Q&A 今年（2025 年）消费 REITs 板块的表现如何？其上涨原因是什么？ 今年（2025 年）消费 REITs 板块表现相当出色，年初至今（YTD）的涨幅超 过 30%。相比之下，全市场的涨幅已降至个位数，显示出消费 REITs 的超额收 益明显。其上涨主要归因于两个因素：首先，去年（2024 年）发行时，由于 市场环境和对消费前景的悲观预期，导致一级市场给出的分派率和估值较低， 为今年（2025 年）的上涨奠定了基础。其次，今年（2025 年）消费 REITs 整体经营业绩表现韧性较强，这也吸引了大量资金流入该板块。 政策方面有哪些变化对消费 REITs 产生了影响？ 春华秋实，消费 REITs 投资知多少 20251210 摘要 2025 年消费 REITs 超额收益归因于 2024 年发行时较低的估值和分派 率，以及 2025 年消费 REITs 整体经营业绩表现出的较强韧性，吸引资 金流入。 911 号文拓展消费基础设施范围，证监会启动商业不动产 REITs 试点， 为更多类型资产进入 REITs 市场提供可能性，政策利好消费 REITs。 预计 2026 年消费 REITs 基本面稳中有进， ...

Core Viewpoint - The article discusses the development and valuation characteristics of consumer REITs in China, highlighting the supportive policies and the current market landscape for investment decisions [2][3]. Group 1: Consumer Infrastructure Definition - Consumer infrastructure encompasses a variety of retail formats, including shopping malls, commercial streets, farmers' markets, and community commerce, expanding beyond traditional retail properties [5]. - As of October 24, 2025, there are 11 consumer REITs in China with a total market value of 39.5 billion yuan, accounting for 18% of the C-REITs market [2][7]. Group 2: Fundamental Analysis of Consumer REITs - **Macroeconomic Factors**: The consumer subsidy policies are nearing their end, and the marginal effect on consumption may decrease. Continuous attention to policy direction and implementation is recommended [3][14]. - **Market Conditions**: Retail supply is declining, with future supply likely shifting towards non-core areas and lower-tier cities. Demand is slowly recovering, with a notable performance difference between first and second-tier cities [3][20]. - **Financial Performance**: Consumer REITs derive approximately 65%-80% of their income from rent, with an average EBITDA margin of 61% as of Q3 2025, indicating stable financial performance [3][38]. Group 3: Valuation Metrics for Consumer REITs - The distribution rates for listed consumer REITs range from 3.5% to 4.9%, with implied capitalization rates between 3.4% and 5.2%, reflecting a premium over the primary market [4][10]. - The valuation characteristics are influenced by liquidity premiums, asset scarcity, and investor structure, with expectations for price stabilization as more assets are listed [4][10]. Group 4: Market Supply and Demand Dynamics - **Supply Side**: The retail property supply is gradually retreating, with a projected decrease in new supply from 8 million square meters in 2025 to 6 million square meters in 2026 [20]. - **Demand Side**: Retail demand is recovering slowly, with significant performance disparities between first and second-tier cities. For instance, Fuzhou shows a 6.5% year-on-year growth, while Beijing is at -5.1% [24][25]. Group 5: Financial Structure of Consumer REITs - The income structure of consumer REITs is primarily rental-based, with management fees and other operational costs being complex. The average management fee is estimated to account for 16% of total revenue [38][43]. - The operational costs are divided into fixed management fees and variable management fees, with the latter being performance-based [42][43].