证券研究报告 | 2025年10月13日 公募 REITs 周报（第 37 期） 指数震荡下行，产权类跌幅较大 资料来源：Wind、国信证券经济研究所整理 主要结论：本周中证 REITs 指数下跌，全周下跌 0.3%。产权类 REITs 和特许 经营权类 REITs 平均周涨跌幅为-0.3%、-0.1%，从主要指数周涨跌幅对比来 看：中证全债>中证转债>中证 REITs>沪深 300。多数板块收跌，市政设施、 生态环保涨幅领先。截至 10 月 10 日，产权 REITs 股息率比中证红利股股息 率均值高 86BP,经营权类 REITs 内部收益率均值与十年期国债收益率利差为 207BP。首单外资消费 REITs 正式上市，这是中国公募 REITs 市场国际化、 多元化、专业化发展的标杆案例。 中证 REITs 指数周涨跌幅为-0.3%，年初至今涨跌幅为 4.7%。截至 2025 年 10 月 10 日，中证 REITs（收盘）指数收盘价为 826.77 点，整周 （2025/10/6-2025/10/10）涨跌幅为-0.3%，表现弱于中证全债指数（+0.1%）、 中证转债指数（0.0%），强于沪深 300 指 ...

Core Viewpoint - The newly implemented "Futures Company Classification Evaluation Regulations" emphasizes both macro and micro perspectives, aiming to enhance industry quality and compliance while reducing burdens on futures companies [1][2]. Group 1: Key Changes in Regulations - The new regulations introduce a clear scoring basis, emphasizing legal compliance and changing the previous practice of deducting points without legal procedures [1][2]. - The regulations optimize the scoring system by including all business types of futures companies in the evaluation criteria, adding new performance indicators related to market competitiveness [1][2]. - The new rules encourage continuous compliance development by awarding additional points for companies maintaining high compliance and risk management scores over three evaluation periods [2]. Group 2: Industry Development Paths - The revised classification system balances the development paths of "scale" and "specialization," providing policy incentives for both large and specialized futures companies [2][3]. - Large futures companies with comprehensive licenses can gain significant advantages in scoring and innovation opportunities if they rank high across all business lines, while also facing increased management pressures [2][3]. - Smaller, specialized futures companies can achieve comparative advantages in classification results by maintaining high compliance and risk management, demonstrating that both "large and comprehensive" and "small and specialized" models can coexist and thrive in the industry [3].

Core Viewpoint - The pharmaceutical retail industry is undergoing a structural transformation, moving from extensive growth driven by scale expansion to a focus on quality optimization and efficiency improvement in 2025 [1][5]. Group 1: Performance Overview - In the first half of 2025, six major listed pharmacy chains showed a polarized performance, with Dazhenglin and Shuyupingmin achieving both revenue and net profit growth, while Laobaixing and Yixintang experienced declines [1][3]. - Dazhenglin reported the highest revenue among the chains at 13.522 billion yuan, a year-on-year increase of 1.33%, and a net profit of 798 million yuan, up 21.38% [2][3]. - Shuyupingmin's revenue and net profit were 4.881 billion yuan and 36.25 million yuan, respectively, reflecting increases of 1.30% and 49.83% [3]. - Laobaixing and Yixintang saw revenue declines of 1.51% and 4.20%, with net profits dropping by 20.86% and 11.44% respectively [4][3]. Group 2: Store Expansion Trends - Dazhenglin continued to expand its store count, adding 280 stores, although this growth rate has significantly slowed compared to previous years [1][7]. - Yixintang and Jianzhijia experienced net decreases in store numbers, with Yixintang losing 126 stores and Jianzhijia losing 22 [7]. - The overall trend indicates a shift from rapid expansion to focusing on the efficiency of existing stores, with many chains emphasizing the importance of franchise models for growth [7][8]. Group 3: Strategic Shifts and Innovations - The industry is moving towards diversification and specialization, with companies like Yixintang planning to develop 30% specialized pharmacies and 70% multi-category stores [8][9]. - Shuyupingmin is focusing on high-potential product categories and optimizing its product range while exploring various store formats [9]. - The implementation of O2O (Online to Offline) strategies is gaining traction, with significant sales contributions from O2O channels across multiple chains [10][11]. Group 4: Digital Transformation and AI Integration - Companies are increasingly adopting digital transformation strategies, with AI becoming a focal point for enhancing operational efficiency and customer service [11][12]. - Laobaixing has initiated AI development as a key strategic project, deploying various AI assistants to improve business operations [11][12]. - Dazhenglin has integrated AI tools to provide intelligent customer service and data analysis, enhancing its operational capabilities [12][13].

Core Insights - The market for agarwood, particularly Qi Nan agarwood, is experiencing a rise in popularity as a high-end consumer product due to its rarity and unique fragrance [1][3] - Consumers are increasingly focused on the purpose of their purchase, whether for collection or daily wear, influencing their selection criteria [1][5] Industry Trends - The agarwood market is evolving towards quality, experiential, and professional standards, with a growing emphasis on the sensory experience of the fragrance [5] - High-quality agarwood bracelets are becoming more sought after, representing unique cultural and identity values [1][5] Consumer Behavior - There is a shift in consumer perception, with buyers prioritizing the authentic experience of the fragrance over mere appearance and origin labels [1][3] - Offline experiences, such as visiting physical stores and attending tasting events, are becoming a new trend in the agarwood market, enhancing consumer engagement [3][5] Brand Practices - Brands like Xiang Zhi Zun Agarwood emphasize high quality and the importance of in-person experiences, hosting events in major cities to enhance consumer understanding of agarwood [3] - The founder highlights that the true allure of agarwood lies in its layered and changing fragrance, which can only be appreciated through personal experience [3] Market Challenges - There are concerns regarding the sale of cultivated agarwood being misrepresented as high-end Qi Nan agarwood, which lacks the complexity and collectible value of wild agarwood [3]

Core Viewpoint - The live streaming industry is taking steps towards healthy development, with Douyin Live hosting a conference to promote high-quality development and self-regulation among live streaming institutions [1][3]. Group 1: Industry Development - The live streaming industry has evolved into a stage of refinement and professionalism, generating diverse employment opportunities such as hosts, choreographers, and camera operators [1][2]. - The industry has faced challenges including vulgar content, fraudulent practices, and contract traps, prompting several institutions to advocate for self-regulation and compliance [1][2]. Group 2: Employment Opportunities - Quality content is identified as the core competitive advantage for the long-term development of the live streaming industry, with an average live streaming room creating over 30 job opportunities [2]. - Professional live streaming institutions are establishing clearer promotion mechanisms, transforming the role into a "growth-oriented" career [2]. Group 3: Regulatory Changes - Douyin Live has upgraded its management regulations for live streaming institutions, imposing stricter requirements on content, host behavior, and agency operations [3]. - The joint initiative by live streaming institutions reflects a shift from "passive compliance" to "active self-discipline" within the industry [3].