日前，据沪深交易所披露，多只REITs完成大宗交易，其中不乏千万元乃至亿元的成交规模。拉长时间 看，近期涨幅领先的消费类REITs"登榜"更为频繁，显示出机构对这一板块更为活跃的交易。截至5月14 日，消费REITs自上市以来平均上涨49.96%，在整个公募REITs市场中表现强劲。 另据华夏基金统计，截至2025年4月30日，消费REITs首发规模已达213.26亿元，在公募REITs各细分领 域中居于第三。 （文章来源：新华财经） 新华财经北京5月19日电据深交所官网消息，中金中国绿发商业资产封闭式基础设施证券投资基金审核 意见调整为通过，这是交易所获批的又一单消费REITs，原始权益人为山东鲁能商业管理有限公司。值 得注意的是，从3月4日受理到5月19日获审核通过，这单产品用时不到3个月。 资料显示，该项目底层资产为领秀城贵和购物中心，自2014年12月28日投入运营至今，已稳健运营了整 整十年。该购物中心坐落于济南市市中区，占地广阔，总建筑面积高达20.09万平方米，其中商业建筑 面积为16.21万平方米，可租赁面积更是达到8.47万平方米，铺面率约为52%，主营业区更是拓展至6 层。截至2024年9 ...

Core Viewpoint - The recent meeting of the Asset Securitization Business Committee of the China Securities Investment Fund Industry Association emphasizes the development of holding-type real estate ABS, which is gaining momentum under policy support [1]. Mechanism Innovation - Since the first holding-type real estate ABS was launched in December 2023, the market has seen continuous expansion and quality improvement, with a total issuance scale exceeding 160 billion yuan by May 17, 2025 [2]. - The financial regulatory authorities allow asset-backed special plans to retain external liabilities and do not require a set expected return rate, which enhances the flexibility of these products [2]. - The holding-type real estate ABS can revitalize existing assets and provide capital for new projects, creating a virtuous investment cycle [2]. Policy Coordination - The support for holding-type real estate ABS has evolved from a broad framework to detailed regulations, forming a multi-tiered product system that includes public REITs and holding-type real estate ABS [4]. - Holding-type real estate ABS serves as a "nursery" for public REITs, nurturing projects and investors, ultimately leading to the issuance of public REITs [4]. - Both holding-type real estate ABS and public REITs share similar operational mechanisms, raising funds through a fund structure and investing in capital-intensive sectors [4][5]. Expansion Outlook - The asset scope of holding-type real estate ABS is broad, including highways, energy, scenic spots, and various types of real estate, indicating significant potential for further expansion [8]. - The renewable energy sector is highlighted as a promising area, with wind and solar power installations growing over 15% annually, providing stable cash flows and serving as quality underlying assets [7]. - Three potential growth areas are identified: data centers, long-term rental apartments, and commercial properties, all of which require ongoing support from the capital market [7].

基金管理人年内自购权益类基金超20亿元 在二季度以来的震荡行情中，基金公司加大了自购力度，10多家基金管理人宣布自购旗下权益类基金。 据统计，今年以来基金管理人自购旗下权益类基金合计超过20亿元。在多位业内人士看来，基金管理人 作为专业投资机构，真金白银出手，积极自购权益类基金，有利于提振市场信心。（上海证券报） 清盘潮又起 一批公募FOF规模大考临近 截至5月18日，月内至少有7只公募FOF发布了可能清盘的提示性公告。加上年内已经清盘的6只（以清 算结束日计），FOF清盘的数量继续增加。具体看来，发起式FOF的清盘原因均为成立满三年后规模不 足2亿元，契约开放型FOF产品风险提示原因均为连续20个工作日规模低于5000万元。此外，部分产品 虽业绩跑赢基准，但也因规模增长难而"遗憾谢幕"。据分析，权益市场长期震荡是FOF规模萎缩的主要 因素，权益市场轮动速度加快等因素，对于偏配置思路的FOF产品短期影响较大。 (第一财经) "聪明贝塔"扎堆上市 ETF突围战冰火交织 在ETF市场竞争日益加剧的当下，一场差异化"突围战"激烈打响。5月以来，8只自由现金流ETF已经上 市，更多类似的"聪明贝塔"策略ETF也将发行 ...

Group 1 - UBS analysts believe that market concerns regarding the sustainability of AI investments in China's data center industry are "excessive" and that the sector's valuation has become attractive after a 40%-60% pullback from its peak in February [1] - UBS maintains a "Buy" rating on GDS Holdings Limited (GDS.US) and Century Internet Group (VNET.US) due to strong fundamentals and potential catalysts from data center REITs that may boost stock prices [1] - The report indicates that despite macroeconomic uncertainties, UBS has lowered the target price for GDS from $58 to $45 and for VNET from $23 to $12.80, while reaffirming GDS as its preferred stock [1] Group 2 - UBS expects GDS to benefit from new AI-driven orders and its core infrastructure layout, while VNET's wholesale business is projected to achieve a 56% growth in EBITDA by 2026 [1] - Key conclusions from industry research include manageable impacts from U.S. chip bans, optimization of data center site selection around first-tier cities, and an increase in demand for high-power density racks [1] - UBS also notes that the progress of GDS's REIT approval may support its valuation, predicting that the industry's EBITDA compound annual growth rate (CAGR) will reach 20% by 2026 [2]

2025年05月18日 证券研究报告|宏观研究|宏观点评 实体经济内在动能仍需进一步修复 2025 年 5 月 12 日-2025 年 5 月 18 日周报 财政靠前发力和低基数支撑社融,实体经济融资需求仍弱 2025 年 4 月社会融资规模增量为 1.16 万亿元（前值 5.89 万亿元）,略低于市场预 期的 1.26 万亿元。2025年 4 月社融存量增速+8.7%,较 3 月+0.3PCTS,自今年 1 月以 来总体上行。 同比角度,今年 4 月社融增量同比多增 1.22 万亿元,增加值为 2023年 2 月以来最 高。结构上，4月社融仍然延续年初以来趋势,同比多增主要受益于去年同期社融增量 的低基数和明显靠前发力的财政。4 月代表实体经济融资需求的社融口径新增人民币贷 款，仅录得同比多减 2465 亿元，仅相当于近 5 年同月均值的 11%，显示实体经济融资 需求不足的问题相对凸出。 2025 年 4 月金融机构各项贷款余额增速+7.2%（前值+7.4%） 年初以来延续去年 趋势，增速仍然持续下行。4 月信贷呈现票据冲量特征，企事业单位票据融资高达 8341 亿元，较近五年同月均值高 48.6%，但票 ...

证券研究报告 | 2025 年 05 月 19 日 风险提示：地缘冲突超预期，海外通胀持续性超预期，流动性收紧超预期。 《金工|量化择时周报：等待缩量》 1、择时体系信号显示，均线距离-1.33%，距离绝对值小于 3%，市场继续 处于震荡格局。市场处于震荡格局，核心观测是市场风险偏好的变化。宏 观方面，短期进入宏观事件的真空阶段，前期的利好均得到兑现；技术指 标上，短期成交金额持续缩小，显示增量资金入场有限。2、综合来看， 短期市场在利好兑现和成交萎缩的压制下，风险偏好较难快速提升，预计 成交或将继续下行，等待地量信号，预计成交缩量至 9000 亿附近有望迎 来反弹。我们的行业配置模型显示，中期角度行业配置继续推荐困境反转 型板块，推荐恒生医疗以及港股汽车以及新消费行业；TWOBETA 模型继 续推荐科技板块，关注信创和通信。同时，目前仍在延续上行趋势走势的 银行依旧值得关注。当前以 wind 全 A 为股票配置主体的绝对收益产品建 议仓位至 50%。 风险提示：市场环境变动风险，模型基于历史数据。 晨会集萃 制作：产品中心 重点推荐 《策略|宽信用与弱预期的裂口》 1、国内：4 月国内社融脉冲持续回升。4 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 投资者可发送报名邮件至REIT@bosera.com进行报名。邮件主题为"机构一人名一博时招商蛇口产业园 REIT"，基于会议现场管理要求，每家机构限报名2人。 ■ 报名截止时间为2025年5月23日17:00。 特此公告。 重要内容提示： 为便于广大投资者更全面深入地了解博时招商蛇口产业园封闭式基础设施证券投资基金（基金简称：博 时招商蛇口产业园REIT，基金代码：180101，以下简称"本基金"）2025年一季度经营成果及财务状 况，并与本基金运营管理机构深入沟通，博时基金管理有限公司（以下简称"博时基金"）拟于2025年5 月26日举行本基金2025年第二次投资者关系活动，在信息披露允许的范围内就投资者问题进行交流和解 答。 一、公募REITs信息 三、参加人员 博时招商蛇口产业园REIT运营管理机构代表及相关负责人员、博时招商蛇口产业园REIT基金经理及相 关负责人员、博时招商蛇口产业园REIT投资者、行业研究员等。 四、报名方式 博时基金管理有限公司 ● 时间：2025年5月26日（星期一）14:00-16：00 ● 现场地点：南山区南海大道工业五路 ...

Core Viewpoint - The REIT market in China is experiencing significant growth, with insurance institutions playing a crucial role in strategic investments, as evidenced by the recent listing of Huatai Suzhou Hengtai Rental Housing REIT and the active participation of various insurance companies in multiple REITs [1][2][5]. Group 1: Market Activity and Participation - Huatai Suzhou Hengtai Rental Housing REIT is set to be listed on May 21, with insurance institutions actively participating as strategic investors, acquiring a total of 38.5 million shares, representing approximately 7.7% of the total allocation [2]. - A total of 7 REITs have been successfully issued this year, with an issuance scale exceeding 11.3 billion yuan, indicating high market enthusiasm [1][2]. - Insurance institutions are the largest participants among non-original equity strategic investors in REITs, with a significant presence in various sectors including commercial, rental housing, energy, and highways [2][4]. Group 2: Factors Driving Investment - The characteristics of public REITs, such as standardized products and mandatory dividend distributions, align well with the long-term investment needs of insurance funds, providing stable cash flow [3][4]. - The current macroeconomic environment, characterized by declining interest rates, has diminished the attractiveness of traditional fixed-income assets, making REITs an appealing alternative for investors seeking stable returns [3][4]. - The application of new accounting standards has positively impacted insurance institutions' willingness to invest in REITs by designating them as financial assets measured at fair value, which smooths out market price fluctuations [3][6]. Group 3: Challenges and Recommendations - Despite the advantages of REITs, challenges remain, including the overall market size, liquidity issues, and the need for quality underlying assets to ensure long-term returns [5][6][7]. - Recommendations for improving the REIT market include simplifying the fundraising process, enhancing regulatory frameworks for insurance investments, and establishing effective management mechanisms to increase the participation of strategic investors [7]. - The growing complexity of underlying asset types in the REIT market necessitates insurance companies to invest in professional research teams to enhance investment decision-making processes [7].

Group 1 - The public REITs market has seen a significant increase, with multiple products triggering temporary suspensions due to high cumulative gains, reflecting strong demand for quality high-yield assets in a low-interest-rate environment [1][2][3] - As of May 16, 2023, the cumulative increase for the Jiashi Wumei Consumption REIT reached 72.47%, while the Zhongjin Xiamen Anju REIT saw a 70.85% increase, leading to a one-day suspension starting May 19 [2][3] - A total of 25 announcements for temporary suspensions due to excessive gains have been made this year, with the Guotai Junan Jinan Energy Heating REIT triggering suspensions four times since its listing [1][3] Group 2 - The average increase for the 65 listed public REITs this year is 15.17%, with 63 of them achieving positive returns [4][5] - Notable performers include the Huawan Bailian Consumption REIT and Huaxia Dayuecheng Commercial REIT, both of which have seen gains exceeding 40%, with the former nearing a 50% increase [5] - The average distribution yield for the top-performing consumption infrastructure REITs has decreased to 3.8%, with a spread of 2.2% compared to the average yield of 10-year government bonds [5]

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 ...