2025年12月26日，申万宏源 首单 作为财务顾问的公募REITs扩募项目——国泰海通东 久新经济产业园封闭式基础设施证券投资基金2025年度第一次扩募并新购入基础设施项目基 金份额（简称"东久新经济REIT扩募项目"）正式在上海证券交易所上市交易。 项目发起人为 东久工业地产投资有限公司（简称"东久工业"），项目基金管理人为上海国泰海通证券资产管 理有限公司。申万宏源证券亦参与了本项目的战略投资、为本项目提供做市服务。 申万宏源证券承销保荐有限责任公司担任本项目的独家财务顾问，为发起人、基金管理人 提供了高水平、高质量的服务，助力项目顺利发行上市。 东久工业专注于基础设施产业园区（厂房及研发办公）的开发建设及运营管理，聚焦城市圈带发展战略，布局长三角、京津冀、粤港澳大湾区及中西 部等重点区域和城市。本次扩募的基础设施项目为东久工业旗下的东久（南通）智造园和东久（重庆）智造园一期，均定位于较为稀缺的单层标准厂房资 产，产品属性与重工业生产需求高度匹配，有助于项目承接区域发展成果和企业需求，同时租户固定资产投资和迁移成本整体较高，租户粘性较强，系优 质的扩募标的选项。 申万宏源充分发挥"投资+投行"协同机制优 ...

Core Viewpoint - The transaction involving the sale of three major shopping centers by Ingka Group reflects a strategic adjustment by foreign capital in the Chinese market, highlighting the increasing influence of insurance funds in large commercial real estate transactions [1][2][3] Group 1: Transaction Details - Ingka Group plans to sell ten shopping centers in mainland China, with an initial sale of three centers in Wuxi, Beijing, and Wuhan, valued at 16 billion RMB [1] - The transaction involves a Pre-REITs structure, with a total fund size of 8 billion RMB, led by Taikang Life, which subscribed 3 billion RMB [3][5] - Ingka Group retains operational rights for the shopping centers post-sale, ensuring professional management continues [3] Group 2: Market Context - The insurance sector is increasingly investing in commercial real estate, with significant transactions occurring in 2023, indicating a trend towards stable income and high-return assets [6][10] - The demand for stable cash flow and the current low valuation of real estate projects are driving insurance funds to acquire mature properties [2][4] Group 3: Financial Performance - Ingka Group's financial performance is under pressure, with a projected revenue decline of 5.5% to 41.86 billion euros and a net profit drop of 46.5% for the 2024 fiscal year [4] - The three shopping centers have high foot traffic and sales, with Beijing's center attracting over 30 million visitors annually and Wuxi's sales reaching 3.37 billion RMB in 2023 [5] Group 4: Investment Trends - The Pre-REITs model allows insurance funds to secure stable rental income while providing a pathway for liquidity through future REITs listings [8][9] - Regulatory support for insurance investments in real estate is evident, with policies encouraging long-term asset investments and facilitating REITs market growth [7][8]

Core Viewpoint - Ingka Group, the parent company of IKEA, plans to sell its shopping centers in Beijing, Wuxi, and Wuhan, potentially clearing out the remaining seven centers in the future, raising questions about the timing and motivations behind this decision [5][6][14]. Summary by Sections Sale of Shopping Centers - Ingka Group intends to sell three shopping centers with a total estimated value of 16 billion yuan, with the buyer being a fund led by Taikang Life Insurance [6][18]. - The three centers have been operational for about ten years and are among the most popular shopping destinations in their respective cities [14][12]. Financial Performance - Ingka Group reported a revenue decline of 5.5% to 41.864 billion euros in the 2024 fiscal year, with net profit dropping by 46.5% to 0.806 billion euros [16]. - The operating cash flow for 2024 was 2.9 billion euros, down 17% from the previous year, marking a significant performance drop compared to the previous years [16]. Investment and Valuation - The investment of 16 billion yuan for the three shopping centers represents a 60% increase from the initial investment of 10 billion yuan [18]. - The average valuation per square meter for the three centers is approximately 1.39 million yuan, which is higher than some recently listed REITs but lower than others [20][21]. Market Context - The shopping centers have shown strong performance, with Wuxi's center achieving sales of 4.3 billion yuan in 2024 and Beijing's center expected to reach around 10 billion yuan in sales [12][16]. - The sale is seen as a strategy for Ingka to recover cash and alleviate financial pressure while maintaining operational control over the centers [17][24]. Future Prospects - The deal is structured as a Pre-REITs investment, indicating potential for future appreciation and a commitment from Ingka for a return rate close to 7% during the investment period [22][24].

Core Viewpoint - The healthy development of the public REITs ecosystem requires collaboration among issuers, regulators, intermediaries, and investors [1] Group 1: Market Challenges and Suggestions - The public REITs market faces challenges such as insufficient asset supply, valuation discrepancies, and liquidity issues, prompting participants to propose multiple suggestions for ecosystem collaboration [2] - Insurance funds are becoming significant participants in the public REITs market, but the current market size is small, limiting their core allocation [2][3] - Increasing asset supply is deemed the primary task, focusing on mature sectors to avoid a lack of continuous projects after initial offerings [3] Group 2: Institutional Improvements - The transition path from Pre-REITs and private REITs to public REITs is unclear, necessitating further clarification and optimization in areas like original rights holder recognition and net recovery fund investment [4] - A tiered REITs market could be established, similar to the stock market, to meet varying risk preferences among investors [4] Group 3: Collaboration Mechanisms - Fund managers should establish effective collaboration mechanisms with operational management institutions to respond quickly to market changes and client needs [6] - Strengthening the involvement of industry professionals in fund governance is essential for enhancing operational value and market confidence [6] Group 4: Long-term Value Creation - The construction of a multi-tiered REITs ecosystem requires a shift from short-term speculation to long-term value co-creation, emphasizing the importance of high-quality asset injection and refined operations [7]

Group 1 - Wang Shi, the founder of Vanke, is attempting to establish smooth communication with the decision-making team of Vanke to ensure a stable transition and protect the interests of investors, partners, and employees [1][3] - Wang Shi emphasized his deep connection with Vanke, stating that he created the company, established its systems, trained its team, and chose its successor, thus he cannot shirk his responsibilities [1][3] - Wang Shi has not taken any dividends from the company shares from 1988 to 2020, choosing to prioritize reputation over profit [1][3] Group 2 - Vanke has signed a loan agreement with its largest shareholder, Shenzhen Metro Group, for up to RMB 4.2 billion, and has already received the funds [6] - Vanke has completed the repayment of all public debts for the year, with a total of RMB 98.9 billion in public debt repaid in the first quarter [5][6] - In the first quarter, Vanke reported revenue of nearly RMB 38 billion and sales of nearly RMB 35 billion, achieving a repayment rate exceeding 100% [9][10] Group 3 - Vanke's new management team, supported by major shareholders, is confident in implementing a comprehensive plan to stabilize the company [6] - The company has successfully delivered over 10,000 high-quality housing units in the first quarter [9] - Analysts believe that the integration with Shenzhen Metro Group will provide new business opportunities in areas such as rail logistics and comprehensive development [10]