Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].

Group 1 - The company participated in the 2025 Hubei Province Listed Companies Investor Collective Reception Day on June 12, 2025, engaging with investors and addressing their concerns within the scope of information disclosure [1] - The Han-Yi Expressway expansion project was approved in September 2024 and commenced in January 2025, with an estimated construction period of four years [1][2] - The company has made systematic arrangements for the capital and funding needs of the Han-Yi Expressway expansion project [2] Group 2 - The company is actively promoting the public REITs project based on the Daguangbei Expressway, which is currently under review by the National Development and Reform Commission [3] - The company has established a shareholder return plan for the next three years (2025-2027), committing to distribute at least 30% of the net profit attributable to shareholders in cash each year [4] - The company aims to enhance its investment value through focused operations, capital management, and improved investor relations [4] Group 3 - The company reported a weighted average return on equity of 9.15% for 2024, positioning it above the average level among A-share listed companies in the expressway sector [4] - The company is exploring investment opportunities in quality road and bridge assets and will adhere to disclosure obligations regarding significant asset acquisitions [5]

Group 1 - The first batch of public REITs in China was successfully listed on June 21, 2021, marking the official launch of the infrastructure public REITs pilot program, with a total fundraising scale of 16.6 billion yuan [1] - As of June 5, 2025, the total market value of public REITs reached 201.99 billion yuan, surpassing the 200 billion yuan mark for the first time, with the Shanghai Stock Exchange accounting for 67% of this value [1][2] - The market for public REITs is expanding rapidly, with 44 products listed on the Shanghai Stock Exchange by June 5, 2025, doubling the number from the end of 2023, and a total fundraising scale of 121.6 billion yuan [2] Group 2 - The secondary market for REITs is showing signs of recovery, with the Shanghai Stock Exchange REITs having a cumulative growth of 21% since the beginning of 2025, outperforming the CSI REITs total return index [3] - The average cash distribution rate for Shanghai Stock Exchange REITs reached 5.8%, and the average internal rate of return was 3.6%, indicating a favorable investment value [3] Group 3 - The revenue from 33 REITs listed on the Shanghai Stock Exchange for the year 2024 reached 8.5 billion yuan, a year-on-year increase of 35%, with a total distributable amount of 6.2 billion yuan [5] - The expansion mechanism for REITs is being improved, with a dual-driven development model of "initial issuance + expansion" being established to support high-quality growth in the REITs market [6] Group 4 - The market is expected to reach a scale of 220 to 250 billion yuan by the end of 2025, with potential to exceed 250 billion yuan considering accelerated expansions [7]

Core Insights - The total market value of public REITs in China has surpassed 200 billion yuan, reaching 201.99 billion yuan as of June 5, marking significant growth since the first batch of REITs was launched less than four years ago [1] - The Shanghai Stock Exchange (SSE) accounts for 67% of the total market value, with 1.35 billion yuan attributed to its REITs [1] Market Overview - The first batch of 9 public REITs was launched on June 21, 2021, raising a total of 16.6 billion yuan, initiating the development of REITs in the Shanghai market [1] - As of June 5, there are 44 REIT products listed on the SSE, doubling the number since the end of 2023, with a total fundraising scale of 121.6 billion yuan [1] Sector Performance - In the property rights category, there are 17 projects in total, with 12 from the SSE raising 20.3 billion yuan; in the logistics sector, 9 projects raised 13.8 billion yuan; consumer projects raised 6.3 billion yuan; and affordable rental housing projects raised 9.5 billion yuan [1] - In terms of operating rights, energy projects raised 14.3 billion yuan, transportation projects raised 54 billion yuan, and ecological projects raised 1.9 billion yuan [2] Market Activity - The SSE REITs have shown active trading since 2025, with a year-to-date return of 21%, outperforming the CSI REITs total return index at 14% [2] - Notable sectors include consumer, rental housing, and toll roads, with year-to-date increases of 44%, 26%, and 22% respectively [2] Liquidity and Returns - The average daily trading volume for SSE REITs is 440 million yuan, accounting for 70% of the total market volume, with a daily turnover rate of 0.79% [2] - The average cash distribution rate for SSE REITs is 5.8%, and the average internal rate of return is 3.6%, indicating favorable investment characteristics [2] Financial Performance - The 33 SSE REITs that disclosed their 2024 annual reports achieved a total revenue of 8.5 billion yuan, a year-on-year increase of 35%, with distributable amounts reaching 6.2 billion yuan, up 28% [2] Development Initiatives - The SSE is enhancing its fundraising mechanisms, promoting a dual-driven model of "initial issuance + expansion" to support high-quality development of the REITs market [3] - In 2023, the SSE completed expansion projects for two REITs, raising approximately 5 billion yuan, with more projects in the pipeline for 2024 [3] - Innovative asset combinations are being explored, such as the first cross-regional mixed asset expansion project involving photovoltaic and hydropower assets [3]

Group 1: Report Summary - Report industry: Real estate services [2] - Report research company: Electronic City [16] - Research date: May 30, 2025 [1][16] - Company representatives: Vice Chairman and President Zhang Yuwei, Vice President and Board Secretary Zhang Yi, Financial Controller Zhu Weirong, Independent Director Song Jianbo [16] Group 2: Core Views - The company is transforming from heavy - asset development to light - asset operation, focusing on technology service strategic transformation [24][25][26] - In 2024, the company's new technology service revenue was 916 million yuan, accounting for 43.4% of the operating income, and the company will continue to promote the transformation [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, which is expected to raise 1 - 1.5 billion yuan, helping to revitalize assets and innovate financing methods [25] Group 3: Summary by Directory 01. Research Basic Situation - Research object: Electronic City, belonging to the real estate service industry, with a reception time of May 30, 2025 [16] 02. Detailed Research Institutions - The reception object is investors participating in the company's online 2024 annual and Q1 2025 performance briefing [19] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - In 2024, the company's operating income was 2.112 billion yuan, and the net profit attributable to shareholders of the listed company was - 1.58 billion yuan [23] - The company broadened financing channels by carrying out infrastructure public offering REITs issuance and application work and issuing 2.05 billion yuan of ultra - short - term financing bills in five installments in 2024 [23] - New technology service revenue in 2024 mainly includes rent, property fees from park operation services, income from entrepreneurship incubation and enterprise growth acceleration services, and information service income [23] - Regarding the large - scale reduction of shares by major shareholders who participated in the private placement in 2016, it is a normal capital market transaction behavior based on their own asset allocation and capital needs [24] - The company did not participate in Yandong Micro's 4 - billion - yuan private placement project [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, with an estimated fundraising scale of 1 - 1.5 billion yuan, which is beneficial for revitalizing assets and innovating financing methods [25] - The company plans to transform to a light - asset model. For projects outside Beijing, it focuses on full - scale sales to accelerate capital recovery, while for projects in Beijing, it tends to hold and operate in the long - term [26] - In 2025, the company will promote multiple tasks, including deepening technology service transformation, building three major business platforms, optimizing the market - oriented management system, and strengthening refined fund management [26]

Project Background - The company has proposed to issue public REITs based on its wholly-owned subsidiary's assets, including the Technology Building, R&D A1 Building, and State Grid Headquarters Building No. 4 [2] - The board of directors approved the proposal during the 28th meeting of the 12th board on March 11, 2024 [2] Project Progress - The application materials for the project were officially accepted by the China Securities Regulatory Commission and the Shanghai Stock Exchange on May 20, 2025 [3] - The outcome of the application will depend on the approval or registration results from the relevant regulatory authorities [3]

Core Viewpoint - The recent surge in bulk trading of REITs, particularly in the consumer sector, indicates increased institutional activity and interest in this market segment, despite liquidity challenges in the secondary market [1][6][7]. Group 1: Bulk Trading Activity - On May 15, multiple REITs completed significant bulk trades, including China International Capital Corporation's (CICC) consumer REIT with 2.35 million shares traded for approximately 10 million yuan [3][4]. - Consumer REITs such as CICC's and Huaxia's commercial REITs have frequently appeared in bulk trading lists, reflecting a bullish trend in this sector [5][6]. Group 2: Market Performance - The CSI REITs index has shown an average increase of 8.34% this year, with consumer REITs leading the gains, including a 47.66% rise in Huazhong's consumer REIT [5]. - Institutional investors have increased their holdings in public REITs, with a 14.4% decrease in the number of individual holders and a 17.9% increase in average holdings per account [5]. Group 3: Liquidity Issues - The prevalence of bulk trading highlights liquidity issues in the secondary market for REITs, with many trading days seeing volumes below 10 million yuan [6][7]. - The concentration of institutional investors and the small market size contribute to significant price volatility, as large trades can heavily influence market prices [7][8]. Group 4: Valuation and Assessment Mechanisms - The current valuation system for public REITs in China is inadequate, as it primarily relies on closing prices, which do not accurately reflect underlying asset values due to low market liquidity [8]. - Recommendations include broadening the investor base, optimizing valuation and assessment mechanisms, and encouraging long-term capital participation to enhance market activity [8]. Group 5: Institutional Interest - Insurance companies are increasingly interested in REITs, with significant allocations to newly listed REITs, indicating a shift towards utilizing REITs for stable returns [10][11]. - The establishment of large-scale public REITs, such as the 10 billion yuan infrastructure REIT, is expected to enhance market liquidity and attract diverse investors [10][12].

Core Viewpoint - The company has demonstrated resilience and achieved high-quality growth in the first quarter of 2025, with significant increases in both revenue and net profit despite a complex global economic environment [7]. Financial Performance - In Q1 2025, the company achieved a total volume of 3.56 billion parcels, a year-on-year increase of 19.7%, and generated operating revenue of RMB 69.85 billion, up 6.9% year-on-year [7]. - The express logistics business revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9% [7]. - Gross profit reached RMB 9.29 billion, reflecting an 8.0% year-on-year increase, with a gross margin of 13.3%, up 0.1 percentage points [8]. - The net profit attributable to shareholders was RMB 2.23 billion, a 16.9% increase year-on-year, with a net profit margin of 3.2%, up 0.3 percentage points [8]. Share Buyback Program - The company announced a share buyback plan for 2025, intending to repurchase A-shares with a total amount between RMB 5 billion and RMB 10 billion, at a price not exceeding RMB 60 per share [40][41]. - The buyback aims to enhance the long-term incentive mechanism and motivate core employees, with shares intended for future employee stock ownership plans or equity incentive plans [41][46]. - The buyback period is set for 12 months from the board's approval date [42]. Debt Financing - The company issued a super short-term financing bond of RMB 500 million through its wholly-owned subsidiary to support business development needs [12]. REITs Issuance - The company is actively pursuing the issuance of public infrastructure REITs to support the sustainable development of logistics industrial parks, with a total fundraising amount of RMB 3.29 billion [14].

证券研究报告·行业动态 REITs 周报（2.15-2.21）：中外运仓储物流 REIT 获问询，国寿设合伙企业聚焦 REITs 投资 核心观点 本周中证 REITs 全收益指数上涨 1.23%，收于 1064.08。从我们构 建的指数来看，本周产权类 REITs 上涨 0.5%，经营权类 REITs 上 涨 6.0%。本周中银中外运仓储物流 REIT 获上交所问询，监管重 点关注整租方的运营情况、关联交易的定价依据、竞争性物业的 影响以及项目估值的合理性等方面。尤其是估值方面，需分析同 类物业对本项目的影响以及出租率、租金增长率的合理性。此外， 中国人寿拟出资设立合伙企业聚焦基础设施公募 REITs 投资。认 缴出资总额为 52.37 亿元，其中国寿认缴出资额为 35 亿元，国寿 资本为管理人。 行业动态信息 政策及新闻回顾：1）中国人寿拟出资设立合伙企业聚焦基础设施 公募 REITs 投资。认缴出资总额为 52.37 亿元，其中国寿认缴出 资额为 35 亿元，国寿资本为管理人。2）万科集团与中信金石、 新华保险、大家保险共同设立"万新金石（厦门）住房租赁基金"， 总规模 16 亿元。基金将收购厦门泊寓院儿 ...