深交所集中披露 REITs 下半年运营数据 -公募 REITs 行业周报 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 78 | | 行业总市值(亿元) | 2199.24 | | 行业流通市值(亿元) | 1230.12 | 行业-市场走势对比 重点事件：（1）东方红隧道股份高速 REIT、中航中核集团能源 REIT 已反馈交易所问 询。（2）平安西安高科产业园 REIT 项目已问询。（3）中航北京昌保租赁住房 REIT 已受理。(4)深交所 REITs 项目集中披露下半年运营数据。（5）易方达广开产园 REIT 原始权益人及关联方增持计划届满，持有比例从 35%增加至 35.62%。(6)华夏基金华润 有巢 REIT 扩募份额定于 1 月 12 日在上交所上市。(7)银华绍兴原水水利 REIT 因原水 应急启动Ⅰ级响应发布相关公告。(8)南方万国数据中心 REIT 因累计涨幅达 50.50%停 牌 1 小时后复牌。(9)易方达华威农贸市场 REIT 公告投资者开 ...

Core Insights - As of November 9, 2023, 63 public REITs have distributed a total of 8.639 billion yuan in dividends, with significant variations in the distributable amounts among different REITs [1] - Some industrial park REITs have seen a decline in their distributable amounts compared to the same period last year, leading to substantial drops in their secondary market prices [1][2] - Conversely, certain public REITs have experienced an increase in their distributable amounts by over 10%, resulting in strong performances in the secondary market [1][3] Distributable Amounts - The total number of dividend distributions for public REITs this year is 133, with a total payout of 8.639 billion yuan [1] - Specific examples include the Bosera Shekou Industrial Park REIT, which reported a decline of 8.2742 million yuan (22.48%) in its distributable amount due to lower average occupancy rates and rental prices [2] - Other REITs, such as Huatai Jiangsu Transportation Control REIT, reported a 10.53% decrease in distributable amounts, attributed to increased maintenance budgets [2] Market Performance - The performance of public REITs in the secondary market has been mixed, with some experiencing significant declines while others have thrived [4] - For instance, the Huaxia Jinmao Commercial REIT saw its secondary market price increase by over 40% due to a 10.56% rise in its distributable amount [1][4] - As of November 7, 2023, 47 out of 58 public REITs listed before January 1, 2025, recorded positive returns, with the Jiashi Wumei Consumption REIT showing a gain of over 50% [5] Management Strategies - Fund managers are actively implementing flexible pricing strategies to counteract market changes, aiming to balance rental income and occupancy rates [3] - The Huaxia Hefei High-tech REIT is adjusting its operational strategies to enhance competitiveness and stabilize occupancy rates [3] - The management of the Zhongjin Hubei Science and Technology REIT has reported a 2.92% increase in overall occupancy rates by the end of the third quarter [3]

Group 1 - The public REITs market has shown signs of recovery after a period of decline, with the CSI REITs Total Return Index rising by 0.42% on September 4, 2023, and several public REITs increasing by over 2% [1][2] - During the week of August 25-29, the CSI REITs Total Return Index increased by 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [2] - A total of 65 REITs saw price increases, while only 8 experienced declines, indicating a positive trend in the market [2] Group 2 - The REITs market has faced pressure recently, with 47 public REITs showing negative returns over the past 60 trading days, and some experiencing declines of over 10% [3] - The overall revenue of REITs in the first half of 2023 saw a slight increase of 0.6% year-on-year, but net profit decreased by 7.5%, leading to a reduction in distributable income and actual dividend amounts [3] - Consumer assets have performed strongly due to policy support, while industrial and energy assets have shown weakened fundamentals [3] Group 3 - The market sentiment in the equity market has been high, which has led to reduced liquidity in the REITs market, causing significant index adjustments [2][3] - The research team suggests focusing on quality projects that have stabilized fundamentals and tenant structures, particularly in sectors like affordable housing, consumption, and municipal environmental protection [4] - Long-term investment in public REITs is recommended due to their independent asset allocation function and the requirement to distribute at least 90% of available cash to investors annually [5]

Core Viewpoint - The secondary market for publicly offered REITs in China experienced a mixed performance leading up to the May Day holiday, with a slight overall decline in indices, while consumer REITs showed resilience and positive growth [1][2]. Market Performance - As of April 30, the CSI REITs Index closed at 846.01 points, down 1.43% week-on-week, while the CSI REITs Total Return Index closed at 1057.92 points, down 0.1% week-on-week [1][2]. - Year-on-year, the CSI REITs Index increased by 4.48%, and the Total Return Index rose by 12.19% [2]. - The performance of various asset classes ranked from highest to lowest as follows: pure debt > REITs > stocks > convertible bonds > gold > oil [1]. Sector Performance - Consumer REITs outperformed other categories, with a weekly increase of 1.19% and a monthly increase of 2.18% [1][2]. - Among the different asset types, the weekly performance was as follows: - Consumer: +1.70% - Rental housing: +0.68% - Eco-environmental: +0.45% - Warehousing and logistics: +0.34% - Highways: +0.09% - Energy: -0.48% - Industrial parks: -1.28% [2]. Individual REIT Performance - Out of 65 publicly offered REITs, 34 saw an increase, while 31 experienced a decline [3]. - The top three performing REITs were: - CICC Chongqing Liangjiang REIT: +4.99% - CICC Lian Dong Sci-Tech REIT: +3.9% - Huaxia Huayun Commercial REIT: +2.7% [3]. Market Activity - The trading volume for the 65 publicly offered REITs reached 1.63 billion yuan, with energy infrastructure REITs leading in average daily turnover rate at 0.71% [6]. - The top three REITs by trading volume were: - Bosera Shekou Industrial REIT - Southern SF Logistics REIT - CICC Xiamen Rental Housing REIT [6]. Fundraising and Issuance - The CICC Xiamen Rental Housing REIT has initiated an expansion of its fundraising, with plans to acquire additional rental housing assets [8]. - CICC China Green Development Commercial REIT responded to an inquiry regarding its valuation adjustment, which was minor at 2.26% [8]. - As of April 30, there were 11 REIT products under review and 2 approved but not yet listed, indicating a vibrant issuance market [9].