经过四年的高速发展，Wind数据显示，截至8月14日，国内已有73只公募REITs上市，合计规模约 2,000亿元人民币，产品数量超过香港、新加坡及日本，成为亚洲第一，展现出蓬勃的市场活力和巨 大的发展潜力。 与此同时，历经近 20年发展的香港REITs（H-REITs）市场已步入成熟阶段 ，其独特的投资价值 日益凸显。以亚洲规模最大的领展房地产投资信托基金（ 0823.HK）为代表的H-REITs，普遍提供 6%至9%的稳定股息收益率。若未来进入降息周期，优质REITs产品的资本增值潜力亦值得关注。 中国证监会与香港证监会自去年起多次提及拟将两地符合条件的REITs纳入沪深港通。若相关政策落 地，H-REITs不仅有望成为国内投资者配置稳健收益资产的新选择，同时也将推动其自身的价值重 估。 稳健收益与资本增值双引擎 投资如同航海，关键不在于对抗浪潮，而在于把握潮汐规律。在全球低利率时代转向的关口， H- REITs凭借其稳定分派的特性，成为资金寻求稳健回报的一项可选方案。当前，香港各大银行3至12 个月的港元定存利率跌至1%-2%，而主流H-REITs的股息率普遍在6%-9%区间，超越传统无风险 收益产品的 ...

Core Viewpoint - The H-share market has seen several listed REITs report mid-term performance, with most experiencing a decline in revenue and net property income growth, while the hotel and tourism sectors in mainland China have shown strong performance [1][5]. Group 1: REITs Performance - Most listed REITs reported a decline in revenue and net property income, with specific examples including: - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Link REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8%, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4%, and net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Analysis - The performance of different property sectors shows challenges: - Office, retail, and logistics sectors continue to face pressure, with declining occupancy rates reported [5][7]. - Yuexiu REIT's overall occupancy rate was approximately 82.2%, down 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down about 2 percentage points from the beginning of the period [6]. - Conversely, the hotel and tourism sectors have performed well, with notable revenue increases: - Guangzhou IFC's serviced apartments achieved record revenue of 603 million RMB, and the Four Seasons Hotel in Guangzhou reported record room revenue of 190 million RMB, with an average occupancy rate of 80.1%, up 1.1 percentage points year-on-year [7]. Group 3: Market Outlook - The inclusion of REITs in the Shanghai-Hong Kong Stock Connect is seen as a significant breakthrough for capital market connectivity, potentially enhancing market activity and liquidity [1]. - The financing costs for several REITs have decreased, which may alleviate pressure on distributable income: - Yuexiu REIT reported a financing cost of 403 million RMB, down 13.5% year-on-year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Link REIT's financing cost decreased by 12.6% to 173 million HKD [8].

Core Insights - Yuexiu Real Estate Investment Trust (Yuexiu REIT) reported a 6.6% year-on-year decline in operating income for the first half of 2025, totaling RMB 966 million, with a net property income of RMB 679 million and an overall occupancy rate of 82.2% [1] - The mid-term distribution per fund unit is approximately RMB 0.0333, equivalent to HKD 0.0366, with an annualized distribution yield of 8.42% [1] - The chairman highlighted strategic measures to capture market share, advance lease renewals, and invest in capital improvements to enhance product competitiveness amid a challenging global trade environment and economic slowdown [1] Financial Performance - Financing costs decreased to RMB 403 million, down 13.5% year-on-year, with an average financing cost at a three-year low of 3.92%, a reduction of 64 basis points [1] - The management of foreign exchange exposure improved, reducing by 31 percentage points to 28% compared to the same period last year [1] Debt and Financing - Yuexiu REIT successfully issued RMB 600 million three-year Panda bonds in July 2023, with a low coupon rate of 2.70%, marking the first listed REITs Panda bond globally [2] - The innovative financing channels and proactive financial management continue to optimize the debt structure, laying a solid foundation for future investment opportunities and sustainable development [2] Operational Performance - The office segment remains the primary revenue contributor, accounting for 55% of total income, with stable occupancy rates and favorable lease renewal conditions [2] - Guangzhou International Financial Center (Guangzhou IFC) achieved a lease renewal rate of 70%, with a strong customer visit and conversion rate, and a near 90% take-up rate for fully furnished units [2] - Hotel apartments contributed 26% to revenue, benefiting from the recovery of the domestic tourism market and consumer upgrade trends, with performance exceeding that of competing hotel apartments [2] Market Strategy - Yuexiu REIT plans to implement a proactive, steady, and flexible leasing strategy in response to economic trends, aiming to enhance the market competitiveness of its asset portfolio [3] - The company will continue to assess and adjust its financing structure to seek lower-cost RMB financing and mitigate interest rate risks [3] - Capital improvement projects will be carried out as planned, focusing on product enhancement, equipment upgrades, and safety assurance to ensure property value preservation and stable operations [3]

Core Insights - Yuexiu Real Estate Investment Trust reported stable operating performance with total revenue of RMB 966 million and net property income of RMB 679 million for the first half of the year [2] - The average financing cost has decreased to a near three-year low, reflecting prudent financial management [5] Operational Performance - The diversified property portfolio of Yuexiu REIT demonstrated robust operational stability, with office properties contributing 55% of total revenue, generating RMB 532 million [3] - The Guangzhou International Financial Center (IFC) office had a renewal rate of 70%, while the newly launched renovated units in Yuexiu Financial Tower achieved over 60% take-up rate [3] - The hotel and serviced apartment segment accounted for 26% of revenue, benefiting from the recovery of business travel and exhibitions, with the Four Seasons Hotel in Guangzhou achieving record room revenue of RMB 190 million [3] - Retail segment performance improved through brand adjustments and operational strategies, with the IFC's rental rate reaching 96.4% and the introduction of the first downtown duty-free store in Guangzhou [3] Financial Management - Total financing costs for the fund were RMB 403 million, a year-on-year decrease of 13.5%, saving approximately RMB 63 million [5] - The average interest rate for the first half was 3.92%, down 64 basis points, marking the lowest level in three years [5] - The fund successfully issued RMB 600 million three-year panda bonds in July, with a coupon rate of 2.70%, expanding its financing channels [5] - The fund's debt structure optimization led to an increase in RMB financing proportion to 72%, up 31 percentage points from the previous year, while foreign exchange exposure decreased from 59% to 28% [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From August 11 to August 15, 2025, the secondary - market prices of China's listed public REITs showed a downward trend, with a general performance compared to other mainstream asset classes. The trading enthusiasm in the market decreased, and there were no new REITs listed in the primary market this week, but the status of some projects was updated [1][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.44%, ranking behind A - shares, convertible bonds, US stocks, crude oil, and pure bonds, but ahead of gold. The return ranking from high to low was: A - shares > convertible bonds > US stocks > crude oil > pure bonds > REITs > gold [11]. - **At the underlying - asset level**: Both equity - type and franchise - type REITs' secondary - market prices adjusted downward, with equity - type REITs having a larger decline. Among different underlying - asset types, consumer - type REITs had the smallest decline this week, and the top three in terms of returns were consumer - type, ecological - environmental - protection - type, and energy - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 7 rising and 66 falling. The top three in terms of increase were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Huaxia China Resources Commercial REIT; the top three in terms of decline were ICBC Mengneng Clean Energy REIT, China Merchants Expressway REIT, and CICC Xiamen Anju REIT [23]. 3.1.2 Transaction Scale and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 3.27 billion yuan. New - infrastructure - type REITs led in the average daily turnover rate during the period. The top three in terms of trading volume were new - infrastructure - type, transportation - infrastructure - type, and park - infrastructure - type REITs; the top three in terms of the average daily turnover rate during the period were new - infrastructure, municipal - facilities - type, and energy - infrastructure REITs [24]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT; the top three in terms of trading amount were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Chuangjin Hexin Shounong REIT; the top three in terms of turnover rate were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Mengneng Clean Energy REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total net inflow of the main force this week was 50.69 million yuan, and the trading enthusiasm in the market decreased. From the perspective of different underlying - asset REITs, the top three in terms of net inflow during the week were new - infrastructure - type, energy - infrastructure - type, and municipal - type; from the perspective of single REITs, the top three in terms of net inflow during the week were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CITIC Construction Investment State Power Investment New Energy REIT [30]. - **Block - trade situation**: There were block - trade transactions on 5 trading days this week, with a total block - trade turnover of 327.75 million yuan, a decrease compared to last week. The block - trade turnover on Tuesday (August 12, 2025) was the highest in the week, reaching 101.05 million yuan. The top three in terms of block - trade turnover of single REITs were Huaxia Capital Outlet Mall REIT, E Fund Shenzhen Expressway REIT, and Southern Runze Technology Data Center REIT [31]. 3.2 Primary Market 3.2.1 Listed Projects As of August 15, 2025, the number of China's public REITs products reached 73, with a total issuance scale of 190.852 billion yuan. Among them, transportation - infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park - infrastructure - type REITs with an issuance scale of 31.835 billion yuan. No new REITs were listed this week [35][36]. 3.2.2 Projects to be Listed According to the project - status disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 11 initial - offering REITs and 6 to - be - expanded - offering REITs. This week, the status of the initial - offering project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund", the initial - offering project of "Citic Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund", and the expanded - offering project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Provided" [41].

Core Viewpoint - Yuexiu Real Estate Investment Trust (00405.HK) reported strong half-year results for 2025, with total operating income of 966 million RMB and a net property income of 679 million RMB, achieving an overall occupancy rate of 82.2% [2][4]. Group 1: Financial Performance - The total operating income for the first half of 2025 was 966 million RMB, with a net property income of 679 million RMB [2]. - The operating income from office properties contributed 55% of total revenue, amounting to 532 million RMB, with a new signed area of 48,822 m², reflecting a year-on-year growth of 7.5% [2]. - The financing cost decreased by 13.5% year-on-year, saving 63 million RMB, with the average financing cost reaching a near three-year low [4]. Group 2: Segment Performance - Hotel and apartment revenue accounted for 26% of total income, with Guangzhou IFC Ascott serviced apartments achieving record revenue of 60.3 million RMB due to increased occupancy rates [3]. - The Guangzhou Four Seasons Hotel capitalized on foreign high-net-worth clientele, generating 190 million RMB in room revenue, with an average occupancy rate of 80.1%, up by 1.1 percentage points year-on-year [3]. - The Guangzhou White Horse Clothing Market reported an operating income of 109 million RMB, maintaining a 95% occupancy rate, and facilitated procurement worth 140 million RMB [3]. Group 3: Strategic Initiatives - The fund's management has actively optimized its financial structure, increasing the proportion of RMB financing to 72%, up by 31 percentage points year-on-year [4]. - In July 2023, the fund successfully issued 600 million RMB in three-year Panda bonds at a low interest rate of 2.70%, marking a significant milestone as the first listed REITs Panda bond issuance globally [4]. - Looking ahead to the second half of 2025, the fund aims to enhance asset value and maintain high-quality development amidst external uncertainties [4].

Core Viewpoint - Yuexiu Real Estate Investment Trust (REIT) reported stable operational performance for the first half of 2025, with diversified asset layout and effective management strategies contributing to its success [1][2][3] Financial Performance - Total operating income for the first half of 2025 reached 966 million yuan, with net property income at 679 million yuan [1] - The overall occupancy rate stood at 82.2%, and the average rental price was 187.5 yuan per square meter per month [1] - Financing costs decreased to 403 million yuan, a year-on-year decline of 13.5%, saving 63 million yuan compared to the same period last year [2] Business Segment Performance - Office properties remained the main revenue contributor, accounting for 55% of total income, with operational income of 532 million yuan and a new signed area of 48,822 square meters, reflecting a year-on-year growth of 7.5% [2] - Hotel apartments contributed 26% to total income, benefiting from the recovery of the domestic tourism market and consumer upgrade trends [1][2] - Retail commercial properties adapted to the mild recovery of the consumer market, with successful brand tenant strategies driving sales growth [2] Strategic Initiatives - The company focused on enhancing its "four-dimensional capabilities"—product strength, leasing ability, operational efficiency, and service quality to capture development opportunities across various sectors [2] - The issuance of 600 million yuan three-year panda bonds at a low interest rate of 2.70% marked a significant achievement for the company [3] - The company aims to maintain a prudent and optimistic approach, enhancing asset value while responding to external uncertainties [3]

Core Viewpoint - Yuexiu REIT's performance reflects the current state of commercial real estate in mainland China, with a reported net loss primarily due to fair value impairment of investment properties [1] Financial Performance - In the first half of 2025, Yuexiu REIT achieved total revenue of 966 million yuan, a decrease of 6.6% year-on-year, with net property income of 679 million yuan, down 8.6% [1] - The net loss after tax was 337 million yuan, influenced by a decline in property valuations, which were 41.889 billion yuan compared to 42.308 billion yuan in the same period last year, a decrease of 1% [1] - The overall occupancy rate was stable at 82.2% as of June 30, with an average rental price of 187.5 yuan per square meter per month [1] Financing and Cost Management - Yuexiu REIT benefited from a declining interest rate environment, reducing financing costs to 403 million yuan, a 13.5% decrease year-on-year, saving 63 million yuan compared to the previous year [1] - The average interest rate for the first half was 3.92%, down 64 basis points year-on-year [1] Segment Performance - The office segment generated revenue of 532 million yuan, accounting for 55.02% of total revenue, with a 7.5% year-on-year increase in newly signed area [2] - The Guangzhou International Financial Center contributed significantly, with a renewal rate of 70% and a rapid absorption rate for well-furnished units [2] - Hotel operations saw revenue of 60.3 million yuan, a record high, with the Guangzhou Four Seasons Hotel achieving 190 million yuan in revenue and an occupancy rate of 80.1%, up 1.1 percentage points year-on-year [2] Strategic Initiatives - To adapt to market changes, Yuexiu REIT has established specialized teams to maintain occupancy rates, broaden leasing channels, and introduce products that meet market demand [3] - Upcoming opportunities include the opening of a duty-free shop in the Guangzhou International Financial Center and the hosting of the National Games, which are expected to boost performance [3] - Yuexiu REIT aims to enhance asset value and provide sustainable long-term returns to stakeholders through cautious optimism and strategic adjustments [3]

Core Viewpoint - Yuexiu Real Estate Investment Trust (00405.HK) reported stable overall operations in the first half of 2025, leveraging diversified asset layout, refined operational management, and flexible financial strategies to reduce financing costs and enhance asset value [1] Group 1: Financial Performance - In the first half of 2025, Yuexiu REIT achieved total operating income of 966 million RMB, with net property income of 679 million RMB [2] - The overall occupancy rate was 82.2%, and the average rental price was 187.5 RMB per square meter per month [2] - Financing costs decreased to 403 million RMB, a year-on-year decline of 13.5%, saving 63 million RMB compared to the same period last year [2] - The average interest rate fell to 3.92%, down 64 basis points year-on-year, marking the lowest level in nearly three years [2] Group 2: Operational Highlights - The office sector remained the main revenue contributor, accounting for 55% of total income, with stable occupancy and good renewal rates [3] - Hotel apartments contributed 26% to revenue, benefiting from the recovery of the domestic tourism market, with room revenue and occupancy rates outperforming competitors [3] - Retail commercial properties capitalized on the mild recovery of the consumer market, with effective brand tenant strategy adjustments driving sales growth [3] Group 3: Asset Management and Innovation - Yuexiu REIT focused on enhancing its "four-dimensional capabilities" in product strength, leasing power, operational efficiency, and service quality to capture development opportunities [4] - The office segment generated 532 million RMB in revenue, with a new leasing area of 48,822 square meters, a year-on-year increase of 7.5% [4] - The Guangzhou IFC serviced apartments achieved record high revenue of 60.3 million RMB, with improved occupancy rates [5] Group 4: Retail and Market Strategy - The retail sector is advancing brand upgrades and enhancing night-time consumption to stimulate new sales growth [6] - The Guangzhou IFC successfully introduced the first downtown duty-free store, expected to create a new shopping landmark [6] Group 5: Financial Management and Debt Structure - Yuexiu REIT maintained a flexible financial management strategy, achieving an average interest rate of 3.92%, the lowest in nearly three years [7] - The proportion of RMB financing increased to 72%, up 31 percentage points year-on-year, optimizing the capital structure [7] - In July 2023, Yuexiu REIT issued 600 million RMB three-year panda bonds at a low interest rate of 2.70%, marking a significant milestone in financing [8]

Core Viewpoint - Link REIT (00823) experienced a nearly 5% drop in share price, currently trading at HKD 42.82, with a trading volume of HKD 786 million. The announcement of CEO and Executive Director Wang Guolong's retirement by June 2026 has prompted a comprehensive succession process, with minimal financial impact expected on the company. The main uncertainty lies in the potential changes in management style and strategic planning under new leadership [1]. Company Summary - Wang Guolong, aged 63, is approaching retirement age, and his departure was anticipated, as indicated by his previous resignation from the nomination committee. The operational impact on Link REIT is expected to be minimal, with the current 3.0 strategy remaining largely unchanged for now. However, the pace of execution may slow until a successor is appointed [1].