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]

Core Viewpoint - The launch of the CICC Vipshop Outlets REIT marks a significant development in the public REITs market, filling a niche for outlet-based consumer assets and aiming to overcome performance differentiation challenges in the REITs sector [1][10] Group 1: REIT Product Details - The CICC Vipshop Outlets REIT is based on the Ningbo Shanjing Outlets Plaza, which has been operational for over 13 years, showcasing strong operational resilience with average occupancy rates of 98.26%, 98.1%, and 97.57% from 2022 to 2024, projected to reach 99.91% by the end of 2024 [2] - The project is valued at 2.972 billion yuan, with a total construction area valuation of 28,505 yuan per square meter, and a capitalization rate of 6.96% expected by 2025 [2] - The original rights holder, Shanshan Commercial Group, operates the largest outlet matrix in China, with 20 projects opened by the end of 2024, indicating a robust expansion strategy [2] Group 2: Market Comparison - The existing outlet REIT, Huaxia Chuangxin Outlet REIT, achieved a public subscription multiple of 23 times and raised 1.97 billion yuan, with a secondary market price increase of over 68.7% since its listing [4] - The Ningbo Shanjing Outlets demonstrates superior performance metrics, with a sales figure of 1.73 billion yuan in 2023, 2.4 times that of the Wuhan Chuangxin Outlet, and a monthly sales efficiency of 3,259 yuan per square meter, 1.7 times higher than its counterpart [4] Group 3: Fund Performance and Challenges - CICC Fund's total management scale reached 203.3 billion yuan by the end of Q1 2025, with open-end funds at 177.6 billion yuan and closed-end funds at 25.68 billion yuan, reflecting a year-on-year growth of 69.7% and 14.3% respectively [5] - However, the performance of CICC's REIT products shows significant differentiation, with the CICC Prologis REIT reporting a revenue of 460 million yuan but a net loss of 98.89 million yuan due to goodwill impairment [7] - The CICC Anhui Expressway REIT, the largest by scale, has been in continuous loss since its establishment, with a projected loss of 1.12 billion yuan in 2024, and a 23.08% decrease in distributable income compared to the previous year [7]

Group 1 - The core viewpoint of the articles highlights the strong performance of consumer REITs in the market, with significant year-to-date gains and a notable increase in trading activity, particularly for the Huaan Bailian Consumer REIT, which saw a 51.29% increase compared to its benchmark [1][2] - Consumer REITs have shown an overall increase in profitability, with total revenues of 5.65 billion yuan and net profits of 761.76 million yuan in the first quarter, indicating robust underlying asset performance [3] - The average increase of consumer REITs since their listing is 49.96%, positioning them strongly within the public REITs market, with a total issuance scale of 21.326 billion yuan [4] Group 2 - The performance of consumer REITs is closely linked to the recovery of the consumer market, which saw a 4.6% year-on-year increase in retail sales in the first quarter, benefiting the commercial real estate projects they invest in [2][3] - There is a notable disparity in operational capabilities among different consumer REITs, with some achieving significantly higher revenues and profits than others, emphasizing the importance of operational efficiency and innovation [3][5] - The issuance situation for consumer REITs has been relatively average, with subscription multiples indicating varying levels of investor interest, suggesting a need for improved operational strategies to enhance market appeal [5]

Core Insights - The REITs market in China has been growing steadily since the first public REITs products were launched in June 2021, attracting diverse funding and enhancing asset categories [1] - The conversation highlights the strategic importance of REITs as a financing tool and a link between assets and industries, particularly in the context of industrial parks [4][6] Group 1: Industry Trends - The industrial park market is transitioning from a phase of rapid growth to a more refined management approach, focusing on service and incubation [3] - Zhangjiang area is significant for the semiconductor industry, with approximately 70% of Shanghai's integrated circuit sales occurring there, indicating a strong industry concentration [4] Group 2: REITs Platform Positioning - REITs serve as a crucial strategic platform for financing and connecting assets with industries, allowing for reinvestment into industrial development [4][6] - The emergence of a multi-tiered REITs market, including Pre-REITs and private REITs, is noted as a way to match different asset lifecycle stages [4] Group 3: Tenant Concentration and Challenges - High tenant concentration is a characteristic of industrial parks, with large tenants often being R&D-focused, which can lead to significant leasing space [5] - The industry faces challenges with large tenants vacating, which is considered a rare event but requires proactive management strategies [5] Group 4: Recommendations for Future REITs Issuance - Suggestions include enhancing the flexibility of fundraising to allow for direct investment into industrial projects, thereby better supporting the industry [6] - The importance of increasing the diversity of secondary market participants is emphasized to stabilize and rationalize the REITs market [6]

证券研究报告 | 2025年05月12日 公募 REITs 一季报全透视 韧性领航，分红突围 一季度业绩回顾：整体表现稳健，分红积极性提升。2025 年一季度，公募 REITs62 只上市产品共实现营业收入 47.79 亿元，实现净利润 8.4 亿元，剔 除新上市项目，基于可比口径，一季度营业收入同比下降 3%，环比下降 2%； 净利润同比下降 14%，环比增长 144%。其中 55 只产品实现盈利，占比为 89%。 年初至今，公募 REITs 总分红金额达到 38.29 亿元，是去年同期的 1.29 倍， 其中有 10 只 REITs 产品分红超过 1 亿元，分红金额最多的三只分别为中信 建投国家电投新能源 REIT（4.16 亿元）、中金安徽交控 REIT（3.08 亿元）、 平安宁波交投 REIT（2.60 亿元）。 年初至今，公募 REITs 在不确定性因素加大的环境中表现出较强韧性。中证 REITs 指数涨幅为 7.5%，跑赢主要股债指数，受益于政策推动，截至 2025 年 5 月 7 日，公募 REITs 总市值达到 1904 亿元，较去年年末增长 350 亿元。 从不同项目属性来看，今年产权类、 ...

Group 1 - The core viewpoint of the article highlights the growth and performance of public REITs in China, with a total of 65 products and a combined issuance scale of 173.03 billion yuan as of April 30, 2025 [3] - The largest issuance scale among the underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 27.06 billion yuan [3] - As of April 30, 2025, there are 24 REITs awaiting listing, including 13 new REITs and 11 REITs pending expansion [3] Group 2 - In the secondary market, the weighted REITs index closed at 134.98 with a monthly return of 0.65%, showing a fluctuating trend [4] - The performance of REITs is ranked lower compared to other major asset classes, with the order being gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [4] - The top three performing underlying asset types for the month are affordable housing, consumer, and water conservancy facilities [4] Group 3 - The total trading volume of public REITs decreased slightly compared to the previous month, with a total transaction amount of 12.35 billion yuan and an average daily turnover rate of 0.8% [5] - The top three REITs by transaction volume are Southern SF Logistics REIT, Hongtu Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT [5] - The total net inflow of main funds reached 27.73 million yuan, indicating a significant increase in market trading enthusiasm compared to the previous month [5] Group 4 - The total amount of block trades increased compared to the previous month, with 21 block trading days and a total transaction amount of 2.17 billion yuan [6] - The highest single-day block trade amount was 54.14 million yuan on April 8, 2025 [6] - The top three REITs by block trade amount are E Fund Deep Highway REIT, Huaxia Huaren Commercial REIT, and CICC Prologis REIT [6]