Market Performance - The overall REITs market declined this week, with the CSI REITs total return index falling by 1.18% from April 7 to April 11, 2025[2] - The total REITs index decreased by 0.48%, while the property REITs index dropped by 0.78%[2] - The leading performer was the Huaxia Beijing Affordable Housing REIT, which increased by 3.67%[2] Liquidity - The total trading volume of REITs this week was 590 million CNY, a decrease of 11.0% compared to the previous week[3] - The trading volume for property and operating rights REITs was 332 million CNY and 258 million CNY, reflecting changes of -14.7% and -5.6% respectively[3] - The largest category by trading volume was transportation infrastructure REITs, accounting for 28.2% of total trading volume[3] Asset Class Comparison - The REITs total index outperformed the CSI 300 index by 2.40 percentage points but underperformed the CSI All Bond index by 0.81 percentage points[2] - Compared to the Nanhua Commodity Index, the REITs total index outperformed by 4.63 percentage points[2] Risk Factors - Future operational conditions of REITs' underlying assets are uncertain, and projected cash flows in the offering documents may not accurately reflect actual performance[3]

REITs 年报拆解：从经营底盘到配置风向 20250410 2025-04-11 摘要 • 保障房、先进制造业设施及消费基础设施 REITs 受益于政策支持和消费回 升预期，表现出较强韧性，而稳定付费终端项目如整租项目和市政类政府 付费项目对分红投资者尤为重要。 • 2025 年市场基本面受内外部扰动影响，内部关注内需政策，外部关注关 税。仓储物流板块风险敞口较大，策略上偏好保障房及消费预期相关板块， 并关注错杀的优质券种如京东整租模式。 • 2024 年产业园板块承压，一线城市以价换量保出租率，二线城市压力更 大。仓储物流市场处于周期调整，市场化租赁项目受行业波动影响大，关 联方租赁项目波动小，已上市仓储物流 REITs 表现优于整体市场。 • 中国消费基础设施进入存量竞争，零售物业控制率下降，租金下滑。已上 市消费 REITs 经营韧性较强，通过业态调整、资产改造和营销活动提升项 目人气和稳定业绩。 • 2024 年重点城市住房市场需求稳定，保租房供给增加，租赁市场竞争加 剧，租金下降。已上市保租房 REITs 经营稳定，受益于政策支持和差异化 竞争优势。 Q&A 2024 年宏观经济不复苏阶段，哪些项 ...

Core Insights - REITs are experiencing suppressed valuations due to a higher interest rate environment, leading to underperformance compared to the broader market [1] Group 1: Market Performance - Popular companies within the real estate sector have underperformed relative to the rest of the market [1] Group 2: Investment Strategy - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Group 1 - Agree Realty (NYSE: ADC) is highlighted as a strong investment within the REIT sector, particularly due to purchases made in the first half of 2024 [1] - The author emphasizes the importance of dividend investing as a pathway to financial freedom, leveraging experience in M&A and business valuation [2] - The focus of the author's investment strategy includes sectors such as tech, real estate, software, finance, and consumer staples, which form the core of the portfolio [2] Group 2 - The article expresses a beneficial long position in ADC shares, indicating confidence in the investment [3] - There is a clear intention to share insights and experiences related to dividend investing to help others in their financial journeys [2] - The content does not provide specific investment recommendations or advice, maintaining a neutral stance on investment suitability [4][5]

Group 1: Industry Dynamics - The first public REITs fund based on data centers has officially started the application process, marking a significant milestone in the industry [1][6] - The project utilizes the A-18 data center and its associated facilities as underlying assets, located in Langfang Economic Development Zone, Hebei Province, with 5,897 operational cabinets and an IT total power exceeding 42MW [1][6] Group 2: Primary Market - As of March 14, 2025, the total issuance scale of listed REITs has reached 168.3 billion, with a total of 63 funds issued [7] Group 3: Market Performance - The REITs market showed an upward trend, with the China Securities REITs Index rising by 0.12% from March 10 to March 14, 2025, while the total REITs index increased by 0.19% [11] - Notable performers included Huaxia Jinmao Commercial REIT (+5.48%) and Jiasheng Wumei Consumption REIT (+5.05%) [11] Group 4: Liquidity - The overall trading activity of REITs decreased, with a total trading volume (MA5) of 615 million, down 14.9% from the previous week [27] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 24.9% of total trading volume [27] Group 5: Valuation - The report includes valuation metrics such as the REITs P/NAV and the yield of the China bond valuation, indicating the current market conditions and historical averages [31][33]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [25]. Core Insights - The government has set a GDP growth target of around 5% for 2025, maintaining a balance between short-term stability and long-term transformation, reflecting a pragmatic yet challenging policy stance [1]. - The fiscal deficit is projected at 5.66 trillion yuan, with a deficit rate of around 4%, marking a historical high for the two sessions, which aligns with the direction of a more proactive fiscal policy [2]. - The issuance of special bonds and local government bonds is expected to reach 6.2 trillion yuan this year, significantly higher than the previous year's total of 4.9 trillion yuan, indicating an increase in effective fiscal spending [3]. - The monetary policy is characterized as "moderately loose," with expectations for potential reductions in reserve requirements and interest rates throughout the year [4]. - CPI is projected to show a "high-low-high" trend throughout the year, with an expected year-end CPI increase of around 1.2% [12]. - PPI is anticipated to narrow its decline throughout the year, with a forecasted annual decrease of -1.2% [14]. Summary by Sections Macroeconomic Policy - The government work report emphasizes a combination of "expansive fiscal and monetary policies" to stabilize growth expectations [1][4]. - The fiscal policy aims to enhance domestic demand through increased public spending and special bond issuance [2][3]. Inflation and Price Trends - February 2025 CPI showed a year-on-year decrease of -0.7%, with core CPI also negative for the first time since January 2021 [11]. - The CPI is expected to rise later in the year due to strong growth policies and increased consumer spending [12]. Trade and Export Performance - Exports in the first two months of 2025 increased by 2.3% year-on-year, while imports decreased by 8.4%, indicating a mixed trade environment [15]. - The impact of U.S. tariffs on exports has not yet fully materialized, suggesting resilience in certain sectors [17]. Market Performance - The REITs market experienced a limited rebound, with the CSI REITs index up by 1.14% [18]. - Market liquidity has decreased, with average daily trading volume dropping to 787 million yuan [19].

证券研究报告·行业动态 REITs 周报（2.15-2.21）：中外运仓储物流 REIT 获问询，国寿设合伙企业聚焦 REITs 投资 核心观点 本周中证 REITs 全收益指数上涨 1.23%，收于 1064.08。从我们构 建的指数来看，本周产权类 REITs 上涨 0.5%，经营权类 REITs 上 涨 6.0%。本周中银中外运仓储物流 REIT 获上交所问询，监管重 点关注整租方的运营情况、关联交易的定价依据、竞争性物业的 影响以及项目估值的合理性等方面。尤其是估值方面，需分析同 类物业对本项目的影响以及出租率、租金增长率的合理性。此外， 中国人寿拟出资设立合伙企业聚焦基础设施公募 REITs 投资。认 缴出资总额为 52.37 亿元，其中国寿认缴出资额为 35 亿元，国寿 资本为管理人。 行业动态信息 政策及新闻回顾：1）中国人寿拟出资设立合伙企业聚焦基础设施 公募 REITs 投资。认缴出资总额为 52.37 亿元，其中国寿认缴出 资额为 35 亿元，国寿资本为管理人。2）万科集团与中信金石、 新华保险、大家保险共同设立"万新金石（厦门）住房租赁基金"， 总规模 16 亿元。基金将收购厦门泊寓院儿 ...

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines high-quality dividend stocks with other investment vehicles such as Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The company advocates for a balanced approach to investing, focusing on both growth and income to maximize investment potential [1]. - The strategy aims to create a solid base of classic dividend growth stocks, which can lead to significant bill-paying potential over time [1]. Performance Comparison - The total return from this hybrid investment strategy is reported to be on par with the S&P index, indicating its effectiveness in generating returns [1].