晨会纪要（2025/09/30） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.09.30） 宏观及策略研究 利润率获持续推动，工企利润同比增速转正——2025 年 1-8 月工业企业效益 数据点评 固定收益研究 初看 REITs 的投资机会（系列四）：收益视角——固定收益专题报告 基金研究 主动偏股基金经理市场状态"能力圈"研究——基金专题报告 金融工程研究 证 支持向量机在量化金融中的应用——金融工程专题报告 券 公司研究 研 内修主业稳健发展，优质资产注入可期——中国稀土（000831）深度报告 究 行业研究 报 包装纸提价向下游扩散，美国关税政策再生变化——轻工制造&纺织服饰行 业周报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 8 晨会纪要（2025/09/30） 宏观及策略研究 利润率获持续推动，工企利润同比增速转正——2025 年 1-8 月工业企业效益数据点评 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩 ...

Core Insights - The public REITs market in China has experienced significant growth in asset types and market size since its inception, with a stable and diversified investor structure emerging over time [1][3][9] - The article aims to analyze changes in investor structure and provide insights for optimizing the market to promote healthy development [1][9] Market Development - The REITs market has undergone a complete cyclical change from June 2021 to June 2025, with various phases of market performance [2] - As of June 30, 2025, a total of 68 public REITs have been issued, with a total issuance scale of 183.072 billion yuan and a market capitalization of 205.475 billion yuan [3] Secondary Market Performance - The secondary market for public REITs has experienced seven distinct phases from January 2021 to June 2025, ranging from initial stability to significant fluctuations and eventual recovery [5][7] - The overall dividend yield for property REITs is 3.84%, while operating rights REITs yield 8.88%, indicating attractive returns compared to fixed-income products [8] Investor Structure - By the end of 2024, the investor structure remained stable, with original equity holders and related parties holding 56% of the market [9] - Securities firms and insurance institutions lead the participation among institutional investors, with securities firms holding over 70 billion yuan and insurance institutions over 60 billion yuan [9][11] Investment Strategies - Insurance investors focus on stable sectors such as affordable rental housing and internet data centers, aligning with their long-term, stable return requirements [21][22] - Securities firms have shown a flexible investment approach, with a notable increase in the number of firms participating in the REITs market from 16 to 43 by the end of 2024 [16][25] Emerging Trends - The number of institutional investors in the public REITs market has increased significantly, from about 50 in 2021 to nearly 200 by the end of 2024 [18] - New entrants, including private equity and industry capital, are rapidly gaining market share, enhancing market efficiency and liquidity [20][39] Policy Recommendations - To address the supply-demand imbalance in the REITs market, it is essential to expand the number of quality projects and accelerate the issuance process [41][42] - Improving market tools such as REITs indices and ETFs can enhance liquidity and attract more institutional investors [43][44]