衍生品研究 新券定价——沈阳软件园 REIT 东北首只公募 REIT 且民营背景 2025 年 10 月 10 日 衍生品研究/事件点评 投资要点： 中海首个重资产收购的购物中心-新券 中信建投沈阳国际软件园 REIT ( 508029.SH ) 定价——华夏中海商业 REIT 2025.10.9 首单外资消费 REITs-新券定价——华夏 凯盛商业 REIT 2025.9.9 产权类园区基础设施 REIT，底层资产为沈阳国际软件园，位于辽宁省 沈阳市浑南区，包括昂立信息园、沈阳国际软件园一期和沈阳数字经济产业 园(沈阳国际软件园二期)三个园区，原始权益人赵久宏先生，个人。 宁波奥特莱斯登录资本市场-新券定价 ——唯品会奥莱 REIT 2025.8.22 2024 年营收 1.03 亿元，EBITDA 7555 万元。受原第一大租户到期退租 影响，2024 年加权平均出租率较 2023 年下降 2.13%至 83.86%，Q125 出租 率 83.93%。2024 年当期收缴率 86.03%，Q125 降至 77.04%。 山证衍生品团队 发行情况及发行估值 分析师： 崔晓雁 执业登记编码：S07605220 ...

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].