华夏基金华润有巢REIT是由华润有巢作为原始权益人，中信证券作为专项计划管理人，华夏基金作为 基金管理人发起设立的基础设施公募REITs，是境内首单由市场化机构运营的租赁住房REITs。上市三 年来，华夏基金华润有巢REIT取得了良好的市场表现，截至2025年年底，已累计向持有人分红超1.54亿 元。此次为华夏基金华润有巢REIT首次扩募，于2025年12月顺利完成扩募份额发售。 本报讯 （记者 杨玉红 杨硕）公募REITs扩募再迎里程碑时刻。昨天，华夏基金华润有巢REIT扩募份额 上市仪式在上海证券交易所举行。 此次扩募作为基金设立后的首次扩容，创新采用向原持有人配售的非定向扩募模式，在制度设计上充分 保障了原有投资者权益。扩募配售价格定为2.53元/份，可配售份额数量4.5亿份。发售获原持有人积极 响应，认购比例达99.51%，最终募集资金总额约11.329亿元。募集资金扣除相关预留费用后，全额用于 收购华润有巢旗下上海马桥项目。这一项目是上海市保障性租赁住房示范工程，毗邻大零号湾科技创新 策源功能区、闵行经济技术开发区等核心产业集群，周边产业人口密集，租赁需求旺盛，截至2025年6 月末出租率达96%。 ...

一、公募 REITs 基本信息 ■ 二、不动产项目基本情况 本基金的不动产项目为安徽亳阜高速公路项目，项目公司为安徽亳阜高速公路有限公司，运营管理机构 为招商局公路网络科技控股股份有限公司及其全资子公司招商公路运营管理（北京）有限公司（包括招 商公路运营管理（北京）有限公司亳州分公司）。亳阜高速起于安徽与河南两省交界的黄庄，沿平行于 京九铁路和国道G105方向，在K13+230跨越武家河，经亳州城东的五马镇建成区西边缘，在K19+211跨 国道G311，设置亳州东互通立交，在十九里镇东跨涡河，于十九里镇前李村跨省道S307(现为S309)，设 亳州南互通立交，经师店、立德西，在K72+244.5跨西淝河，进入太和境内，经高公庙西，在苗集西跨 省道S308(现为G329)，设苗集互通立交，在K93+845跨越老母猪江，进入利辛境内，经巩店镇规划范围 东侧，在K99+936.75处与界阜蚌高速公路相接，设置刘小集互通立交，终点桩号K101+300。项目全长 101.3公里，双向四车道，全线共设亳州东收费站、亳州南收费站、太和东收费站3个收费站，辛集服务 区和长春服务区2对服务区。 三、运营管理机构高级管理人员变更 ...

今日，首个向原持有人配售的扩募REITs"华夏基金华润有巢REIT"上市交易，基金扩募份额44,780.3412万份，发行价格为2.53元/份。 参考上市前的扩募规模与已上市的市值，按照扩募后的可供分配金额计算，时点年化分派率约为3.21%。按照2026年1月9日收盘价计算，保障房领域REITs 项目年化分派率平均值为3.03%；最低值约为2.7%，最高值约为3.37%。"华夏基金华润有巢REIT"预期年化分派率居于保障房前列。 1、首发资产的表现来看，"华夏基金华润有巢REIT"自上市以来，虽然不同阶段会有所波动，但整体表现较为稳定，收入呈现平稳增长的趋势。 二、探索多维度扩募机制 此前，已完成扩募的7支REITs在扩募方式的选择上选取了定向扩募的方式。 作为首个向原持有人配售的扩募REITs项目，"华夏基金华润有巢REIT"为行业多维度探索提供了实践。正如华夏基金总经理李一梅在致辞中所言:"首单"背 后，是资本市场深化改革的有力实践，是公募REITs行业的重要创新，更是广大投资者共享发展红利的生动见证。 2、新购入资产表现来看，出租率稳步提升，最新披露的出租率达到95.87%。优质资产的注入为存续期长期稳 ...

房地产行业的发展潜力和空间依然巨大，中国城市房地产大规 模增量扩张的时代已经结束，存量提质增效的新阶段已然开 启，房地产行业的未来增长，不再局限于新建开发，而是更多 来自存量资产的精细化运营、物业服务的品质升级、租赁市场 的规范发展等多元赛道。 作者： 胡峰 魏东 封图：图虫创意 这种调整也反映到住宅价格上，一线城市的二手住宅价格出现明显下调，产生中国家庭资产缩水、 消费收缩与置换链条断裂等显著影响，这也进一步让整体市场对未来预期走低。 图一：中国房地产开发投资及房地产业占比走势 不过，我们在面对当前的房地产局面时需要问，这种情况会不会成为新的常态？中国的房地产市场 是否会就此一蹶不振？ 中国的房地产市场从1998年开始孕育发展，到现在只有27年的时间，尚未到而立之年。在中国经 济高歌猛进和城市化迅猛发展的进程中，房地产行业一直顺风顺水，所以当周期来临，不管是从业 者、企业、居民还是政府都表现得措手不及，甚至有些人开始大唱悲歌。 如果我们抬头看看全球那些经历了多轮周期的成熟市场，会发现发达国家的房地产行业仍然是经济 增长的重要来源和支柱。在世界前十大经济体中，除新兴经济体印度和巴西及中国外，其余七个成 熟市场 ...

曹璇 A0230125070001 caoxuan@swsresearch.com 2026 年 01 月 10 日 市场开门红，三单项目集中获问询 ——公募 REITs 周度跟踪（2026.01.05-2026.01.09） 相关研究 《商业不动产 REITs 正式落地，哪 些变化？——公募 REITs 周度跟踪 （2025.12.29-2025.12.31）》 2026/01/04 《超跌反弹，申报加速——公募 REITs 周度跟踪（2025.12.22- 2025.12.26）》 2025/12/27 《中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪 （2025.12.15-2025.12.19）》 2025/12/20 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细 ...

本报讯(记者冷翠华)1月8日，仲量联行发布研究报告，回顾2025年北京房地产市场并展望2026年市场。 报告显示，2025年，北京办公楼市场中续租成交逐渐占据主导地位，租户议价能力不断提高。投资市场 全年大宗成交量明显下降，四季度商业零售资产的关注度提高。零售地产整体需求释放受阻，市场表现 分化加剧对项目运营能力提出了更高要求。工业物流市场在新增供应集中放量与终端需求持续疲软的双 重压力下深度调整。高端酒店市场在2025年下半年面临着价格下行和收益修复缓慢的挑战，但市场需求 保持向好预期。 从北京的甲级写字楼来看，租金调整持续深化，市场定价透明度进一步提升。当前租户议价能力达到历 史高位，业主的初始报价更加贴近实际可达成水平。仲量联行北京商业地产部高级董事张斯亮表 示："尽管租金调整节奏或将趋缓，但市场仍将维持租户主导格局，对业主而言，保出租率将继续优先 于追求租金增长。" 从商业不动产的投资市场来看，2025年，北京商业不动产大宗交易市场成交节奏放缓，第四季度活跃度 进一步走弱。北京全年大宗成交总额约180亿元，较2024年下降58%。从资产类别来看，商业零售资产 相对更受资本青睐。从投资主体来看，自用型买 ...

Market Overview - On January 7, the Shanghai Composite Index rose by 0.05%, while the CSI 300 fell by 0.29%. The Sci-Tech 50 increased by 0.99%, the CSI 1000 rose by 0.53%, and the ChiNext Index went up by 0.31%. The Hang Seng Index decreased by 0.94% [4][5]. - The best-performing sectors on January 7 were comprehensive (+3.86%), coal (+2.47%), electronics (+1.25%), communication (+1.24%), and power equipment (+0.62%). The worst-performing sectors included oil and petrochemicals (-1.73%), non-bank financials (-1.13%), beauty and personal care (-1.03%), computers (-0.81%), and banks (-0.72%) [4][5]. - The total trading volume for the entire A-share market on January 7 was 28,815.66 billion yuan, with net inflow from southbound funds amounting to 9.178 billion Hong Kong dollars [4][5]. Important Recommendations - The report highlights Zhenyou Technology (688418) as a key player in satellite internet, positioned as the "central brain" of the industry. The company is expected to benefit from the acceleration of low-orbit satellite internet deployment and overseas business expansion, which could drive performance beyond expectations [6]. - The revenue forecast for Zhenyou Technology from 2025 to 2027 is projected to be 1,010 million yuan, 1,479 million yuan, and 1,975 million yuan, respectively, with growth rates of 6.17%, 46.35%, and 33.53%. The net profit attributable to the parent company is expected to be 19 million yuan, 182 million yuan, and 346 million yuan, with growth rates of -30.82%, 857.42%, and 90.52% [6]. - The company’s earnings per share are forecasted to be 0.10 yuan, 0.94 yuan, and 1.80 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings ratios of 441.34, 46.08, and 24.18 [6]. Important Insights - The report discusses public REITs as an investment tool characterized by "high dividends + anti-inflation + asset growth." They provide a unique combination of stable income and potential asset appreciation, making them an ideal "fixed income +" solution to address the current "asset shortage" [7][8]. - The report notes that the public REITs market is moving towards normalization in its expansion mechanism, with an expectation of increased capital inflow. It highlights that certain asset classes, such as consumer infrastructure, affordable rental housing, and warehousing logistics, show relatively high investment value [7][8]. - The report suggests a "barbell" investment strategy and a "high dividend yield" tactic to enhance returns, focusing on sectors with economic resilience and stable dividends, such as infrastructure and affordable housing, while also considering long-duration quality assets like premium data centers [8].

近日，交易所对《东方红隧道股份智能运维高速封闭式基础设施证券投资基金》上市及《东方红隧道股 份智能运维高速基础设施资产支持专项计划》挂牌转让申请出具了审核意见。 一、主要反馈问题 （一）关于通行费收入 1.关于竞品项目杭州中环。根据申报材料，杭州中环的江东三路过江通道将于2030年初建成，预计对本 项目2030年交通量的影响为-9.07%，收入的影响为-10.07%，后续年份不预测影响。请管理人补充披露 杭州中环的建设规划、当前进展、路网定位、设计服务水平、车道数、收费标准（如有）、收费期限 （如有）等情况，评估是否存在提前开通的可能性。请管理人、评估机构、车流量预测机构量化分析杭 州中环建成对各车型的分流影响，说明2030年后不考虑相关影响的依据及合理性，对评估假设是否合理 审慎发表明确意见。 2.关于其他竞品项目。根据申报材料，本项目现有竞品项目为下沙大桥和嘉绍大桥，未来将对本项目产 生交通影响的新开道路还包括柯诸高速、铁路萧山机场站枢纽及接线工程、江南水乡旅游线城际铁路 等。 （1）请管理人、评估机构、车流量预测机构补充披露竞品项目对本项目影响的交通预测模型及具体参 数取值依据。 （2）请管理人、评估机 ...

Core Viewpoint - The article discusses the expansion of China's public REITs market into the commercial real estate sector, marking a significant shift towards a dual development phase alongside infrastructure REITs, effective from December 31, 2025 [1][5]. Group 1: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has established a "1+3+N" policy framework for commercial real estate REITs, which includes one announcement, three notifications, and 17 supporting rules from various financial institutions [3]. - The new rules aim to enhance the adaptability and inclusiveness of the regulatory framework while ensuring strict management and compliance [3][4]. Group 2: Market Development Strategy - The introduction of commercial real estate REITs is not merely an asset type expansion but a strategic move to align with the distinct characteristics of commercial real estate and infrastructure, enhancing the overall effectiveness of REITs in capital markets [5]. - The regulatory approach will focus on a parallel development strategy for commercial real estate and infrastructure REITs, aiming to deepen the market's service to the real economy [6]. Group 3: Project Selection and Quality Control - The regulatory authorities will prioritize high-quality projects and maintain a cautious approach in the initial phase of the commercial real estate REITs pilot, emphasizing compliance and risk management [7]. - There will be a focus on core urban areas and mature commercial real estate projects, particularly those owned by listed companies, state-owned enterprises, and reputable private firms [7][8]. Group 4: Responsibilities of Intermediaries - Intermediary institutions will bear significant responsibility in the REITs process, ensuring due diligence and compliance with high standards in their operations [8]. - The regulatory framework will enforce strict oversight of the REITs approval and registration processes, promoting transparency and accountability [8].

Core Viewpoint - The article discusses the official launch of commercial real estate REITs in China, highlighting the significant changes and implications for the industry [2] Group 1: Market Overview - The introduction of commercial real estate REITs marks a pivotal shift in the investment landscape, providing new opportunities for institutional and retail investors [2] - The total market size for commercial real estate in China is estimated to be around 10 trillion yuan, indicating a substantial potential for REITs to capture a portion of this market [2] Group 2: Regulatory Changes - New regulations have been established to govern the operation of commercial real estate REITs, aiming to enhance transparency and protect investors [2] - The regulatory framework includes requirements for asset management and disclosure, which are expected to improve investor confidence [2] Group 3: Investment Opportunities - The launch of commercial real estate REITs is anticipated to attract significant capital inflows, with projections suggesting that the market could reach 1 trillion yuan in assets under management within the next few years [2] - Investors are encouraged to explore various sectors within commercial real estate, such as office buildings, shopping malls, and logistics centers, which are expected to perform well under the new REIT structure [2] Group 4: Challenges Ahead - Despite the positive outlook, challenges remain, including potential market volatility and the need for effective asset management strategies to ensure sustainable returns [2] - The success of commercial real estate REITs will depend on the ability to navigate these challenges while delivering value to investors [2]