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]

Core Viewpoint - The company's 2024 performance aligns with expectations, showing a decline in revenue but a significant increase in net profit due to investment gains from the REITs [1] Financial Performance - Revenue for 2024 was 27.67 billion, a year-on-year decrease of 9.3% - Net profit attributable to shareholders was 1.57 billion, a year-on-year increase of 292.7%, primarily due to investment income from the Huashan Bailian Consumption REIT - Non-recurring net profit was 110 million, a year-on-year decrease of 42.9% - Quarterly revenue declines were recorded as follows: Q1 -6.9%, Q2 -7.3%, Q3 -10.8%, Q4 -13.0% - The company plans to distribute a cash dividend of 2.65 per 10 shares, totaling approximately 470 million, with a payout ratio of 30% [1] Business Trends - Business performance is differentiated, with the outlet segment showing stable results. In 2024, revenue by segment was as follows: department stores -31.9%, shopping centers +17.6%, outlets +0.03% - Traditional department stores are underperforming as consumer preferences shift towards more cost-effective and experiential formats - The company closed 2 shopping centers in 2024, ending the year with 12 department stores, 20 shopping centers, and 9 outlets - Hypermarkets and large stores saw revenue declines of -4.7% and -15.0%, respectively, with a net reduction of 65 and 11 stores - Convenience store revenue decreased by 10.3%, with a net reduction of 128 stores as the company optimizes its store structure [2] REITs and Profitability - The company achieved a gross margin of 25.9% in 2024, a decrease of 0.7 percentage points - The gross margins for department stores and shopping centers fell by 3.0 and 8.6 percentage points to 31.4% and 45.2%, respectively - Selling and administrative expense ratios increased by 0.2 and 0.4 percentage points to 16.7% and 7.8%, respectively, mainly due to operational leverage - Investment income from REITs increased by 2.2 billion, significantly boosting net profit margin by 4.4 percentage points to 5.7% - Non-recurring net margin decreased by 0.2 percentage points to 0.4%, indicating ongoing pressure on core business profitability [3] Strategic Initiatives - The company is deepening unique projects to create a differentiated competitive advantage, including the "Play Together" concept for the ZX brand, which has led to the establishment of two new consumer experience projects - The outlet business operates nine stores across eight cities, with a total area exceeding 900,000 square meters, generating over 16 billion in annual sales and attracting over 30 million visitors - The company successfully acquired land for the Chengdu Panda International Resort for 823 million, planning to develop the first "Panda-themed park-style" outlet with a total investment exceeding 3 billion, expected to open in 2027 [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 520 million and 570 million, respectively - The current price corresponds to 34 and 32 times P/E for 2025 and 2026 - The company maintains an outperform rating and a target price of 13.0, implying a 29% upside potential based on 44 and 41 times P/E for 2025 and 2026 [5]

公募基础设施REITs周报 2025/4/12 REIT s REIT 3.67% REIT 3.19% REIT 2.61% REIT REIT REIT 0.55 0.39 0.37 REIT REIT REIT 15.29% 10.47% 9.82% 2 二级市场价量表现 二级市场估值情况 市场相关性统计 一级市场跟踪 3 4 REITs & & REITs REITs 数据来源： Wind，国金证券研究所 REIT s REIT 3.67% REIT 3.19% REIT 2.61% REIT REIT REIT 0.55 0.39 0.37 REIT REIT REIT 15.29% 10.47% 9.82% | 上市首日回 | 上市以来 | 上市以来成交量 | 本周成交量 | 上周成交量 | 基金代码 | 基金简称 | 行业类型 | 上市日期 发行价(元) | 本周换手率 上周换手率 本周回报 上周回报 今年以来回报 本周收盘价走势 | 报 | 回报 | （亿份） | （亿份） | （亿份） | | | | | | | | | | | | | --- | --- | --- | --- | --- ...

REITs 年报拆解：从经营底盘到配置风向 20250410 2025-04-11 摘要 • 保障房、先进制造业设施及消费基础设施 REITs 受益于政策支持和消费回 升预期，表现出较强韧性，而稳定付费终端项目如整租项目和市政类政府 付费项目对分红投资者尤为重要。 • 2025 年市场基本面受内外部扰动影响，内部关注内需政策，外部关注关 税。仓储物流板块风险敞口较大，策略上偏好保障房及消费预期相关板块， 并关注错杀的优质券种如京东整租模式。 • 2024 年产业园板块承压，一线城市以价换量保出租率，二线城市压力更 大。仓储物流市场处于周期调整，市场化租赁项目受行业波动影响大，关 联方租赁项目波动小，已上市仓储物流 REITs 表现优于整体市场。 • 中国消费基础设施进入存量竞争，零售物业控制率下降，租金下滑。已上 市消费 REITs 经营韧性较强，通过业态调整、资产改造和营销活动提升项 目人气和稳定业绩。 • 2024 年重点城市住房市场需求稳定，保租房供给增加，租赁市场竞争加 剧，租金下降。已上市保租房 REITs 经营稳定，受益于政策支持和差异化 竞争优势。 Q&A 2024 年宏观经济不复苏阶段，哪些项 ...

Group 1: Core Views - The macroeconomic environment in China is expected to remain under pressure in 2024, with a weak recovery phase, but there are structural resilience highlights in the REITs market [2][4] - The average performance completion rate of public REITs projects exceeded 100%, indicating stable performance realization [2][3] - The forced dividend characteristic of public REITs is emphasized, with an average of 2 dividend distributions expected in 2024 [2][3] Group 2: Market Dynamics - The operating resilience of REITs projects is attributed to controllable asset supply-demand contradictions, alignment with policy directions, and stable payment terminal projects [2][4] - The average rental income of second-tier industrial park projects is projected to decline by 5.4% year-on-year, while first-tier parks are adopting strategies to maintain occupancy rates [5][6] - The logistics real estate market is experiencing a short-term adjustment, with average effective rent declining by 4.0% year-on-year [7][8] Group 3: Investment Structure - Institutional investor participation in public REITs reached a record high of 96.45%, with brokerage firms becoming a significant pricing force [3][4] - The insurance sector's participation remained stable compared to the previous year, indicating a cautious approach to incremental allocation [3][4] Group 4: Sector Performance - Retail properties are entering a phase of stock competition, with over half of key cities experiencing a decrease in vacancy rates, although rental prices remain under pressure [9][10] - The rental housing market is seeing increased supply, but listed projects are maintaining operational resilience, with overall income growth of 0.6% year-on-year [10][11] - Toll revenue for expressways is under pressure due to various factors, but there is a gradual improvement in performance observed in Q4 2024 [12][13]

地产开发业务剥离，持续经营业务营收37.26亿，同比增长33%。 ◎ 作者 / 沈晓玲、易天宇 核 心 观 点 【地产开发业务剥离上市平台，前9月地产合约销售下滑47%】 美的置业已于2024年10月22日从上市主体剥 离房地产开发及销售业务。2024年前9月，美的置业共实现合约销售金额约284亿元，较同期下降47%。据 2024年年报披露，美的置业的非持续经营业务税后溢利为亏损28亿。在此影响下，美的置业整体净利润为亏 损23.5亿。虽然年报中未有披露亏损原因，但结合当前大多数房企均有计提减值的因素来看，可能是由于拨备 存货跌价准备，或信用减值损失等等。 【保留业务营收增长33%，物业管理营收占比49%】 2024年美的置业持续经营业务的营业收入为37.26亿， 同比增长33%。从各业务占比来看，物业管理占比较大，达49%。其次是资产运营占比27%。在业绩会中管理 层表示，"未来三年内，物管服务及开发服务两者在上市平台中规模占比基本会保持在70%左右的水平。"毛利 率为35.7%；净利率为13%。管理层表示，预计2025年营收复合增长不低于25%，归母净利润复合增长不低于 20%。 【物管及开发服务依赖母公 ...

New IPOs - In March 2025, 14 new stocks were issued in the A-share market, raising a total of 7.9 billion yuan, a month-on-month increase of 104.6%[6] - The average fundraising rate for new stocks was 85%, up 6 percentage points from the previous month[7] - The average first-day increase for new stocks was 227%, with a 2 billion yuan allocation yielding a profit of 1.468 million yuan[45] REITs - In March 2025, there were 2 REITs issued, with an average of 93 institutions participating in the offline inquiry, resulting in an average subscription multiple of 128.8 times, a record high since 2024[2] - The average pricing level for REITs rose to the 78th percentile of the inquiry range, an increase of 14 percentage points month-on-month[2] - The first-day average increase for REITs was 27.3% in the first quarter of 2025, with no instances of "zero break" on the first day of listing[2] Market Trends - The average initial PE ratio for new stocks in March 2025 was 21 times, a month-on-month increase of 22%, with a 46% discount compared to comparable companies[16] - The number of offline inquiry participants increased, with the average number of participants for the Sci-Tech Innovation Board and the Growth Enterprise Market reaching 5,767 and 6,530, respectively, both hitting new highs for the year[21] Risk Factors - Potential risks include changes in the pace of IPO reviews, adjustments to issuance systems, fluctuations in investor participation, and the quality and quantity of declared projects[2]

北京市在基础设施REITs试点阶段于2020、2021、2023年举办3次基础设施REITs产业发展大会。 2024年基础设施REITs进入常态化发展阶段后，举办基础设施REITs高质量发展会议，着力打造具有全 国影响力的政策解读和业界交流平台。 北京市发改委有关负责人表示，下一步，北京市将持续发挥资源禀赋生态优势，强化服务保障，推 动更多基础设施公募REITs项目发行上市。北京市基础设施公募REITs项目征集通道常态化开启，此次 征集在基础设施REITs发行领域基础上，结合做好金融"五篇大文章"有关要求和北京市工作实际，对于 人工智能、数据中心、智慧城市等新型基础设施，科技创新产业园区、养老、清洁能源、文化旅游等领 域项目进行重点梳理储备。 为紧抓基础设施公募REITs扩围扩容契机，进一步强化项目储备和申报服务，近日北京市发改委发 布基础设施公募REITs意向储备项目征集通知，鼓励引导市场主体"可申报尽申报""随有随报"，取得积 极反响。 北京市高度重视基础设施公募REITs工作，已建立"高位统筹—专班推进—全链条服务"工作机制， 成立由发改、证监、国资、金融监管等部门共同参与的基础设施公募REITs工作专 ...

该项目资产具体包括菁英公寓项目的28幢公共租赁住房、2幢配套用房、1幢物业用房、8个地下车库。菁英公 寓一期项目于2010年竣工并投入运营，二期项目于2012年竣工、2013年开始运营。最新招募书显示，该项目 估值为12.61亿元。2025年度和2026年度可供分配金额期末余额分别为5467.82万元、5563.49万元，对应年 度的现金流分派率分别为4.34%和4.41%。 保租房公募REITs又有新进展。 日前，上海证券交易所（以下简称"上交所"）官网显示，华泰紫金苏州恒泰租赁住房REIT首次发售和华夏北 京保障房REIT扩募发售申请均获通过。 另外，已于2月21日通过首次发售申请的汇添富上海地产租赁住房REIT，将于3月31日在上交所上市，将成为 第7单上市的保租房REIT。 REITs行业联盟秘书长王刚接受证券时报记者采访时表示，截至3月9日，保租房REITs已上市6单，华夏北京保 障房REIT是国内首单保租房REITs扩募项目，保租房REITs发展较快，且在已上市公募REITs中表现较好，给 投资人创造了较高回报。 上海易居房地产研究院院长丁祖昱认为，随着保租房REITs发行提速，再加有2单已获受理 ...

保租房公募REITs发行节奏加快。 日前，上海证券交易所（简称"上交所"）官网显示，华泰紫金苏州恒泰租赁住房REIT首次发售和华夏北京保障房REIT扩募发售申请均获通过。 | 华泰紫金苏州恒泰租赁住房封闭式基础设施证券投资基金 首次发售 | 华泰资管 | 通过 | | --- | --- | --- | | 华夏北京保障房中心租赁住房封闭式基础设施证券投资基金 | 华夏基金 | 通过 | 该项目原始权益人为苏州工业园区公租房管理有限公司，原始权益人控股股东苏州恒泰控股集团有限公司是苏州工业园区直属大型国有企业，其租赁住房业 务板块管理主体"恒泰租住"是目前苏州最大的租赁住房持有和运营主体，自持或运营租赁住房项目合计达16个，约155万平方米。根据招募说明书，该项目募 集资金拟用于苏州市租赁住房市场建设发展，与恒泰集团未来租住板块规划建设相契合，进一步支持实体经济发展。 首单保租房REIT扩募获批 另外，已于2月21日通过首次发售申请的汇添富上海地产租赁住房REIT，将于3月31日在上交所上市，将成为第7单上市的保租房REIT。 REITs行业联盟秘书长王刚接受证券时报记者采访时表示，截至3月9日，保租房REI ...