风险提示:仅作为数据展示,不构成策略建议 | 截至10月8日5000亿新型政策性金融工具投放情况 | | | | | | --- | --- | --- | --- | --- | | 省/市 | 获批时间 获批项目 | 新型政策性金融工具金额(亿元) | 项目总投资(亿元) | 占总投资比例 | | 江苏无锡 | 9月29日 无锡至宜兴城际轨道交通工程 | 31.99 | | | | 江苏苏州 | 9月29日 -- | 3. 84 | | | | 江苏太仓 | 9月29日 太仓市自来水有限公司扩建增压站工程项目 | 0. 2076 | 2. 0766 | 10% | | 江苏泰兴 | 9月29-30日 惠尔信机械的风电智能成套装备研发制造项目 | 1. 17 | | | | 海南三亚 | 9月29日 三亚市天涯区节水能力提升工程（一期）项目 | | | | | 浙江街州 | 9月29日 衢州-巨化产城融合一体化项目 | 6. 3 | | | | 山东烟台 | 9月29日 核电、长输供热管网等四个重点项目 | 获批10.68亿(29日已放款2.55亿) | | | | 广西 | 9月30日 广西能源集团白龙核 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

截至目前，园区已集聚规模以上企业近500家，其中包括来自德国、奥地利、日本等国家及香港、台湾 地区的160余家外资企业，累计实际利用外资近20亿美元。 与苏锡通园区一同获评的还有上海浦东新区、深圳市南山区、深圳市前海深港现代服务业合作区、天津 市滨海新区等19个城市。 苏锡通园区成立于2009年，是江苏省苏州、无锡、南通三座城市联手运营的产业园区，是江苏省政府与 新加坡政府合作开发的跨国园区，是中国政府与奥地利政府共同建设的生态园区。 依托"三国合作、三地共建"的独特优势，园区借助中奥苏通生态园和苏州自贸片区联动创新区平台，推 进制度创新、跨国协同与产业赋能，持续优化营商环境，增强市场吸引力，形成显著的企业集聚效应。 转自：扬子晚报 扬子晚报网讯（通讯员 顾添梦 记者 朱亚运）9月26日，由香港商报主办的2025全球商报经济论坛暨"金 鲲鹏"中国财经价值榜活动在香港举行，园区在会上做了专题推介。苏锡通科技产业园区入选"中国城市 营商环境20强"榜单，成为长三角区域优化营商环境的又一标志性成果。 该榜单基于政务服务、市场环境、法治保障、创新活力、基础设施、人文环境、国际传播等多维度指数 进行综合评价。苏锡通园区 ...

报告导读： 产业园区包含生产制造类园区和科创类园区两大类。本文基于该判断，综合考 虑园区的基本特征，设计偏定性，有园区自身特点，且以评分作为主要模式的产业园区评 估体系。 园区REITs是公募REITs市场的重要组成部分，对底层资产价值的合理评估是投资的重要支点。 本文旨在搭建关于产业园区更优评估体系。产业园区作为我国 实体经济发展的核心载体和产业升级的重要引擎，长久以来其发展历程与国家战略演进脉络深度契合。从2021年第一只园区REITs上市至今，园区REITs累积 上市19只，总市值374亿元；涉及底层资产36处，均位于核心一二线城市。由于当前偏传统和通用指标的产业园估值体系存在一定价值刻画困难或研究盲 区，我们尝试打造偏定性、有园区自身特点，且以评分作为主要模式的全新评估体系，用以追踪REITs底层资产的定期运营变化，并筛选出在中长期潜力上更 优的园区REITs。 产业园区在根本上可以分为生产制造类园区和科创类园区两大类，前者强调品牌与复制性，后者强调创新与独特性。 生产制造类园区核心在于由政策优势向 品牌力和优质运营管理传导，具备强异地复制性，同时也要求园区能够实现与产业链的升级更迭同步发展。科创类园 ...

科创引领，重塑产业园区价值评估体系 [Table_Industry] 房地产 园区 REITs 专题报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 黄可意(分析师) | 010-83939815 | huangkeyi@gtht.com | S0880525070021 | 本报告导读： 产业园区包含生产制造类园区和科创类园区两大类。本文基于该判断，综合考虑园 区的基本特征，设计偏定性，有园区自身特点，且以评分作为主要模式的产业园区 评估体系。 投资要点： [Table_Report] 相关报告 房地产《第 37 周成交涨跌互现，市场持续稳定运 行》2025.09.14 房地产《归母净利润转正，高股息推动估值抬 升》2025.09.07 房地产《第 36 周成交回落 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From August 25 to August 29, 2025, the weighted index of REITs rose 1.20% to 101.29 points. The performance of major asset classes from high to low was stocks > gold > REITs > pure bonds > crude oil > convertible bonds. Among REITs, the property - type decreased by 2.07% and the franchise - type decreased by 1.08%. By industry type, the weekly return performance from high to low was consumer - type > ecological and environmental protection - type > affordable rental housing - type > warehousing and logistics - type > data center - type > industrial park - type > highway - type > energy - type [2]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Index Performance**: The weighted index of REITs rose 1.20% this week. The weekly return performance of different types of REITs varied. For example, the consumer - type REITs rose 2.21%, while the property - type REITs decreased by 2.07% [2]. - **Top Performers**: The top three REITs in terms of weekly increase were Guotai Junan Jinan Energy Heating REIT (5.70%), AVIC Yishang Warehousing and Logistics REIT (4.29%), and Jiashi Wumei Consumption REIT (4.22%). In terms of trading volume, CICC Hubei KeTou Optics Valley REIT, Huaxia Hefei High - tech REIT, and Huaxia Fund Huarun Youchao REIT ranked high, with trading volumes of 0.29 billion shares, 0.28 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Huatai Nanjing Jianye REIT, Huatai Baowan Logistics REIT, and Huaxia Huadian Clean Energy REIT had relatively high turnover rates, which were 14.75%, 12.66%, and 9.85% respectively [2][3][12]. 3.2 Secondary Market Valuation Situation - **P/FFO Indicator**: This week, many REITs such as Hongtu Innovation Yantian Port REIT, CICC Puluosi REIT, etc. had a dynamic P/FFO lower than the industry average [4][14][18]. - **P/NAV Indicator**: The top three REITs with relatively low valuation quantiles and showing an undervalued state were Huaxia Huadian Clean Energy REIT, Huaxia Yuexiu REIT, and CICC Hubei KeTou Optics Valley REIT [4][18]. - **Expected Cash Distribution Rate**: The top three REITs in terms of expected cash distribution rate this week were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [18]. - **Internal Rate of Return (IRR)**: As of this Friday, the top three products in terms of IRR were Huaxia China Communications Construction REIT (9.63%), Ping An Guangzhou Guanghe REIT (8.89%), and CICC Hubei KeTou Optics Valley REIT (7.47%) [19]. 3.3 Market Correlation Statistics - **Correlation Coefficient between REITs and Major Asset Classes**: This week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest, reaching 0.20. The correlation coefficients with other major asset classes such as CSI 300, ChiNext Index, etc. also varied [22][23]. - **Correlation Coefficient by Project Nature and Industry Type**: Different types of REITs (such as property - type, franchise - type, and various industry - specific types) had different correlation coefficients with major asset classes and market indices [23]. 3.4 Primary Market Tracking - As of August 29, 2025, there were 11 REIT products still in the exchange acceptance stage and 2 REITs in the state of being approved and waiting for listing [5].

Core Viewpoint - The establishment of the "Cross-Border Service" window in Malaysia's Kuala Lumpur aims to facilitate administrative services for various market entities and overseas individuals, enhancing the operational convenience for companies in the China-Malaysia Qinzhou Industrial Park [1] Group 1: Service Expansion - The "Cross-Border Service" window has been officially launched, extending the park's administrative services overseas [1] - The service includes online application submission and offline collection of materials, allowing Malaysian companies to handle administrative matters related to investment in China from their home country [1] Group 2: Initial Offerings - The first batch of services includes 12 items, such as foreign investment enterprise registration and work permits for foreigners coming to China [1] - The services are designed to streamline processes for Malaysian enterprises and citizens looking to invest in China [1]

Core Viewpoint - The report outlines the operational performance and financial metrics of the Bosera China Merchants Shekou Industrial Park Closed-End Infrastructure Securities Investment Fund for the first half of 2025, emphasizing its investment strategy in infrastructure assets and the management of rental income and tenant relationships. Fund Overview - Fund Name: Bosera China Merchants Shekou Industrial Park Closed-End Infrastructure Securities Investment Fund - Fund Manager: Bosera Fund Management Co., Ltd. - Fund Trustee: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 1,421,130,866 shares [1] - Fund Duration: 50 years [1] - Main Investment Focus: Infrastructure asset-backed securities [1] Financial Performance - Total Income for the Period: CNY 92,032,961.20 [4] - Net Profit for the Period: CNY 25,928,734.28 [4] - Cash Flow from Operating Activities: CNY 43,131,006.39 [4] - Cash Distribution Rate: 1.86% [4] - Annualized Cash Distribution Rate: 3.74% [4] - Total Fund Assets at Period End: CNY 3,659,655,839.72 [4] - Total Fund Net Assets at Period End: CNY 3,144,487,171.21 [4] Investment Strategy - The fund primarily invests in asset-backed securities related to infrastructure projects, aiming to enhance operational income and provide stable returns to investors [1][2]. - The fund's investment strategy includes maintaining a minimum of 80% of its assets in infrastructure asset-backed securities [2]. - The fund will actively seek high-quality infrastructure projects to diversify operational risks and enhance returns [2]. Rental Management and Tenant Relations - The fund aims to improve rental income and occupancy rates through proactive leasing management and tenant relationship maintenance [2]. - Strategies include early lease renewals, marketing initiatives, and optimizing tenant diversity to enhance asset value [2]. - The fund will also explore asset preservation and appreciation measures, such as facility upgrades and renovations [2]. Market Context - The report highlights the competitive landscape of industrial parks in China, noting the increasing number of parks and the diversification of industries within them [11][12]. - The fund's assets are located in Shenzhen, a region characterized by a high concentration of technology and service industries, which supports stable tenant relationships [10][11]. - The report indicates a trend towards upgrading business models in industrial parks, shifting from mere space provision to creating integrated industrial ecosystems [12][13].

Core Viewpoint - The domestic infrastructure REITs market (C-REITs) has shown notable performance this year, but certain sectors, particularly industrial parks, have underperformed compared to stronger segments like consumer and rental housing [1] Group 1: Market Performance - As of June 30, 2025, the average increase in the C-REITs market since listing is 30.53%, with rental housing and consumer sectors seeing a premium rate exceeding 50%. In contrast, the industrial park sector has only seen a slight increase of 0.41% [2] - The industrial park sector experienced a decline of 0.64% last week, with only 5 out of 19 listed industrial park REITs showing an increase. Notable declines include China International Capital Corporation Hubei Science and Technology REIT (-3.65%) and Guotai Junan Dongjiu New Economy REIT (-2.04%) [2] Group 2: Operational Challenges - The China International Capital Corporation Hubei Science and Technology REIT has an overall occupancy rate of 72.66%, down 17.28 percentage points year-on-year. The occupancy rate for the Optics Valley Software Park is 70.95%, a decrease of 15.83% [3] - The average rent for the project has dropped to 59.90 yuan per square meter per month, a year-on-year decline of 3.73%. The Optics Valley Software Park's rent is 61.99 yuan per square meter per month, down 3.95% [3] - The Jianxin Zhongguancun REIT reported a revenue of 29,617,155.62 yuan and a net profit of -4,974,871.48 yuan for the second quarter, indicating operational difficulties [4] Group 3: Supply and Demand Imbalance - The industrial park sector continues to face supply and demand pressures, with new supply still impacting the market and rental demand not showing significant recovery. Factors such as economic growth and international trade uncertainties affect tenant willingness and ability to lease [5] - Increased competition among projects, particularly in the context of rising vacancy rates, has led to a price war, resulting in a 14.74% year-on-year decline in average monthly rent for the Jianxin Zhongguancun REIT [4] Group 4: Future Outlook - Despite current challenges, there is potential for improvement in the industrial park sector as supply balances out and the economy recovers. Predictions indicate that Shanghai will see a peak supply of 3.3 million square meters in 2024, followed by 2.5 million and 1.9 million square meters in the subsequent two years [7] - The industry is transitioning from a rapid development phase to a more refined management phase, focusing on regional industrial incubation and investment [7] - Experts suggest that future growth in the industrial park sector will depend on refined management and active participation in local government-led investment initiatives to enhance attractiveness [8]

Core Viewpoint - The industrial park sector is experiencing intense competition and "involution," necessitating a shift away from short-term policies and low-price competition towards building unique competitive advantages in specific industries [1][4]. Group 1: Current Challenges in Industrial Parks - Industrial parks are facing a "price red sea," with many regions implementing "zero rent" policies to attract businesses, leading to unhealthy supply-demand dynamics and distorting market prices [2][3]. - There is a significant issue of product and service homogenization among industrial parks, resulting in a lack of differentiation and forcing companies to compete primarily on policies and prices [3][4]. - The focus on quantitative招商 strategies has led to a blind influx of businesses, neglecting the alignment with local industrial ecosystems, which exacerbates fragmentation and increases local fiscal pressures [3][4]. Group 2: Opportunities for Transformation - The current economic environment presents both challenges and opportunities for industrial parks to innovate and redefine their development logic, moving towards high-quality urban development and sustainable industrial ecosystems [4][5]. - The "反内卷" and "去产能" movements in various industries aim to enhance quality and efficiency, promoting a shift from low-end competition to high-end differentiation [5][6]. - Industrial parks must evolve from mere space providers to incubators and promoters of new productive forces, focusing on attracting high-tech, high-value, and high-growth enterprises [6][8]. Group 3: New Evaluation Framework for Industrial Parks - A new dynamic and multi-dimensional evaluation system is needed for industrial parks, focusing on innovation-driven growth, green low-carbon practices, industrial resilience, and digital governance [7][8]. - The evaluation criteria should include metrics such as the proportion of technology contract transactions to R&D investment, green electricity share, and the digitalization of government services [7][8]. - Industrial parks should be willing to eliminate inefficient, high-energy-consuming enterprises to create space for emerging industries and high-quality businesses [7][8].