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 ...

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines high-quality dividend stocks with other asset classes like Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - A solid base of classic dividend growth stocks can be complemented with other investment vehicles to create a diversified portfolio [1]. - The hybrid system aims to balance growth and income, allowing investors to capture total returns on par with the S&P 500 [1]. Group 2: Investment Focus - The focus is on uncovering high-quality dividend stocks that offer potential for long-term growth and significant income generation [1]. - The strategy includes a mix of different asset types to boost overall investment performance [1].

Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I'm a Navy veteran who enjoys dividend investing in quality blue-chip stocks, BDC's, and REITs. I am a buy-and-hold investor who prefers quality over quantity and plans to supplement his retirement income ...

Issuance Market - The current issuance includes the Huatai Suzhou Hengtai Rental Housing REIT with an expected scale of 1.367 billion yuan, and there are no new approved projects this period [1][6] - In 2025, six REITs have been issued, maintaining the same number as last year, with a total issuance scale of 10 billion yuan, which is a 35% decrease compared to the same period last year [1][6] Secondary Market - The Southern SF Logistics REIT was listed on April 21, with a first-day increase of 13.53%, lower than other REITs issued this year [2][12] - The REITs market currently has 65 products, with a total scale exceeding 191.2 billion yuan, and the market overall rose by 0.22%, significantly outperforming major stock indices [2][12] - Year-to-date, the REITs market has increased by 12.18%, leading the stock indices, with property REITs performing better than operating rights REITs [2][14] Dividend Situation - This period, nine REITs distributed dividends totaling over 618 million yuan, with a total dividend of 2.249 billion yuan in 2025, yielding 1.39%, which is higher than major stock indices [3][26] - The dividend yield for property REITs is 1.02%, lower than operating rights REITs but higher than the CSI Dividend Index [3][26] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.45, which is significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500 [4][32] - The valuation for storage logistics REITs is relatively low, while affordable housing REITs have a higher valuation [4][32] - The internal rate of return for clean energy REITs is the highest among operating rights REITs, followed by ecological environmental REITs, with toll road REITs having the lowest [4][36]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][17] Core Views - The company has achieved significant growth in net profit due to the issuance of REITs, with a projected net profit of 1.567 billion yuan in 2024, representing a year-on-year increase of 292.93% [1][7] - The company is undergoing a transformation in its core business, focusing on trends such as two-dimensional culture shopping malls and outlet stores, which may pressure short-term performance but support long-term growth [1][7] - The retail environment remains challenging, particularly for the department store segment, which has seen a revenue decline of 31.93% year-on-year [2][8] Financial Performance Summary - In 2024, the company is expected to generate revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit is projected to be 1.567 billion yuan [1][5] - The gross margin for 2024 is estimated at 25.88%, with a net margin of 5.00%, reflecting a significant increase in net margin due to REIT-related gains [3][11] - The company’s various business segments show mixed performance, with department stores declining significantly, while shopping centers and outlet stores show resilience [2][8][10] Segment Performance Summary - **Department Stores**: Revenue of 1.483 billion yuan in 2024, down 31.93%, with a gross margin of 31.42% [2][8] - **Shopping Centers**: Revenue of 2.234 billion yuan, up 17.60%, but with a declining gross margin of 45.18% [2][8] - **Outlets**: Revenue of 1.517 billion yuan, stable growth of 0.03%, with a gross margin of 78.06% [2][8] - **Supermarkets**: The supermarket segment, particularly the Lianhua Supermarket, reported a net loss of 333 million yuan, with overall revenue declining across various formats [2][8][10] Future Outlook - The company is expected to continue leveraging its geographical and property advantages to enhance operational performance, with ongoing adjustments in business strategy [4][17] - The projected net profits for 2025, 2026, and 2027 are revised to 548 million, 620 million, and 679 million yuan respectively, reflecting a cautious outlook due to pressures in the supermarket segment [4][19]

证券研究报告 | 行业周报 gszqdatemark 2025 04 19 年 月 日 房地产 C-REITs 周报——二级持续上行，消费及物流板块表现较优 REITs 指数表现 本周中证 REITs 全收益指数上涨 0.84%。截至 4.18，本周（4.12- 4.18，下同）中证 REITs(收盘)指数上涨 0.71%，收于 862.8 点；中证 REITs 全收益指数上涨 0.84%，收于 1074.3 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 0.59%/上涨 2.30%/上涨 0.09%/上涨 3.40%/上涨 2.66%/ 下跌 0.08%。其中房地产(申万)本周涨幅最高，REITs 全收益指数排行 第 4。 本年中证 REITs 全收益指数涨幅为 11.00%。截至 4.18，本年中证 REITs(收盘)指数涨幅为 9.28%，中证 REITs 全收益指数涨幅为 11.00%。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 4.13%/上涨 6.66%/下跌 0.04%/下 ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index increased by 0.84% this week, while the Shanghai Composite Index rose by 0.59%, and the CSI 500 index fell by 0.37% [3][16] - The report highlights significant market activities, including the announcement of a second expansion for the Bosera Shekou Industrial Park REIT and the submission of the Huaxia Kaide Commercial Asset REIT to the Shanghai Stock Exchange [5][9] - The overall trading volume for REITs decreased to 2.85 billion, a decline of 3.4% from the previous week, with an average daily turnover rate of 0.7% [6] Summary by Sections Market Dynamics - Key events include the announcement of the second expansion for the Bosera Shekou Industrial Park REIT, the submission of the Huaxia Kaide Commercial Asset REIT, and the high demand for the Huatai Suzhou Hengtai Rental Housing REIT, which saw a subscription rate of 222.46 times the initial offering [5][9] - The report notes that the overall market for REITs is experiencing fluctuations, with 56 REITs rising and 8 falling this week [20] Market Performance - The REITs index's performance is contrasted with other indices, showing a positive trend in REITs compared to a mixed performance in broader market indices [16][20] - The report indicates that the REITs market is characterized by a low correlation with government bonds, suggesting a unique investment profile [16] Trading Activity - The report details the trading activity, noting a decrease in trading volume and highlighting specific sectors within the REITs market, such as the significant increase in trading for the consumption sector [6][20] - The report emphasizes the importance of monitoring macroeconomic conditions and policy environments for potential investment opportunities [6]

（文/朱道义 编辑/张广凯） 大扩容的中国公募REITs市场，再度迎来了新物种，也成为外资布局中国的新渠道。 4月17日，凯德投资宣布，已经向中国证券监督管理委员会和上海证券交易所提交申请，拟推出旗下首支消费基础设施公募REIT——凯德商业C-REIT。 值得注意的是，这是首支由国际资产管理公司在中国申报的消费类公募REIT产品，同时也是唯一包含一线城市购物中心资产组合的消费类公募REIT，颇具 投资稀缺性。 据悉，凯德商业C-REIT首批纳入的两个资产分别是位于广州的凯德广场·云尚和位于长沙的凯德广场·雨花亭，总规模约为28亿元人民币，总建筑面积达到 16.84万平方米，整体出租率约为97%。凯德广场·云尚目前由凯德投资和凯德发展共同持有，凯德广场·雨花亭则是凯德中国信托旗下资产。 具体来看，凯德广场·雨花亭位于长沙雨花区，是一座成熟的社区型购物中心，周边拥有高密度的住宅和办公楼群。2019年，凯德将凯德广场·雨花亭注入凯 德商用信托（时名CRCT，现名CLCT）；2023年3月，项目完成资产升级改造，重新定位为一个更加注重生活方式与体验的商业空间。根据CLCT 2024年年 报，凯德广场·雨花亭客流及销售 ...

Core Insights - The Hubei Provincial Conference on the Development of the Private Economy highlighted the growth of Jiuzhoutong Pharmaceutical Group, which has nearly 30,000 franchise pharmacies and expects sales to exceed 7 billion yuan in 2024, representing a 50% year-on-year increase [1][2] Company Overview - Jiuzhoutong was listed on the Shanghai Stock Exchange in 2010 and currently has 682 holding companies and over 30,000 employees [1] - For the first three quarters of 2024, the company achieved a revenue of 113.4 billion yuan, ranking 176th among China's top 500 companies and 55th among private enterprises [1] Strategic Initiatives - The company is advancing its "Three New and Two Transformations" strategy, focusing on new products, new retail, new medical services, digitalization, and real estate securitization [2] - In the new product segment, Jiuzhoutong has established four R&D institutions and collaborates with several research institutes, with an annual R&D expenditure of 200-300 million yuan [2] - The new retail initiative has seen nearly 30,000 franchise pharmacies, with projected sales of over 7 billion yuan in 2024, marking a 50% increase [2] - In the new medical sector, the company has developed a "digital + supply chain" system, with 1,366 franchise clinics and plans to exceed 10,000 clinics in the next five years [2] - The digitalization effort includes a dedicated leadership team and over 1,400 IT engineers, completing more than 100 digital projects [2] - Jiuzhoutong successfully issued the first public REITs for pharmaceutical warehousing and logistics assets in the industry, raising 1.158 billion yuan [2] Corporate Governance - In 2020, Jiuzhoutong transitioned from founder-led management to a professional management team, which is currently functioning well [2] - The company aims to optimize its institutional mechanisms to establish a modern corporate governance system and contribute to the construction of Hubei's economic framework [2]

Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]