Investment Rating - The report indicates a positive outlook for the REITs industry, particularly following the recent government initiatives to promote the issuance of infrastructure REITs and other asset-backed securities [2][8]. Core Insights - The report highlights the recent government policy aimed at enhancing market-oriented financing models to attract private capital for urban renewal projects, which includes the promotion of REITs [2][8]. - The REITs market has shown strong performance, with the total REITs index rising by 1.92% during the week of May 12 to May 16, 2025, outperforming major indices such as the Shanghai Shenzhen 300 and the China Bond Index [3][16]. - The liquidity in the REITs market has improved, with a total trading volume of 488 million yuan, reflecting a 6.4% increase from the previous week [4][36]. Industry Dynamics - The Central Committee and the State Council have issued opinions to continuously promote urban renewal actions, emphasizing the need for market-oriented investment and financing models [2][8]. Primary Market - As of May 16, 2025, the total issuance scale of listed REITs reached 173 billion yuan, with 65 products issued [9][15]. Market Performance - The report notes that the China REITs total return index increased by 1.39%, with specific REITs such as Huaxia Nanjing Expressway REIT leading the gains at 9.13% [3][16]. - The report provides comparative performance data, showing that the REITs total index outperformed the Shanghai Shenzhen 300 index by 0.81 percentage points [3][26]. Liquidity - The report indicates an increase in trading activity, with the average trading volume for REITs rising to 1.12 billion shares, a 5.0% increase from the previous week [4][36]. Valuation - The report includes valuation metrics for various REITs, indicating a range of bond yield rates and price-to-NAV ratios, which provide insights into the relative valuation of different asset types within the REITs sector [42].

策略报告 | 投资策略 两办发文提出推动 REITs 发行 证券研究报告 周观 REITs 两办发文提出推动 REITs 发行 中共中央办公厅、国务院办公厅发布《关于持续推进城市更新行动的意见》， 其中提出完善市场化投融资模式，吸引社会资本参与城市更新，推动符合条 件的项目发行基础设施领域不动产投资信托基金（REITs）、资产证券化产品、 公司信用类债券等。 市场表现方面，本周 REITs 市场上行，华夏南京高速公路 REIT（+9.13%）领 涨 本周（2025.5.12-2025.5.16），中证 REITs 全收益指数上涨 1.39%，REITs 总指 数上涨 1.92%，产权 REITs 指数上涨 2.59%，经营权 REITs 指数上涨 0.76%。大 类资产角度，REITs 总指数跑赢沪深 300 指数 0.81 个百分点，跑赢中证全债 指数 2.19 个百分点，跑赢南华商品指数 1.38 个百分点。个券层面，华夏南 京高速公路 REIT、嘉实物美消费 REIT、中金厦门安居 REIT 领涨，涨跌幅分别 为 9.13%、7.09%、6.04%。 流动性方面，本周 REITs 总体成交活跃度上升 成 ...

房地产 C-REITs 周报——二级延续上行，保障房、消费持续走强 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.39%。截至 5.16，本周（5.10- 5.16，下同）中证 REITs（收盘）指数上涨 1.24%，收于 859 点；中 证 REITs 全收益指数上涨 1.39%，收于 1076.8 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） 指数上涨 1.12%/上涨 2.09%/下跌 0.53%/下跌 0.31%/下跌 0.00%/ 下跌 1.33%。其中恒生指数本周涨幅最高，REITs 全收益指数排行第 2。 本年中证 REITs 全收益指数涨幅为 11.25%。截至 5.16，本年中证 REITs（收盘）指数涨幅为 8.79%，中证 REITs 全收益指数涨幅为 11.25%。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 1.16%/上涨 16.38%/下跌 0.30%/下跌 7.27%/上涨 5.25%/下跌 3.82%。其中恒生指数本年涨幅 最高，REITs 全收 ...

1、 二级市场 2025 年 5 月 17 日 总量研究 二级市场价格延续震荡上行，新增一只园区类 REIT 申报 ——REITs 周度观察（20250512-20250516） 要点 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 上涨，有 13 只REITs下跌。涨跌幅方面，涨幅排名前三的分别是华夏南京交通高速公路REIT、 嘉实物美消费 REIT 和中金厦门安居 REIT。 成交规模 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 17 年 月 日 房地产 C-REITs 周报——二级延续上行，保障房、消费持续走强 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.39%。截至 5.16，本周（5.10- 5.16，下同）中证 REITs（收盘）指数上涨 1.24%，收于 859 点；中 证 REITs 全收益指数上涨 1.39%，收于 1076.8 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） 指数上涨 1.12%/上涨 2.09%/下跌 0.53%/下跌 0.31%/下跌 0.00%/ 下跌 1.33%。其中恒生指数本周涨幅最高，REITs 全收益指数排行第 2。 本年中证 REITs 全收益指数涨幅为 11.25%。截至 5.16，本年中证 REITs（收盘）指数涨幅为 8.79%，中证 REITs 全收益指数涨幅为 11.25%。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 1.16%/上涨 16.38%/下跌 0.30%/下跌 7. ...

Core Viewpoint - The launch of the Chengtou Kuan Ting Xuhui Community highlights the confidence in policy support for the development of affordable rental housing and demonstrates the potential of innovative financial tools to revitalize the real economy [2][3] Group 1: Project Overview - Chengtou Kuan Ting Xuhui Community is a collaboration among three state-owned enterprises: Shanghai Chengtou, Yidian Group, and Guosheng Group, marking the first acquisition and revitalization project of R4 land in Shanghai [3] - The project aims to respond to the national housing policy of promoting both rental and sales, while expanding the company's rental housing operation scale and enhancing the "Chengtou Kuan Ting" brand influence [3] Group 2: Financial Strategy - The project serves as a model for sustainable development by revitalizing state-owned assets and is seen as a reserve asset for future fundraising [3] - The company plans to combine "heavy asset" and "light asset operation" strategies to expand investment and operational scale, facilitating a virtuous cycle of "development-operation-exit-reinvestment" [3][4] Group 3: Community Features - The community is strategically located near Metro Line 1 and Line 12, providing convenient access to commercial and recreational areas [4] - It includes 1,283 housing units, with the first batch of 546 units featuring one to two-bedroom layouts, fully furnished and ready for immediate occupancy [4] - The community will also offer approximately 600 square meters of commercial space and various social amenities to enhance residents' quality of life [4]

Group 1 - The core viewpoint of the news is the opening of the Chengtou Kuan Ting Xuhui community, which is a significant project for Shanghai's state-owned enterprises, focusing on the revitalization of existing assets and the development of affordable rental housing [2][7] - The Xuhui community consists of 1,283 housing units, with the first batch of 546 units available for rent, featuring fully furnished apartments with monthly rents ranging from 6,000 to 12,000 yuan [5][7] - The project is part of Shanghai Chengtou Group's strategy to implement REITs for rolling investments and to create a capital cycle for affordable rental housing, with plans to inject the community into the Chengtou Kuan Ting REIT in the future [2][7] Group 2 - The community is strategically located near Metro Lines 1 and 12, providing easy access to shopping and healthcare facilities, enhancing its attractiveness for potential tenants [1][5] - The project includes approximately 600 square meters of commercial space within the community, aimed at providing convenience services such as a convenience store and laundry services, along with recreational areas [5][7] - Shanghai's housing authority reports that by the end of the 14th Five-Year Plan, the city aims to construct 600,000 units of affordable rental housing, with progress exceeding expectations as of March 2025 [7]

5月15日盘后，据沪深交易所披露，多只REITs在当日完成大宗交易，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。 与频繁出现的大宗交易形成对比的是，多只REITs在二级市场方面每天仅有数百万元的成交量，有机构人 士指出，我国公募REITs在二级市场的投资者类型和市场流动性等方面仍有待提升，因此，需要采取拓宽 公募REITs投资者范围，加速增量资金入场以及优化估值与考核机制，引导市场估值提升等措施提升流动 性。 多只REITs出现大宗交易 5月15日，中金印力消费REIT大宗交易成交235万股，成交金额约为1000万元，据测算成交均价约为 4.25元，较收盘价4.27元略有折价；华夏华润商业REIT完成52万股的大宗交易，成交金额约为494万 元。此外，在深交所上市的还有平安广州广河REIT、食品饮料ETF天弘，在上交所上市的中航易商仓储物 流REIT、华安张江产业园REIT以及科创芯片ETF和医疗ETF等均出现了大宗交易。 | 当前日期 | 证券代码 | 证券简称 | 累计成交全额 | 累计成交数量 | 买/卖五档 | ...

"基础设施REITs作为有效盘活存量资产、创新投融资机制的重要金融工具，对于推动临港集团可循环可 持续高质量发展、打响具有全球影响力的高科技产业园区品牌，有着极为重要的战略意义。"临港集团 首席财务官杨菁告诉记者，"临港集团紧紧围绕一流的园区创新生态集成服务商和总运营商的转型定 位，希望凭借优质的运营管理，努力打造健康的产业生态，以科技创新引领产业创新，加快培育发展新 质生产力，稳步推动临港新片区开发建设，积极服务上海国际科创中心建设战略。" 新华财经上海5月16日电（记者杨溢仁）近期，国泰君安临港创新智造产业园封闭式基础设施证券投资 基金（简称"国泰君安临港创新产业园REIT"）首次扩募就上交所反馈意见提交答复引发市场关注。 近两年来，产业园区运营管理和业绩表现面临较大的外部环境压力。但伴随着宏观经济的复苏、增量支 持政策持续出台，产业园区REITs的基本面正在逐渐改善，2025年一季度二级市场价格整体呈现上涨态 势。行情回暖也带动了市场情绪的回升。 本周，国泰君安临港创新产业园REIT开展了投资者交流活动，共有50余家机构、近百名投资人踊跃参 与。记者实地走访了本次扩募拟购入的底层资产——上海临港经济发展 ...

Core Viewpoint - The company, Shoucheng Holdings, reported a significant increase in shareholder profit and revenue for Q1 2025, indicating strong growth in its core business areas and a positive outlook for future performance [1][4]. Financial Performance - Shareholder profit reached HKD 213 million, a year-on-year increase of 80.5% [1]. - Revenue amounted to HKD 352 million, showing a year-on-year growth [1]. Business Strategy - The company operates in the smart infrastructure sector, focusing on asset operation and financing, including REITs and robotics, to drive sustainable growth [1]. - Management emphasized the deep synergy among four business segments, showcasing significant cross-empowerment effects in financial data [1]. Investment and Robotics - The company has invested in nearly 20 robotics firms, with an overall return rate exceeding 3 times, and some projects seeing valuation increases of over 10 times [2][8]. - Three invested robotics companies are expected to go public next year, further enhancing the company's investment returns [2]. Dividend Policy - The company announced a special dividend distribution plan totaling HKD 888 million, with multiple dividend payments scheduled throughout the year [6]. - The company maintains a high dividend payout ratio, reflecting its commitment to returning value to shareholders [6]. Business Growth Areas - The parking and park management sectors have shown robust growth, with a 40% revenue increase last year and an expected 30% growth this year [5]. - The company is innovating in parking asset management by transforming traditional revenue models into a mixed revenue system [5]. Robotics Ecosystem - The company has established a comprehensive ecosystem in the robotics sector, investing in various projects across humanoid, industrial, and medical robotics [7][10]. - The company aims to create a representative "industry ETF" in the robotics field by continuing to invest in approximately 20 robotics companies annually [8]. Future Outlook - The company is confident in maintaining a strong growth trajectory, supported by its dual business structure of stable core operations and innovative robotics contributions [9]. - Specific vertical applications for robotics are expected to scale in the next two years, focusing on high-value scenarios such as power inspection and medical assistance [11].