下午环节通过年度优秀案例评选发布、三轮荣誉揭晓，表彰在公募REITs、机构间REITs、不动产私募 基金等领域表现突出的机构与项目。此外，三场圆桌研讨分别聚焦不同细分市场的年末盘点与趋势展 望，行业专家围绕市值管理、资产运营、创新盘活、标杆交易等核心议题展开深度交流。 上午环节设置多个平行会场，涵盖康养、酒店、能源、工业、城市更新、算电碳协同等多个重点领域， 产业专家深入探讨行业发展趋势与投资机会。头部机构资方共议配置策略、市场趋势，以专业洞察，前 瞻市场未来方向。 12月25日，由瑞思不动产金融研究院主办的"2025多层次REITs投资人大会"在北京顺利举行。本次大会 设置闭门策略会、产业专家分享、圆桌研讨等多个环节，300位来自保险、券商、基金、国资平台、产 业资本等领域的机构投资人，与REITs市场头部产业方齐聚一堂，共话REITs市场发展新机遇。 ...

Economic Growth - Spain is projected to have a GDP growth of 2.9% in 2025, which will moderate to 2.3% in 2026, indicating a strong economic performance compared to other European nations [1]. Investment Opportunities - The strong economic growth in Spain has led to significant returns for Spain-focused ETFs, suggesting a favorable investment environment for these financial instruments [1].

Core Viewpoint - Agree Realty Corporation (ADC) is recognized as a high-quality and well-managed net lease retail REIT, boasting a diversified tenant base and a strong history of monthly dividend growth [1] Company Overview - Agree Realty Corporation operates properties across the United States, indicating a broad geographical presence [1] - The company has established a diversified tenant base, which can mitigate risks associated with reliance on a single sector or tenant [1] - The firm has a solid track record of consistent monthly dividend growth, appealing to income-focused investors [1]

智通财经12月23日讯（编辑 杨斌）近期REITs市场加速下跌，特别是部分经营权项目，上周以来跌幅接 近10%。业内分析指出，经营权项目跌幅较大主要是受到了REITs分红本息可能需拆分做会计处理的扰 动，和资产端的经营基本面表现无关。在年末投资考核时点过去后，相关受影响的超跌项目或有一定反 弹。 数据，智通财经整理） 2024年2月，中国证监会发布《监管规则适用指引——会计类第4号》，明确基础设施REITs的权益属 性。并表原始权益人在合并财务报表层面应将基础设施REITs其他方持有份额列报为权益，其他投资方 对于REITs的投资属于权益工具投资。 业内分析师介绍，在明确对于REITs的投资属于权益工具投资后，投资机构将对于REITs的投资指定为 FVTOCI（以公允价值计量且其变动计入其他综合收益）资产，REITs二级市场的价格波动不计入投资 从上周以来跌幅居前的REITs项目看，均为收费公路、新能源等经营权类项目，部分收费公路项目上周 至今的跌幅接近10%。 | 图：上周以来跌幅居前的REITs项目 | | --- | | 证券名称 | 12月15日以来 | 项目类型 | | --- | --- | -- ...

REITs REITs 市场单周各板块均有所回调，发行市场保持活 2025 年 12 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 2024-12 2025-04 2025-08 中证REITs全收益 沪深300 相关研究报告 《提升全社会资源配置效率，保障房 REITs 单周表现优异—行业周报》 -2025.12.14 《稳步发展 REITs 和资产证券化， 发行市场保持活跃—行业周报》 -2025.12.7 《基础设施 REITs 将进一步扩围， 保障房 REITs 单周表现优异—行业 周报》-2025.11.30 | qidong@kysec.cn | | --- | | 证书编号：S0790522010002 | | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6]. - **Market Capitalization and Turnover**: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - **Performance by Type**: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - **Trading Activity**: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - **Comparison with Benchmarks**: As of December 19, 2025, the dividend yield of equity REITs was 20BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - A solid base of classic dividend growth stocks can be complemented with other asset types to create a balanced portfolio [1]. - The hybrid system developed allows for capturing total returns that align with the performance of the S&P 500 [1]. Group 2: Investment Focus - The focus is on high-quality dividend stocks and assets that provide potential for long-term growth and significant income generation [1].

2025 年 12 月 20 日 总量研究 二级市场价格跌幅较大，市场交投热情环比下降 ——REITs 周度观察（20251215-20251219） 要点 1、 二级市场 2025 年 12 月 15 日-2025 年 12 月 19 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逐日持续下跌的态势：加权 REITs 指数的本周 回报率为-2.74%。与其他主流大类资产相比，回报率由高至低排序分别为：可 转债>黄金>美股>纯债>A 股>原油>REITs。 从项目属性来看，本周产权类和特许经营权类 REITs 均有所下跌：产权类 REITs 回报率为-2.05%；特许经营权类 REITs 回报率为-3.83%。 从底层资产类型来看，本周各类 REITs 均有所下跌，其中，生态环保类 REITs 跌幅最小。本周回报率排名前三的底层资产类型分别为生态环保类、仓储物流类 和园区类。 从单只 REIT 层面来看，排除本周上市的华夏安博仓储 REIT 后，有 2 只 REITs 上涨，有 75 只 REITs 下跌。涨跌幅方面，本周有所上涨的分别是华安外高桥 REIT 和博时津开产园 REI ...

Group 1 - The article discusses the expertise of Austin Rogers, a REIT specialist focused on high-quality dividend growth stocks aimed at generating safe and growing passive income streams [2] - The investment philosophy emphasizes a lifelong holding period, prioritizing portfolio income growth over total returns [2] - High Yield Landlord is highlighted as a significant real estate investment community on Seeking Alpha, providing exclusive research and resources for its members [2] Group 2 - The article includes a disclosure indicating that the author holds long positions in several stocks, including AMT, CTRE, REG, DGRO, XLU, AHR, and CDL [3] - It clarifies that the opinions expressed are personal and not influenced by compensation from any company mentioned [3] - Seeking Alpha's disclosure notes that past performance does not guarantee future results and that the views may not represent the entire platform [4]

Cap rates are one of the best indicators of forward returns in REITs. It is not 1 for 1 in the sense that a 5% cap rate does not translate to a 5% forward return, but a higher cap rate at purchase will, all else equal, result in higher forward returns. Generally speaking, it is a bad time to buy REITs when they are trading at low implied cap rates and a good time to buy when they are trading at high implied cap rates. We will show this has borne out in recent history, but let us first define implied cap rat ...