Group 1 - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, was launched on the Shanghai Stock Exchange with a fundraising target of 2.2872 billion yuan and received over 309.17 billion yuan in subscriptions, achieving a subscription multiple of 535.2 times for public investors and 252.6 times for institutional investors [1] - The fund is managed by CapitaLand, the largest REIT manager in the Asia-Pacific region, with underlying assets including CapitaLand Yunshang and CapitaLand Yuhua Pavilion [1] - CapitaLand's CEO emphasized the integration of international REIT management experience with the Chinese market, providing domestic investors with a new channel for quality asset allocation in a low-interest-rate environment [1][2] Group 2 - The issuance of public REITs is seen as beneficial for CapitaLand to revitalize existing assets and optimize capital structure, supporting new project investments and creating a positive cycle of fundraising, investment, management, and exit [2] - The Chinese public REIT market is expanding, with increasing market size and product diversity, particularly in the consumer REIT sector, which presents significant growth potential [1]

2025年9月29日，在即将迎来中新建交35周年之际，由总部位于新加坡的凯德投资发起的首单外资消费REITs——华夏凯德商业REIT(基金代码：508091)在上 海证券交易所成功上市。这是中国第75单公募REITs，是中国公募REITs市场国际化、多元化、专业化发展的标杆案例。 凯德投资(中国)首席执行官潘子翔表示："凯德投资将国际市场成熟的REITs管理经验与中国市场深度结合，华夏凯德商业REIT不仅为境内投资者提供了低利 率环境下配置优质资产的新通道，更通过透明高效的运作机制，为全球资管机构参与中国公募REITs市场提供了机会，树立了国际资本与中国庞大的消费市 场深度融合的新标杆。借中新建交35年来两国紧密合作的东风，凯德将继续深化在华布局，以全球智慧赋能本土创新，以专业能力守护长期价值，与中国共 成长。" 中信证券股份有限公司执行董事、总经理邹迎光表示："在中新建交35周年前夕，中信华夏联合体有幸在华夏凯德商业REIT项目中担任了管理人、财务顾 问、托管行等关键角色，以中信集团'一个中信、一个客户'的协同服务理念，助力凯德在中国资本市场树立了又一个标杆。这不仅是中信联合体与凯德长期 合作的里程碑，也是 ...

2025 年 09 月 27 日 三单首发项目注册生效 ——公募 REITs 周度跟踪（2025.09.22-2025.09.26） 相关研究 《流动性连续第四周环降——公募 REITs 周度跟踪 （2025.09.15-2025.09.19）》 2025/09/20 《发改委发文，助推 REITs 市场扩围 扩容——公募 REITs 周度跟踪 （2025.09.08-2025.09.12）》 2025/09/13 《指数震荡偏强，凯德商业 REIT 询 价——公募 REITs 周度跟踪 （2025.09.01-2025.09.05）》 2025/09/06 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 (8621)23297818× caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 债 券 研 债 券 周 评 ⚫ 截至 2 ...

Core Viewpoint - The real estate industry is experiencing a significant decline in both revenue and profitability, with major listed companies reporting substantial losses and a challenging outlook for the near future [1][2][4][7]. Revenue and Profitability - In the first half of 2025, typical listed real estate companies achieved total revenue of 12,868 billion yuan, a year-on-year decrease of 15%, while operating costs were 11,454 billion yuan, down 16% [1]. - The gross profit for these companies was 1,414 billion yuan, reflecting a 9% decline compared to the previous year [1]. - The net profit loss for the industry expanded to 2,762 billion yuan in 2023, further increasing to 3,397 billion yuan in 2024, and reaching 902 billion yuan in the first half of 2025 [2]. Profitability Ratios - The overall gross margin for the industry in the first half of 2025 was 10.87%, an increase of 1.8 percentage points from the entire year of 2024, while the net margin was -7.45% [4]. - Excluding companies that have faced financial distress, the gross margin for 27 stable firms was 15.09%, up 2 percentage points from 2024, with a net margin of 1.71%, indicating a recovery from previous losses [4]. Factors Affecting Profitability - The decline in profitability is attributed to high land acquisition costs, increased sales pressure, and asset impairment provisions, which have negatively impacted current profit performance [4][7]. - Companies are resorting to discount promotions to boost sales, leading to a situation where revenue increases do not translate into profit growth [4]. Industry Outlook - The industry is at a turning point, with a shift in policy focus from deleveraging to risk prevention, and a change in demand dynamics from broad increases to differentiation [7]. - Major companies like Longfor and Vanke express cautious optimism, highlighting the ongoing demand for quality housing in core urban areas despite recent price declines [7][8]. Strategic Planning of Key Companies - China Resources Land plans to maintain an annual opening pace of around six shopping centers, with a focus on public REITs to enhance asset value [9]. - China Merchants Shekou aims to optimize asset structure and enhance operational capabilities through a new asset management model [9]. - Longfor Group anticipates a 10% growth in its commercial sector and plans to open approximately ten new projects annually in the coming years [9]. - New City Holdings is focused on enhancing its commercial operations and leveraging financial policies to improve its capital structure [9].

Core Viewpoint - The REITs market in China is experiencing steady growth, with a focus on enhancing investor trust and improving operational quality among various REITs projects [1][4][7]. Group 1: Performance of Listed Projects - The infrastructure public REITs market in China is expanding, with a steady increase in issuance scale and positive market performance [2]. - For example, the CICC Xiamen Anju REIT reported a total income of 40.38 million yuan in the first half of 2025, a year-on-year increase of 3.04% [2]. - The Guotai Junan Dongjiu New Economy REIT achieved approximately 50.57 million yuan in income and a net profit of about 22.76 million yuan in the same period [2]. - The CITIC Securities National Electric Power New Energy REIT reported operating income and net profit of 498 million yuan and 171 million yuan, respectively, in the first half of 2025 [2]. - The Jiashi Wumei Consumption REIT generated approximately 52.86 million yuan in income and 35.29 million yuan in distributable amounts from January 1 to June 30, 2025 [3]. - The Huitianfu Jiuzhoutong Pharmaceutical REIT achieved a consolidated income of 36.02 million yuan and a net profit of 12.86 million yuan in the first half of 2025 [3]. Group 2: Strengthening Investor Trust - The five REITs projects collectively distributed over 550 million yuan in dividends in the first half of 2025, with an actual dividend rate of 3.3% [4]. - The average increase of over 20% in project performance since 2025 is attributed to proactive management by operating institutions [4]. - Effective incentive mechanisms have been established, allowing management teams to benefit from exceeding performance expectations [4][5]. - A multi-layered information disclosure system has been constructed to enhance transparency and investor trust [5][6]. Group 3: Ongoing Asset Expansion - As of the end of the second quarter of 2025, the total fundraising scale of China's public REITs reached 184.7 billion yuan, with a total market value of 205.5 billion yuan, reflecting a 10.4% increase from the end of the first quarter [7]. - Industry insiders expect the public REITs market to further expand, with market value projected to reach between 400 billion yuan and 500 billion yuan within three years [7]. - The CICC Xiamen Anju REIT is accelerating its expansion efforts, planning to acquire new rental housing projects to enhance its asset portfolio [8].

Core Insights - The registration status of the Huaxia Zhonghai Commercial Asset Closed-End Infrastructure Securities Investment Fund and the Huaxia Anbo Warehousing and Logistics Closed-End Infrastructure Securities Investment Fund has been updated to "registered effective" as of September 22 [1] - The Huaxia Anbo Warehousing REIT is the only REIT among those listed and filed that has all its assets located in the Greater Bay Area [1] - The CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund has also received approval from the China Securities Regulatory Commission on September 22, marking it as the first public REIT project successfully approved in Northeast China [1]

Group 1 - Three public REITs products have been approved, indicating continuous expansion of the public REITs market in China [1][2] - The approved REITs include the 华夏安博仓储REIT and 华夏中海商业REIT, both registered on September 22, 2025 [2][3] - 华夏安博仓储REIT is the only REIT with all assets located in the Greater Bay Area among listed and declared logistics REITs [1][2] Group 2 - 华夏安博仓储REIT has a fund contract duration of 41 years and a total fundraising amount of 400 million shares [3] - The initial assets of 华夏安博仓储REIT are three logistics projects in the Greater Bay Area, with a total assessed value of approximately 2.171 billion [4] - 华夏中海商业REIT has a fund contract duration of 24 years and a total fundraising amount of 300 million shares [5] Group 3 - The 佛山映月湖环宇城 project, part of 华夏中海商业REIT, has a total construction area of approximately 153,500 square meters and an average annual revenue growth rate of 24.75% from 2020 to 2024 [5] - The沈阳国际软件园公募REIT has a fund contract duration of 37 years and a total fundraising amount of 300 million shares [6] - The initial assets of 沈阳国际软件园公募REIT consist of 13 industrial buildings with a total property area of 201,200 square meters [9]

我国公募REITs工作自2020年启动，截至目前，全国已发行REITs项目73只，累计发行规模超1900亿 元，涵盖收费公路、产业园区、能源、消费、保障房、仓储物流、生态环保、水利设施、市政设施、数 据中心十大领域。陕西省公募REITs工作起步较早，陕西省发改委先后建立了省级部门工作协调机制、 开门办公会前期辅导机制和REITs项目储备库，目前已向国家正式报送京能国际光伏发电、高新高科产 业园、华旅华山景区和京东仓储物流第一次扩募等4只REITs项目，其中以榆林市榆阳区300MWp光伏电 站为底层资产的京能国际光伏发电REITs项目已于2023年发行上市，是我国光伏领域的第一单；华山景 区REITs项目目前进展顺利，有望成为我国文旅领域第一单。 据了解，陕西省发改委将认真落实省委省政府"三个年"活动安排部署，结合"四个走出去"，扩充省级 REITs项目储备库，积极主动做好项目前期辅导，争取在更多领域实现新突破，形成投资—退出—再投 资的良性循环。(孟越) 西安高新区高科产业园项目位于西安高新区软件新城，原始权益人为西安高科集团，底层资产涉及楼宇 共13栋，建筑面积合计32.5万平方米，评估净值13.6亿元，发 ...

Group 1: Supermarket Transformation and Performance - In 2024, the company initiated a transformation of its supermarket format, launching nine lifestyle theme pavilions and one fulfillment center, with the first SP@CE3.0 located in Shenzhen Baoan [2] - The company standardized modifications in five stores and made partial adjustments in 17 stores, resulting in a doubling of sales within three days post-opening for the standardized stores, with ongoing year-on-year growth in customer traffic and sales [2] Group 2: Cost Reduction and Efficiency Improvement - The company has been actively pursuing cost reduction and efficiency enhancement initiatives, optimizing resource allocation and focusing investments in high-potential areas and core formats to improve overall asset turnover and profitability [2] Group 3: Public REITs Progress - The company is in the process of issuing a public REIT, utilizing the Suzhou Xiangcheng Rainbow Shopping Center as the underlying asset, which has been formally accepted by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [3]

新华财经上海9月19日电（记者杨溢仁）作为国民经济运行的"筋络"，当前国内仓储物流行业稳步复 苏。对应到公募REITs市场，各上市标的经营韧性凸显，展现出了平稳向好的运行态势。 整体运营稳健 纵览已公布2025年中期业绩的5家沪市仓储物流REITs，上半年收入合计约4.13亿元、税息折旧及摊销前 利润合计约2.81亿元、实现可供分配金额约3.06亿元、三单项目（包括中航易商仓储物流REIT、中金普 洛斯REIT及嘉实京东仓储基础设施REIT）上半年合计分红约2.52亿元……一组组真实数据向投资人交 出了一份可圈可点的经营"成绩单"。 不仅如此，中物联发布的最新数据显示，中国物流业景气指数扩张明显，业务总量指数今年以来连续6 个月保持在扩张区间。作为国民经济运行的"筋络"，物流行业持续向好，反映出生活和生产需求走强、 实体经济稳步回升的态势。 具体到各项目层面，2025年上半年，中航易商仓储物流REIT的核心指标保持稳健。截至报告期末，基 金底层资产（项目合计可供出租的面积为382429.08平方米，位于江苏省苏州市昆山市花桥经济开发 区）的整体出租率为87.68%，租金收缴率为97.93%，加权平均剩余租期6 ...