于2025年在香港上市的领展，一步一脚印地将"收租"生意做成了亚洲领先的房地产投资信托基金。 放眼全球投资市场，我们既能看到一日翻数倍的"暴富神话"，也能发现那些静默生长、稳步积累的"长 期价值"。房地产投资信托基金（REITs）作为后者的其中一个重要形式，近年来在亚洲市场逐渐受到关 注。 自2005年起，首只于香港上市的REIT——领展房地产投资信托基金（00823.HK，以下简称"领展"）便 是一个典型代表。历经2008年金融危机、全球贸易摩擦及新冠疫情的重重考验，领展的资产规模稳步抬 升，一步一脚印地将"收租"生意做成了亚洲领先的REIT。 随着中国内地和香港特区监管机构逐步为"REITs互联互通"拆墙松绑，一缕新政东风渐起。11月初，中 国证监会副主席李明于香港举办的国际金融领袖投资峰会上提及，证监会计划推出更多开放措施，其 中，将进一步深化内地与香港资本市场务实合作，其中包括扩大"沪深港通"目标范围，支持将REITs等 纳入"港股通"。市场普遍预计，未来资金或将为相关产品带来额外流动性，进一步丰富两地投资者的选 择。 全球布局，业绩更具韧性 领展作为香港首只REIT，在架构上与海外市场的REITs更 ...

Group 1: Current Status of Hong Kong REITs Market - The Hong Kong REITs market has faced challenges after a period of rapid growth, with 11 listed REITs currently, and the market is highly concentrated, with Link REIT accounting for over 70% of total market capitalization [2][6][7] - The average daily turnover rate of Hong Kong REITs from 2025 to date is only 0.16%, indicating low liquidity and market activity compared to mainland China [2][12] - The majority of REITs holders are issuers and strategic placement investors, which further reduces market liquidity [12][22] Group 2: Differences Between Domestic and Foreign REITs - Both domestic and foreign REITs can be analyzed using a "numerator-denominator" approach, but there are differences in asset quality and interest rate impacts [3][23] - Hong Kong REITs have more flexible underlying assets, while mainland REITs exhibit more stable cash flows [3][24] - The valuation of Hong Kong REITs is influenced by overseas interest rate cycles, while mainland REITs benefit from a low domestic interest rate environment [3][24] Group 3: Current Situation of Leading Hong Kong REITs - Leading Hong Kong REITs have seen their underlying assets and stock prices pressured by macroeconomic factors, with an average valuation decline of 5% year-on-year expected in 2024 [3][6] - As of the end of August, the average dividend yield (TTM) and price-to-book ratio for Hong Kong REITs are 6.70% and 0.56x, respectively [3][12] - It is recommended to focus on larger market capitalization, better liquidity, and more diversified underlying assets if the mutual connectivity is established [3][6]