业内专家指出，此次非定向扩募不仅体现了对原持有人的优先保护，也为公募REITs持续注入优质资 产、实现规模增长提供了可复制的市场化路径。作为保障性租赁住房REITs的代表产品，华夏基金华润 有巢REIT的扩募上市，将进一步推动租赁住房资产证券化进程，助力构建多层次住房保障体系。 REITs市场在我国仍处于发展初期，扩募机制的完善与创新对市场长期健康发展具有重要意义。此次扩 募份额的上市，预计将为投资者提供更丰富的资产配置选择，也为后续REITs产品扩募提供重要参考。 （文章来源：新华财经） 新华财经北京1月7日电新华财经7日从华夏基金获悉，华夏基金华润有巢REIT（508077）扩募份额将于 1月12日在上海证券交易所上市。此次扩募采用向原持有人配售的方式，是国内首单非定向扩募的公募 REITs，标志着我国REITs市场在扩募机制和投资者保护方面迈出重要一步。 据了解，华夏基金华润有巢REIT于2022年12月首次发行上市，是我国首单由市场化机构运营的保障性 租赁住房公募REITs。本次扩募是该基金的首次扩募，最终认购比例达99.51%，募集资金总额约11.329 亿元（不含认购费用和募集期利息）。所募资金在 ...

"国泰海通东久新经济REIT的首发项目自2022年上市以来，在管理人和运管机构默契配合下，依托标准厂房固有的经营稳定性优势，始终保持稳健运营态 势。得益于此，东久新经济REIT在同类产品二级市场表现中名列前茅。"国泰海通资管党委书记、董事长陶耿指出，"本次扩募纳入的基础设施项目，均为 南通、重庆两地的优质标准厂房资产。区域内半导体、汽车、高端制造等产业基础扎实雄厚，经济活力强劲充沛，为基础设施项目的持续稳定运营与资产保 值增值筑牢了坚实基础，也为产品二级市场的平稳健康发展注入了强劲动力。公募REITs扩募机制是推动市场常态化发行、实现规模快速增长、促进行业规 范健康发展的关键制度性安排。" 可以看到，国泰海通东久新经济REIT由东久工业地产投资有限公司作为发起人、国泰海通资管作为基金管理人及计划管理人，于2022年10月14日在上海证 券交易所挂牌上市，为全国首批标准厂房基础设施公募REITs之一。首发资产覆盖上海、苏州、无锡、常州等长三角核心城市，依托区域完善的产业链形成 的产业集聚效应，上市以来基金各季度期末出租率基本维持在95%以上，为投资者长期稳定获取回报提供了有力保障。 转自：新华财经 新华财经上海 ...

□本报记者 张舒琳 公募REITs扩募出现创新案例。12月8日至12月12日，华夏基金连续5次发布华夏基金华润有巢REIT的配 售提示性公告，反复提示投资者重点关注认购和缴款等内容。 华夏基金华润有巢REIT是首单采用向原持有人配售方式扩募的公募REIT，这一扩募方式要求投资者密 切关注权益登记日与配售流程，基金的老持有人要么参与认购，要么卖掉原份额，若既不参与配售，也 不卖掉原份额，将直接面临持有基金资产的损失。 确保原持有人利益不被稀释 12月12日，华夏基金华润有巢REIT配售认购结束。根据此前公告符合条件的持有人根据配售权益登记 日登记在册的持仓份额及配售比例确认拟认购份额，其他投资者则不具备配售资格。 今年8月底，国家发展改革委办公厅发布《关于进一步做好基础设施领域不动产投资信托基金(REITs)常 态化申报推荐工作的通知》，积极支持通过扩募方式新购入项目，一方面简化新购入项目申报流程，鼓 励已上市的基础设施REITs通过扩募等方式筹集资金购入优质资产；另一方面拓宽新购入项目资产范 围，支持已上市基础设施REITs新购入行业内同类项目以及具有关联性的不同行业领域项目，支持跨区 域通过扩募等方式整合存 ...

对于"躺平"投资者将面临潜在损失的成因，华夏基金作出了详细解释。华夏基金表示，在配售完成后， 因配售价格通常低于市价，为公平对待新老投资者，将进行基金份额价格调整，或使基金份额价格相应 下降。若原持有人未参与配售或未足额参与，将直接承担因除权带来的损失。因此，投资者需要综合考 量本次扩募拟购入的资产质量、自身资金状况及对基金长期价值的判断，做出参与配售或卖出原先持有 份额的决策。若不参与配售，为规避除权损失，可以于权益登记日前卖出全部份额。 "决定扩募方式的因素较多，需要沟通各个环节，这也是我们首次尝试这一扩募方式。REITs投资者大部 分都是专业的投资者，此前已通过持有人大会向投资者通知，经过了大多数人表决同意。"华夏基金内 部人士表示。 据了解，公募REITs扩募主要有三种方式，一是公开扩募，二是向原持有人配售，三是向特定对象发售 即定向扩募，或组合使用不同扩募方式，例如优先向原持有人配售、剩余份额公开扩募等。 □本报记者 张舒琳 公募REITs扩募出现创新案例。12月8日至12月12日，华夏基金连续5次发布华夏基金华润有巢REIT的配 售提示性公告，反复提示投资者重点关注认购和缴款等内容。 华夏基金华润 ...

Core Viewpoint - The public REITs market in China is evolving with a "first issuance + expansion" dual-driven development model, indicating a growing trend in the expansion of public REITs and the introduction of new investment categories [1][4][6] Group 1: Market Expansion and Developments - As of December 3, 2023, a total of 78 public REITs have been established in China, with 9 of them approved for expansion [1][4] - The recent expansion of the Huaxia Fund's rental housing REIT signifies the ongoing growth of public REITs, with an expected fundraising amount of approximately 1.1385 billion yuan [3][4] - The expansion methods for public REITs include offerings to unspecified objects and targeted offerings, enhancing market participation [3][4] Group 2: Investment Opportunities and Asset Types - The total scale of public REITs reached 182.399 billion yuan by the end of Q3 2025, covering various asset types such as logistics, environmental protection, and rental housing [6] - The introduction of commercial real estate REITs is anticipated to broaden the investment categories, with the China Securities Regulatory Commission drafting guidelines for this initiative [6][7] Group 3: Benefits of Expansion - Expansion of public REITs is expected to enhance fund scale, diversify risks, and improve cash distribution stability, ultimately providing more robust long-term returns for investors [5][8] - The increase in share supply post-expansion is likely to boost trading activity, while quality projects can achieve cross-regional and cross-industry expansion, improving operational efficiency [5][8]

Group 1 - The core point of the news is that Huaxia Fund has completed the application process for the first expansion and acquisition of infrastructure projects for the Huaxia Fund Huayun REIT (508077) in 2024, receiving approval from the China Securities Regulatory Commission and a no-objection letter from the Shanghai Stock Exchange [1][2] - The infrastructure project to be acquired is the Youchao Majiao project located in Minhang District, Shanghai, which officially opened in March 2023 and is recognized as a demonstration project for affordable rental housing in Shanghai [1] - The Youchao Majiao project offers a multi-tiered rental housing product and has received multiple recognitions, including the "Shanghai Talent Housing Project" and "Minhang District First Batch of Talent Station Pilot Project" [1] Group 2 - The expansion and acquisition of infrastructure projects by public REITs is a significant feature of public REIT products and an important measure to promote the healthy development of public REITs [2] - The expansion of Huaxia Fund Huayun REIT will facilitate a positive cycle between existing and new assets, providing investors with further opportunities to participate in the development of affordable rental housing [2] - The current acceleration of public REITs expansion is contributing to the advancement of public REITs in China to a new level [2]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Participation in the expansion can be achieved through primary subscription and secondary market trading. Primary subscription is suitable for allocation - oriented investors, allowing for large - scale allocation and having a shorter lock - up period than IPO projects. However, profitability is related to the subscription timing. Original equity holders are important participants in the expansion, with historical subscription ratios ranging from 20% to 51%. Non - existing investors also have the opportunity to participate in primary subscription. The subscription price of the expansion is about 90% - 100% of the pricing benchmark. The valuation of the expanded shares is related to the offering timing and asset quality. Compared with current IPO projects, the primary - secondary price difference of expansion projects is smaller, with an average first - day listing increase of only 1%. Considering the lock - up period of more than 6 months, the primary subscription return will be significantly affected by the overall market trend, and the new - share subscription strategy has limited effectiveness [3]. - Secondary market trading is divided into dividend - based trading and event - based trading. For dividend - based trading, after the expansion plan is announced, the change in dividends can be calculated based on the distribution rate difference, expansion discount rate, and expansion market value ratio, and the theoretical price increase or decrease of REITs can be calculated accordingly. For existing investors, whether to participate in the expansion does not affect subsequent dividends. If dividends are thickened, they should continue to hold; if thinned, they can consider reducing their holdings. For incremental investors, they can buy assets likely to expand when the secondary market meets their cash distribution rate requirements and wait for dividend thickening. For event - based trading, there are short - term trading opportunities during the expansion process. The best time to buy is when the issuer replies to the exchange's inquiries, with a 100% win - rate for buying on that day and selling after holding for 1 day. The exchange's approval day is also a good time [4]. - Looking ahead, expansion may be an important way of new supply in the next 1 - 2 years. For investors, the most important thing about expansion is to provide relatively abundant asset supply to meet their allocation needs. This is because the development time of mainland China's REITs is short, although the number has exceeded that of Japan, the average market value is low, and policy support for expansion is obvious. As of October 24, 2025, there are 5 projects that have announced expansion plans but have not completed the offering and listing, distributed in 4 industries: affordable housing, industrial parks, energy, and consumption; another 6 projects have released expansion information but have no detailed expansion plans [4]. Summary by Directory 1. Primary Subscription: Pricing Process, Valuation Comparison, and Returns 1.1 Pricing Process - The expansion pricing process is similar to that of IPO, with three important announcement nodes: the prospectus determines the asset situation, approximate pricing range, and offering method; the share - holders' meeting proposal announces strategic investors and lock - up periods; the private placement offering report announces the offering price [8][9]. - The main participants are original equity holders and new investors. According to historical expansion cases, the subscription ratio of original equity holders ranges from 20% to 51%, and the subscription price is about 90% - 100% of the benchmark price [10][13]. 1.2 Valuation Comparison - Vertically compared, expansion shares are more expensive than IPO shares, which may be related to the decline in the risk - free rate in recent years. Generally, the distribution rate of expansion is lower than that of IPO, but for some projects like Bosera Shekou Industrial Park and Guotai Junan Dongjiu, the expansion distribution rate is higher, possibly due to the lower quality of expansion assets. The distribution rate difference of CICC GLP is not obvious [14][18]. - Horizontally compared, there is no significant difference in the valuation of expansion shares and contemporaneous IPO shares. The cash distribution rate of expansion projects is in the middle among contemporaneous IPO projects in the same industry [19]. 1.3 Returns - The first - day listing increase of expansion projects is lower than that of IPO projects. The primary - secondary price difference of expansion projects is small because the expansion pricing is not less than 90% of the secondary - market price of individual bonds. The longer the holding period, the more it is affected by the overall market trend. For example, the first batch of expansion projects in 2023 had negative returns for holding half - year and one - year, which is related to the bear market of REITs in 2023 [23][26]. 2. Secondary Market: Dividend - Based Trading and Event - Based Trading 2.1 Dividend - Based Trading - The change in dividends is determined by the difference between the distribution rate of expansion assets multiplied by the discount rate and the pre - expansion distribution rate, as well as the expansion market value ratio. The expansion market value ratio determines the amplitude of the thickening or weakening of dividends [29]. - After the expansion plan is announced, the change in dividends can be calculated, and the theoretical increase or decrease of REITs can be estimated by discounting the dividend change. According to historical cases, the theoretical increase or decrease of implemented expansion plans ranges from - 2% to 16%. In practice, there is a large difference between the actual and theoretical increases or decreases, which may be related to the market situation [33][34]. 2.2 Event - Based Trading - There are short - term event - based trading opportunities during the expansion process. The best time to buy is when the issuer replies to the exchange's inquiries, with a 100% win - rate for buying on that day and selling after holding for 1 day. The exchange's approval day is also a good time. This strategy is suitable for short - term trading, and the return for holding 3 days is likely to be lower than that for holding 1 day [36][38]. 3. Market Outlook - Expansion may be an important way of new supply for REITs in the next 1 - 2 years. Mainland China's REITs have a short development time, with a larger number but lower average market value compared to Japan. Policy support for expansion is obvious. As of October 24, 2025, there are 5 projects that have announced expansion plans but have not completed the offering and listing, and 6 projects have released expansion information but no detailed plans [41][44].

Core Viewpoint - The successful expansion of the Huaxia Beijing Affordable Housing REIT marks a significant milestone in China's public REITs market, indicating a dual-driven model of "initial issuance + expansion" and accelerating the normalization of REITs issuance [1][2]. Group 1: REITs Market Development - The expansion of public REITs is a crucial feature that promotes the sustainable development of the REITs market and enhances its refinancing capabilities [2]. - Since June 2023, the Shanghai Stock Exchange has actively promoted the expansion of listed REITs, with 6 REITs announcing expansion plans in 2024, of which 2 have been approved and 4 are under review [2]. - As of June 25, there are 44 publicly listed REITs on the Shanghai Stock Exchange, with a total issuance scale of 122.6 billion yuan, covering various asset types including toll roads, industrial parks, and rental housing [2]. Group 2: Financial Performance and Projections - The Huaxia Beijing Affordable Housing REIT has distributed approximately 128 million yuan in dividends since its listing in August 2022 [1]. - The recent expansion raised approximately 946 million yuan, with assets including four mature rental housing projects located in various districts of Beijing [1]. - The projected annual cash distribution rate for the expanded project in 2025 is 4.11%, which is higher than the distribution rate calculated based on the market value of the initial issuance [1].

Group 1 - The fund manager, Shanghai Guotai Haitong Securities Asset Management Co., Ltd., has changed its name as of July 25, 2025, and is responsible for managing the fund [2] - A communication-based meeting for the fund's shareholders will be held on July 28, 2025, to discuss the first expansion of the fund for 2024 and the introduction of strategic investors [2] - The fund will suspend trading on the Shanghai Stock Exchange starting from the meeting date and will resume trading on July 29, 2025, after the meeting's resolutions are announced [3] Group 2 - Investors can access information through the fund manager's website or customer service hotline for inquiries [4]

Group 1 - The core viewpoint of the news is the sudden imposition of high tariffs by the United States, which has triggered a global trade crisis, with tariffs reaching up to 70% and affecting over 170 countries [1] - The A-share market has reacted to the tariff crisis, with the Shanghai Composite Index showing a "lightning rod" pattern, indicating that the market has partially digested the expected impact of the tariffs [2] - Export-dependent sectors, such as consumer electronics, are facing significant pressure, while domestic demand-driven sectors like infrastructure and finance are expected to act as safe havens for capital [2] Group 2 - The Chinese central bank has introduced new cross-border payment regulations, providing a solid policy shield for the banking and fintech sectors against external risks [3] - Northbound capital is actively buying into the A-share market, reflecting foreign investors' long-term confidence, while public REITs are injecting continuous capital into the infrastructure sector [3] - The technical support level at 3430 points on the 10-day moving average is seen as a strong defense line, with the previous high at 3480 points potentially serving as a rally point for the A-share market [3]