业内专家指出，此次非定向扩募不仅体现了对原持有人的优先保护，也为公募REITs持续注入优质资 产、实现规模增长提供了可复制的市场化路径。作为保障性租赁住房REITs的代表产品，华夏基金华润 有巢REIT的扩募上市，将进一步推动租赁住房资产证券化进程，助力构建多层次住房保障体系。 REITs市场在我国仍处于发展初期，扩募机制的完善与创新对市场长期健康发展具有重要意义。此次扩 募份额的上市，预计将为投资者提供更丰富的资产配置选择，也为后续REITs产品扩募提供重要参考。 （文章来源：新华财经） 新华财经北京1月7日电新华财经7日从华夏基金获悉，华夏基金华润有巢REIT（508077）扩募份额将于 1月12日在上海证券交易所上市。此次扩募采用向原持有人配售的方式，是国内首单非定向扩募的公募 REITs，标志着我国REITs市场在扩募机制和投资者保护方面迈出重要一步。 据了解，华夏基金华润有巢REIT于2022年12月首次发行上市，是我国首单由市场化机构运营的保障性 租赁住房公募REITs。本次扩募是该基金的首次扩募，最终认购比例达99.51%，募集资金总额约11.329 亿元（不含认购费用和募集期利息）。所募资金在 ...

《办法》强化政策支持保障，为了引导市场主体积极参与，拿出了一揽子"真金白银"的优惠政策，例如 在土地供应、税费减免、金融信贷以及民用水电气暖价格等方面给予大力支持，有效降低了项目的投资 和运营成本，保障了运营机构的合理收益。同时承租人可享受落户、医疗、教育、公积金提取等基本公 共服务，充分保障承租人权益。 《办法》完善运营管理规范，实行面向社会出租与定向出租相结合的供应模式，通过市级信息平台统一 管理项目房源。《办法》明确了保障性租赁住房的运营管理必须由具备专业能力的机构承担，确保从房 屋出租、日常维修到社区管理等各个环节都能提供标准化的、高质量的服务。明确租金标准上限，并实 行动态调整，同时明确承租条件与合同履行要求，保障租赁双方权益，确保租赁安全、运营有序。 其中，保障性租赁住房租金原则上不得高于同地段同品质市场租赁住房租金的90%，面向社会出租的保 障性租赁住房项目租金标准由该项目运营管理机构委托专业房地产估价机构，依据本项目实际享受的支 持政策逐项测算，运营管理机构应对其委托评估材料的真实性、全面性负责。经评估测算的市场租金及 保障性租赁住房租金标准通过市保障性租赁住房信息系统向社会公布。保障性租赁住 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The China Securities REITs Total Return Index closed at 1014.8 points this week (December 22 - 26, 2025), up 1.56% weekly, returning above 1000 points after consecutive days of decline. The total market capitalization of 78 listed REITs in China reached 219.9 billion yuan as of December 19, a 2.71% increase from the previous period, with a circulating market capitalization of 121 billion yuan [1][12]. - In the secondary market, most asset types rose, and trading activity increased marginally. Except for municipal environmental protection (-1.48%) and energy facilities (+0.03%)经营权 REITs, 67 REITs closed higher, and only 11 closed lower. The top - performing sectors were rental housing (+3.59%), warehousing and logistics (+2.57%), and industrial parks (+2.16%) [1][22]. - In the primary market, on December 26, 2025, the China Asset Management Xiamen Torch High - tech Industrial Park REIT was officially submitted to the Shenzhen Stock Exchange [7][60]. 3. Summary by Relevant Catalogs Secondary Market - **General Performance** - Most REITs rose, with only municipal environmental protection and energy facilities showing weak performance. Trading activity increased, with daily average trading volume, turnover, and turnover rate rising by 35.69%, 38.96%, and 0.12 percentage points respectively compared to the previous week [1][22][54]. - **Sector - by - Sector Performance** - **Rental Housing**: Rose 3.59%, with all 8 individual bonds rising. The sector has good liquidity and normal project fundamentals, and is sensitive to discount rate adjustments. The current distribution rate of 3.17% is still attractive compared to 2.79% on July 1. Projects like China Merchants Fund Shekou Rental Housing, Huatai - PineBridge Suzhou Hengtai can be focused on. China Resources Youchao's first rights offering by allotment to original holders increased the distribution rate by 21bp, and its current distribution rate of about 3.16% is still relatively high [2][24][27]. - **Warehousing and Logistics**: Rose 2.57%, with only Hua'an Waigaoqiao falling (-2.48%). Different sub - markets in this field vary greatly. Hua'an Waigaoqiao has excellent fundamentals and location, and the recent decline may be due to a large number of restricted shares being released. China International Capital Corporation (CICC) ProLogis has a diversified asset portfolio, strong management ability, and a high distribution rate, suitable for allocation - oriented accounts [3][30][31]. - **Municipal Environmental Protection**: Fell 1.48%, mainly dragged down by Jinan Energy Heating and Shaoxing Raw Water. Jinan Energy Heating has a strong asset monopoly, stable heating - season revenues, and controllable external heat source costs, and its distribution rate has significantly increased [4][34][35]. - **Transportation Facilities**: Rose 1.66%, recovering after the recent disturbance of principal - interest separation. Focus on road assets with stable operations and good traffic - attracting effects from surrounding road networks. Guojin China Railway Construction REIT plans to raise funds for project expansion and renovation, and the expected internal rate of return after the project expansion may be higher than before [6][37][38]. - **Industrial Parks**: Rose 2.16%, with all individual bonds rising. CICC Chongqing Liangjiang and Bosera Tianjin Binhai New Area Industrial Park, which have a distribution - adjustment mechanism and good fundamentals, can be considered for their rebound opportunities after previous restricted - share releases and market adjustments [47]. Primary Market - On December 26, 2025, the CICC Xiamen Torch Industrial Park REIT was officially submitted to the Shenzhen Stock Exchange. The original equity holders are Xiamen High - tech Entrepreneurship Center Co., Ltd. and Xiamen Torch High - tech Zone Investment Promotion Service Center Co., Ltd., both subsidiaries of Xiamen Torch Group. As of December 26, 2025, there is 1 project issued but not yet listed, 8 projects with exchange feedback, 5 projects accepted by the exchange, and 1 project submitted to the exchange [7][60][63].

证券研究报告|固收研究报告 [Table_Date] 2025 年 12 月 22 日 [Table_Title] 关注本息拆分扰动后的高速公路 [Table_Title2] 公募 REITs 周速览（2025 年 12 月 15-19 日） [Table_Summary] 本周（2025 年 12 月 15-19 日）中证 REITs 全收益指数收 于 999 点，周度下跌 2.85%，已跌回至 2025 年初水平，叠加 华夏安博仓储首日上市即破发（收盘跌 10.16%），市场情绪 很弱。周内来看，本周五个交易日一路下跌，周五当天跌幅高 达 0.81%，盘中录得 2025 年 1 月以来的最低点位 991。 公募 REITs 的全部分红通常被直接计入投资收益。但实际 上，分红既包含源自经营净现金流的收益部分，也包含与折旧 摊销等资产消耗相对应的本金返还部分。根据会计相关处理原 则，本金返还应冲减投资成本，而非确认为当期收益，否则将 抬高账面利润、延后反映资产价值下降。因此，"本息拆分"确 实有助于更加真实反映 REITs 分红现金流的本质。 但"本息拆分"很大程度上是个会计处理问题，和资产端的 经营基本面表 ...

（原标题：瓴寓国际轻资产变局：十年探路，"以退定投"） 在保租房领域，瓴寓国际探索的"国企+民企"合作模式初现成效。尽管保租房租金受限，但民水民电、 税收优惠及92%～93%的高出租率，使其实际收益颇具竞争力，该模式也实现了国企资源资金优势与民 企产品运营灵活性的互补共赢。 资本运作层面，瓴寓构建了覆盖开发型基金、Pre-REITs基金、稳定型基金的全周期资本合作体系，从 首单住房租赁持有型不动产ABS，到与中信金石、险资联合设立Pre-REITs基金，再到南京青晏阁的国 企民企合作模式，多元范本为行业提供参考。其核心竞争力在于"以退定投"战略与全链条资管能力—— 每个项目先明确退出路径、投资人要求与Cap Rate标准，再反向推导投资、产品与运营策略。 张爱华介绍，截至目前，瓴寓国际已累计完成12个项目的全流程退出，从上海浦江华侨城柚米社区（行 业首个"投融建管退"闭环项目），到南京青晏阁（国企民企合作标杆），再到中信金石Pre-REITs基金 孵化的松江项目，均实现了预期收益与资产增值。 这一成果的背后，是对三个关键阶段的精准把控：投资阶段以数据驱动决策，通过自研FALCON系统完 成客户描摹、市场研判与 ...

Core Viewpoint - The announcement by Huaxia Fund regarding the first expansion of the Huaxia Fund Huayun Rental Housing Closed-End Infrastructure Securities Investment Fund (REIT) for 2024 marks the commencement of the fundraising phase, allowing original shareholders to subscribe for additional shares under specific conditions [1][14]. Group 1: Fund Details - The fund is officially named "Huaxia Fund Huayun Rental Housing Closed-End Infrastructure Securities Investment Fund" and is abbreviated as "Huaxia Fund Huayun REIT" [1][15]. - The total number of fund shares available for subscription is 500 million, with 450 million shares available for allocation to original shareholders at a ratio of 0.9 shares for every 1 share held [2][16]. - The subscription price for the fund is set at 2.53 yuan per share, determined based on market factors [3][16]. Group 2: Fundraising Scale - The total amount to be raised through this expansion is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a projected total of 11.385 billion yuan if all original shareholders fully subscribe [3][17]. Group 3: Subscription Process - The subscription period is from December 8, 2025, to December 12, 2025, during which original shareholders can participate through both on-market and off-market channels [6][21]. - Minimum subscription amounts are set at 1 yuan for both on-market and off-market subscriptions, with specific rules applicable based on the sales institutions [5][20]. Group 4: Underlying Assets - The fund plans to acquire the "Youchao Majiao" project located in Minhang District, Shanghai, which is a demonstration project for affordable rental housing, having opened in March 2023 [10][26]. - The underlying assets also include the "Youchao Sijing" and "Youchao Eastern Economic Development Zone" projects, which are significant examples of the city's efforts to promote affordable rental housing [10][28].

2025 年 11 月 27 日 华夏华润有巢 REIT (508077.SH) 扩募价值深度分析 相关研究 证券分析师 彭文玉 A0230517080001 nenawv@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 申购策略观点：有巢马桥项目地处上海闵行与松江交界，25 年末马桥 AI 试验区新企业 的入驻有望产生新增租赁需求, 但在市场租金普降的背景下以及区域内散租占主导, 可能 对项目租金产生扰动。我们预计有巢马桥项目的公允价值区间为 8.28~10.39 亿元，与 披露评估值相差-16.32%~5.05%。扩募前，华润有巢分红能力处于中游水平，但扩募 后预计 25 年中性 Cap Rate 达到 3.37%，仅次于城投宽庭与招蛇租赁；中性 IRR 预计 4.8%,较扩募前提升 0.26 个百分点。 ...

Core Viewpoint - The report from CITIC Securities suggests that the four major constraints limiting the development of China's institutional rental housing industry have changed, indicating significant growth potential for institutionalization in housing rental [1] Group 1: Industry Development - In the medium to long term, there is considerable room for growth in the institutionalization rate of housing rental agencies in China [1] - The current surge in real estate investment institutionalization and the development of real estate funds may lead to long-term rental apartments becoming a pioneering asset, driving the revaluation of certain assets [1] Group 2: Investment Recommendations - For heavy asset sectors, investors are advised to focus on regional factors [1] - In the light asset platform sector, investors are encouraged to concentrate on synergy and scale factors [1]

Core Insights - The National Development and Reform Commission (NDRC) has recommended a total of 105 infrastructure REITs projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed, raising a total of 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [2]. - The NDRC aims to promote the normalization of the recommendation and issuance of infrastructure REITs in 2024, expanding the market further [2][3]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued and listed, raising nearly 30 billion yuan [2]. - Private investment projects have become "first projects" in various fields, demonstrating a positive demonstration effect [2]. Group 3: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [3]. - The NDRC will focus on expanding the market by increasing the number of mature asset type project applications and facilitating the first listings of new asset types [3]. - A special coordination service mechanism will be established to address challenges faced by private investment projects in the REITs issuance process [3]. Group 4: Policy Support for Private Investment - The NDRC will continue to implement policies that support the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [4]. - The NDRC aims to create a comprehensive national investment and financing service platform to enhance efficient connections between financing and credit services, targeting more precise credit resource allocation to private enterprises [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the issuance of infrastructure REITs (Real Estate Investment Trusts) to enhance private investment in various sectors, with a focus on integrating the real economy with capital markets [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are seen as a vital mechanism for revitalizing existing infrastructure assets through public markets, facilitating the organic integration of the real economy and capital markets [1]. - Since the pilot program began in 2020, the NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects successfully listed, covering 10 industries and 18 asset types [1]. - The total amount raised through these funds is approximately 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects, of which 14 have been listed, raising nearly 30 billion yuan [2]. - These private investment projects have set precedents in various fields, such as the first community commercial and agricultural market REITs, which have positively influenced the upgrade of consumer infrastructure [2]. - The first batch of data center REITs, also a private investment project, was launched in August this year, contributing to the innovation of financing mechanisms in the new infrastructure sector and supporting the development of the digital economy and artificial intelligence industries [2].