Core Viewpoint - The current operational status and balance sheets of U.S. REITs remain robust, but they face market volatility due to unpredictable tariff policies, which have impacted stock prices and cast a shadow over the commercial real estate market [1][2]. Group 1: Market Performance - Year-to-date, the U.S. Real Estate Investment Trust ETF (SCHH.US) has increased by 0.8%, slightly underperforming the S&P 500 index, which rose by 1.0% [1]. - REITs are expected to become key players in acquisitions as private market valuations return to more reasonable levels, supported by strong balance sheets and capital market financing advantages [1][2]. Group 2: Economic Impact - Tariff policies do not directly affect REITs but impact their tenant base, influencing demand for industrial logistics and other types of real estate [2]. - The macroeconomic slowdown is exerting pressure on sectors such as hotels and office buildings, while potential tariffs disrupt the financing market, increasing fundraising difficulties [2]. Group 3: Financial Health - REITs have extremely healthy balance sheets, with long debt maturities that prevent them from being forced into large-scale refinancing during high-interest periods [2][3]. - The diversity of REITs' asset classes, including telecommunications infrastructure, data centers, retail, healthcare, and self-storage, allows investors to adjust their allocations flexibly according to economic conditions [2][3]. Group 4: Sector Performance - The office market shows significant differentiation, with high-quality office buildings nearing full occupancy, while low-quality buildings face challenges [3]. - Emerging real estate sectors now account for a substantial portion of REITs' total market value, demonstrating resilience even with high vacancy rates [3]. Group 5: Interest Rate Environment - Historical data indicates that REITs perform well during high-interest periods, as their debt costs have not surged significantly due to longer debt maturities [4]. - Investors are currently awaiting clarity on the interest rate environment, which is expected to lead to improved performance for REITs once the outlook becomes clearer [4][5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to perform well due to the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as a high-dividend, low-to-medium risk asset. The expectation of increased participation from social security and pension funds further supports this outlook [3][5][6]. Market Overview - As of the 23rd week of 2025, the CSI REITs (closing) index stood at 881.85, reflecting a year-on-year increase of 10.7% and a week-on-week increase of 1.55%. The CSI REITs total return index reached 1107.26, with a year-on-year increase of 18.05% and a week-on-week increase of 1.58% [3][5][14][18]. - The trading volume in the REITs market reached 465 million shares, a year-on-year increase of 18.93%, while the trading value amounted to 2.093 billion yuan, up 29.28% year-on-year. The turnover rate for the period was 2.4%, down 23.08% year-on-year [3][25][29]. Sector Performance - Weekly and monthly performance of various REITs sectors for the 23rd week of 2025 showed the following changes: - Affordable housing: +0.12% (weekly), +4.05% (monthly) - Environmental: +0.84% (weekly), +0.17% (monthly) - Highways: +2.72% (weekly), +5.37% (monthly) - Industrial parks: +0.88% (weekly), +1.92% (monthly) - Warehousing and logistics: +0.85% (weekly), +5.21% (monthly) - Energy: +2.24% (weekly), +3.96% (monthly) - Consumer: +1.41% (weekly), +7.67% (monthly) [3][36][54]. Upcoming Developments - Xinyi Energy plans to issue public REITs based on solar power plants, aiming to enhance the quality and expansion of infrastructure REITs. The Shanghai Municipal Development and Reform Commission supports the identification of quality projects that do not currently meet REIT issuance conditions and encourages collaboration with existing REIT platforms [4][12][13].

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 公募 REITs 总市值首次突破 2000 亿元 ——公募 REITs 周速览（2025 年 6 月 2-6 日） 本周（2025 年 6 月 2-6 日）中证 REITs 全收益指数收于 1107.26 点，周度上涨 1.58%，2025 年来首次突 破 1100 点位。中证 REITs（收盘）指数收于 881.85 点，周度上涨 1.55%。我国基础设施公募 REITs 市场已上 市 66 个项目，本周总市值收于 2021 亿元，首次突破 2000 亿元大关，环比上涨 1.95%。大类资产角度，本周 REITs 各资产板块均上涨，整体跑赢沪深 300、债券板块、沪金和 COMAX 黄金，跑输中证 500、中证 1000、 恒生科技和沪银。 图 1：REITs 市场整体表现 资料来源：WIND，华西证券研究所 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.55 0.65 0.75 0.85 0.95 1.05 1.15 1.25 1.3 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 06 月 08 日 [Table_Title] 公募 REITs 总市值首次突破 2000 亿元 ——公募 REITs 周速览（2025 年 6 月 2-6 日） 图 1：REITs 市场整体表现 资料来源：WIND，华西证券研究所 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 0.55 0.65 0.75 0.85 0.95 1.05 1.15 1.25 1.35 2021/9/30 2022/2/28 2022/7/31 2022/12/31 2023/5/31 2023/10/31 2024/3/31 2024/8/31 2025/1/31 REIT全收益成交额（右轴） 中证REITs全收益 沪深300 中证500 中证1000 中证转债 基准线（1.00） 注 1：通常用中证 REITs 全收益指数（指数代码：932047）或中证 REITs（收盘）指数（指数代码：932006）来反映沪深市场上市 REITs 的整体表现，二者均选取沪深市场中满足一定流动性条件和上市时间要求的 RE ...

Core Viewpoint - The release of the notification by the Shanghai Municipal Development and Reform Commission is expected to inject new momentum into the development of the infrastructure REITs market [1] Policy Support for Market Development - The notification aims to enhance the role of infrastructure REITs in revitalizing existing assets, expanding effective investment, and promoting high-quality infrastructure development [2] - It emphasizes the establishment of a dynamic reserve mechanism focusing on quality assets and improving project review and recommendation efficiency [2][3] - A "green channel" mechanism will be established for high-quality projects in the reserve pool to prioritize recommendations to the National Development and Reform Commission [2] Active Participation of Stakeholders - The development of the REITs market relies on the active support of various participants, with Shanghai implementing policies like the "Shanghai REITs 20 Measures" to facilitate project implementation and innovation [4] - The market has seen a notable increase in "initial offerings + expansions" this year, with specific examples such as the successful expansion of the Guotai Junan Lingang Innovation Industry Park REIT [5] Market Growth and Future Outlook - As of May 30, 2025, there are 66 publicly offered infrastructure REITs in China, with a total fundraising scale of 174.39 billion yuan and a total market value nearing 200 billion yuan [8] - The market size is projected to reach between 220 billion to 250 billion yuan by the end of 2025, with potential for further growth due to accelerated expansions [8] - The current environment is seen as a favorable time for investors to enter the REITs market, driven by policy benefits and a downward trend in interest rates [8] Investment Strategy Recommendations - The focus should be on prioritizing leading sectors and selecting asset types strategically, as the REITs market continues to expand and diversify [8][9] - Attention should be given to industries with relatively stable underlying asset operations and consumer-facing sectors, while also considering the operational capabilities of management teams [9]

Investment Rating - The report maintains a "Buy" rating for Link REIT since March 31, 2023, with a target price of HK$48.00, representing a 17.4% upside from the current price of HK$40.90 [13][21]. Core Insights - Link REIT reported a headline net loss of -HK$8.9 billion for FY25, primarily due to a -HK$15.8 billion markdown in rental properties. However, the underlying profit grew by 13% year-on-year to HK$7 billion, aligning with expectations [1]. - The overall revenue for Link REIT increased by 4.8% year-on-year to HK$14.223 billion, with a notable contribution from non-rental ancillary income, which rose by 16% year-on-year [1][23]. - The rental portfolio valuation was marked down by 4.7% half-on-half to HK$226 billion, reflecting a 9.2% decline from its peak at the end of FY23 [2][23]. - Management anticipates ongoing pressure on rental reversion, guiding for a low-to-mid single-digit percentage decline in FY26E [18][22]. Summary by Sections Financial Performance - Link REIT's total revenue for FY25 was HK$14.223 billion, with a year-on-year growth of 4.8%. The revenue growth is expected to moderate to 3.2% in the second half of FY25 [1][23]. - The net property income (NPI) grew by 5.5% year-on-year to HK$10.6 billion, with a margin expansion to 74.7% [1][23]. - The group declared a final dividend per share (DPS) of HK$1.37, a 3.7% increase year-on-year, totaling HK$2.72 for the full year [2][23]. Rental Trends - Tenant sales showed signs of improvement, with a decline of -3% year-on-year in FY25, compared to -4.3% in the first half of FY25 [22]. - The rental reversion for the Hong Kong portfolio was negative at -2.2% for FY25, with management expecting continued challenges in rental reversion amid uncertain macroeconomic conditions [22]. M&A and Strategic Initiatives - Management is actively exploring M&A opportunities under the Link 3.0 strategy, with preparations already in place [19][22]. - The company has a treasury of approximately 17 million units, which could be utilized for funding potential acquisitions [19]. Market Position and Valuation - The stock offers a compelling valuation with a dividend yield of 6.7%, which is above the historical average spread over US treasury rates [21]. - The financial position remains healthy, with a slight increase in the net gearing ratio to 21.5% and an interest coverage ratio improved to 5x [17][22].

Group 1: Market Overview - The Hang Seng Index is expected to fluctuate within the range of 23,000 to 23,500, with recent trading showing a slight increase of 0.4% to close at 23,381 points [3] - The mainland industrial enterprises' profits increased by 1.4% year-on-year in the first four months, totaling 2.12 trillion yuan [6][7] - The overall revenue of industrial enterprises reached 43.44 trillion yuan, reflecting a year-on-year growth of 3.2% [6] Group 2: Company-Specific Insights - Meituan's first-quarter performance exceeded expectations, with the CEO emphasizing a commitment to winning competition, resulting in a stock price increase of 2.1% [3] - Link REIT reported a total distributable amount of 7.025 billion yuan for the year, marking a year-on-year growth of 4.57% [10] - Link REIT's Hong Kong property portfolio showed a revenue increase of 1.5% despite a weak retail market, while its mainland property revenue surged by 29.7% [11][12] Group 3: Investment Strategy and Predictions - UBS maintains a target of 24,500 points for the Hang Seng Index this year, citing positive factors such as increased northbound capital inflow and strong earnings momentum [8] - The report highlights that reduced interest expenses for businesses and households could lead to increased consumption and investment, benefiting high-yield stocks like utilities and banks [8]

5月27日，亚洲最大房地产投资信托基金——领展房地产投资信托基金（以下简称领展房托）的管理人领展资产管理有限公司（以下简称领展）公布 2024/2025年度业绩，在计及一次性项目后，领展房托物业收入净额及每基金单位分派额同比分别增长5.5%及3.7%。 领展董事会主席欧敦勤表示："在宏观经济环境不明朗、业务面对重重挑战的情况下，领展房托全年业绩保持稳健，充分展现抗逆力。" REITs纳入沪深港通机制 好事将近 2024年4月19日，中国证监会和香港证监会宣布，将房地产投资信托基金（REITs）纳入沪深港通机制。作为恒生指数成份股中唯一的REIT，市场认为领 展房托将率先被纳入沪深港通机制。在回答中国基金报记者提问时，领展集团行政总裁王国龙表示，REITs互联互通好事将近。 领展房托每基金单位分派2.72港元，同比上升3.7%。截至2025年3月底的净负债比率为21.5%。 | Revenue | Net Property Income | Distributable Amount | | --- | --- | --- | | HK$14.2B | HK$10.6B | HK$7.0B | | ▲ 4.8% ...

Group 1 - Recent leadership changes at Yuexiu Services and Yuexiu Real Estate Fund, with Jiang Guoxiong appointed as the new president and chairman for both companies [1][2] - Jiang Guoxiong has a strong background in the company, having served in various leadership roles since 2020, contributing to significant sales growth in the central and western regions [2][3] - The appointment of Jiang Guoxiong signals a strategic move to consolidate leadership and address performance challenges faced by both entities [1][4] Group 2 - Yuexiu Services reported total revenue of 3.868 billion yuan in 2024, a 20% increase year-on-year, but net profit decreased by 27.5% to 353 million yuan due to a 237 million yuan goodwill impairment [4][5] - Yuexiu Real Estate Fund experienced a total revenue of 2.032 billion yuan in 2024, a decline of 2.7%, with a significant after-tax loss of approximately 340 million yuan, worsening from a loss of 3.955 million yuan in 2023 [5] - Jiang Guoxiong faces the challenge of reversing the declining net profit of Yuexiu Services and helping Yuexiu Real Estate Fund return to profitability amid current market conditions [5]

Core Viewpoint - The recent performance of rental housing REITs has shown significant excess returns, supported by rental price advantages and demand from end consumers, indicating a strong potential for stable operations through 2025 [1][4]. Group 1: Market Performance - The Huatai Suzhou Hengtai Rental Housing REIT triggered trading halts twice within its first week of listing due to high price increases, reaching 3.554 yuan per share and 3.909 yuan per share, respectively [2][3]. - The REITs market has demonstrated strong performance, with six rental housing REITs showing monthly increases of over 18% since the second half of 2024, peaking at a 47% increase in January 2025 [4][7]. Group 2: Investment Demand - The Huatai Suzhou Hengtai Rental Housing REIT saw an unprecedented oversubscription of 222.64 times during its issuance phase, indicating strong investor interest [3][4]. - The demand for rental housing REITs is driven by a combination of stable rental income, low-risk profiles, and favorable regulatory support, making them attractive to institutional investors [4][6]. Group 3: Underlying Asset Value - The underlying assets of leading REITs are concentrated in prime business districts and high-tech industrial zones, enhancing their core value due to their unique locations [6]. - The operational efficiency of these REITs is notable, with average occupancy rates maintained between 92% and 97%, significantly higher than industry averages [6][7]. Group 4: Future Outlook - The potential for further expansion in the rental housing REITs sector is widely recognized, with predictions indicating that the overall issuance scale could exceed 25 billion yuan by 2025 [7]. - The market for rental housing REITs is expected to remain active, driven by a continuous influx of new assets and the need for original stakeholders to monetize their investments [7].