衍生品研究 新券定价——沈阳软件园 REIT 东北首只公募 REIT 且民营背景 2025 年 10 月 10 日 衍生品研究/事件点评 投资要点： 中海首个重资产收购的购物中心-新券 中信建投沈阳国际软件园 REIT ( 508029.SH ) 定价——华夏中海商业 REIT 2025.10.9 首单外资消费 REITs-新券定价——华夏 凯盛商业 REIT 2025.9.9 产权类园区基础设施 REIT，底层资产为沈阳国际软件园，位于辽宁省 沈阳市浑南区，包括昂立信息园、沈阳国际软件园一期和沈阳数字经济产业 园(沈阳国际软件园二期)三个园区，原始权益人赵久宏先生，个人。 宁波奥特莱斯登录资本市场-新券定价 ——唯品会奥莱 REIT 2025.8.22 2024 年营收 1.03 亿元，EBITDA 7555 万元。受原第一大租户到期退租 影响，2024 年加权平均出租率较 2023 年下降 2.13%至 83.86%，Q125 出租 率 83.93%。2024 年当期收缴率 86.03%，Q125 降至 77.04%。 山证衍生品团队 发行情况及发行估值 分析师： 崔晓雁 执业登记编码：S07605220 ...

2025 年 10 月 10 日 星期五 研究早观点 市场走势 【今日要点】 【衍生品研究】新券定价——华夏中海商业 REIT-中海首个重资产收购 的购物中心 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,933.97 | 1.32 | | 深证成指 | | 13,725.56 | 1.47 | | 沪深 | 300 | 4,709.48 | 1.48 | | 中小板指 | | 8,537.87 | 1.88 | | 创业板指 | | 3,261.82 | 0.73 | | 科创 | 50 | 1,539.08 | 2.93 | 资料来源：最闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【今日要点】 【衍生品研究】新券定价——华夏中海商业 REIT-中海首个重资产收购的购物中心 崔晓雁 cuixiaoyan@sxzq.com 【投资要点】 新券二级市场估值 ...

Top Cannabis REITs to Watch This Week – October 2025The cannabis real estate sector is drawing renewed attention this week. Amid volatility in broader markets, top cannabis REITs stand out as vehicles to access cannabis industry upside without touching the plant. Moreover, the U.S. cannabis industry is showing robust fundamentals. In 2024, legal sales reached about $30.1 billion, growing roughly 4.5% year over year. Analysts expect the U.S. cannabis market to reach $76 billion by 2030, with a projected annu ...

新华财经上海10月7日电（记者杨溢仁）随着首单外资消费REITs——华夏凯德商业REIT的上市，国际资本抢滩中国市场信号的释放，使得国内优质商业地 产的发展潜力再次受到了各路资本的高度关注。 国庆中秋长假期间，记者走访发现，上海各大商圈以客流涌动、消费旺盛的态势，展现出了强劲的商业活力。 一组组真实的消费数据和人头攒动的消费场景，向市场证明了消费REITs的投资价值和发展潜力。 运营加码"年轻力" 业内专家指出，在经济快速增长阶段，重奢商场最为耀眼，但随着经济增速放缓，国内购物中心市场进入存量时代，地处城市中心、副中心的"接地气"商 场，只有通过深化空间运营、举办营销活动、优化品牌组合，增加二次元（卡游）、潮流集合店、宠物用品等特色店铺，来提高客流及消费转化。 资本市场"红人" 以华安百联消费REIT为例，今年一、二季度该产品实现收入11664.96万元，累计可供分配金额7217.43万元。若以2025年6月30日的基金市值为基数，华安百 联消费REIT的年化现金流分派率达到了4.28%。 图为：国庆期间五角场商圈内（记者杨溢仁摄） 来自上海市徐汇区商务委的数据显示，10月1日至3日，徐家汇商圈累计实现销售额 ...

Price Movements of Top Losers - Cheer Holding, Inc. (CHR) experiences a significant 69.73% drop to $0.20 due to a correction in its financial results for the first half of 2025, raising investor concerns despite diversification efforts in China [2] - Reitar Logtech Holdings Limited (RITR) sees a 59.93% decrease to $2.82, potentially influenced by skepticism regarding its strategic partnership with AI logistics firm NEXX for a Smart E-commerce Fulfillment Center in Qatar [3] - Safe & Green Holdings Corp. (SGBX) witnesses a 43.51% fall to $4.05, possibly perceived negatively by the market due to its operational relocation to a new facility in Conroe, Texas [4] - TCTM Kids IT Education Inc ADR (VSA) declines by 38.37% to $2.12, with market responses reflecting concerns over regulatory changes or operational challenges in China's education sector, despite a $2 billion digital treasury program launched by VisionSys AI Inc. [5] - Wheeler Real Estate Investment Trust, Inc. (WHLRL) falls by 42.52% to $80.47, linked to broader challenges in the retail real estate sector, including shifts in consumer behavior and e-commerce impacts [6]

Core Viewpoint - Fermi, a Texas-based real estate investment trust focused on AI-powered power and data center infrastructure, has successfully launched its IPO, with shares rising over 25% to $26.27 from an initial price of $21 [1] Company Summary - Fermi plans to develop a comprehensive power plant and data center on a 15 million square feet (approximately 1.3935 million square meters) site at Texas Tech University, named "Project Matador" [1] - The company has signed a long-term lease agreement for the site, and the project is currently in the planning stage [1] - Fermi aims to complete the construction of 1 million square feet (approximately 92,900 square meters) of data center capacity and deploy 1 gigawatt (GW) of power by the end of 2026 [1] - By 2038, the company's power capacity is expected to expand to nearly 11 GW, with energy sources including solar, natural gas, and nuclear [1] - It is noteworthy that the company has not yet generated any revenue [1]

日前，商业与消费领域接连迎来重要事件，首单外资消费REITs——华夏凯德商业REIT正式登陆上交所。麦卡伦、瑞士莲也来到成都举办重要的市场活动， 以文化融合深化情感连接。三重动向共同折射出企业以资本创新、场景赋能与文化共鸣为核心，在复杂市场中开拓增长路径的战略智慧。 首单外资消费REITs 华夏凯德商业REIT成功上市 9月29日，总部位于新加坡的凯德投资发起的首单外资消费REITs——华夏凯德商业REIT（基金代码：508091）在上海证券交易所成功上市。据了解，这是 中国第75单公募REITs。 据悉，华夏凯德商业REIT由领先的全球不动产资产管理公司、亚太地区最大的REITs管理人凯德投资担任发起人及运营管理机构，中信证券担任专项计划管 理人，华夏基金担任基金管理人。基金底层资产凯德广场·云尚和凯德广场·雨花亭。基金拟募集规模22.872亿元，比例配售前累计认购资金超3091.7亿元，公 众投资者与网下投资者的有效认购倍数分别达535.2倍和252.6倍。 作为首单外资消费REITs，华夏凯德商业REIT是凯德投资"植根中国、服务中国"战略的有力注脚。凯德投资在中国18个城市管理着超过40个购物中心，总 ...

2025年9月29日，在即将迎来中新建交35周年之际，由总部 位于新加坡的凯德投资发起的首单外资消费REITs——华夏凯 德商业REIT（基金代码：508091）在上海证券交易所成功上 市。这是中国第75单公募REITs，也是中国公募REITs市场国 际化、多元化、专业化发展的标杆案例。 封图：图片资料室 凯德投资 (中国)首席执行官潘子翔、中信证券股份有限公司执行董事、总经理邹迎光参加基金上 市仪式并发表致辞。新加坡驻上海总领事馆、新加坡企业发展局、新加坡金融管理局、上海市商务 委员会、长沙市发展和改革委员会、广州市白云区发展和改革局、凯德投资、凯德发展、凯德中国 信托、中信证券、华夏基金等有关领导及合作机构、投资者代表共同见证这一历史时刻。 华夏凯德商业 REIT由领先的全球不动产资产管理公司、亚太地区最大的REITs管理人凯德投资担 任发起人及运营管理机构，中信证券担任专项计划管理人，华夏基金担任基金管理人。基金底层资 产凯德广场·云尚和凯德广场·雨花亭，具备优异的资产质量与专业高效的运营团队，为基金成立 后的稳定运营和业绩持续增长奠定了坚实基础。 基金发售阶段，华夏凯德商业 REIT获得各界广泛关注， ...

Core Viewpoint - The successful listing of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, on the Shanghai Stock Exchange marks a significant milestone in the internationalization and diversification of China's public REITs market [1][3]. Group 1: Fund Overview - Huaxia CapitaLand Commercial REIT aims to raise a total of 2.2872 billion yuan, with subscription funds exceeding 309.17 billion yuan during the fundraising phase, resulting in an effective subscription multiple of 535.2 times for public investors and 252.6 times for offline investors [3]. - The underlying assets of the fund include CapitaLand Plaza Yunshang and CapitaLand Plaza Yuhua Pavilion, which are characterized by high asset quality and efficient operational management [1]. Group 2: Market Implications - The launch of Huaxia CapitaLand Commercial REIT reflects CapitaLand's optimistic outlook on the future development opportunities within China's public REITs market, which is expanding in scale and diversifying in product types, particularly in the consumer REITs sector [3]. - CapitaLand manages over 40 shopping centers across 18 cities in China, with total asset value exceeding 80 billion yuan, indicating a robust presence in the market [3]. Group 3: Strategic Significance - The issuance of public REITs is expected to enhance CapitaLand's asset liquidity and optimize its capital structure, facilitating a virtuous cycle of fundraising, investment, management, and exit [3]. - The CEO of CapitaLand (China) emphasized that the REIT not only provides domestic investors with a new channel for quality asset allocation in a low-interest-rate environment but also offers global asset management institutions an opportunity to engage in China's public REITs market [4].

Core Viewpoint - The consumer REITs market has shown a strong performance in 2025, with significant investor interest and notable first-day gains for newly listed REITs [1][3]. Group 1: Market Performance - The newly listed Huaxia CapitaLand Commercial REIT opened at 6.840 CNY per share, a 19.62% increase from its issue price of 5.720 CNY, closing with a 12.6% gain [1]. - Since 2025, 16 public REITs have been listed, with an average first-day increase of 25% for consumer infrastructure REITs, significantly higher than the 1.5% average for 8 similar products in 2024 [1]. - As of September 29, 2025, the average annual increase for 11 listed consumer REITs is 26%, with notable performers like Jiashih Wumart Consumer REIT and Huaxia Joy City Commercial REIT achieving annual increases of 45% and 41%, respectively [4]. Group 2: Fundraising and Investor Interest - The Huaxia CapitaLand Commercial REIT aimed to raise 22.872 billion CNY, with total subscriptions exceeding 309.17 billion CNY, resulting in a public investor subscription multiple of 535.2 times [3]. - The strong subscription reflects market recognition of quality commercial assets and the scarcity of foreign brands in the public REITs sector [3]. Group 3: Operational Insights - The underlying assets of the Huaxia CapitaLand Commercial REIT are valued at approximately 2.6 billion CNY, consisting of Guangzhou CapitaLand Plaza and Changsha CapitaLand Plaza [3]. - Consumer REITs require a higher level of operational expertise compared to traditional REITs, as they depend on continuous brand management, marketing activities, and customer maintenance [4]. - The average occupancy rate for consumer REITs exceeded 95% in early 2024, and by the first quarter of 2025, these REITs reported a combined revenue of 565 million CNY and a net profit of 76.176 million CNY [4]. Group 4: Strategic Developments - CapitaLand Investment's CEO stated that the successful issuance of Huaxia CapitaLand Commercial REIT marks a comprehensive layout of a multi-tiered REIT system in China, enhancing asset liquidity and capital structure [5]. - The integration of international capital with China's vast consumer market is expected to deepen CapitaLand's presence in the Chinese market [5].