证券研究报告 固收专题报告 hyzqdatemark 2025 年 06 月 23 日 "数据中心 REIT"有何不同？ ——REITs 系列专题报告 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 运营模式：数据中心是典型的技术密集型资产，其运营模式高度依赖专业化的运维 能力和持续的技术迭代；另一方面，数据中心具有显著的高能耗属性，运营商需要 积极通过技术升级和绿色能源应用来降低 PUE（电能利用效率）以满足政策要求。 收益稳定性：数据中心资产的收益相较于传统产权类 REITs 资产或更加稳定，主要 是因为客户集中度高、租约长且客户粘性高、签约率和上架率高；签约率、上架率/ 计费率是数据中心资产的关键运营指标。 估值逻辑：对于数据中心 REIT 而言，虽然和传统产权类 REITs 一样采取收益法进 行估值，但由于资产属性之间的差异，数据中心资产在现金流结构和折现率等方面 和产业园区、保租房等不动产权也有较大差异。从现金流结构来看，传统产权类 REITs 可能更适合险资等长期配置型资金，数据中心 REITs 或更适合交易型资金以 ...

证券研究报告 领展房产基金 (823 HK) 高息领舵，展帆资管 | 华泰研究 | | | 首次覆盖 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 19 日│中国香港 | 房地产开发 | 我们首次覆盖领展房产基金（0823 HK），给予"买入"评级，目标价 50.59 港元。作为香港首家上市 REIT，领展核心资产聚焦本地必选消费场景，资 产组合覆盖中港及海外，总估值约 2258 亿港元，自上市以来其基金单位持 有人年化回报率为 10.9%，彰显其高息与稳增长特性。展望未来，人民币升 值、人口回升、美联储降息及纳入港股通等因素有望共同推动公司估值修复。 人民币升值叠加常住人口由跌转升，有望助推香港零售业回暖 全球去美元化趋势正逐步展开，人民币兑美元（及港元）汇率具备一定的升 值潜力。若人民币兑港元重返强势区间，将有望重新激发内地居民赴港消费 动能，同时亦有助于提升香港市民留港消费的意愿，整体将对香港零售市场 形成双向提振。此外，香港"抢人才"政策已初见成效，常住人口自 2023 年起恢复增长，为本地消费注入增量需求，前期人口流失导致的消费基数下 滑的负面影响正被逐步 ...

Core Insights - The Chinese public REITs market has shown strong growth since its inception in 2021, with a market capitalization exceeding 200 billion yuan and 66 projects listed, making it the largest in the Asia-Pacific region [2][7][11] - The market is currently in a policy dividend period, supported by favorable regulations and increasing investor recognition, particularly in a low-interest-rate environment [6][4] - The investment attractiveness of REITs is gradually increasing, with a rebound in secondary market valuations and a year-to-date return of 17.4% as of June 13, 2025 [14][4] Market Development Review - The market has benefited from progressive policies, including the issuance of the National Development and Reform Commission's 1014 document, which has laid a foundation for sustainable growth [6][2] - New asset types, such as data centers and senior living facilities, are gaining traction, with significant oversubscription rates for recent projects, indicating strong market demand [7][11] - The issuance of holding-type real estate ABS has reached 13.603 billion yuan, contributing to the development of a multi-tiered REITs market [11][14] Future Market Outlook - The expansion of asset types and the acceleration of initial offerings and expansions are expected to enhance the market ecosystem, providing diverse investment options for investors [25][26] - The construction of a multi-tiered REITs market is deemed necessary to cater to varying risk preferences and asset development stages, covering the entire lifecycle from cultivation to exit [27][28] - Increasing the diversity of the investor base, including public funds and foreign capital, is essential for enhancing market liquidity and depth [29][4] Investment Strategy - In the context of low interest rates and an "asset shortage," the REITs market is viewed positively for the second half of the year, although valuation risks should be monitored as the market valuation center rises [4][37] - Strategies such as primary market participation, dividend trading, and expansion gaming are recommended for investors to optimize returns [42][46][49] - The market's performance is expected to be influenced by new issuances and unlockings in the second half of the year, with a total of 28 projects involving 26.8 billion yuan set to unlock [40][41]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、 二级市场 2025年6月9日-2025年6月13日（以下简称"本周"），我国已上市公募REITs二级市场价格整体呈现稳步上 行的趋势：加权REITs指数收于143.48，本周回报率为0.74%。与其他主流大类资产相比，回报率由高至低 排序分别为：原油>黄金> REITs>美股>纯债>A股>可转债。 从单只REIT层面来看，本周单只REIT成交规模和换手率方面表现延续分化。成交量方面，周内成交量前 三的是华安张江产业园REIT/华夏中国交建REIT/博时蛇口产园REIT；成交额方面，周内成交额前三的是 华夏中国交建REIT/中金安徽交控REIT/国泰君安城投宽庭保租房REIT。 主力净流入：本周主力净流入总额为-1230. ...

Core Viewpoint - Morgan Stanley forecasts a return rate of approximately 10% for Real Estate Investment Trusts (REITs) in 2025, with varying growth potential across different property types [1] Summary by Relevant Sections Expected Returns - The expected return for REITs in 2025 is driven by a 4% dividend yield, 2%-7% growth in funds from operations (FFO), and potential valuation expansion [1] Market Performance - REITs have shown strong performance at the start of 2025, but recent market volatility makes future trends uncertain [1] - Historical trends indicate that when economic downturn risks transition from mere concerns to actual impacts on corporate earnings, market focus on REITs tends to increase [1] Interest Rate Impact - Higher interest rates, particularly the influence of the 10-year U.S. Treasury yield, pose risks to stock performance [1] Earnings Expectations - REIT earnings are projected to grow by approximately 3% in 2025, remaining stable compared to 2024, with an acceleration to nearly 6% growth expected by 2026 [1] - The growth opportunities for REITs are anticipated as more real estate assets re-enter the market, which could drive earnings acceleration in 2026 [1] - In the event of a significant economic slowdown, REITs may exhibit greater earnings resilience compared to most market sectors [1] Key REITs with High Returns - Notable REITs expected to exceed a 10% return in 2025 include: - Diversified Healthcare Trust (DHC.US) - Paramount Group (PGRE.US) - EPR Properties (EPR.US) - American Healthcare REIT (AHR.US) - Peakstone Realty Trust (PKST.US) - Welltower (WELL.US) - JBG SMITH Properties (JBGS.US) - American Tower (AMT.US) - Medical Properties Trust (MPW.US) - W. P. Carey (WPC.US) - NETSTREIT (NTST.US) - Alexander's (ALX.US) - Postal Realty Trust (PSTL.US) - VICI Properties (VICI.US) - SBA Communications (SBAC.US) - Crown Castle (CCI.US) [1]

6月8日，领展房地产投资信托基金发布公告，针对近期媒体关于其可能计划将中国内地及香港以外若干 物业分拆为单独上市实体的猜测进行澄清。 公告显示，领展董事会注意到若干媒体报导猜测领展房托可能计划将其在中国内地及香港以外若干物业 分拆为单独上市实体。董事会谨此澄清，领展作为积极的管理人，会定期就各项资本及其他企业交易进 行可行性研究，包括所猜测的潜在分拆上市，务求为领展房托的基金单位持有人创造价值及增进长远利 益。然而，有关可行性研究可能会或可能不会引致任何交易。 领展表示，若进行任何潜在交易，将会在需要时严格遵守香港联合交易所有限公司证券上市规则及房地 产投资信托基金守则的相关规定。同时，领展也表示，除已披露的信息外，并不知悉任何根据上市规则 及 / 或房地产投资信托基金守则需予披露的其他资料。 财报数据显示，领展2024/2025财年收益仍达142.23亿港元，同比增长4.8%，物业收入净额增长5.5%至 106.19亿港元。截至2025年3月31日，领展共拥有154项物业资产，其中130项位于香港，12项位于内 地，12项分布在澳大利亚、新加坡和英国，总估值达到2260亿港元。 具体表现来看，期内香港物业组 ...

智通财经APP获悉，全美房地产投资信托协会(NAREIT)研究与投资者拓展执行副总裁John Worth表示， 当前美国REITs运营状况和资产负债表保持稳健态势，但与整体经济一样，正面临关税政策反复无常带 来的市场波动冲击。 在上周协会举办的REITweek投资者大会上接受采访时，Worth表示这种不确定性已反映在REITs股价 上，并为整个商业地产市场蒙上阴影。 但写字楼市场呈现明显分化。"高品质写字楼的入住率已接近满租水平，几乎达到100%。"而困境主要 集中在低品质写字楼。他补充道，在REITs板块中，写字楼物业市值占比不足5%。 然而，关税政策的不确定性延缓了市场正常化进程。在当前波动环境下，私有业主出售资产的意愿明显 降低。 虽然关税不直接影响REITs，但会冲击其租户群体，进而影响对工业物流等流通型地产的需求。宏观经 济放缓则会对酒店、写字楼等业态造成压力。此外，潜在关税还扰乱了融资市场，增加了募资难度。 "过去两年多我们一直处于交易低迷期，"Worth表示，"市场闸门尚未完全打开，部分原因在于今年以来 的波动行情。" 但好消息是REITs资产负债表状况"极其健康"，在高利率环境下具有独特优势： ...

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 ...