Core Viewpoint - The launch of Huatai Suzhou Hengtai Rental Housing REIT has garnered significant investor interest, reflected in its substantial first-day price increase and high subscription multiples, indicating a strong demand for public REITs in the current market environment [1][2]. Group 1: Market Performance - Huatai Suzhou Hengtai Rental Housing REIT opened with a 29.99% increase on its first trading day, reaching the upper limit for public REITs [1]. - The offline subscription multiple was 216.91 times, while the public subscription multiple reached 829.78 times, marking a historical high for offline subscriptions [1]. - Since the beginning of 2025, the average increase for public REITs has been 17.76%, with the CSI REITs Total Return Index showing a year-to-date increase of 12.94% [1]. Group 2: Risks Associated with REITs - The fund manager highlighted three main risks associated with public REITs: price volatility risk, high premium risk, and operational risk of underlying assets [2][3]. - Price volatility risk arises from short-term speculative trading and market sentiment, which can lead to significant deviations from net asset values [2]. - High premium risk indicates that rising secondary market prices can increase investor acquisition costs, thereby reducing actual cash distribution rates [2]. - Operational risk is particularly relevant for rental housing assets, which can be affected by industry policies, economic conditions, and market dynamics, impacting revenue and fund performance [3]. Group 3: Market Outlook - Market participants believe that the REITs market in China is still in its early stages, with significant growth potential, but it remains smaller compared to traditional markets, making it susceptible to premium issues due to high investor demand [3]. - Investors are advised to focus on the operational status of underlying assets when assessing the investment value of REITs, rather than being swayed by market emotions [3].

Group 1 - The core viewpoint of the announcement is the operational data for the 华夏中国交建高速公路封闭式基础设施证券投资基金 as of April 2025, highlighting the fund's performance and management structure [1][2][6] - The fund is managed by 华夏基金管理有限公司 and is under the custody of 中国农业银行股份有限公司, with the contract effective from April 13, 2022 [1][2] - The announcement is based on various regulations including the Securities Investment Fund Law of the People's Republic of China and related guidelines [1] Group 2 - The operational data for 嘉通高速 in April 2025 includes metrics such as average daily toll traffic and toll revenue, which are crucial for assessing the fund's performance [3] - The average daily toll traffic is calculated by dividing the total toll traffic for the month by the number of natural days in that month [4] - The announcement notes that the data provided is unaudited and may differ slightly from periodic report disclosures due to adjustments from previous months [4]

Group 1 - The fund plans to distribute a cash dividend of RMB 21,534,000.00, which accounts for 99.0105% of the available distributable amount as of the distribution benchmark date [1] - The total available distributable amount as of the benchmark date is RMB 21,749,203.32, consisting of RMB 11,954,609.70 from the period of December 17, 2024, to December 31, 2024, and RMB 9,794,593.62 from January 1, 2025, to March 31, 2025 [2] Group 2 - Cash dividends for both on-market and off-market fund shares will be distributed on May 27, 2025, for off-market shares and on May 29, 2025, for on-market shares [3] - During the rights distribution period from May 21 to May 23, 2025, cross-system transfer business will be suspended [3] Group 3 - The fund will suspend subscription and redemption services from May 23 to May 26, 2025, due to holidays in major overseas investment markets, resuming on May 27, 2025 [7]

Group 1 - The announcement includes the appointment of new senior management personnel and acknowledges the contributions of the outgoing general manager, Mr. Xu Yong [1][6] - The infrastructure project under the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and features a dual four-lane design with three toll stations [2][3] - The operational data for April 2025 indicates a year-on-year increase in average daily traffic and toll revenue, attributed to growth in passenger vehicle traffic and adjustments in differentiated toll policies for freight vehicles [3][4] Group 2 - The fund's management confirms that the investment operation is normal and that there are no undisclosed significant issues [4] - Investors are encouraged to consult the fund management's website or customer service for further inquiries regarding the fund [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 投资者可发送报名邮件至REIT@bosera.com进行报名。邮件主题为"机构一人名一博时招商蛇口产业园 REIT"，基于会议现场管理要求，每家机构限报名2人。 ■ 报名截止时间为2025年5月23日17:00。 特此公告。 重要内容提示： 为便于广大投资者更全面深入地了解博时招商蛇口产业园封闭式基础设施证券投资基金（基金简称：博 时招商蛇口产业园REIT，基金代码：180101，以下简称"本基金"）2025年一季度经营成果及财务状 况，并与本基金运营管理机构深入沟通，博时基金管理有限公司（以下简称"博时基金"）拟于2025年5 月26日举行本基金2025年第二次投资者关系活动，在信息披露允许的范围内就投资者问题进行交流和解 答。 一、公募REITs信息 三、参加人员 博时招商蛇口产业园REIT运营管理机构代表及相关负责人员、博时招商蛇口产业园REIT基金经理及相 关负责人员、博时招商蛇口产业园REIT投资者、行业研究员等。 四、报名方式 博时基金管理有限公司 ● 时间：2025年5月26日（星期一）14:00-16：00 ● 现场地点：南山区南海大道工业五路 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 1、 二级市场 2025年5月12日-2025年5月16日（以下简称"本周"），我国已上市公募REITs的二级市场价格整体呈现震荡 上行的趋势：加权REITs指数收于137.87，本周回报率为1.7%。与其他主流大类资产相比，回报率由高至 低排序分别为：美股>REITs>可转债>A股>纯债>原油>黄金。 从项目属性来看，本周产权类REITs和特许经营权类REITs均整体呈现震荡上行趋势，产权类REITs的涨幅 更大。 从底层资产类型来看，从底层资产类型来看，本周消费类REITs涨幅最大。本周回报率排名前三的底层资 产类型分别为消费类、园区类和保障房类。 从单只REIT层面来看，本周公募REITs涨跌互现，有52只REITs上 ...

Core Viewpoint - The recent surge in large transactions of REITs indicates increased institutional activity in the consumer REIT sector, despite low daily trading volumes in the secondary market [1][2][3]. Group 1: Large Transactions in REITs - On May 15, multiple REITs completed large transactions, including China International Capital Corporation's (CICC) consumer REIT with 2.35 million shares traded for approximately 10 million yuan, reflecting a slight discount to the closing price [3]. - Consumer REITs have frequently appeared in large transactions over the past month, with notable performers like Huaxia Huayun Commercial REIT and CICC Consumer REIT leading the way [3]. - The CSI REITs index has shown an average increase of 8.34% this year, with consumer funds like Huaxia BaiLian Consumer REIT rising by 47.66% [3]. Group 2: Liquidity Challenges - The frequent large transactions highlight liquidity issues in the secondary market for REITs, with CICC Consumer REIT showing significant activity in large trades but low daily trading volumes [5][6]. - The market for public REITs in China is still developing, with a concentrated investor structure leading to significant price impacts from individual institutional trades [6]. - The valuation system for public REITs in China is underdeveloped, which hinders the attraction of new capital and contributes to low overall valuation levels [7]. Group 3: Institutional Investment Trends - Insurance capital is increasingly favoring REITs, with significant allocations to newly listed REITs like the Southern SF Logistics REIT, which received over 200 million yuan from 22 insurance accounts [8]. - The establishment of large-scale public REITs, such as the Beijing Pingzhun Infrastructure REIT with a target size of 10 billion yuan, indicates growing institutional interest [8][9]. - The expansion of the public REITs market is expected to enhance trading activity and attract a broader range of investors, improving market liquidity [9].

Core Insights - The report highlights the robust growth in the housing rental sector, with companies focusing on both scale and efficiency, while urban village redevelopment for affordable housing emerges as a new growth opportunity [2][4]. Group 1: Revenue Growth - Six disclosed rental companies reported a combined revenue of 8.87 billion yuan, reflecting a year-on-year increase of 3.65% [2]. - Among these, Boyu contributed 41.76% and Guanyu contributed 29.89% to the total revenue [2]. - Rental companies such as Boyu, Guanyu, and Zhaoshang Yidun achieved revenue growth ranging from 3.92% to 42.11% in 2024, with Boyu, Guanyu, and Zhaoshang Yidun generating revenues of 3.702 billion yuan, 2.65 billion yuan, and 1.234 billion yuan respectively, marking year-on-year growth of 7%, 4%, and 13% [2]. Group 2: Operational Efficiency - Rental companies like Xiangyu, Boyu, and Guanyu reported occupancy rates exceeding 95%, indicating stable operations [3]. - As of the end of the previous year, Guanyu's overall occupancy rate was 95.3%, while Boyu's occupancy rate was 95.6%, with a front-end GOP profit margin of 89.8% and a customer satisfaction rate exceeding 95% [3]. - The report noted a significant increase in new rental projects, with 26 new projects launched, primarily due to multiple openings by Vanke Boyu and Longhu Guanyu [3]. Group 3: Policy and Market Trends - Recent policies have been implemented to support the acquisition of existing residential properties for affordable housing, indicating a clear direction from the national level [4]. - Various cities, including Guangzhou, are promoting urban village redevelopment to enhance the affordable housing supply, mandating that at least 10% of residential land in redevelopment projects be allocated for affordable housing [5]. - Despite downward pressure on rents in key cities, signs of stabilization are emerging, with 35 out of 50 monitored cities experiencing a decline in rents, while 15 cities maintained or increased rents [5][6].

而亦庄盛元作为亦庄控股体系内服务于"科技园区开发运营"板块的专业主体，聚焦"高端特色产业园区 综合运营商"的战略定位，坚持"政府主导、国企实施、共建平台"的发展思路，构建起产业园区"开发运 营"和"产业服务"两个业务板块，在规划设计、开发建设、园区招商、运营服务方面积累了丰富的实践 经验。截至2024年末，发起人亦庄控股和原始权益人亦庄盛元体系内优质可扩募资产账面原值／总投资 合计超过130亿元，扩募资产储备丰富。 公募REITs作为原始权益人的"资产上市"平台，在存续期能够以扩募或资产收购的方式持续盘活存量资 产，促进投融资的有效循环，具备良好的社会效益和长期价值。中金公司和中金基金的相关负责人表 示，后续将与合作机构携手共进，切实有效服务实体经济。 （文章来源：新华财经） 据悉，中金亦庄产业园REIT首次发行拟投资的基础设施资产为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（简称"N12项目"），以及位于北 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 （简称"N20项目"）。 中金亦庄产业园REIT ...

Group 1 - The China International Capital Corporation (CICC) Yizhuang Industrial Park REIT has been officially approved by the China Securities Regulatory Commission (CSRC) on May 14, 2025, marking a significant expansion in the public REITs market [3][4] - This REIT is the first in China to focus on the automotive manufacturing industry chain and is also the first infrastructure REIT project in the Beijing Economic-Technological Development Area [3][4] - The total fundraising amount for the REIT is set at 400 million shares, with a fund contract duration of 15 years, and the custodian bank is the Agricultural Bank of China [3][4] Group 2 - The REIT aims to create a multi-dimensional industrial park characterized by "intelligent, open, innovative, green, shared, and ecological" features, positioning itself as a global hub for high-end automotive key components [4] - The infrastructure assets will primarily support well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the capital's core functions and developing a high-end manufacturing cluster [4] - As of May 14, 2025, there are 66 public REITs in total, with a fundraising scale nearing 200 billion yuan, and 19 additional REITs are currently in the application process [5] Group 3 - The public REITs market has shown robust performance, with 38 products increasing over 10% and 17 products rising over 20% in the secondary market as of May 14, 2025 [5] - Consumer-focused REITs have outperformed, with notable increases in the Huaan Bailian Consumer REIT and Huaxia Shouchuang Outlet REIT, achieving year-to-date gains of 47.88% and 43.87% respectively [5] - A new "stabilization fund" was introduced in late April, with a target size of 10 billion yuan, marking the largest single public REIT investment fund in the market [5]