Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].

Group 1 - The report highlights the listing of the first "commercial reform and guarantee" REIT in China, the Huatai Fu Shanghai Real Estate Rental Housing REIT, which was approved on March 5, 2025, and completed its issuance on March 18, 2025, with a public subscription multiple of 494 times [1][7]. - The report notes that the REIT market has shown strong demand, with the offline inquiry multiple reaching 180.74 times, setting a new high for public REITs in 2023 [1][7]. - The Shanghai Real Estate Group aims to connect its quality affordable rental housing assets with the capital market through this innovative REIT model, thereby increasing the supply of affordable rental housing [1][7]. Group 2 - The report indicates that the REIT market has experienced an upward trend, with the CSI REITs total return index rising by 0.63% and the total REITs index increasing by 0.84% during the week of March 31 to April 3, 2025 [2][13]. - The report mentions that the total issuance scale of listed REITs reached 169.7 billion yuan, with a total of 64 REITs issued as of April 3, 2025 [8]. - The report identifies the leading performers in the REIT market, including the Bosera Tian Kai Industrial Park REIT, which increased by 3.93%, followed by the Hongtu Shenzhen Anju REIT and Guotai Junan Dongjiu New Economy REIT, with increases of 3.80% and 3.65%, respectively [2][13]. Group 3 - The report states that the overall trading activity in the REIT market has increased, with a total trading volume of 612 million yuan, reflecting a week-on-week increase of 4.7% [3][34]. - It details the trading volume for different categories of REITs, with the largest being transportation infrastructure, accounting for 28.0% of the total trading volume [3][34]. - The report provides insights into the trading volume changes for various REIT categories, noting significant increases in park infrastructure and energy infrastructure categories [3][34]. Group 4 - The report discusses the correlation of the CSI REITs index with other major asset classes, indicating a correlation coefficient of 0.262 with the CSI All Bond index over the past 20 days [27]. - It highlights the internal correlation among different REIT categories, with the industrial park REITs index showing a strong correlation with the affordable rental housing REITs index [28]. - The report provides a detailed analysis of the historical performance of various REIT categories, indicating trends and correlations that may influence future investment decisions [28].

证券研究报告 万科 A (2202 HK/000002 CH) 港股通 减值形成拖累，关注后续融资支持 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地/中国香港 | 房地产开发 | 公司 3 月 31 日发布年报，2024 年实现营收 3431.8 亿元，同比-26.3%；归 母净利润-494.8 亿元，同比-506.8%，归母净亏损高于业绩预告（-450 亿）。 公司仍面临较大财务压力，有待市场修复和股东支持助力，维持"持有"。 减值以及以价换量盘活资产，叠加结算收入及毛利率下降导致大额亏损 期内公司出现大额亏损，主要原因为：1）存货以及信用减值合计 336 亿； 2）竣工面积同比-24.2%，导致开发结算收入同比-30.5%至 2791 亿，结算 毛利率-5.5pct 至 9.5%；2）为积极盘活存量产生的资产交易亏损；3）非主 业财务投资形成账面亏损。受行业景气度下行影响，销售规模进一步收缩。 销售金额 2460 亿元，同比-34.6%。严控新增投资，期内权益拿地额 55.6 亿，获取的 13 个项目中，1 ...

Group 1 - The equity market serves as a mechanism for significant wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Summary of the Conference Call for China Merchants Shekou (招商蛇口) Company Overview - **Company**: China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商蛇口) - **Year**: 2024 Key Financial Performance - **Revenue**: CNY 178.95 billion, up 2.25% year-on-year [3] - **Net Profit**: CNY 4.04 billion, down 36.09% year-on-year due to industry downturn and increased impairment provisions [3] - **Gross Margin**: 4.61% [3] - **Cash Flow**: Operating cash flow of CNY 31.96 billion, with cash reserves reaching CNY 100.35 billion, the highest in five years [3] - **Sales**: Contracted sales of CNY 219.3 billion, ranking fifth in the industry [3][5] Industry Position and Market Dynamics - **Market Ranking**: Top 30 in 12 cities, with five cities ranking first locally [5] - **Investment Strategy**: Focused on core cities, acquiring 26 land parcels totaling 2.25 million square meters at a cost of CNY 48.6 billion [5] - **Market Conditions**: Transition from supply shortage to oversupply, with a need for strategic adjustments in product quality and service capabilities [12] Product Development and Innovation - **Product Lines**: Launched new product lines "启旭", "天青", and "揽月", achieving a 25% higher sales rate than competitors [3][6] - **Awards**: Projects recognized as top luxury offerings in 2024 [6] Asset Management and REITs - **Asset Income**: Total income from held properties reached CNY 7.46 billion, up 12% [8] - **REITs Platforms**: Established three REITs platforms with a total asset management scale of CNY 13.7 billion, promoting a virtuous cycle of asset management [9] Property Services - **Revenue Growth**: Property service revenue increased by 10% to CNY 17.1 billion, with net profit up 14% [10] - **Contract Growth**: New third-party contracts signed worth CNY 3.69 billion, covering 162 cities [10] ESG Initiatives - **ESG Rating**: Maintained an A rating from MSCI, the highest in the Chinese real estate sector, reflecting strong performance in environmental, social, and governance aspects [11] Future Strategies - **2025 Goals**: Focus on stabilizing development business while enhancing asset operation capabilities and expanding light asset business [13] - **Sales Target**: Expected saleable value of CNY 325 billion in 2025, with 79% from residential properties [14] - **Digital Transformation**: Implementing AI strategies to enhance operational efficiency and customer experience [16] Financial Health and Debt Management - **Debt Levels**: Total interest-bearing debt of CNY 222.6 billion, with a cost of 2.99% [4][26] - **Cost Management**: Reduced management costs and improved project debt management to align with cash flow [26] Market Outlook - **Economic Growth**: Anticipated 5% growth in 2025, supported by proactive fiscal and monetary policies [21][22] - **Real Estate Policy**: Continued government support for stabilizing the real estate market, including measures to boost demand and improve supply [23][24] Conclusion - **Strategic Focus**: China Merchants Shekou is adapting to market changes by enhancing product quality, expanding service capabilities, and leveraging digital technologies to ensure sustainable growth in a challenging real estate environment.

Group 1: Real Estate and Construction - New home prices showed a month-on-month decline of 0.1% across 70 cities, with first-tier cities experiencing a month-on-month increase, particularly Shanghai leading with a year-on-year increase of 5.6% [6][9][42] - The transaction area of new homes increased month-on-month, while the Shenzhen housing fund policy was significantly adjusted to enhance loan limits and support for families with multiple children [42][44] - The report maintains a "positive" rating for the real estate sector, suggesting that improved fiscal and monetary policies will help stabilize the housing market [9][43][44] Group 2: Banking Sector - Non-bank deposits showed a recovery in February, with a positive growth of 19.92 billion yuan, indicating a halt in the outflow trend [11][13] - The report highlights that the banking sector is expected to benefit from a declining cost of liabilities, with recommended stocks including Citic Bank and Agricultural Bank of China [15] - The credit demand remains weak, particularly in retail loans, while corporate loans are primarily driven by bill financing [14][15] Group 3: Machinery and Robotics - The year 2025 is identified as a pivotal year for humanoid robot mass production, with significant capital expenditure expected across the supply chain [17][21] - The report estimates that the market for electric motors used in humanoid robots could reach 25.4 billion yuan with a demand for 62 motors per robot [19] - Key beneficiaries in the machinery sector include companies like Qinchuan Machine Tool and Jizhi Co., which are positioned to capitalize on the growing demand for core components [21] Group 4: Consumer Services - The consumer services sector is experiencing growth driven by high-quality supply in the building block toy market, with a focus on cross-generational appeal [23][24] - The report emphasizes the potential for AI applications in the beauty industry, with significant sales contributions from live-streaming and influencer promotions [25][36] - Recommended stocks in the consumer services sector include Long White Mountain for tourism and various educational and beauty companies [26][37] Group 5: Building Materials - The report indicates a focus on building materials due to government policies aimed at stabilizing the real estate market, with recommendations for companies like Dongfang Yuhong and Weixing New Materials [28][29] - The cement industry is expected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity by 1.8 billion tons by 2025 [29][30] - The building materials index has shown a slight increase, but it has underperformed compared to the broader market indices [30][31] Group 6: Media and AI Applications - The report highlights the growth of AI applications in gaming, with new titles leveraging AI technology for enhanced user interaction [35][36] - The potential for children's literature and toys is expected to rise due to government policies supporting child-rearing, with a focus on companies like Aofei Entertainment [37][38] - Recommended stocks in the media sector include Tencent and NetEase, which are well-positioned to benefit from advancements in AI technology [35][36]

Summary of REITs Investment Framework and Latest Tracking Industry Overview - The document discusses the Real Estate Investment Trusts (REITs) industry, particularly focusing on infrastructure REITs in China, which serve as a tool for real estate investment while meeting financing needs of the real economy and social capital investment demands [2][4][6]. Key Points and Arguments - **Investment Strategy**: Infrastructure REITs primarily adopt a core investment strategy, characterized by low risk and long investment horizons, targeting mature real estate assets such as office buildings, retail properties, and industrial properties [2][4]. - **Key Support Regions**: The Chinese REITs market emphasizes support for regions like the Yangtze River Economic Belt, Beijing-Tianjin-Hebei, and the Guangdong-Hong Kong-Macau Greater Bay Area, covering 12 pilot industries including transportation, energy, municipal, environmental protection, logistics, and rental housing [2][6]. - **Valuation Methods**: Valuation methods for REITs include cost, income, and market approaches. However, due to the domestic market's maturity and information disclosure issues, the income approach is deemed more suitable, with differentiated valuation based on asset types [2][8]. - **Market Performance**: In 2024, the Chinese REITs market saw an overall increase of approximately 30%, with significant differentiation among types. Defensive assets like rental housing and energy infrastructure performed strongly, while cyclical assets like logistics and transportation showed modest gains [2][12][13]. - **Consumer Infrastructure**: Consumer infrastructure is expected to perform exceptionally well from 2024 to 2025, with an average increase of 36.4% for newly listed assets in 2024, and a dividend yield of around 5% by the end of the year, outperforming other asset types [2][14]. - **Yield Differentiation**: As of March 14, 2025, the yield rates for various infrastructure REITs showed significant differentiation, with defensive assets yielding between 3.5% and 3.8%, while transportation infrastructure yielded as high as 6.67% [2][16]. Additional Important Insights - **Liquidity Concerns**: The liquidity of REITs in the Chinese market is relatively low, with a total issuance scale of approximately 160 to 170 billion, primarily held by institutional investors, leading to low turnover rates. However, trading activity has improved recently [2][15]. - **High Configuration Value**: In the current market environment, consumer infrastructure and affordable rental housing, along with new municipal environmental projects, are highlighted as having high configuration value due to their robust fundamentals and relatively high yields [3][17]. - **Tracking Market Performance**: Monitoring the overall REITs market can be done through weekly tracking databases that assess market performance, liquidity, asset correlation, and valuation conditions [18]. This summary encapsulates the essential insights and data from the REITs investment framework and tracking document, providing a comprehensive overview of the current state and future outlook of the REITs market in China.

相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 策 略 研 究 REIT 申购 2025 年 03 月 14 日 南方顺丰 REIT (180305.SZ)申购价 值分析 本期投资提示： 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 购 策 略 - ⚫ 本 REIT 发售份额为 10 亿份，询价日为 2025 年 3 月 17 日，询价区间为 2.903 元/份-3.435 元/份，预计募集资金为 31.22 亿元。网下投资者及其管理的每一配售对象自上市之日起前 三个交易日（含上市首日）内可交易的份额不超过其获配份额的 50%。 ⚫ 所处区 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for AIDC cabinets is expected to continue increasing in the AI era, and IDC REITs will assist AIDC companies in achieving scale expansion [6][18] - IDC REITs can help domestic IDC companies to revitalize existing assets, improve financing pressure, and create a closed funding loop [4][13] - Implementing IDC REITs allows IDC companies to enhance their ROE and transition to a light asset operation model [5][16] Summary by Sections REITs Structure - China's REITs pilot adopts a trust-based structure, distinguishing between company-type and contract-type REITs, with the latter being predominant in Asia [12] IDC REITs Benefits - IDC REITs provide a viable channel for mature projects to realize significant investment returns, facilitating new project development and acquisitions [4][13] - By separating heavy asset operations from the parent company, IDC REITs can lower financial risks and costs while maintaining operational income through management of the REITs [5][16] Investment Recommendations - Key recommendations include companies like Runze Technology (first IDC REITs filing) and Baoxin Software, with beneficiaries including a range of IDC firms such as Guanghuan New Network and Century Interconnect [6][18]