Group 1 - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% [2][3] - The highest performing REIT this week was the Zhongjin Chongqing Liangjiang REIT, which saw a weekly increase of 7.86% [3][4] - The recent fluctuations in the REIT market are attributed to concerns over the accounting treatment of OCI principal and interest, rather than the fundamental performance of the underlying assets [3][5] Group 2 - The highly anticipated launch of the first water power REIT in Xinjiang, the Huaxia Zhongke Clean Energy REIT, was successful, with subscription funds exceeding 1616 billion yuan and an effective subscription multiple of approximately 392 times for public investors [6][7] - The underlying asset of the Huaxia Zhongke Clean Energy REIT is the largest hydropower station in the Hotan region, which has been operational for over 14 years with stable historical sales revenue and power generation [7] - The BoShi Shandong Iron Investment Road and Bridge REIT project has been accepted for review, with its underlying asset being the Huanghe Bridge in Jinan, connecting Jinan and Dezhou [8]

当公募REITs的大门向酒店资产敞开，资本市场的聚光灯骤然打亮。市场最敏锐的"猎手"们已然嗅到机 遇，悄然集结。 随着酒店公募REITs被正式提上日程，整个行业的发展逻辑已然发生根本转向，不动产金融的逻辑正成 为主流。 通过证券化盘活"沉睡"资产，唤醒流动性、优化资产负债表，已成为不可逆转的浪潮。 中国金茂率先扣动扳机，12月23日晚间，该公司发布公告称，其计划以22.65亿元的代价转让三亚亚龙 湾丽思卡尔顿酒店100%股权，目标直指资产证券化。 这不是一次简单的资产处置，而是企业拥抱大资管时代的战略信号。 资产出售 当酒店行业迈入新一轮发展周期，各大企业纷纷重铸护城河。中国金茂也悄然布局，打出一张关键 的"金融牌"。 12月23日晚间，中国金茂一纸公告，宣布旗下上海金茂与三亚峦茂签订产权交易合同，以约22.65亿元 对价，出售三亚旅业100%股权。 而三亚旅业的核心资产，正是金茂旗下标杆酒店之一——三亚亚龙湾丽思卡尔顿酒店。这家2008年开 业、拥有446间客房的奢华酒店，一直是金茂酒店板块的"压舱石"。 实际上，这并非金茂首次出售三亚高端酒店资产。就在去年12月，其刚以18.49亿元转让了毗邻的金茂 三亚 ...

请介绍一下农产品公司目前的基本情况及近期发展情况。 农产品公司是一家立足于民生行业的实体农批市场企业，主要保障城市供应， 主营生鲜蔬菜水果等食材。目前，公司在全国 20 多个城市拥有 35 家实体市场， 年交易量为 3,300 万吨，交易额达 2,500 亿元，占全国市场份额的 10%，是 行业龙头。除了经营实体农批市场业务外，公司也在向全产业链延伸，包括种 植基地、城市食材配送、国内贸易以及进出口业务。公司的营收结构中，50% 来自实体农批市场，包括租金、佣金、手续费等收入；另外 50%来自进出口业 务和城市食材配送业务。近年来，公司收入和利润保持高增速，目前净资产收 益率稳定在 6%-7%，分红比例在 30%-40%之间。 11 月 CPI 回暖对粮油食品价格产生影响，公司密切关注价格、成交额和 交易数量，四季度消费旺季及冬季农副产品价格回升带动交易金额增加， 同时关注 C 端消费分层升级的结构性机会。 公司将市场分为成熟存量市场、新建市场及经营不理想市场三类管理， 通过调整经营品种、品类提升存量经营水平，新建市场成熟后将显著改 善经营状况，扭亏市场对合并利润影响可观。 农产品小范围近况更新 201512 ...

本基金基础资产渝遂高速（重庆段）2025年11月主要运营数据如下： ■ 登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年12月24日 一、公募REITs基本信息 ■ 二、2025年11月主要运营数据 2025年以来，基础设施项目公司整体运营情况良好，本高速公路通行费收入来源分散，无重要现金流提 供方，外部管理机构未发生变动。 备注： ①日均收费车流量计算方法：当月总收费车流量/当月自然天数，按照重庆高速公路集团有限公司联网 收费结算中心（以下简称"联网中心"）月度清分数据，本月自然天数为2025年10月29日至2025年11月28 日； ②收费车流量口径说明：均为自然车流（veh）口径； ③以上为联网中心当期清分数据，未经审计，该数据不包括联网中心对以前月度清分数据的调整部分及 通行费套餐补助等，因此各月加总与定期报告披露数据可能存在较小差异，以定期报告披露为准。 三、其他说明事项 上述基础设施项目主要运营数据已经本基金外部管理机构确认。截至目前，本基金投资运作正常，无应 披露而未披露的重大信息，基金管理人将严格按照法律法规及基金合同的规定进行投资运作，履行信息 披露义务。 投资者可 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; 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][6]. - **Market Capitalization and Turnover**: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - **Performance by Type**: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - **Trading Activity**: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - **Comparison with Benchmarks**: As of December 19, 2025, the dividend yield of equity REITs was 20BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].

12月19日，华夏安博仓储封闭式基础设施证券投资基金（证券简称：华夏安博REIT，证券代码：180306.SZ）在深圳证券交易所正式挂牌上市。 据悉，此单公募REITs系全球物流REITs领军者安博（Prologis）布局中国市场的首单产品。安博持有20%的基金份额，由华夏基金担任基金管理人。 首发资产上，华夏安博REIT选择了安博中国旗下三个核心仓储物流项目，分别位于广州开发区、东莞石排镇和东莞洪梅镇，均地处粤港澳大湾区核心物流 枢纽，辐射广州、东莞、佛山等重要制造业与消费市场，是目前市场上唯一全部资产聚焦大湾区的仓储物流REITs。 据了解，该项目总建筑面积达34.96万平方米，按国际领先标准设计建造，配备高标准仓储设施与完善物流配套，2025年评估总值约21.71亿元。从运营数据 来看，项目历史出租率保持高位，核心租户合作稳定，多数租户具备长期合作基础与扩租意向，为现金流稳定性提供了支撑。 安博引进了国际先进管理经验，为中国REITs行业提质增效提供重要借鉴。安博在全球REITs领域积累的精细化运营体系、网络化资源协同、前瞻市场研判 及全周期风险防控等成熟机制，将有效提升国内仓储物流REITs的运营管理 ...

2025 年 12 月 20 日 中核水电 REIT 认购倍数续创新高 公募 REITs 周度跟踪（2025.12.15-2025.12.19） 《板块分化调整,中核水电 REIT 即 -公募 REITs 周度跟踪 十1日 17 2025.12.8-2025.12.12) 》 2025/12/13 《新版行业清单出炉 , 基础设施 公募 REITs 周 REITs 再扩围! · 度跟踪 (2025.12.1-2025.12.5)》 2025/12/06 《里程碑! REITs 即将迈入商业不 动产新时代一 一公募 REITs 周度跟 踪 (2025.11.24-2025.11.28)》 2025/11/29 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 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文 ...

2025 年 12 月 20 日 中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪（2025.12.15-2025.12.19） 相关研究 《板块分化调整，中核水电 REIT 即 将询价——公募 REITs 周度跟踪 （2025.12.8-2025.12.12）》 2025/12/13 《新版行业清单出炉，基础设施 REITs 再扩围！——公募 REITs 周 度跟踪（2025.12.1-2025.12.5）》 2025/12/06 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 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 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 债 券 研 究 ⚫ 指数下破 1000 点，而中核水电 REI ...

Group 1 - The core viewpoint of the article highlights that Jiangsu Guoxin (002608) has established green trust projects, including the "Jiangsu Trust. Green Point No. 1" asset management trust product [1] - The company is actively exploring and researching public REITs (Real Estate Investment Trusts) [1]

方正证券指出，中证REITs收益介于股债之间，"类固收+弹性"属性依旧；风险呈"中等波动、稳中 有升"。换手率回落，主因股市上涨、观望升温、交易趋稳，叠加部分项目集中分红收敛价格波动。低 利率环境下，REITs因其稳定现金流特性，依旧受到中长期资金的持续关注与配置偏好。 太平洋证券在研报中表示，资产荒格局下，公募REITs凭高分红、中低风险优势，配置性价比凸 显。 分析人士表示，华夏安博仓储REIT的成功发行，不仅为普通投资者提供了参与仓储物流项目投资 的高效工具，也进一步丰富了中国公募REITs的资产类型，并对推动物流基础设施的现代化升级以及助 力实体经济持续增长具有重要意义。 12月19日，中证REITs（收盘）指数收跌0.57%，报780.58点；6月下旬以来持续震荡走低，REITs市 场已落后大盘。 今日，由安博发起的华夏安博仓储物流封闭式基础设施证券投资基金（下称"华夏安博仓储 REIT"）在深交所上市。至此，全市场公募REITs已接近80只，底层资产已覆盖交通基础设施、仓储物 流、保障性租赁住房等九大类别。 ...