Group 1: Core Insights - The report emphasizes that high dividends do not equate to high returns, particularly for operating rights REITs, where a significant portion of dividends may represent principal repayment rather than actual income [2][49] - The report introduces a simplified method for assessing actual dividend rates based on an equal principal and interest assumption, which allows for a more straightforward evaluation of REITs' dividend quality [2][52] - The current low-interest environment has led to a reassessment of REITs' value, highlighting their potential as stable cash distribution vehicles for long-term investors [2][6] Group 2: REITs Dividend Structure - As of December 23, 2025, 78 public REITs have been listed in China, with a total dividend distribution of 27.9 billion yuan, where operating rights REITs contributed 18.7 billion yuan, significantly higher than the 9.1 billion yuan from property REITs [2][17] - The dividend distribution shows a clear seasonal pattern, with peaks in April and August-September, indicating a correlation with financial reporting periods [2][24] - The actual distribution ratio for operating rights REITs reached 100.4%, while property REITs stood at 91.7%, slightly above the regulatory requirement of 90% [2][31] Group 3: Dividend Rate Analysis - The average dividend rates for property and operating rights REITs as of December 23, 2025, were 4.12% and 9.04%, respectively, reflecting a decline from their peaks in 2024 [2][42] - The report identifies that the dividend rates for different asset types within property REITs vary, with housing REITs showing lower rates compared to logistics and park REITs [2][42] - The analysis indicates that the dividend rates for operating rights REITs tend to increase as they approach maturity, due to the diminishing asset value and the need to return principal [2][50] Group 4: Comparative Value of REITs - REITs are positioned as having a structural advantage over public bond funds, with lower holding costs and favorable tax arrangements, although the quality of dividends varies significantly [2][4] - The report suggests that investors should focus on undervalued REITs with strong cash flow foundations and clear expectations for fundamental improvements [2][4] - The analysis of the tax regime indicates that REITs have a significant tax advantage compared to other public funds, with minimal tax burdens on distributions [2][11]

2025 年 12 月 24 日 REITs 分红拆解，配置价值如何？ ——低利率环境下的 REITs 价值再审视系列二 相关研究 《 见微知著，把握 REITs 产品脉络 ——公募 REITs 投资指南系列一：从 发行到上市》 2025/10/22 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 债 券 研 究 | 1．REITs 分红的制度基础 5 | | | --- | --- | | 1.1 可供分配金额如何计算？ 5 | | | 1.2 分红税制对比：REITs vs 股票 vs 其他公募基金 7 | | | 2．已上市 REITs 分红全景 9 | | | 2.1 季节性节奏清晰 | 10 | | 2.2 分红率筑底企稳 | 12 | | 3．REITs 分红拆解的三条思路 14 | ...