此外，资产组合实现了创新，采用"稳定型+成长型"资产组合配置策略，为投资者提供穿越周期的收益 选择。 ● 本报记者董添 9月29日，华夏凯德商业REIT在上海证券交易所成功上市，成为我国第75单公募REITs。作为首单外资 消费REITs，华夏凯德商业REIT的上市将为投资者提供稳定收益资产，增强市场信心。依托凯德投资全 球资产运营经验，华夏凯德商业REIT以国际经验重塑国内消费REITs行业生态，将"募投管退"全链条体 系本土化，加速国内REITs从"融资工具"向"资产管理平台"转型。 获得资金热捧 华夏凯德商业REIT发售，比例配售前的总认购资金达3091.7亿元(含战略配售、网下发售和公众发售)， 是其拟募集规模的135.2倍。华夏凯德商业REIT获得资金热捧，充分显示出投资者对其投资价值的深度 认可。 基金发售公告显示，以22.872亿元的拟募集规模和基金在招募说明书中披露的可供分配金额测算，华夏 凯德商业REIT2025年年化和2026年预测现金流分派率分别为4.40%和4.53%。基金首发底层资产凯德广 场.云尚和凯德广场.雨花亭形成一线与强二线城市资产组合，兼具成长性和稳定性，分散风险且优势互 ...

项目发起人及运营管理机构凯德投资是亚太地区最大的REITs管理人和领先的消费资产运营商。基金计 划管理人中信证券和基金管理人华夏基金均拥有丰富的消费REITs投资管理经验。这些都将为基金成立 后的平稳运营和业绩增长提供强有力的支持。 作为首单外资消费REITs，华夏凯德商业REIT的上市具有里程碑意义。它不仅标志着中国公募REITs市 场国际化与多元化进程取得重大突破，还通过引入国际标准的商业运营与REITs管理体系，为国内消费 市场注入了成熟市场的专业理念和长期资本。 该项目将为投资者提供稳定收益资产，打造可复制、可扩展的优质商业资产证券化范例，为市场提供重 要参考。更重要的是，它成功构建起全球资本参与中国消费市场的新范式，为外资深度参与中国资本市 场开辟了新路径。 ● 本报记者 董添 9月29日，华夏凯德商业REIT在上海证券交易所成功上市，成为我国第75单公募REITs。作为首单外资 消费REITs，华夏凯德商业REIT的上市将为投资者提供稳定收益资产，增强市场信心。依托凯德投资全 球资产运营经验，华夏凯德商业REIT以国际经验重塑国内消费REITs行业生态，将"募投管退"全链条体 系本土化，加速国内R ...

Core Viewpoint - The article discusses the rapid development and increasing popularity of private REITs in China's multi-tiered REITs market, highlighting their unique product structure and risk-return characteristics, as well as the opportunities and challenges they present to various types of investors [1][2][3]. Summary by Sections Current Development of China's Multi-tiered REITs Market - Since the introduction of REITs in the 1960s in the U.S., the global market has expanded to over 40 countries, with the U.S. holding more than half of the global market capitalization. China's REITs market has also grown rapidly, forming a multi-tiered structure that includes public REITs, private REITs, and Pre-REITs, although private REITs and Pre-REITs are still developing more slowly due to challenges like limited exit channels and asset liquidity [2][3]. Growth of Public REITs - China's public REITs market, officially launched in April 2020, has quickly become the largest in Asia and the second largest globally. As of July 2025, there are 68 listed public REITs with a total issuance scale of 177 billion yuan and a market capitalization of 204.5 billion yuan. The underlying assets have diversified significantly beyond initial categories [4]. Market Potential of Pre-REITs - Pre-REITs serve as a bridge for acquiring and nurturing infrastructure or real estate projects before they transition to public REITs. They are expected to play a crucial role in creating a comprehensive multi-tiered REITs market, especially as policies and market understanding improve [5]. Rapid Growth of Private REITs - Private REITs in China are entering a rapid growth phase, with their concept emerging in September 2023. They are designed to be flexible and cater to high-net-worth investors, with a market value approximately half that of public REITs. The first private REIT was successfully issued in December 2023, marking its entry into the capital market [6][7]. Characteristics of Private REITs - Private REITs combine features of both public and private structures, allowing for a broader range of underlying assets and a shorter approval process. They are designed to be standardized products that rely on asset credit, offering higher yields compared to public REITs due to their flexible terms and conditions [9][12][14]. Investor Risk Preferences and Challenges - Various institutional investors, including insurance companies and banks, are increasingly recognizing private REITs. However, they face challenges such as long investment horizons, fluctuating returns, and difficulties in exit strategies and valuation [20][24]. Recommendations for Development - To enhance the private REITs market, recommendations include improving market liquidity through a market maker system, optimizing the expansion mechanism, incentivizing operational management, establishing robust exit mechanisms, and enhancing information disclosure to build investor confidence [28][29][30][31][32].

Core Viewpoint - The infrastructure REITs market in China is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2]. Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing, with the majority being park, transportation, and consumer infrastructure types [2]. - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2]. - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing funds to be reinvested into new projects [2][3]. Group 2: Market Performance - The infrastructure REITs market has shown a volatile adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4]. - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4]. - Specific REITs, such as the Jiashi Wumei Consumer REIT, have seen significant year-to-date increases, with a rise of 45.19% [4]. Group 3: Market Characteristics - The infrastructure REITs market is characterized by high liquidity, relatively stable returns, and strong safety features, making it attractive for investors seeking stable investments and diversified asset allocation [4][5]. - The introduction of diverse asset types is expected to meet varying investor preferences and attract a broader range of capital into the market [3].

Core Insights - The infrastructure REITs market is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2] Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing or approval, with the majority being park, transportation, and consumer infrastructure types [2] - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2] - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing early investment funds to be recouped and reinvested into new projects [2] Group 2: Market Performance - The infrastructure REITs market has shown a fluctuating adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4] - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4] - Notable performers include the Jia Shi Wu Mei Consumer REIT with a year-to-date increase of 45.19%, and the Hua Xia Da Yue Cheng Commercial REIT and Boshi Jin Kai Ke Gong Industrial Park REIT with increases of 41.14% and 38.80%, respectively [4] Group 3: Market Characteristics - Infrastructure REITs are characterized by high liquidity, relatively stable returns, and strong safety, making them attractive for investors seeking stable investments and diversified asset allocation [5] - The market is expected to trend upwards, providing substantial returns for patient long-term investors, drawing from international investment experiences [5]

Group 1 - The National Development and Reform Commission has issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector, marking an important milestone in the normalization of the public REITs market [1] - The public REITs market is experiencing continuous expansion, with a steady increase in issuance scale and positive market performance [1] - The Shanghai Stock Exchange supports REITs projects that are honest, trustworthy, and focused on improving operational quality and investor returns, aiming to cultivate benchmark projects that investors trust [1] Group 2 - Multiple REITs projects in the Shanghai market have shown strong performance in the first half of the year, with cash flow completion rates meeting expectations and stable underlying asset operations [2] - The Huatai-PB Nine Continent Pharmaceutical REIT reported a consolidated revenue of 36.02 million yuan and a net profit of 12.86 million yuan for the first half of the year, with a cash distribution rate of 1.31% [2] - The Jiashi Wumart Consumption REIT achieved approximately 52.86 million yuan in revenue and announced a distribution of 34.52 million yuan, representing 96.14% of the available distribution amount [2] Group 3 - The CICC ProLogis REIT held a mid-year performance briefing to communicate with investors about its operational results and asset management strategies [3] - The meeting aimed to provide investors with a comprehensive understanding of the REIT's interim performance and financial situation [3] Group 4 - Several REITs in the Shanghai market are actively promoting capital expansion to provide internal momentum for the development of REIT platforms [4] - The Guotai Junan Dongjiu New Economy REIT has received approval for its expansion project, which includes new assets with a 100% occupancy rate [4] - The Huatai-PB Nine Continent Pharmaceutical REIT is working on revitalizing existing assets and integrating similar assets, with plans for a pre-REITs initiative [4] Group 5 - The Shanghai REITs have established effective incentive and constraint mechanisms, linking project operational performance directly to team and individual performance [5] - The management team can enjoy excess returns through a floating management fee structure when performance exceeds expectations [5] Group 6 - A market ecosystem is gradually forming where "good projects receive good treatment," enhancing the overall quality and attractiveness of REITs [6] Group 7 - The Shanghai Stock Exchange is actively conducting classified supervision to support high-quality REIT projects while limiting weaker ones, providing comprehensive support measures for original equity holders and related parties [7] - High-quality REIT original equity holders can utilize various financing methods, including corporate bonds and asset-backed securities, to enrich their financing options [7]

2025 年 09 月 20 日 流动性连续第四周环降 ——公募 REITs 周度跟踪（2025.09.15-2025.09.19） 相关研究 《发改委发文，助推 REITs 市场扩围 扩容——公募 REITs 周度跟踪 （2025.09.08-2025.09.12）》 2025/09/13 《指数震荡偏强，凯德商业 REIT 询 价——公募 REITs 周度跟踪 （2025.09.01-2025.09.05）》 2025/09/06 《行情修复，消费类领跑中报业绩— —公募 REITs 周度跟踪 （2025.08.25-2025.08.29）》 2025/08/30 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 (8621)23297818× caoxuan@swsresearch.com 券 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ...

Wind数据显示，截至目前，国内已上市公募REITs项目74只，发行规模达1943.32亿元，其中，6只 产品完成扩募，扩募规模总计77.34亿元。截至9月16日，REITs市场总市值达2212.32亿元。 业内人士认为，《通知》的出台表明我国公募REITs市场发展的重点由建立机制转向扩规模与提质 量并重。 公募不动产投资信托基金（REITs）常态化发行有望更进一步。 9月12日，国家发展改革委发布《关于进一步做好基础设施领域不动产投资信托基金（REITs）常 态化申报推荐工作的通知》（以下简称《通知》），提出进一步做好基础设施REITs常态化申报推荐工 作，推动基础设施REITs高质量发展。 《通知》从持续推动市场扩围扩容、积极支持通过扩募方式新购入项目、优质高效做好项目把关、 切实加强组织保障等四方面提出13项具体内容。 自去年国家发展改革委出台《关于全面推动基础设施领域不动产投资信托基金（REITs）项目常态 化发行的通知》（以下简称"1014号文"）后，我国公募REITs市场正式迈入常态化发行阶段，新发项目 显著提速。Wind数据显示，2024年以来，累计上市REITs项目47只（包含两只扩募）。 " ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The stabilization trend of the REITs market is consolidated, with a narrowing adjustment range. The valuation has dropped again, but the spread between equity - type REITs and stocks and bonds remains strong [3]. - The trend of institutional top - level quotations persists, and the offline subscription sentiment remains high. The offline subscription yield in 2025 has reached 3.45% [3]. - Multiple types of assets are accelerating their entry into the market, and the "mixed - loading" of expansion and fundraising has opened up new avenues. The National Development and Reform Commission's "Document No. 782" promotes market expansion [3]. - The discount rate of the initial valuation of logistics REITs is narrowing, and new asset bidding is being carried out successively [3]. 3. Summary Based on Relevant Catalogs 3.1 REITs Market Adjustment Range Narrows, and the Spread Compared to Stocks and Bonds Remains Strong - **Market Index Performance**: In the first half of September 2025, the A - share market rose after a slight adjustment, while the 10 - year Treasury yield continued to rise. The China Securities REITs Index fell 0.81%, with a significantly narrower decline than in August [11]. - **Sector Performance**: Only rental - protected housing and consumer REITs rose, with increases of 0.63% and 0.37% respectively. Other sectors' declines also narrowed. Nearly 80% of industrial park REITs declined [16][19]. - **Liquidity**: The overall turnover rate of the market dropped to 0.48%. Only the turnover rate of rental - protected housing REITs increased by 0.08 percentage points, while energy and transportation REITs had significant contractions [24]. - **Dividend Yield**: As of September 15, 2025, the dividend yield of equity - type REITs was 3.92%. The spread with the 10 - year Treasury was at the 41% quantile, and the spread with the CSI Dividend was at the 71% quantile. The dividend yield of consumer REITs decreased significantly [28]. - **Valuation**: Both equity - type and concession - type REITs' valuations declined. The P/NAV of equity - type REITs was at the 58% quantile, and the P/FFO of concession - type REITs was at the 57% quantile. The IDC valuation increased significantly [32]. - **IRR**: The IRR quantiles of both types of assets increased. The industrial park's IRR quantile rose to 58% [35]. 3.2 The Trend of Institutional Top - Level Quotations Persists, and the Offline Subscription Sentiment Remains High - **New Issue**: In the first half of September 2025, Huaxia Kaide Commercial REIT was issued, with an issuance scale of 2.287 billion yuan. As of September 15, 2025, there were 74 listed REITs in Shanghai and Shenzhen, with a total market value of 221.7 billion yuan [40]. - **Offline Subscription**: The offline effective subscription multiple of Huaxia Kaide Commercial REIT reached 252.6 times, ranking third in history. The top - level subscription amount decreased to 639 million yuan. 98% of the products quoted at the upper limit of the inquiry price, but the final pricing was at the 82% position of the inquiry range, with an increased profit - sharing margin [41][50]. - **Offline Enrollment and Allocation**: The offline enrollment rate of Huaxia Kaide Commercial REIT was about 99%, and the offline allocation ratio was 0.40% [56]. - **Initial Performance and Yield**: The first - day increase of CICC Vipshop Outlet REIT in September was 27%. Excluding extreme values, the offline new - share subscription yield in 2025 was 3.45% [61]. 3.3 Multiple Types of Assets are Accelerating Their Entry into the Market, and the "Mixed - Loading" of Expansion and Fundraising has Opened up New Avenues - **Policy Promotion**: On September 12, 2025, the National Development and Reform Commission issued "Document No. 782", which accelerates the expansion of the REITs market. It supports the issuance of new assets such as railways, ports, and cultural and tourism assets and encourages more private investment projects to be listed [65]. - **Asset Expansion**: It promotes the application of mature assets, organizes the issuance of potential assets, and explores the issuance path of new assets. It also supports more private investment projects [70]. - **Expansion and Fundraising Simplification**: The expansion and fundraising threshold is shortened to 6 months, and the purchase of similar or related cross - industry assets is allowed [71][79]. - **Project Cultivation**: It is necessary to establish a project work ledger, strictly control project quality, and encourage an increase in the net recovery of project funds [83]. 3.4 The Discount of the Initial Valuation of Logistics REITs is Narrowing, and New Asset Bidding is Being Carried Out Successively - **Projects Under Review**: As of September 15, 2025, two expansion and fundraising projects have been registered but not issued, and 14 projects are under review [85]. - **Valuation Update**: In the first half of September, the valuation of two initial public offering projects was updated. The latest valuation discount rate of warehousing and logistics REITs has narrowed [88][94]. - **Bidding Update**: In the first half of September 2025, the bidding information of two public REITs was updated, including a new cultural and tourism project and a transportation project [96][99].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai - Shenzhen REITs market has taken shape with broad market space. Policy support has accelerated the issuance rhythm. With interest rates declining, financial institutions such as securities firms are increasing their positions in REITs. If the number and average market value of China's public REITs reach certain levels, the market value could increase significantly [2][3]. - REITs have unique asset attributes, being both debt - like and equity - like, with a very long duration and diverse underlying assets. Different asset types have different market performances, completion rates of distributable amounts, and valuation methods [5]. - Based on valuation comparisons and fundamentals, some REITs are attractive, but liquidity may limit secondary - market trading strategies. Currently, subscribing to newly issued REITs through offline channels is recommended, with an expected annualized return of 5.1 - 6.4% [6]. 3. Summary by Directory 3.1 Issuance Rhythm Accelerates, and the REITs Market Takes Shape - **China's REITs Market Has Taken Shape**: As of June 30, 2025, there were 68 listed REITs with a total market value of 205.5 billion yuan and a trading volume of 623 million yuan per day in H1 2025 [16]. - **Policy Support May Accelerate the Issuance Rhythm**: China's public REITs issuance process includes project screening, provincial development and reform commission application, national development and reform commission review, exchange review and registration, and issuance and listing. Since 2024, policies have simplified the process and expanded the asset scope. REITs expansion has also been normalized [18][21][23]. - **Interest Rate Decline Leads Financial Institutions to Increase REITs Positions**: In a low - interest - rate environment, financial institutions such as securities firms and trusts have been increasing their holdings of REITs since 2022 [25][29]. - **China's REITs Market Has Broad Space**: Although China's listed REITs number has exceeded that of Japan and Singapore, the average market value per REIT is much lower. If reaching the US number and Asian average market value, the market value could increase 10.99 times [32][35]. 3.2 Asset Characteristics of REITs - **Both Debt - like and Equity - like with Good Risk - Return Ratio**: REITs' debt attributes are reflected in mandatory and high - proportion dividends and stable cash flows. Their equity attributes are shown in the high dependence on underlying asset operations, the importance of underlying asset value for valuation, and high volatility. From the experience of mature markets, REITs have a good risk - return ratio [41][50][55]. - **Extremely Long Duration Forms Unique Asset Attributes**: China's REITs are mainly contract - type closed - end funds with a long fixed term (10 - 99 years). Longer remaining terms mean more prominent equity attributes, while shorter ones may highlight debt attributes [61]. - **Diverse Underlying Asset Types**: China's REITs underlying assets include eight major categories. Different asset types have different market performances, completion rates of distributable amount forecasts, and regular report data. Some traffic - facility REITs release monthly operation data [67][71][101]. 3.3 REITs Valuation Method Discussion - **Overview of REITs Valuation Methods**: REITs valuation methods are divided into absolute and relative valuation methods. The absolute valuation method often uses the DCF method, and common relative valuation indicators include PNAV, PFFO, IRR, and cash distribution rate [108]. - **PNAV Applies to All Types of REITs**: PNAV reflects investors' comprehensive expectations and market sentiment. Currently, the median PNAV of the Shanghai - Shenzhen REITs market is at a historical high, and different asset types have different reasonable PNAV levels [112][115]. - **Different Types of REITs Use Different Valuation Methods**: PFFO is suitable for equity - type REITs, while cash distribution rate or IRR is more applicable to franchise - type REITs. Equity - type REITs have high - dividend - stock characteristics [118][124][127]. - **Importance of IRR for REITs Valuation**: IRR is an important tool for measuring the long - term investment value of REITs. The initial IRR of listed REITs has remained stable, but the actual IRR may deviate from the initial value [128][130][131]. 3.4 Investment Recommendations - **Liquidity Shortage Limits Secondary - Market Trading**: Some REITs are attractive, but the market has poor liquidity, with most individual bonds having low daily trading volumes. The current high - valuation market is not a good time for large - scale allocation [135][136]. - **Currently, Subscribing to Newly Issued Funds Can Be the Main Strategy**: In 2025, newly issued REITs have high first - day price increases. The REITs new - issue strategy has a capacity of 1.5 - 2.0 billion yuan, and with 20 - 25 new issues expected this year and stable allocation ratios, the annual return could be 5.1 - 6.4% [140][148].