点击小程序查看报告原文 Abstract 项目基本面经营分化差异加剧。1）产业园： 产业园区供需压力进一步加大，大部分项目主动或被动进入降价竞争。我们统计板块收入同环比分别下降 11.8%和7.7%。由于供需端矛盾尚未缓解，我们认为产业园后续经营或仍将持续波动。 2）物流仓储： 大部分项目通过下调租金应对供给冲击和存量竞 争，促使同口径下板块收入重回下降通道，同环比下滑4.8%和3.6%。供需再平衡过程中，一季度特朗普关税不确定性或也将影响物流仓储租户行为。 3） 保租房： 保租房板块受宏观经济影响较小，一季度板块收入仅出现小幅波动，出租率维持较高水平，租金水平变化则出现小幅分化，其中政策性保租房 租金保持稳定或略有上涨，市场化项目则出现环比下滑，但整体仍符合预期。 4）消费： 得益于各地促消费政策，消费REITs一季度开局良好，我们测算 可比口径收入环比上升1.7%，收入完成度较好。 5）高速： 受低基数与路网变化的影响，高速项目表现分化明显，往后看我们认为板块仍有望延续稳中 向好态势，但路网变化对于单条路产影响较大，应持续关注分流影响。 6）市政环保： 生物质发电项目吨发表现、成本管控好于预期，水务受合肥 ...

二、开放式公募基金表现 三、基金产品发行情况 上周新成立基金 28 只，合计发行规模为 240.79 亿元，较前一周有所增 加。此外，上周有 28 只基金首次进入发行阶段，本周将有 6 只基金开始 发行。 一 上周市场回顾 1.1 相关热点回顾 报 告 摘 要 一、上周市场回顾 一、基金申报发行动态 上周共上报 36 只基金， 较 上上周申报数量 有所下降 。申报的产品包括 5 只 FOF ，国证通用航空产业 ETF 、国投瑞银中证全指自由现金流指数基金、嘉 实中证港股通创新药 ETF 等。 上周 A 股市场主要宽基指数走势出现分化，中小板指、中证 1000 、创业 板指指数收益靠前，收益分别为 2.13% 、 1.85% 、 1.74% ，科创 50 、沪深 300 、上证综指指数收益靠后，收益分别为 -0.40% 、 0.38% 、 0.56% 。 从成交额来看，除科创 50 、沪深 300 、上证综指外，上周主要宽基指数 成交额均有所上升。行业方面，上周综合金融、汽车、电力设备及新能源收 益靠前，收益分别为 5.06% 、 4.98% 、 3.09% ，食品饮料、消费者服 务、房地产收益靠后，收益分别为 ...

Core Viewpoint - Shoucheng Holdings has announced the establishment of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is the first public REITs fund in China to include "Pingzhun" in its name, targeting a total scale of 10 billion RMB with an initial closing size of 5.237 billion RMB, making it the largest single public REITs special investment fund in the market [1][5]. Company Summary - The fund is a collaboration between Shoucheng Holdings, China Life Insurance, Caixin Life Insurance, and other partners, with Shoucheng's indirect wholly-owned subsidiary, Shoujing Investment, acting as a limited partner [2][4]. - The total capital contribution from all partners amounts to 5.237 billion RMB, with China Life contributing 3.5 billion RMB, Shoujing Investment 1 billion RMB, and Caixin Life 700 million RMB [5][6]. - The fund will primarily invest in public REITs related to infrastructure, utilizing strategic placements and other investment methods to enhance market liquidity and operational efficiency [7][9]. Industry Summary - The public REITs market in China has reached a new stage of quality improvement and efficiency, with 65 products listed and a total issuance scale of approximately 170 billion RMB as of April 24 [8]. - Insurance capital has increasingly participated in public REITs investments since 2021, with a projected investment scale exceeding 13 billion RMB by the end of 2024, representing 12.45% of the market share [8][9]. - The Beijing Pingzhun Infrastructure Fund aims to stabilize the market and discover value through professional operations, thereby promoting healthy market expansion and attracting long-term capital [9].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].

Group 1: Listing and Fundraising - Southern SF Logistics REIT successfully listed on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of CNY 3.29 billion[8] - The offline subscription multiple reached 53.52 times, while the public subscription multiple was 381.58 times[8] Group 2: Market Performance - During the week of April 21-25, 2025, the Southern SF Logistics REIT led the market with a gain of 13.10%, while the CSI REITs total return index fell by 1.43%[3] - The REITs total index underperformed the CSI 300 index by 1.52 percentage points and the CSI All Bond index by 1.09 percentage points[3] Group 3: Liquidity and Trading Volume - The total trading volume of REITs for the week was CNY 589 million, an increase of 3.4% from the previous week[4] - The largest trading volume among REIT types was in the warehousing and logistics category, accounting for 25.2% of total trading volume[4] Group 4: Risk Factors - Future operational conditions of REITs' underlying assets are uncertain, and projected cash flows may not accurately reflect actual performance[46] - The fundraising process may not proceed as expected, posing additional risks to investors[46]

- The report does not contain any quantitative models or factors related to the requested topic[5][7][15]

Group 1 - The core viewpoint of the report highlights the successful listing of Southern SF Logistics REIT on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of 3.29 billion yuan, with offline subscription multiples reaching 53.52 times and public subscription multiples at 381.58 times [2][8] - The underlying assets of Southern SF Logistics REIT are located in key logistics hubs in Shenzhen, Wuhan, and Hefei, which inject new vitality into the private economy and promote the logistics industry towards a new era of intelligence and efficiency [2][8] Group 2 - In terms of market performance, the REITs market experienced a decline, with Southern SF Logistics REIT leading the gains at +13.10% during the week of April 21-25, 2025, while the CSI REITs total return index fell by 1.43% [3][14] - The total issuance scale of listed REITs reached 173 billion yuan, with a total of 65 REITs issued as of April 25, 2025 [9] Group 3 - The liquidity of the REITs market showed an increase, with a total trading volume of 589 million yuan (MA5) for the week, up 3.4% from the previous week, and the largest trading volume type being warehouse logistics, accounting for 25.2% [4][34] - The trading volume for REITs reached 135 million shares (MA5), reflecting a 5.8% increase from the previous week, with warehouse logistics also leading in trading volume at 31.4% [34] Group 4 - The report indicates that the Southern SF Logistics REIT has a significant performance advantage compared to other REITs, with a year-to-date increase of 13.10% since its listing [25] - The report provides a detailed analysis of various REIT categories, showing the performance of warehouse logistics REITs and their substantial market share [25][34] Group 5 - The report includes correlation analysis between the CSI REITs index and major asset classes, indicating varying degrees of correlation over different time frames [27][29] - The report also presents historical performance comparisons among different REIT categories, highlighting the relative performance of infrastructure and logistics REITs [28][34] Group 6 - Valuation metrics such as P/NAV and bond yield estimates are discussed, providing insights into the current valuation landscape of the REITs market [40][41] - The report emphasizes the ongoing expansion of the REITs market and its implications for future investment opportunities [9][11]

Core Insights - The hotel investment market in China has become increasingly active, with a projected transaction value of 187.9 billion yuan for 2024, expected to remain stable at around 180 billion yuan in 2025 [1][2][3] Group 1: Market Activity - The hotel investment market has seen significant transactions, including a notable acquisition by Tongcheng Travel of Wanda Hotel Management for approximately 2.497 billion yuan, marking one of the largest deals in recent years [2] - As of April 24, 2023, there have been 18 hotel assets with a starting price exceeding 100 million yuan that have failed to sell on the Alibaba auction platform, indicating ongoing challenges despite market activity [1][4] - Approximately 60% of hotel transactions occur in first-tier cities, with new first-tier cities emerging as a growing investment area, increasing their share of hotel investment transactions by 6 percentage points from 2015-2019 to 2020-2024 [3] Group 2: Investment Opportunities - The active hotel investment market is driven by various factors, including cash flow pressures faced by some hotel asset holders, leading to discounted sales that create opportunities for investors [3] - Hotel assets are viewed as attractive investment options for high-net-worth individuals seeking diversification and inflation hedging [3] - The valuation of hotel assets requires consideration of multiple dimensions, including cash flow returns, market supply and demand, and replacement costs [5] Group 3: Legal and Risk Considerations - Legal risks in hotel investment transactions include property ownership disputes, compliance with operating licenses, and management contract issues, which are critical for ensuring transaction value [5] - The traditional exit strategies for hotel assets have been equity transfers and asset sales, but the potential introduction of public REITs could provide new avenues for asset liquidation and enhance liquidity [5][6] - The importance of legal risk management in hotel investment transactions is emphasized as it is crucial for compliance and transaction value [5]

Core Viewpoint - The real estate industry is undergoing significant adjustments, presenting both challenges and opportunities, with commercial segments becoming a key driver for many companies to navigate through cycles. Dalian's operational business is highlighted as a growth point amidst a slowing industry environment [1] Group 1: Company Performance - Dalian achieved an operating revenue of 35.791 billion yuan and total assets of 178.575 billion yuan by the end of the reporting period, with a net operating cash flow of 6.617 billion yuan and cash reserves of 27.089 billion yuan, significantly outperforming the industry [1] - The company has a total of 44 commercial projects, including 30 heavy assets and 14 light assets, covering key urban clusters such as Beijing-Tianjin-Hebei and the Greater Bay Area [3] - Dalian's sales business achieved a total signed amount of 36.9 billion yuan, ranking 23rd in the sales list, showcasing its strong market resilience [7] Group 2: Business Strategy - Dalian is actively exploring a new development model by integrating diverse business formats, with the commercial sector serving as a crucial engine for growth [2] - The company focuses on transforming popular IP into long-term traffic, hosting over 200 events annually to create unique consumer experiences [2] - Dalian's strategy includes a dual-driven approach of "first-store economy + trendy IP," successfully attracting over 450 first stores and generating significant revenue from IP events [3] Group 3: Financial Management - Dalian has maintained a robust financial management strategy, securing 12 "white list" projects and 7 operating property loan projects to ensure cash flow safety [9] - The company successfully issued various bonds totaling 7.1 billion yuan, with an average borrowing cost of 3.0%, reducing the overall financing cost to 4.06% [9] - The light asset strategy has accelerated, with the launch of the first public REIT for consumer infrastructure in Southwest China, achieving a rental rate of 98.1% [9] Group 4: Market Positioning - Dalian's long-term rental apartment projects achieved an average occupancy rate of 95%, with the brand receiving multiple industry awards for its community activities and customer satisfaction [5] - The company is strategically positioned to benefit from urban renewal policies and land reserves in core cities, enhancing its competitive edge [10] - Dalian aims to deepen its "1123" strategic system, focusing on brand building and high-quality residential development while exploring new opportunities in green low-carbon transformation [10][11]

投资力度回升，拿地销售比回升至0.23；归母净利连续三年亏损。 ◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 杭州、西安销售额贡献超4成，京沪降幅靠前】 2024年大悦城控股实现销售额369亿，同比下滑20%； 销售权益比例44.5%，较去年同期减少5.5pct ， 需警惕合作方风险。据年报披露的销售明细显示， 全年86%销售额由一二线贡献 ，杭州、西安销售额贡献超4成，北京、上海和天津等地合计销售贡献约 14亿元，单城销售降幅均超70%，表现相对疲软。 【 投资力度回升，拿地销售比升至0.23】 2024年大悦城控股投资力度回升，新增5宗地块，拿地建面56万平，基于2023年低基数的影响， 同比大幅增加 232%， 土地总价款84亿， 同比增幅约33% ，按金额计 拿地销售比从去年的0.14回升至0.23 。年内投资的杭州萧山区世纪城钱塘湾总部住宅地块，全年 单盘贡献约91亿，成为大悦城全国销冠，然而该项目楼面价占到售价的65%，盈利空间被压缩。未来需做好地块流量和盈利之间的平衡，才能修复长期盈 利水平。2024年末大悦城剩余可开发计容建面 1 822万方，较年初下滑16%，足够支撑未来3-4年左右的开 ...