Group 1: Technology Innovation Bonds - The interbank bond market officially launched technology innovation bonds on May 9, with 36 companies announcing a total issuance scale of 21 billion yuan as of May 8 [1] - The People's Bank of China emphasized the importance of long-term value investment in technology innovation bonds and encouraged market participants to actively engage in investment and trading [4][5] - The Central Bank's report indicated that nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, suggesting a potential increase in issuance in the near future [15][16] Group 2: Monetary Policy and Market Operations - The Central Bank announced a temporary suspension of government bond trading operations, monitoring market supply and demand to determine when to resume [2] - The report highlighted that the 10-year government bond yield had dropped below 1.6%, prompting the Central Bank to use alternative tools to maintain liquidity and stabilize the bond market [2] Group 3: Regional Developments - The Henan provincial government is promoting the establishment of a provincial-level recycling resource recovery platform and supporting agricultural service projects through special government bonds [6] - Hunan province announced a subsidy of 2 million yuan for infrastructure REITs projects that pass the National Development and Reform Commission's evaluation [7] Group 4: Issuance Dynamics - Zhengzhou Thermal Power Group completed the issuance of 400 million yuan in corporate bonds with a 2.43% interest rate [9] - Xuchang New District Construction Investment Co., Ltd. issued 300 million yuan in corporate bonds at a 3.29% interest rate, with proceeds used to repay existing debt [10] - The Ministry of Finance plans to reissue 145 billion yuan in special government bonds for financial institution capital injection, with a 7-year term starting from May 15, 2025 [8]

Investment Rating - The industry investment rating is "Outperform the Market" [1][71]. Core Viewpoints - Consumer infrastructure REITs have shown strong performance due to favorable fundamentals and policy expectations, with the CSI REITs total return index ranking high among asset classes since the beginning of the year [3][7]. - The operating conditions of consumer infrastructure REITs are stable and improving, with high occupancy and collection rates, and several REITs exceeding revenue forecasts for 2024 [3][18]. - The domestic consumer REITs are entering a "stock + incremental" dual-drive phase, with new categories and foreign players entering the market, indicating growth potential [3][48][60]. Summary by Sections Investment Highlights - Consumer infrastructure REITs have benefitted from a low interest rate environment and effective consumer promotion policies, leading to increased investor interest [3][10]. - The rental rates and collection rates for consumer REITs remain high, with notable performance from 华夏华润商业REIT and 华夏大悦城商业REIT [3][13][21]. - The introduction of new asset types, such as the first public REIT for agricultural markets, indicates diversification in the consumer REIT sector [3][53][56]. New Phase: Expansion and Foreign Players - 华夏华润商业REIT has initiated an expansion plan, marking the first public REIT expansion in the consumer sector, which is expected to enhance asset stability [3][48]. - The valuation of the昆山万象汇 project is estimated at approximately 2.055 billion, indicating a competitive position among existing REITs [3][50]. - The entry of foreign players, such as 凯德投资, into the consumer REIT market is expected to enhance growth prospects [3][60][62]. Investment Recommendations - The report suggests focusing on high-quality shopping center operators and related consumer infrastructure REITs, which are expected to maintain high occupancy and stable sales [3][69].

摘要 • 招商蛇口一季度营收增长主要归因于上海项目结算权益比例较高，但整体 毛利率同比下降 2.47 个百分点至 12%，反映行业利润率承压，公司通过 精细化管理和夯实资产质量应对。 • 公司现金储备充裕，一季度末货币资金达 881 亿元，同比增长 49 亿元。 通过补充权益资本和调整债务结构，有息负债综合资金成本降至 2.99%， 资产负债结构稳固。 • 一季度签约销售面积和规模同比下降 12%，受可售货值规模影响。但核心 城市房地产市场呈现复苏态势，北京、杭州、成都等地项目表现优于预期。 • 一季度在北京、上海、成都等地获取七宗地块，总建筑面积 72 万平方米， 总地价 200 亿元，坚持区域聚焦和以销定投策略，关注核心城市土地供应。 • 资产运营业务短期内难以迅速贡献利润，但长期来看能带来稳定现金流。 物业管理服务板块持续优化服务质量，增强竞争力，推动业绩增长。 • 公司通过长租公寓 REITs 上市和博时蛇口产园 REITs 扩募计划，推动资产 盘活，平衡业务现金流。同时，地方政府收储及退换地政策有助于盘活存 量资源。 • 公司综合融资成本持续下降，得益于宏观环境改善和招商局品牌优势。未 来 1-3 ...

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【导读】REITs有望纳入沪深港通，领展房托领涨蓝筹！爱高集团暴涨超139% 5月7日，港股高开低走，恒生指数收涨0.13%，报22691.88点；恒生科技指数跌0.75%，报5200.04点；恒生中国企业指数跌0.23%，报8242.25点。全日大市 成交额2401亿港元，较前一交易日回升。南向资金净卖出额78.66亿港元。 REITs有望纳入沪深港通，领展房地产投资信托基金（以下简称领展房托）涨6.68%，中升控股涨4.80%，友邦保险涨2.92%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 领展房产基金 | 0823 | 39.950 c | 2.500 | 6.68% | 15.39亿 | 21.61% | | 2 | 中升控股 | 0881 | 12.220 c | 0.560 | 4.80% | 1.05亿 | -12.46% | | 3 | 友邦保险 | 1299 | 61.750 c | 1.750 | 2.92% | ...

证券研究报告 房贷利率有望重启下行，优化城改和 收储空间 华泰研究 2025 年 5 月 07 日│中国内地 动态点评 5 月 7 日，央行、金融监管总局、证监会在国新办发布会上宣布一揽子金融 政策，其中涉及房地产的增量政策主要包括降准降息、公积金贷款和结构性 货币政策工具利率下调、房地产融资制度改革和 REITs 入通等，总体上符合 4 月政治局会议对于"用好用足适度宽松的货币政策"和房地产相关表述的 定调。我们预计增量政策的逐步落地有望巩固房地产市场"止跌回稳"的趋 势，后续需要关注财政政策和北上深房地产调控政策是否能够匹配发力。 公积金贷款利率调整落地，结合降准降息有望打开商贷利率下调空间 25 年 3 月国务院《提振消费专项行动方案》提出"实施降低住房公积金贷 款利率"，本次会议正式下调公积金贷款利率 0.25pct，将 5 年期以上首套房 公积金利率从 2.85%下调至 2.6%，预计每年节省居民公积金贷款利息支出 超 200 亿元。再结合本次会议提出的降准（下调存款准备金率 0.5pct）、降 息（下调政策利率 0.1pct），我们预计有望重新打开增量商业银行房贷利率 的下行空间。根据贝壳的数据， ...

Performance - In 2024, the company achieved total operating revenue of 151.81 billion, a year-on-year increase of 1.11%; net profit attributable to shareholders was 2.51 billion, up 15.33%; and net profit excluding non-recurring items was 1.81 billion, down 7.47% [1] - In Q1 2025, total operating revenue reached 42.02 billion, a year-on-year increase of 3.82%; net profit attributable to shareholders was 970 million, a significant increase of 80.38%; and net profit excluding non-recurring items was 507 million, down 2.76% [1] Growth Potential - The company successfully launched its REITs, marking a new chapter in light asset operations, with the public offering of pharmaceutical warehousing logistics REITs raising 1.16 billion on February 27, 2025 [2] - The CSO business continued to grow, achieving sales revenue of 19.27 billion, with pharmaceutical CSO revenue at 10.77 billion, a year-on-year increase of 19.59% after adjusting for high base effects [2] New Retail and New Medical - The "Good Pharmacist" franchise rapidly expanded, reaching 29,331 stores by the end of March 2025, with sales to franchise pharmacies amounting to 5.39 billion, a year-on-year increase of 54.94% [3] - The "Nine Medical Clinics" membership stores reached 1,377 by the end of March 2025, utilizing AI-assisted diagnostic platforms to empower grassroots medical institutions [3] Profitability - The overall gross margin for 2024 was 7.80%, a decrease of 0.27 percentage points, while Q1 gross margin was 7.33%, an increase of 0.13 percentage points [4] - The net profit margin attributable to shareholders for 2024 was 1.65%, an increase of approximately 0.21 percentage points, with Q1 2025 net profit margin at 2.31%, a significant increase of 0.98 percentage points [4] Operating Quality - The net cash flow from operating activities in 2024 was 3.08 billion, a year-on-year decrease of 35.07%, primarily due to increased procurement payments from strategic cooperation with core suppliers [5] - By Q1 2025, the company's operating cash flow remained stable year-on-year, with slight increases in accounts receivable turnover days and inventory turnover days [5] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 163.29 billion, 176.46 billion, and 190.08 billion, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [6] - Expected net profits attributable to shareholders for the same period are 2.84 billion, 3.18 billion, and 3.54 billion, with year-on-year growth rates of 13.13%, 12.08%, and 11.21% [6]

Group 1 - CICC Vipshop Outlets REIT has officially submitted its application to the Shanghai Stock Exchange on May 6, targeting the consumer infrastructure sector [2][3] - The underlying assets of the project are expected to include outlet projects in Nanchang, Ningbo, and Taiyuan, owned by Shanshan Commercial Group [4] - Shanshan Commercial Group, established in 2016, is primarily engaged in business services and has a registered capital of 3 billion yuan [4] Group 2 - Vipshop acquired 100% of Shanshan Commercial Group for 2.9 billion yuan in 2019, which included several established outlet plazas and additional projects under planning [5] - The REIT is anticipated to provide funding support for asset revitalization and new project expansion, leveraging the synergy between supply chain and offline scenarios post-acquisition [6] - Consumer REITs have shown strong performance, with the highest year-to-date increase exceeding 40%, indicating a robust market for this asset class [2][8] Group 3 - As of May 7, there are 66 public REITs in the market with a fundraising scale nearing 200 billion yuan, and 19 additional REITs are in the application process [7] - The secondary market for public REITs has performed well, with an average increase of 13.4% year-to-date, outperforming major A-share indices [8] - Notably, consumer REITs have led the market, with several products achieving significant gains, including Huaxia Joy City Commercial REIT and Huaxia Shichuang Outlets REIT, both exceeding 40% [8]

Core Viewpoint - The strategic transformation of the company, driven by the "Three New and Two Digital" strategy, has led to steady growth in performance, with significant increases in revenue and profit in 2024 and Q1 2025 [2][3][5]. Financial Performance - In 2024, the company achieved a total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.507 billion yuan, up 15.33% [3][5]. - The net cash flow from operating activities turned positive at 3.083 billion yuan [3]. - For Q1 2025, the company reported revenue of 42.016 billion yuan, a growth of 3.82%, and a net profit of approximately 970 million yuan, an increase of 80.38% [4][5]. Business Segments - The core pharmaceutical distribution business showed stable growth, while emerging sectors like industrial self-production, OEM, traditional Chinese medicine, and digital logistics grew rapidly, each with a growth rate around 20% [3][4]. - The industrial self-production and OEM segment generated sales of 5.92 billion yuan, up 26.92%, with a gross margin of 42.48% [3]. - The traditional Chinese medicine segment achieved sales of 4.962 billion yuan, a growth of 18.14%, supported by a blockchain-based quality traceability platform [4]. Strategic Initiatives - The company is focusing on new product strategies, with sales from the pharmaceutical agency brand promotion business reaching 19.267 billion yuan, introducing 2,247 drug and device specifications [5][6]. - The new retail strategy has established over 29,000 franchise pharmacies, with B2C e-commerce sales reaching 980 million yuan and over 35 million end-users [5][6]. - The new medical strategy includes the development of an AI-assisted diagnostic platform in collaboration with Tencent Cloud, enhancing service efficiency for clinics and grassroots medical institutions [6]. Digital Transformation - The company invested 346 million yuan in digital and intelligent technology innovation, with 47 digital transformation projects implemented, 45 of which have been successfully launched [6]. - The logistics segment achieved revenue of 1.064 billion yuan, a growth of 25.32%, with a gross profit of 236 million yuan, up 17.08% [4]. Real Estate Investment Trusts (REITs) - The company completed the issuance of public REITs for its pharmaceutical warehousing and logistics, raising 1.158 billion yuan, marking a significant step towards asset-light transformation [7]. - The public REITs issuance saw a subscription multiple of 1,192 times, setting a historical record for public REITs [7].

位于苏州的众多邻里中心之一 摄影：范易成 智通财经记者 | 范易成 智通财经编辑 | 彭朋 在方洲邻里中心的奥乐齐内，天悦正采购着食材。1998年出生的她是一个"准00后"，目前在苏州工业园 区内的一家生物医药企业工作。她告诉智通财经，自己周末喜欢在家自己做饭，"最近这里新开的奥乐 齐可以让我'一站式'买齐所有需要的优质食材，十分方便。" 对于天悦来说，离家不到1公里的邻里中心就是她的"快乐老家"，除了购物买菜，她平时还会在邻里中 心看电影，做瑜伽、美容美甲，参加邻里中心举办的精酿啤酒节、戏剧节等各类活动。 日前，国际零售巨头ALDI奥乐齐的江苏首店在位于苏州工业园区的方洲邻里中心开业，该品牌主打"0 会员费"和"高质低价"，江苏是其首次走出上海，在外省拓展的第一站。去年9月，苏州首家"盒马 NB"也在阳澄湖邻里中心正式开业，作为盒马旗下的硬折扣店，为社区客群带来价格亲民的全品类商 品。 奥乐齐相关负责人对智通财经表示，近年来江苏各市政府纷纷倡导首店经济，并不断加强对首店入驻品 牌的支持力度，增进了其进军江苏的信心。而选址邻里中心，主要是因为周边辐射小区众多，租金成本 合适，贴近消费者日常活动区域，是零售商超 ...