与试点阶段政策相比，《通知》对REITs常态化发行后的申报规则进行了调整，但因为调整幅度较大， 也引发了市场的一些误读。比如，进入常态化发行阶段后，国家发展改革委将不再对REITs项目的未来 收益率提出要求。对此，有人担忧，这会不会给房地产项目融资变相开了口子？ REITs进入常态化发行，意味着长达4年多的基础设施REITs试点正式结束，具有中国特色的基础设施 REITs市场迈上了新征程。进一步深化投融资体制机制改革和多层次资本市场建设，将推动REITs市场 行稳致远。 在基础设施领域不动产投资信托基金（REITs）试点运行4年之际，国家发展改革委日前印发《关于全 面推动基础设施领域不动产投资信托基金（REITs）项目常态化发行的通知》，对推进REITs常态化发 行进行部署，引发市场广泛关注。 作为舶来品，REITs是西方房地产市场上一种成熟的投资信托基金。本质上看，它是通过发行收益凭证 来筹集资金、投资，并将综合收益分配给投资者的金融产品。我国自2020年4月引入REITs试点后，在 充分借鉴国外市场经验的基础上，结合我国实际进行了本土化创新，特别是将REITs发行范围从最初的 房地产市场拓展到基础设施领域 ...

在经济与投资领域，表面现象往往复杂多变。经济学家通过剖析经济现象，揭示其背后的因果关系，行业专家借 助实际案例，展现成功背后的策略与市场规律，而资深投资者则以亲身经历，说明投资成功离不开对市场逻辑的 精准把握。深入理解复杂现象背后的逻辑，才能在经济与投资的浪潮中把握机遇、规避风险，实现长期的成功。 这种深刻的理解，既是专业知识的积累，也是实践经验的升华，更是应对复杂世界的必备能力。 第一财经精心挑选了《经济学家，请回答：理解当今世界的90个经济问题》《2+20：私募股权为什么能长期战胜 市场》《适度不敬：REITs之父萨姆·泽尔自传》三本书籍，阐述知识、经验以及逻辑在投资领域的重要性。 《经济学家，请回答：理解当今世界的90个经济问题》 作者：罗伯特·索洛 出版社：文汇出版社 编辑部推荐： 经济学的普适性在于它与我们生活的紧密联系，从个人理财到国家发展，从技术创新到社会公平，经济学原理无 处不在。本书不仅涉及生产率、教育回报、交易平台等具体经济现象，还包含了对金融监管、社会保障等宏观政 策的深刻洞察。书中没有晦涩难懂的数学公式和长篇大论，用简单直白的语言帮助读者从经济学角度理解世界。 原文摘录： 在本书中，你 ...

Core Insights - The real estate market in China is experiencing a prolonged downturn, with home prices in 70 cities declining for 18 consecutive months and the number of second-hand homes listed exceeding 12 million, leading to a strong wait-and-see sentiment among buyers [1] Group 1: Supply and Demand Imbalance - The cumulative area of residential land transactions over the past five years reached 6.8 billion square meters, enough to provide housing for 136 million people, while the urban population only increased by 82 million during the same period [3] - The new home absorption cycle in first-tier cities has extended from 9 months to 21 months, with third and fourth-tier cities experiencing "ghost town" phenomena [3] - The birth rate is declining, with the number of newborns in 2024 expected to fall below 9 million, resulting in a 37% reduction in the size of the marriage-age home-buying demographic compared to a decade ago [3] Group 2: Policy Regulation - Over 30 cities have lifted purchase restrictions in 2024, yet mortgage rates remain high at 4.1%, with less than 20% of cities reducing the down payment ratio for first-time homebuyers to 15% [4] - The household leverage ratio has reached 63.3%, nearing international warning levels, leading to stringent mortgage approval processes that scrutinize consumer spending habits [4] Group 3: Real Estate Companies' Innovations - Leading real estate companies are adopting self-rescue innovations, such as scenario-based marketing, where a top 10 developer in Chengdu transformed model homes into cafes and gyms to enhance community experience [4] - Data-driven customer acquisition strategies are being implemented, with AI algorithms improving ad targeting accuracy to 78% and tripling conversion rates compared to traditional methods [4] - Value-added services are being introduced, such as a combination of immediate property handover and three years of rental subsidies, achieving a 92% sales rate at launch [5] Group 4: Path to Recovery - The key to revitalizing the real estate market lies in addressing three core contradictions: 1. Supply-demand mismatch, necessitating the establishment of a "city housing demand forecasting model" to dynamically adjust land supply [7] 2. Financial barriers, exploring models like "shared ownership + REITs" to lower purchasing thresholds [7] 3. Trust issues, requiring real estate companies to implement "full-cycle service standards" for transparent service from contract signing to move-in [7] - Projects offering value-added services, such as "inspection accompaniment" and "renovation supervision," have seen a 40% increase in customer revisit rates, indicating a shift from scale competition to service depth [7] Group 5: Market Sentiment Shift - A change in consumer perception is noted, with buyers now prioritizing community growth over location, signaling a potential market recovery as homes are viewed as living spaces rather than investment assets [8] - The current downturn presents both challenges and opportunities for industry evolution, emphasizing the importance of understanding consumer needs for future success [8]

Group 1 - The fund's secondary market closing price reached 4.178 CNY per share on May 23, 2025, marking a 52.82% increase from the benchmark price of 2.734 CNY per share [1] - The fund will suspend trading for one hour starting from May 26, 2025, to protect the interests of fund shareholders, with trading resuming at 10:30 AM on the same day [1] - The fund's initial investment is in a public rental housing project located in Suzhou, Jiangsu Province, aiming to generate stable cash flow through active management [1][2] Group 2 - The fund's operational management is confirmed to be stable, with no undisclosed significant information affecting the fund [2][3] - The predicted annual distributable cash flow for 2025 is 54,678,152.94 CNY, with a projected net cash distribution rate of 4.00% for investors who bought at the initial price and 2.62% for those who bought at the market price on May 23, 2025 [4][5] Group 3 - The fund's A and C class shares have different subscription fees, with C class shares having no subscription fee [12][13] - The fund will not accept subscription applications from individual investors if their holdings exceed 50% of the total fund shares to protect existing investors [12] - The fund's net asset value will be calculated daily and announced accordingly [22][23]

2025年5月19日-2025年5月23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139.74，本周回报率为1.36%。与其他主流大类资产相比，回报率由高至 低排序分别为：黄金>REITs>纯债>A股>原油>可转债>美股。 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 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，特许经营权类REITs 的涨幅更大。 从底层资产类型来看，本周交通基础设施类REITs涨幅最大。本周回报率排名前三的底层资产类型分别为 交通基础设施类、水利设施类和保障房类。 从单只REIT层面来看，本周公募REITs涨跌互现，有47只RE ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 24 年 月 日 房地产 C-REITs 周报——二级延续上行，理性看待市场热度 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.20%。截至 5.23，本周（5.17- 5.23，下同）中证 REITs（（收盘）指数上涨 1.19%，收于 869.2 点；中 证 REITs 全收益指数上涨 1.20%，收于 1089.7 点。本周沪深 300/恒 生/中债十年期国债/房地产（（申万）/恒生地产建筑业/高速公路（（申万） 指数分别下跌 0.18%/上涨 1.10%/上涨 0.10%/下跌 1.47%/下跌 0.73%/上涨 0.58%。其中中证 REITs 全收益指数本周涨幅最高，REITs 全收益指数排行第 1。 本年中证 REITs 全收益指数涨幅为 12.59%。截至 5.23，本年中证 REITs（收盘）指数涨幅为 10.08%，中证 REITs 全收益指数涨幅为 12.59%。本年沪深 300/恒生/中债十年期国债/房地产（（申万）/恒生地 产建筑业/高速公路（申万）指数分别下跌 1.34%/上涨 17.65%/下 ...

5月21日在上海证券交易所上市的华泰紫金苏州恒泰租赁住房封闭式基础设施证券投资基金（以下简 称"华泰苏州恒泰租赁住房REIT"），因涨幅较高，连续两日触发了停牌。 新华财经上海5月23日电（记者杨溢仁）本周，又有一只保租房REITs因上涨幅度触发非上市首日盘中 和收盘价达到10%的涨跌幅限制，被动停牌1小时。 分析人士指出，当前保租房REITs展现出了显著的超额收益特征。在租金价格优势以及C端刚需定位的 支撑下，2025年保租房REITs有望保持稳定运营，继续领跑全市场，并凸显出穿越周期的增值能力。 涨幅较高连续触发"停牌" 若对比2024年下半年以来我国各类基础设施REITs较发行价的月度涨跌幅情况，可以看到，有6支保租 房REITs的整体月度涨幅均在18%以上，且呈现出了持续波动上涨的态势——2025年1月，该涨幅突破了 47%，2月环比虽有所下滑，但仍在43%以上，连续领跑全市场，凸显出了该类资产穿越周期的增值能 力。 根据相关公告，2025年5月21日，华泰苏州恒泰租赁住房REIT于二级市场的盘中和收盘价均达到3.554元 ／份，上涨幅度触发上市首日盘中和收盘价达到30%的涨跌幅限制。 为保护基金份额 ...

Core Viewpoint - The implementation of urban renewal actions is a crucial measure for promoting high-quality urban development, emphasizing the need for diversified financing mechanisms to attract social capital participation in urban renewal projects [1][2]. Group 1: Urban Renewal Financing - The recent issuance of the "Opinions" document indicates an active push for innovation in urban renewal financing models, with a focus on establishing a multi-level funding mechanism to enhance investment efficiency and participation from various stakeholders [2]. - In 2024, over 60,000 urban renewal projects are expected to be implemented in China, with an estimated investment of approximately 2.9 trillion yuan [2]. - Currently, more than 70 urban renewal projects are open to private capital, each involving investments of over 10 million yuan [2]. Group 2: Sponge City Initiatives - Sponge city projects are highlighted as significant for addressing urban flooding and enhancing flood resilience, with specific requirements outlined in the "Opinions" for ecological system restoration and infrastructure development [2][3]. - The Wuhan Yangluo project, a notable sponge city initiative, covers an area of about 10.88 square kilometers with an investment of nearly 3.6 billion yuan, utilizing a public-private partnership (PPP) model [3]. Group 3: Government Support and Funding - The National Development and Reform Commission (NDRC) is exploring new financing models for urban renewal projects, categorizing them based on market maturity and investment willingness of social capital [4]. - Since the 14th Five-Year Plan, the Ministry of Finance has allocated approximately 159.4 billion yuan in central subsidy funds to support the renovation of old urban communities and sponge city construction, with a total investment impact of around 1.6 trillion yuan [4]. Group 4: Future Outlook - By 2030, significant progress is expected in urban renewal actions, with improvements in urban development mechanisms, safety foundations, service efficiency, living environments, and cultural heritage protection [5].

Core Viewpoint - The housing rental industry in China is experiencing robust growth, driven by diverse rental demands, a more varied supply structure, and improved financing conditions for rental housing REITs [1][4][5] Group 1: Rental Demand Diversification - The demand for rental housing is becoming more diverse, with urbanization and demographic changes creating new opportunities in the rental market. Nearly 40 million people in major cities are renting, with a significant shift towards quality and multi-functional living spaces [1][2] - The demand for talent apartments is expanding as high-tech companies offer subsidies to attract and retain skilled workers [2] - Young families are emerging as a significant force in the rental market, leading to increased demand for educational, medical, and community safety services [2] - There is a growing demand for high-quality rental housing, with initiatives promoting "green and smart" living environments [2] Group 2: Supply Structure Diversification - The supply of rental housing is becoming more diversified, with both government-supported affordable housing and market-driven long-term rentals playing key roles. Affordable housing targets new citizens and young people [2][3] - The government is actively supporting the acquisition of existing properties for affordable housing, enhancing supply channels [3] - Rental companies are increasingly focusing on revitalizing idle assets, with new project types including affordable housing, talent-specific rentals, and serviced apartments [3] Group 3: Financing Environment Improvement - The financing environment for the rental housing market is improving, with the introduction of REITs providing a significant capital engine for the industry. The performance of affordable housing REITs has outpaced other infrastructure sectors [4] - Various innovative financing products, such as Pre-REITs and asset-backed securities, are emerging, enhancing capital allocation for rental companies [4] - Domestic and international capital is increasingly attracted to long-term rental assets, indicating a vibrant investment market [4]

Group 1 - The article discusses the concept that money is a man-made creation, contrasting it with naturally regenerating resources like leaves on a tree [1] Group 2 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [2] - The iREIT® Tracker provides data on over 250 tickers, including quality scores, buy targets, and trim targets [2] - A new Ratings Tracker called iREIT Buy Zone has been introduced to help members screen for value [2]