证券研究报告 | 行业周报 gszqdatemark 2025 12 21 年 月 日 房地产开发 C-REITs 周报——二级持续走弱，仓储物流 REIT 寒意未消 REITs 指数表现 本周中证 REITs 全收益指数下跌 2.85%。截至 12.19，本周（12.12- 12.19，下同）中证 REITs（（收盘）指数下跌 3.06%，收于 773.2 点；中证 REITs 全收益指数下跌 2.85%，收于 999.2 点。本周沪深 300/恒生/中债 十年期国债/房地产（（申万）/恒生地产建筑业/高速公路（（申万）指数分别 下跌 0.28%/下跌 1.10%/上涨 0.08%/下跌 0.41%/下跌 2.34%/上涨 0.13%。其中高速公路（申万）本周涨幅最高，REITs 全收益指数排行末 位。 本年中证 REITs 全收益指数涨幅为 3.24%。截至 12.19，本年中证 REITs （收盘）指数跌幅为 2.08%，中证 REITs 全收益指数涨幅为 3.24%。本 年沪深 300/恒生/中债十年期国债/房地产（申万）/恒生地产建筑业/高速 公路（（申万）指数分别上涨16.09%/上涨28.07% ...

本文来自微信公众号"空间秘探"，作者：王小熊，36氪经授权发布。 美东时间11月18日，特朗普集团宣布，将于马尔代夫打造一座在建设阶段即进行代币化发行的奢华度假 村，投资者在项目落成前即可通过区块链购买对应权益。 据悉，该度假村项目名为"特朗普马尔代夫国际酒店"，将由特朗普集团与伦敦上市企业Dar Global合作 开发，建设约80栋海滩及水上别墅，并计划于2028年底开业。此项目也进一步扩大了特朗普集团与Dar Global的合作版图，Dar Global的首席执行官表示，马尔代夫项目是"将奢华与科技结合的全球首例"。 酒店资产代币化形式"再进化" 书接上回，同为"第一个吃螃蟹"，三个月前香港W酒店所推行的RWA化策略，是计划在2025年底前将部 分已经落成的酒店资产上链，将单间客房拆分为产权凭证，实现每日租金收益的自动分配，以提升酒店 资产的流动性。 对于酒店资产的持份者而言，这的确是一次有益的尝试。酒店作为不动产，长期受困于资产流动性不 足、融资渠道有限、融资成本高的痛点，且酒店资产的盈利周期长、盈利能力与大环境强相关，以上种 种"资产凝固"困局使得酒店行业需要寻找"破局之道"。 此次"特朗普马尔代夫国 ...

Investment Rating - The report maintains a rating of "Add" for the C-REITs sector [6] Core Viewpoints - The C-REITs market is expected to present investment opportunities due to a low interest rate environment anticipated in 2025 and ongoing macroeconomic recovery [5] - The report highlights that the secondary market for C-REITs has shown moderate upward trends, particularly in the affordable housing and consumer infrastructure sectors, while transportation infrastructure and ecological environmental sectors have experienced pullbacks [3][5] - The report emphasizes the importance of timing in investment decisions, suggesting that the current focus should be on asset resilience, secondary market prices, and P/NAV ratios [5] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.39% this week, closing at 1062.1 points, while the CSI REITs closing index rose by 0.28% to 848.4 points [1][11] - Year-to-date, the CSI REITs total return index has risen by 9.73%, ranking second among various indices [2][11] REITs Secondary Market Performance - The overall secondary market for C-REITs has shown a mild upward trend, with a total market capitalization of approximately 190.27 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][13] - Among the listed REITs, 44 have increased in value while 21 have decreased, with an average weekly increase of 0.66% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs remains stable, with the top three REITs yielding 11.4%, 10.8%, and 9.1% respectively [5] - The P/NAV ratios are in the range of 0.7 to 1.7, with the lowest being 0.7 for the China Communications Construction REIT [5]