Group 1 - CICC Vipshop Outlets REIT has officially submitted its application to the Shanghai Stock Exchange on May 6, targeting the consumer infrastructure sector [2][3] - The underlying assets of the project are expected to include outlet projects in Nanchang, Ningbo, and Taiyuan, owned by Shanshan Commercial Group [4] - Shanshan Commercial Group, established in 2016, is primarily engaged in business services and has a registered capital of 3 billion yuan [4] Group 2 - Vipshop acquired 100% of Shanshan Commercial Group for 2.9 billion yuan in 2019, which included several established outlet plazas and additional projects under planning [5] - The REIT is anticipated to provide funding support for asset revitalization and new project expansion, leveraging the synergy between supply chain and offline scenarios post-acquisition [6] - Consumer REITs have shown strong performance, with the highest year-to-date increase exceeding 40%, indicating a robust market for this asset class [2][8] Group 3 - As of May 7, there are 66 public REITs in the market with a fundraising scale nearing 200 billion yuan, and 19 additional REITs are in the application process [7] - The secondary market for public REITs has performed well, with an average increase of 13.4% year-to-date, outperforming major A-share indices [8] - Notably, consumer REITs have led the market, with several products achieving significant gains, including Huaxia Joy City Commercial REIT and Huaxia Shichuang Outlets REIT, both exceeding 40% [8]

Core Viewpoint - The company reported significant growth in 2024, with a revenue increase of 41.9% year-on-year and a net profit increase of 173.3% year-on-year, indicating strong operational performance and market positioning [1] Financial Performance - In 2024, the company achieved operating revenue of 3.53 billion yuan and a net profit attributable to shareholders of 900 million yuan, with a weighted average ROE of 5.80% and EPS of 0.22 yuan [1] - For Q1 2025, the company reported operating revenue of 660 million yuan, a decrease of 1.9% year-on-year, and a net profit of 110 million yuan, down 18.2% year-on-year [1] - The company's revenue from various business lines in 2024 included brokerage (380 million yuan), investment banking (280 million yuan), asset management (920 million yuan), credit (100 million yuan), and proprietary trading (1.44 billion yuan), with respective year-on-year growth rates of 8%, 46%, 2%, 32%, and 143% [1] - In Q1 2025, the revenue from these business lines was 120 million yuan, 60 million yuan, 250 million yuan, 20 million yuan, and 150 million yuan, with year-on-year growth rates of 46%, -6%, 8%, 29%, and -33% respectively [1] Asset Management and Fund Performance - The company has enhanced its active management capabilities, with total assets under management in its asset management business reaching 53.638 billion yuan by the end of 2024, a decrease of 12.34% from the previous year [2] - The company's public fund subsidiary managed a total of 632.3 billion yuan by the end of 2024, a decrease of 36.66%, while the public fund scale increased by 27.79% [2] Fixed Income Sales and Trading - In 2024, the company sold a total of 4,857 fixed income products, a decrease of 3.46%, while the total sales amount reached 198.4 billion yuan, an increase of 11.96% [2] - The company's bond trading volume in the interbank and exchange markets was 7.40 trillion yuan in 2024, a decrease of 6.94%, ranking 7th in the industry for government bond trading volume [2] Investment Banking and Debt Financing - The company focused on the Beijing Stock Exchange (BSE) for its investment banking activities, ranking 14th in the industry for IPO underwriting scale in 2024, with the number of BSE listings and underwriting scale ranking 2nd in the industry [3] - In debt financing, the company completed 53 projects with a total underwriting amount of 26.25 billion yuan in 2024, an increase of 110.02%, and ranked 30th in the industry for corporate and company bond underwriting, rising 24 places from the previous year [3] Investment Recommendation - The company maintains a "Buy-A" investment rating, benefiting from strong self-operated income and a recovering investment banking business, with projected EPS for 2025-2027 at 0.23 yuan, 0.24 yuan, and 0.26 yuan respectively [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][32] Core Views - The company is actively reserving scarce energy resources and steadily advancing the construction and delivery of intelligent computing centers [1][3] - The company is experiencing a transitional period from IDC to AIDC, which is putting short-term pressure on performance [1][18] - The AIDC business is rapidly developing, with significant growth in revenue and gross margin due to attracting high-quality AI clients [2][18] Financial Performance - In 2024, the company achieved total revenue of 4.365 billion yuan, a year-on-year increase of 0.32%, and a net profit of 1.79 billion yuan, up 1.62% year-on-year [10][5] - The company's AIDC business generated revenue of 1.45 billion yuan in 2024, a year-on-year growth of 21%, with a gross margin of 51.7% [2][18] - The IDC business faced challenges, with revenue of 2.914 billion yuan in 2024, a decline of 7.6% year-on-year, and a gross margin of 47.53% [18][31] Business Development - The company has built seven intelligent computing infrastructure clusters across six major regions, with plans for approximately 61 intelligent computing centers and 320,000 cabinets [3][30] - The company is expanding its energy resource reserves, with a 130% increase in energy indicators compared to the end of 2023 [3][30] - The company has applied for the first public REITs in the industry to diversify financing and strengthen its market position [3][30] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits of 2.693 billion yuan, 3.292 billion yuan, and 4.030 billion yuan for 2025, 2026, and 2027 respectively [4][32] - The current stock price corresponds to a PE ratio of 30, 24, and 19 for 2025, 2026, and 2027 respectively [4][32]

Core Insights - The event showcased the operational achievements and long-term value logic of the Huaxia Dayuecheng Commercial REIT, emphasizing its successful market performance since its listing [1][3]. Group 1: Immersive Asset Experience - Investors explored the Chengdu Dayuecheng project, witnessing enhancements in brand upgrades, space renovations, and consumer engagement, which contribute to asset value [2]. Group 2: Professional Capability Presentation - The chairman of Dayuecheng Commercial Management highlighted the company's extensive reach across 25 cities and over 40 projects, reinforcing its brand influence and commitment to asset-centric operations [3]. - The REIT has successfully established a capital cycle that supports the stable development of Dayuecheng, with strong secondary market performance reflecting investor confidence [3]. Group 3: Comprehensive Performance Analysis - Fund managers presented the project's operational strategies and financial metrics, indicating robust performance across key indicators since the fund's inception [6]. - The Chengdu Dayuecheng project is positioned as a commercial benchmark in the region, with plans to enhance its operational capabilities by 2025 through a four-pronged strategy focusing on product, operation, service, and influence [6]. Group 4: Multi-Dimensional Dialogue - The investor engagement session facilitated discussions on project operations, renovation plans, competitive landscape, and the commercial development philosophy of Dayuecheng, fostering a deeper understanding of the asset and its management [8]. - Since its establishment on September 3, 2024, the REIT has distributed dividends twice, totaling 10,367.90 million yuan, exceeding the forecasted distribution values [8].

Group 1 - The establishment of the "Pingzhun Equity Investment Fund" aims to invest in the public REITs market with a target scale of 10 billion yuan and an initial closing scale of 5.237 billion yuan [1][2] - The fund is initiated by Shoucheng Holdings, China Life, and Caixin Life, structured as a limited partnership, and managed by Guoshou Capital, focusing on long-term institutional investors [1][2] - The fund will invest in public REITs through strategic placements and block trades, emphasizing market mechanisms to enhance liquidity and stability in the REITs market [2][3] Group 2 - Individual investors cannot directly participate in the "Pingzhun Equity Investment Fund" due to its operational model, which is limited to specific institutional investors [2] - Public REITs are standardized financial products that convert real estate assets into liquid securities, allowing for investment in infrastructure projects [3][4] - Public REITs provide investors with diversified investment channels and lower the threshold for investing in real estate, enabling indirect ownership and potential returns from property operations [4]

Core Insights - The hotel investment market in China is transitioning from incremental expansion to stock optimization due to macroeconomic fluctuations and real estate policy impacts [1][6] - The total hotel investment transaction amount in mainland China from 2015 to 2024 is approximately 168.54 billion, with an average annual transaction amount of about 13.94 billion [1] - In 2024, hotel investments accounted for 10.7% of the overall investment market, reaching a recent high [1] Investment Trends - First-tier cities are the focal point for capital due to their anti-cyclical capabilities and composite value, with over 60% of hotel transactions occurring in these areas over the past decade [1][2] - New first-tier cities are emerging as new investment hotspots, with their hotel investment transaction share increasing by 6 percentage points from 2015-2019 to 2020-2024 [1][2] - The demand for hotel investments is driven by the dual effects of business and cultural tourism, particularly in first-tier cities, which host about 40% of national conference and exhibition activities [3] Market Dynamics - The hotel investment market has seen a rise in bulk transaction amounts, with 2023 marking a historical high for hotel investment transactions in mainland China [2] - The performance of hotels in new first-tier cities like Hangzhou, Chengdu, Chongqing, and Xi'an has improved significantly, attracting investor interest [3] - Urban hotels account for over 70% of total transaction amounts, driven by stable market demand and advantageous geographic locations [3] Risk Management - The growth of the hotel investment market brings associated risks, including legal issues related to property rights and compliance [4][5] - Investors need to enhance their asset selection and risk management capabilities due to market differentiation and valuation discrepancies [2][6] - Innovative exit strategies, such as public REITs, are being explored to improve liquidity and value of hotel assets, although they are not yet included in the underlying asset category for public REITs [5][6]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given reports. 2. Core Viewpoints - With the release of Q1 performance, the pricing of REITs this week gradually returned to fundamentals. Consumption and affordable housing REITs showed stable performance and strong resilience. The CSI REITs Index slightly declined this week and underperformed major stock and bond indices. Except for consumption REITs, all other types of REITs closed down. As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1]. - The performance of public - offering REITs in the first quarter of 2025 showed a differentiated trend. Generally, consumption and affordable housing REITs performed stably with strong resilience; industrial parks and warehousing logistics REITs faced certain operational pressures, and there were obvious internal differentiations in the energy and public utilities sectors [4]. 3. Summary by Related Catalogs 3.1 Market Trends - **Index Performance**: As of April 25, 2025, the CSI REITs (closing) index closed at 847.0 points, with a weekly decline of 1.8% from April 21 - 25, 2025, underperforming the CSI 300 Index (0.4%), the CSI Convertible Bond Index (0.9%), and the CSI Aggregate Bond Index (-0.1%). Year - to - date, the CSI REITs Index rose 7.3%, outperforming the CSI Convertible Bond Index (+1.8%), the CSI Aggregate Bond Index (+0.3%), and the CSI 300 Index (-3.8%). In the past year, the return of the CSI REITs Index was 4.5%, with a volatility of 6.9%. Its return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index, and its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][8][10]. - **Market Capitalization and Turnover**: The total market capitalization of REITs rose to 189.5 billion yuan on April 25, an increase of 1.4 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.03 percentage points from the previous week [2][10]. - **Performance by REIT Type**: Except for the consumption sector, other types of REITs had a slight decline. As of April 25, 2025, the average weekly decline of property - type REITs and franchise - type REITs was 1.1% and 0.7% respectively. Among specific REITs, the top three in terms of weekly gains were CICC Chongqing Liangjiang REIT (+6.35%), E Fund Huawai Market REIT (+4.26%), and Huaan Waigaoqiao REIT (+2.51%) [3][15][19]. - **Trading Activity**: Warehousing logistics REITs were the most actively traded this week, with an average daily turnover rate of 1.8% and an trading volume accounting for 25.2% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern SF Logistics REIT (107.85 million yuan), China AMC China Resources Commercial REIT (14.45 million yuan), and CICC Anhui Expressway REIT (12.35 million yuan) [3][20][23]. 3.2 Primary Market Issuance As of April 25, 2025, there were 2 REIT products in the in - inquiry stage, 1 in the accepted stage, 6 in the feedback stage, 3 passed and waiting for listing, and 2 first - issued products that had passed and were listed on the exchanges [25]. 3.3 Valuation Tracking - **Cash Distribution Rate**: As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1][27]. - **Valuation Indicators**: Different types of REITs had different relative net - value premium/discount rates, P/FFO, IRR, and annualized dividend rates. Property - type REITs focused on dividend yield, while franchise - type REITs focused on internal rate of return. As of April 25, 2025, the dividend yield of property REITs was 383 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 259 BP [27][30][31]. 3.4 Industry News - On April 21, "Southern SF Logistics REIT", an infrastructure public - offering REIT under SF Holding, was officially listed on the Shenzhen Stock Exchange. Its initial offering price was 3.290 yuan per share, the opening price on the first - listing day was 3.8 yuan, and the closing price was 3.7 yuan, with a full - day increase of 13.53%, a turnover rate of 22.55%, and a trading volume of 251 million yuan. The effective subscription multiple of public investors was 381.58 times [37].

二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 28 只，合计发行规模为 240.79 亿元，较前一周有所增 加。此外，上周有 28 只基金首次进入发行阶段，本周将有 6 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 报 告 摘 要 一、上周市场回顾 一、基金申报发行动态 上周共上报 36 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 5 只 FOF ，国证通用航空产业 ETF 、国投瑞银中证全指自由现金流指数基金、嘉 实中证港股通创新药 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，中小板指、中证 1000 、创业 板指指数收益靠前，收益分别为 2.13% 、 1.85% 、 1.74% ，科创 50 、沪深 300 、上证综指指数收益靠后，收益分别为 -0.40% 、 0.38% 、 0.56% 。 从成交额来看，除科创 50 、沪深 300 、上证综指外，上周主要宽基指数 成交额均有所上升。行业方面，上周综合金融、汽车、电力设备及新能源收 益靠前，收益分别为 5.06% 、 4.98% 、 3.09% ，食品饮料、消费者服 务、房地产收益靠后，收益分别为 ...

Core Viewpoint - Shoucheng Holdings has announced the establishment of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is the first public REITs fund in China to include "Pingzhun" in its name, targeting a total scale of 10 billion RMB with an initial closing size of 5.237 billion RMB, making it the largest single public REITs special investment fund in the market [1][5]. Company Summary - The fund is a collaboration between Shoucheng Holdings, China Life Insurance, Caixin Life Insurance, and other partners, with Shoucheng's indirect wholly-owned subsidiary, Shoujing Investment, acting as a limited partner [2][4]. - The total capital contribution from all partners amounts to 5.237 billion RMB, with China Life contributing 3.5 billion RMB, Shoujing Investment 1 billion RMB, and Caixin Life 700 million RMB [5][6]. - The fund will primarily invest in public REITs related to infrastructure, utilizing strategic placements and other investment methods to enhance market liquidity and operational efficiency [7][9]. Industry Summary - The public REITs market in China has reached a new stage of quality improvement and efficiency, with 65 products listed and a total issuance scale of approximately 170 billion RMB as of April 24 [8]. - Insurance capital has increasingly participated in public REITs investments since 2021, with a projected investment scale exceeding 13 billion RMB by the end of 2024, representing 12.45% of the market share [8][9]. - The Beijing Pingzhun Infrastructure Fund aims to stabilize the market and discover value through professional operations, thereby promoting healthy market expansion and attracting long-term capital [9].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].