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博时蛇口产园REIT: 博时招商蛇口产业园封闭式基础设施证券投资基金2025年中期报告
Zheng Quan Zhi Xing· 2025-08-26 09:23
博时招商蛇口产业园封闭式基础设施证券投资基金 2025 年中期报告 博时招商蛇口产业园封闭式基础设施证券投资基金 基金管理人:博时基金管理有限公司 基金托管人:招商银行股份有限公司 送出日期:二〇二五年八月二十七日 博时招商蛇口产业园封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏,并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意,并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定,于 2025 年 8 月 25 日复核了本 报告中的财务指标、收益分配情况、财务会计报告、投资组合报告等内容,保证复核内容不 存在虚假记载、误导性陈述或者重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认,不存在异议。确保相关披露内 容的真实性、准确性和完整性。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险,投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告期自 2 ...
公募REITs二季报业绩点评:分化成主基调,择时为关键
GOLDEN SUN SECURITIES· 2025-08-14 11:13
Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in the coming years [7]. Core Insights - The REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, selecting resilient assets, and monitoring the expansion of REITs [4]. - The report highlights a trend of performance divergence among various REIT sectors, emphasizing the importance of timing in investment decisions [1][4]. Summary by Sections Warehousing and Logistics - In Q2 2025, the average occupancy rate for warehousing logistics REITs was 94.3%, with a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 4.4 percentage points [10]. - The average rental rate was 52.4 CNY/sqm/month, reflecting a competitive market where tenants are cautious about renewing leases [10][11]. Consumer Infrastructure - The average occupancy rate for consumer infrastructure REITs in Q2 2025 was 97.1%, with a quarter-on-quarter increase of 0.9 percentage points, although it saw a year-on-year decline of 1.3 percentage points [14]. - The average rental rate was 217.9 CNY/sqm/month, showing a quarter-on-quarter decrease of 3.9% but a year-on-year increase of 5.0% [14][15]. Affordable Housing - The average occupancy rate for affordable housing REITs was 96.0% in Q2 2025, with a quarter-on-quarter increase of 1.0 percentage points and a year-on-year increase of 0.9 percentage points [20]. - The average rental rate was 54.0 CNY/sqm/month, indicating stability in rental income despite slight fluctuations [20]. Industrial Parks - The report notes a decline in both occupancy rates and rental income for industrial parks, driven by increased competition and economic pressures [2]. Highways - In Q2 2025, highway REITs experienced a seasonal decline in traffic volume, but year-on-year comparisons showed recovery, particularly in freight traffic which increased by 1.3% [3]. Energy and Environmental Protection - The performance of energy and environmental protection REITs was mixed, with wind power projects performing well while solar projects faced challenges due to decreased sunlight and increased competition [3].
公募REITs行业周报:新业态延续强势表现,两数据中心REITs上市涨停-20250811
ZHONGTAI SECURITIES· 2025-08-11 11:14
Investment Rating - The report does not provide a specific investment rating for the REITs industry [1]. Core Insights - The REITs index experienced a slight decline of 0.33% this week, while the broader market indices such as the Shanghai Composite and CSI 500 saw increases of 1.23% and 1.78%, respectively [4][16]. - Newly listed data center REITs, namely Southern Wanguo and Southern Runze, both saw significant gains of 30% on their debut [6][20]. - The overall trading volume for REITs this week was 3.67 billion yuan, reflecting a 1.5% increase compared to the previous week [6]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 221.233 billion yuan and a circulating market value of 103.698 billion yuan [1]. - The report highlights that 23 REITs increased in value, 1 remained stable, and 49 declined, indicating a mixed performance across the sector [20]. Key Events - Significant events include the listing of Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT on August 8, both achieving a 30% increase in their first trading day [9][14]. - Other notable updates include the registration effectiveness of various REIT projects and announcements regarding expansions and new acquisitions in the infrastructure sector [9][12]. Trading Performance - The trading volume for different REIT categories varied, with data-related REITs showing a remarkable increase of 100% in trading volume, while other categories like industrial parks and warehousing logistics saw declines [6][20]. - The report indicates that the correlation of REITs with various bond indices and stock indices varies, with a correlation of 0.33 with the Shanghai Composite and 0.37 with the CSI 500 [16].
公募基础设施REITs周报-20250809
SINOLINK SECURITIES· 2025-08-09 07:11
Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].
沪市债券新语|打造地方国企资产盘活样本 无锡经开持有型不动产ABS发行
Xin Hua Cai Jing· 2025-08-08 13:36
新华财经上海8月8日电(记者杨溢仁)国君资管-无锡经济开发区国家传感信息产业园持有型不动产资 产支持专项计划(以下简称"无锡经开项目")日前在上交所成功发行,规模6.6亿元。 全国首单产业园持有型ABS落地 作为全国首单成功设立的产业园区持有型不动产ABS项目,无锡经开项目的底层资产为位于无锡经济开 发区的国家传感信息产业园项目,其定位为物联传感、智能交通产业园,主要聚焦智能网联汽车、传感 器、物联网等产业。目前,该园区的整体出租率良好,租户多集中在科学研究、信息传输、软件等领域 的科创类企业,涵盖上市公司1家、规模以上企业60余家。 对于多层次不动产证券化市场建设,上交所积极推动产业园区项目落地,截至目前,上交所已上市产业 园区公募REITs共14单,是上市单数最多的行业类型。 作为全国首单产业园区持有型不动产ABS项目,该项目于2025年6月10日获上交所受理,7月23日取得无 异议函,在一个半月的时间内高效完成了审核流程,保障了项目的快速落地。 "无锡经开项目的发行吸引了资本市场各类中长期资本的积极认购,包括银行理财、基金、保险、券商 自营、信托等各类机构均有参与,全场认购超5倍,为产品未来二级市场的流 ...
公募基础设施REITs周报-20250802
SINOLINK SECURITIES· 2025-08-02 09:51
Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Relevant Catalogs Secondary Market Price and Volume Performance - From July 28 to August 1, 2025, some REITs showed price changes of 20.51%, 14.74%, 60.01%, 39.98%, and 70.00% [26] Secondary Market Valuation Situation - The report provides detailed valuation data for various REITs, including P/FFO, P/NAV, IRR, expected values for 2025, and other indicators for different types of REITs such as warehousing and logistics, industrial parks, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, and energy [16] Market Correlation Statistics - It shows the correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and different types of REITs (property - related, franchise - related, etc.) also have different correlation coefficients with these asset classes [22] Primary Market Tracking - Lists multiple REIT projects in different stages (approved, accepted, feedback - received). For example, the Southern Runze Technology Data Center REIT has been approved, with a project valuation of 4.203 billion yuan, and the CICC Vipshop Outlets REIT has been accepted, with a project valuation of 2.972 billion yuan [25]
公募基础设施REITs周报-20250726
SINOLINK SECURITIES· 2025-07-26 11:20
Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].
中国—上海合作组织地方经贸合作大会青岛倡议发布
Qi Lu Wan Bao· 2025-07-18 10:08
Core Viewpoint - The China-Shanghai Cooperation Organization (SCO) Local Economic and Trade Cooperation Conference in Qingdao released the "Qingdao Initiative," which outlines a clear path for regional economic cooperation under the SCO framework, emphasizing the importance of local collaboration for high-quality economic development [1] Group 1: Key Cooperation Directions - The "Qingdao Initiative" is based on the "Shanghai Spirit" and proposes six core cooperation directions to establish a closer, more efficient, and mutually beneficial local economic and trade cooperation framework [4] - The first direction focuses on building international logistics corridors, enhancing connectivity among SCO member states, and establishing Qingdao as a hub for the Asia-Pacific market [4] - The second direction aims to create sustainable international partnerships in supply chains, ensuring stability and promoting practical cooperation among SCO regions [4] Group 2: Trade and Investment Enhancement - The third direction emphasizes upgrading trade and investment quality by exploring trade potential among SCO regions and optimizing trade structures through e-commerce and digital trade [5] - The fourth direction promotes interactive cooperation among key industrial parks in SCO countries, facilitating resource sharing and enhancing industrial upgrades [5] Group 3: Open Cooperation Platforms - The fifth direction focuses on building shared open cooperation platforms, enhancing the capabilities of various SCO economic cooperation centers and promoting resource linkage [5] - The sixth direction advocates for a new vision of local economic and trade cooperation, emphasizing mutual trust, equality, and innovation in cooperation mechanisms [6]
公募基础设施REITs周报-20250712
SINOLINK SECURITIES· 2025-07-12 07:44
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This is a weekly report on public infrastructure REITs, presenting the price - volume performance, valuation, market correlation statistics, and primary - market tracking of various REITs [1][5][6][7][8] 3. Summary by Directory 3.1 Secondary Market Price - Volume Performance - The report details the price - volume data of multiple REITs, including their fund codes, industry types, listing dates, issue prices, trading volumes, turnover rates, weekly and year - to - date returns, etc. For example, the turnover rate of Boshi Jingkou REIT this week is 0.14%, and its weekly return is 1.36%, with a year - to - date return of - 2.10% [5][11] 3.2 Secondary Market Valuation Situation - No specific content on secondary - market valuation is summarized from the given text 3.3 Market Correlation Statistics - The correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities are presented. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and that between REITs and the CSI Convertible Bond Index is 0.19 [21][23] 3.4 Primary Market Tracking - Information about REITs in the primary market is provided, including their project natures, types, stages (e.g., passed, feedback received, or accepted), acceptance dates, original equity holders, underlying projects, and project valuations. For example, the project valuation of Zhongyin Sino - Sinotrans Warehouse Logistics REIT is 11.56 billion yuan, and it has passed the review on December 30, 2024 [27]
中信证券:产业园区REITs量价下行持续,以服务求集聚
news flash· 2025-06-12 00:27
Core Viewpoint - The industrial park sector is currently experiencing an oversupply situation, with weak short-term demand making it difficult to absorb new supply [1] Group 1: Supply and Demand Dynamics - The overall industry is in a phase of excessive supply, leading to challenges in demand recovery [1] - Parks are generally adopting a price-for-volume strategy to maintain occupancy rates, but this approach has limited effectiveness [1] - The demand for office space leasing is recovering in a post-cycle manner, indicating that short-term demand is unlikely to improve significantly [1] Group 2: Emerging Industries and REITs - Emerging industries have a solid foundation for clustering, and the demand for specialized factory-type parks is more robust [1] - Overall, the risks associated with park REITs remain considerable [1]