报告导读： 对底层资产现金流的剖析是进行 REITs 估值的基础，本文针对 REITs 估值进 行详细展开，由点到面分析当前 REITs 的估值逻辑。 REIT 估值方法主要包括三类：成本法，市场法和收益法，本质是分别基于投入成本、市场价值与未来收 益对 REIT 资产进行估值。 中国公募 REITs 政策明确要求以收益法作为基础设施项目估值的主要方法。 采用收益法契合 REIT 收益稳定性较高，强制分红等特征，也有利于倒逼提升 REITs 市场信息透明度。 ③ 经营收入到可供分配金额的调整。 REITs 要求分红需基于可供分配金额，因此虽然底层资产经营情况 是决定 REITs 估值的核心变量，但可供分配金额的调整对实际分红分派乃至估值模型的影响同样值得关 注。此外，期初预留资金与外部杠杆也会影响各期分配金额。我们将 EBITDA 与可供分配金额的差额设为 调整项，从实际项目情况来看，调整项对可供分配金额的影响普遍在 +/-20% 左右，部分项目影响超 50% ，甚至 100% 。 ④ 差补机制有利于平滑项目收入。 2024 年以来部分新发 REITs 项目带有收益分配调节机制，即通过协 议承诺保障底层资产的 ...

Core Viewpoint - The China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission (CSRC) for the establishment of the CICC Yizhuang Industrial Park closed-end infrastructure securities investment fund, marking the first REIT project in China focused on the automotive manufacturing industry chain [1]. Group 1: Fund Details - The CICC Yizhuang Industrial Park REIT will invest in infrastructure assets located in the Beijing Economic-Technological Development Area, specifically targeting high-end automotive and new energy vehicle key component industrial parks [5]. - The REIT aims to become a global hub for high-end automotive key components and a forefront of technological innovation in the capital, focusing on "high-end equipment + intelligent manufacturing + innovative research and development" [5]. Group 2: Strategic Importance - The current enterprises within the infrastructure assets primarily provide upstream and downstream products and services to well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the core functions of the capital and creating a high-end manufacturing industry cluster [9]. - This project is the first infrastructure REIT in the Beijing Economic-Technological Development Area, initiated by Beijing Yizhuang Investment Holding Co., Ltd., with the original rights holder being its wholly-owned subsidiary, Beijing Yizhuang Shengyuan Investment Development Group Co., Ltd. [9]. Group 3: Asset and Development Overview - Yizhuang Holding has established 57 industrial platforms, including industrial parks and customized factories, covering a total construction area of nearly 4 million square meters and hosting over 5,000 enterprises, including 391 high-tech companies [9]. - As of the end of 2024, the initiator and original rights holder have a total book value of quality assets exceeding 13 billion yuan, indicating a rich reserve of expandable assets [9].

Group 1 - The core viewpoint of the articles highlights the strong performance of consumer REITs in the market, with significant year-to-date gains and a notable increase in trading activity, particularly for the Huaan Bailian Consumer REIT, which saw a 51.29% increase compared to its benchmark [1][2] - Consumer REITs have shown an overall increase in profitability, with total revenues of 5.65 billion yuan and net profits of 761.76 million yuan in the first quarter, indicating robust underlying asset performance [3] - The average increase of consumer REITs since their listing is 49.96%, positioning them strongly within the public REITs market, with a total issuance scale of 21.326 billion yuan [4] Group 2 - The performance of consumer REITs is closely linked to the recovery of the consumer market, which saw a 4.6% year-on-year increase in retail sales in the first quarter, benefiting the commercial real estate projects they invest in [2][3] - There is a notable disparity in operational capabilities among different consumer REITs, with some achieving significantly higher revenues and profits than others, emphasizing the importance of operational efficiency and innovation [3][5] - The issuance situation for consumer REITs has been relatively average, with subscription multiples indicating varying levels of investor interest, suggesting a need for improved operational strategies to enhance market appeal [5]

南方财经全媒体记者 孙诗卉 实习生 吕广龙 上海报道 近年来，我国基础设施公募REITs市场稳步发展，发行数量和募集资金规模持续增长，REITs市场受益 于常态化发行提速及前期限售份额逐渐解禁，提质扩容取得成效。截至目前，我国REITs累计上市超50 只，发行规模（含扩募）超千亿元。与此同时，公募REITs也吸引了大量机构投资者的目光，其中保险 资金参与度显著提升。 据21世纪经济报道记者不完全统计，今年上市的7只公募REITs中，险资均参与配售且占总份额比例靠 前，其中招商基金招商蛇口租赁住房封闭式基础设施证券投资基金险资配额占比达7.43%，另外南方顺 丰仓储物流封闭式基础设施证券投资基金和博时招商蛇口产业园封闭式基础设施证券投资基金的险资配 额比例也达到了6%以上。 2025年上市公募REITs统计表 | 序号 | 代码 | 名称 | 险资配额占比(%) | | --- | --- | --- | --- | | | 180305. OF | 南方顺丰仓储物流封闭式基础设施证券投资基金 | 6. 27 | | 2 | 508002. OF | 华安百联消费封闭式基础设施证券投资基金 | 3.09 | | ...

证券研究报告 | 2025年05月12日 公募 REITs 一季报全透视 韧性领航，分红突围 一季度业绩回顾：整体表现稳健，分红积极性提升。2025 年一季度，公募 REITs62 只上市产品共实现营业收入 47.79 亿元，实现净利润 8.4 亿元，剔 除新上市项目，基于可比口径，一季度营业收入同比下降 3%，环比下降 2%； 净利润同比下降 14%，环比增长 144%。其中 55 只产品实现盈利，占比为 89%。 年初至今，公募 REITs 总分红金额达到 38.29 亿元，是去年同期的 1.29 倍， 其中有 10 只 REITs 产品分红超过 1 亿元，分红金额最多的三只分别为中信 建投国家电投新能源 REIT（4.16 亿元）、中金安徽交控 REIT（3.08 亿元）、 平安宁波交投 REIT（2.60 亿元）。 年初至今，公募 REITs 在不确定性因素加大的环境中表现出较强韧性。中证 REITs 指数涨幅为 7.5%，跑赢主要股债指数，受益于政策推动，截至 2025 年 5 月 7 日，公募 REITs 总市值达到 1904 亿元，较去年年末增长 350 亿元。 从不同项目属性来看，今年产权类、 ...

新股&北交所 2025 年 4 月 A 股申购观点汇报 20250509 公募 REITs 网下打新的现状及预期如何？ 公募 REITs 网下打新今年非常火热，参与向下申购的对象数量大幅飙升，认购 倍数基本超过 200 倍，中签率降至千分之几。今年以来首日涨幅整体不错，但 最近几只有所分化。我们认为今年 REITs 上市初期涨幅仍能延续，因为向下配 售方案允许 100%第一天卖出。此外，二级市场交投活跃度提升、增量资金不 断进入，使得抛压影响可控。因此，今年 REITs 网下申购收益仍值得期待，但 可能不如去年四季度高。投资者应尽快参与，并区分不同资产具体价值分析。 摘要 • 4 月新股首发 PE 估值创 24 年新低，平均 15 倍左右，主因当月发行集中 于主板和创业板，无科创板新股。新股相对可比公司平均折价 42%，折扣 幅度收窄有限。网下询价热度达 25 年新高，创业板平均 282 家机构参与， 主板平均 7,800 户配售对象参与。 • 保险资管和银行理财账户虽从 C 类调整为 A 类，对网下申购影响较小，因 网下配售对象数量庞大。直接申购可被认定为 A 类优配，通过券商资管或 公募专户仍为 C 类。 ...

Core Viewpoint - The acceleration of public REITs expansion is injecting new momentum into the market, establishing a dual-driven model of "initial public offerings + expansions" for the public REITs market, which is expected to enhance liquidity and stabilize market development [2][3][4] Group 1: Market Dynamics - The recent approval of multiple public REITs expansion projects indicates a significant shift in the market, with policies and improved review efficiency contributing to this trend [2][3] - The expansion of public REITs is seen as a crucial mechanism for revitalizing existing assets and broadening long-term funding sources for infrastructure projects [4] Group 2: Specific Projects and Initiatives - The expansion application for Guotai Junan Lingang Innovation Industrial Park REIT has been marked as "feedback received," indicating progress in the expansion process [2] - The first batch of four public REITs received approval for expansion between March and April 2023, marking the beginning of a dual-driven growth pattern [3][4] Group 3: Strategic Implications - The collaboration between listed companies and public REITs is expected to enhance core competitiveness and sustainable development capabilities [3] - Expansion is not only aimed at increasing market size but also at optimizing asset allocation and improving secondary market performance [4]

Group 1 - The article highlights a correlation between the percentage of the population that can swim and the level of GDP per capita, as indicated by OECD data [1] - It suggests that higher swimming proficiency within a population may contribute to economic prosperity [1] Group 2 - There is no relevant content regarding company or industry analysis in the provided documents [2][3]

证券研究报告 | 行业周报 gszqdatemark 2025 05 10 年 月 日 房地产 C-REITs 周报——二级持续体现投资价值，保障房、消费较优 REITs 指数表现 本周中证 REITs 全收益指数上涨 0.39%。截至 5.9，本周（5.3-5.9， 下同）中证 REITs(收盘)指数上涨 0.28%，收于 848.4 点；中证 REITs 全收益指数上涨 0.39%，收于 1062.1 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)指数分别上 涨 2.00%/上涨 1.61%/上涨 0.11%/上涨 0.41%/上涨 1.04%/上涨 1.79%。其中沪深 300 本周涨幅最高，REITs 全收益指数排行第 6。 本年中证 REITs 全收益指数涨幅为 9.73%。截至 5.9，本年中证 REITs(收盘)指数涨幅为7.45%，中证REITs全收益指数涨幅为9.73%。 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 2.26%/上涨 14.00%/上涨 0.23%/下跌 6.98%/上 ...

点击注册小程序 查看完整报告 成交规模及换手率：从底层资类型产来看，本月公募REITs成交规模较上月小幅下降，保障性租赁住房类 REITs区间日均换手率领先其他。截至4月30日，已上市的65只REITs月内总成交额为123.5亿元，月内区间 日均换手率均值为0.8%。从单只REIT层面来看，月内成交量前三的是南方顺丰物流REIT/红土创新盐田港 REIT/博时蛇口产园REIT；月内成交额前三的是南方顺丰物流REIT/华夏中国交建REIT/中信建投国家电投 新能源REIT。 主力净流入：本月，主力净流入总额达27727万元，市场交易热情较上月提振显著。主力资金净流入层 面，从不同底层资产REITs来看，本月主力净流入额前三的底层资产类型是仓储物流类/消费基础设施类/园 区基础设施类。本月主力净流入额前三的REITs是南方顺丰物流REIT/华夏华润商业REIT/中金安徽交控 REIT。 报告摘要 1、 一级市场 截至2025年4月30日，我国公募REITs产品数量达65只，合计发行规模达 1730.26亿元（不含扩募）。从底 层资产类型来看，截至2025年4月30日，交通基础设施类发行规模最大，共发行687.71 ...