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 (Yuexiu REIT) reported a total revenue of approximately 966 million yuan for the first half of 2025, reflecting a year-on-year decrease of 6.6% [2] - Despite the challenging market environment, Yuexiu REIT demonstrated strong risk resilience and strategic management to stabilize its operational fundamentals [2][6] Financial Performance - The net property income for the first half of 2025 was approximately 679 million yuan, down 8.6% year-on-year [2] - The total mid-term distribution amounted to about 170 million yuan, with a distribution per unit of approximately 0.0333 yuan, resulting in a distribution yield of about 4.21% based on the closing price of 0.87 HKD per unit on June 30 [2] - The average financing cost for the first half of 2025 was 4.03 billion yuan, a decrease of 13.5% year-on-year, saving approximately 63 million yuan compared to the same period last year [4][5] Property Portfolio - As of June 30, 2025, Yuexiu REIT's property portfolio included 10 properties with a total ownership area of approximately 1.184 million square meters and a total property valuation of about 41.889 billion yuan [2] - The office sector remained the primary revenue contributor, generating 532 million yuan, accounting for 55% of total revenue [3] - The major income source was the Guojin Center in Guangzhou, contributing 50.3% of total revenue [3] Strategic Initiatives - Yuexiu REIT has focused on enhancing its "four-dimensional capabilities"—product strength, leasing strength, operational strength, and service strength—to capture development opportunities across various sectors [3] - A specialized team was established to prioritize stabilizing occupancy rates and optimizing tenant structures by introducing renovated units and small-sized units [4] Market Outlook - Looking ahead to the second half of 2025, Yuexiu REIT plans to adopt a cautiously optimistic approach, focusing on steady operations and enhancing asset value to address external uncertainties [6]

Group 1 - Morgan Stanley's research report indicates that Link REIT's operating data for the first quarter of the 2026 fiscal year, ending June 30, fell slightly short of expectations [1] - Hong Kong tenant sales decreased by 0.8% year-on-year, an improvement from a 2.1% decline in the previous quarter, suggesting a trend towards stability in business [1] - The rental adjustment rate for lease renewals remains in the mid-single-digit negative range, similar to the 5% decline projected for the second half of the 2025 fiscal year, slightly below the management's guidance provided in May [1] Group 2 - Morgan Stanley notes that Link REIT's stock price has risen by 36% year-to-date, compared to a 28% increase in the Hang Seng Index, indicating potential profit-taking in the short term [1] - The "overweight" rating is maintained, with the target price adjusted down from HKD 49 to HKD 48 [1] - The forecast for the distribution per unit (DPU) for the 2026 fiscal year has been reduced by 2%, now projecting a year-on-year decline of 4% [1]

摩根大通发布研报称，考虑到领展房产基金(00823)股价年初至今已累升36%，对比同期恒指升幅为约 28%，估计短期内或出现获利回吐的情况，目前维持"增持"评级，将2026财年每基金单位分派(DPU)预 测下降2%至同比跌4%，目标价相应由49港元下调至48港元。 小摩指，领展近日公布截至今年6月底止2026财年首季度经营数据，表现略逊预期，香港租户销售额同 比跌幅收窄至0.8%，对比上财季跌2.1%，反映业务正趋向稳定，但受跨境电商竞争加剧影响，短期出 现显著复苏的可能性较低。期内续租租金调整率维持中单位数负增长，与2025财年下半年下跌5%相 若，稍逊于管理层5月份业绩会提出的"低至中单位数百分比"指引。 ...

小摩指，领展近日公布截至今年6月底止2026财年首季度经营数据，表现略逊预期，香港租户销售额同 比跌幅收窄至0.8%，对比上财季跌2.1%，反映业务正趋向稳定，但受跨境电商竞争加剧影响，短期出 现显著复苏的可能性较低。期内续租租金调整率维持中单位数负增长，与2025财年下半年下跌5%相 若，稍逊于管理层5月份业绩会提出的"低至中单位数百分比"指引。 智通财经APP获悉，摩根大通发布研报称，考虑到领展房产基金(00823)股价年初至今已累升36%，对比 同期恒指升幅为约28%，估计短期内或出现获利回吐的情况，目前维持"增持"评级，将2026财年每基金 单位分派(DPU)预测下降2%至同比跌4%，目标价相应由49港元下调至48港元。 ...