劲发展势头。新资产类型项目获高倍数认购，反映市场高 度认可和积极态度。3）持有型不动产ABS助力构建多层次REITs市场。我们统计截至6月13日，持有型不动产ABS已发行（含发行期）8单，共计136.03亿 元。4）REITs投资吸引力逐步增强，二级市场估值底部回升。 下一阶段市场发展展望： 1）资产类型再扩容，首发和扩募再提速。往前看，新资产类型入市（例如数据中心、景区、养老等）或进一步丰富当前市场资 产生态，也为投资者提供具备不同风险收益特征的投资选择；存量项目的常态化扩募则能够真正激活单体REIT的生 ...

点击小程序查看报告原文 Abstract 摘要 中国公募REITs四周年回顾： 1）市场政策徐徐推进，为市场规模持续增长和存续期信息披露体系完善奠定基础。总体而言，我们认为市场当前仍处于政 策红利期。2）中国REITs市场市值已突破2,000亿元，项目个数66个，为亚太地区最多，展现强劲发展势头。新资产类型项目获高倍数认购，反映市场高 度认可和积极态度。3）持有型不动产ABS助力构建多层次REITs市场。我们统计截至6月13日，持有型不动产ABS已发行（含发行期）8单，共计136.03亿 元。4）REITs投资吸引力逐步增强，二级市场估值底部回升。 下一阶段市场发展展望： 1）资产类型再扩容，首发和扩募再提速。往前看，新资产类型入市（例如数据中心、景区、养老等）或进一步丰富当前市场资 产生态，也为投资者提供具备不同风险收益特征的投资选择；存量项目的常态化扩募则能够真正激活单体REIT的生命力，打通REITs外生增长路径。2） 在实践和总结中加快多层次REITs市场建设。我们认为多层次REITs市场的建设是有必要且有需求的，其核心逻辑在于，依据底层资产所处的发展阶段差 异以及投资者各异的风险偏好，设计出差异化的 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected entry of social security and pension funds into the market [3][5][6] Market Overview - As of the 24th week of 2025, the CSI REITs (closing) index was 886.31, up 11.69% year-on-year and up 0.51% month-on-month; the CSI REITs total return index was 1114.86, up 18.95% year-on-year and up 0.69% month-on-month [5][15][20] - The trading volume of the REITs market reached 595 million shares, a year-on-year increase of 21.18%; the trading amount reached 2.74 billion yuan, a year-on-year increase of 43.08% [27][29][32] Sector Performance - Weekly and monthly performance of various REITs sectors for the 24th week of 2025: - Affordable housing REITs increased by 2.45% weekly and 4.57% monthly - Environmental REITs increased by 0.70% weekly and 1.24% monthly - Highway REITs increased by 0.02% weekly and 5.08% monthly - Industrial park REITs increased by 0.88% weekly and 1.29% monthly - Warehousing and logistics REITs increased by 0.50% weekly and 3.56% monthly - Energy REITs increased by 0.54% weekly and 4.81% monthly - Consumer REITs increased by 0.52% weekly and 3.91% monthly [38][52]

Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].

距2023年首批REITs扩募两年后，市场再迎新项目成功扩募。6月14日，华夏基金公告称，华夏北京保障房REIT扩募完成权属变更登记，这不仅是行业 第二批REITs扩募首单项目落地，也标志着国内首单保障性租赁住房REITs扩募发售完成。除上述产品外，年内还有博时招商蛇口产业园REIT拟二次扩 募，中金厦门安居保租房REIT也提交了扩募申请并获交易所反馈意见。在业内人士看来，通过扩募的方式，可以增加项目管理者的现金流储备，进一 步优化资产管理质量，公募REITs规模也得以提升，从而给投资者带来更好、更稳定的回报。 回顾公募REITs的发展历程，在2021年6月首批9只公募REITs成立后，2023年3月、4月，首批4只产品获批扩募，公募REITs市场也由此实现了存量与增 量资产的良性循环。 除华夏北京保障房REIT外，年内还有部分公募REITs递交了扩募申请。例如，5月，中金厦门安居保租房REIT提交了扩募申请并获上交所受理，并在6 月获反馈意见。4月，首批完成扩募产品之一的博时招商蛇口产业园REIT也拟第二次扩募并新购入基础设施项目，拟购入的基础设施项目为光明项目 （二期扩募）和南油项目，相关申请当前仍在进程 ...