1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].

Group 1 - The core viewpoint of the report highlights the successful listing of Southern SF Logistics REIT on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of 3.29 billion yuan, with offline subscription multiples reaching 53.52 times and public subscription multiples at 381.58 times [2][8] - The underlying assets of Southern SF Logistics REIT are located in key logistics hubs in Shenzhen, Wuhan, and Hefei, which inject new vitality into the private economy and promote the logistics industry towards a new era of intelligence and efficiency [2][8] Group 2 - In terms of market performance, the REITs market experienced a decline, with Southern SF Logistics REIT leading the gains at +13.10% during the week of April 21-25, 2025, while the CSI REITs total return index fell by 1.43% [3][14] - The total issuance scale of listed REITs reached 173 billion yuan, with a total of 65 REITs issued as of April 25, 2025 [9] Group 3 - The liquidity of the REITs market showed an increase, with a total trading volume of 589 million yuan (MA5) for the week, up 3.4% from the previous week, and the largest trading volume type being warehouse logistics, accounting for 25.2% [4][34] - The trading volume for REITs reached 135 million shares (MA5), reflecting a 5.8% increase from the previous week, with warehouse logistics also leading in trading volume at 31.4% [34] Group 4 - The report indicates that the Southern SF Logistics REIT has a significant performance advantage compared to other REITs, with a year-to-date increase of 13.10% since its listing [25] - The report provides a detailed analysis of various REIT categories, showing the performance of warehouse logistics REITs and their substantial market share [25][34] Group 5 - The report includes correlation analysis between the CSI REITs index and major asset classes, indicating varying degrees of correlation over different time frames [27][29] - The report also presents historical performance comparisons among different REIT categories, highlighting the relative performance of infrastructure and logistics REITs [28][34] Group 6 - Valuation metrics such as P/NAV and bond yield estimates are discussed, providing insights into the current valuation landscape of the REITs market [40][41] - The report emphasizes the ongoing expansion of the REITs market and its implications for future investment opportunities [9][11]

本次财报公布的各项数据指标表现尚佳。其中，毛利率19.85%，同比减25.69%，净利率7.87%，同比减 14.51%，销售费用、管理费用、财务费用总计4192.66万元，三费占营收比8.85%，同比减22.51%，每股 净资产4.26元，同比增8.01%，每股经营性现金流-0.75元，同比减59.5%，每股收益0.07元 | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.58亿 | 4.74亿 | 32.21% | | 归母净利润(元) | 3435.23万 | 3696.18万 | 7.60% | | 扣非净利润(元) | 3076.95万 | 3358.61万 | 9.15% | | 货币资金(元) | 14.53亿 | 16.5亿 | 13.50% | | 应收账款(元) | 6.45亿 | 7.04亿 | 9.16% | | 有息负债 (元) | 8131.34万 | 7881.84万 | -3.07% | | 毛利率 | 26.71% | 19.85% | -25.69% | | 净利率 | ...

长江商报消息 ●长江商报记者 徐佳 获注控股股东旗下资产，中储股份（600787.SH）将完善主业，提高盈利能力。 4月22日晚间，中储股份披露对外收购计划，公司拟以现金方式收购控股股东中国物资储运集团有限公司（以下简 称"中储集团"）所属的广州中物储国际货运代理有限公司（以下简称"广州货代"）和中国物资储运寿阳有限公司 （以下简称"寿阳公司"）100%的股权，交易价格合计为3.92亿元。 长江商报记者注意到，本次交易实质上是中储集团内部资源整合。中储集团将旗下资产注入中储股份，推动优势 资源向上市公司集中。中储股份将进一步聚焦主业，完善产业链布局。 数据显示，2024年，中储股份实现营业收入631.44亿元，同比下降6.13%；归属于上市公司股东的净利润（净利 润，下同）4.03亿元，同比下降48.76%；扣除非经常性损益后的净利润（扣非净利润，下同）亏损2.81亿元，同 比下降187.6%，八年来首次出现扣非净利润亏损。 由于本次交易涉及中储集团内同一控制下的企业合并，中储股份需对2024年度财务报表进行追溯调整，预计增加 公司2024年归母净利润约为6320万元。 由于本次交易涉及中储集团内同一控制下的 ...

证券研究报告 公司公布 24 年报业绩：营业收入同比下降 20.6%至 267.2 亿元；归母净利 /扣非归母净利同比下降 74.3/34.0%至 1.5 亿/1.9 亿元。归母净利低于我们 预期（6.6 亿元），主因：1）计提资产减值准备共 3.6 亿元，其中 2H24 计 提 2.8 亿元；2）海盐项目终止及退还土地产生损失 1.8 亿元；3）所得税实 际税率（41.4%）较高。我们预计 25 年一次性扰动项逐步减少、公路港通 过精益经营持续降本、化学业务稳健成长，维持"增持"评级。 传化智联 (002010 CH) 核心主业毛利率稳中有升，一次性因素拖累利润 公司 24 年毛利率 13.5%，同比+2.7pct。但归母净利润率同比-1.2pct，主因： 1）公司对坏账、存货、固定资产、持有待售资产共计提减值 3.6 亿元；2） 公司审视公路港项目投资，终止嘉兴海盐传化长三角智慧物流港项目，产生 保证金等损失约 1.8 亿元；3）24 年所得税税率 41.4%，19-23 年平均为 22.1%，主因本期未确认递延所得税资产的可抵扣亏损影响显著扩大。 一次性因素拖累盈利，核心主业毛利 率提升 物流：需求较弱 ...

东百集团 20250415 摘要 • 东百集团聚焦商业消费和物流仓储，商业零售包括自营（化妆品）、联营 （服饰等）和租赁模式（餐饮等配套）。2024 年商业零售收入 15.6 亿元， 略降但毛利增加；仓储物流收入 1.38 亿元，同比增长 39%，主要受益于 项目竣工和出租率提升。 • 公司拥有八个主要商业项目，集中在福建和甘肃，总经营面积约 87 万平 方米，自持物业占比三分之二。核心项目包括福州东百中心和兰州中心， 客流量分别超过 3,700 万和 3,600 万人次，同比增长显著。 • 东百中心和兰州中心持续引进首店品牌，其中多个品牌销售额进入全国 Top 10，显示出强大的品牌吸引力和市场竞争力。东百中心客单价约 2000 元，兰州中心客单价从 1,200 元增长到 1,350 元。 • 公司深化零售数字化建设，会员人数超 410 万，同比增长 13%，活跃会 员超 65 万。通过小程序、全渠道宣传矩阵和多场景直播实现精准营销， 平台浏览量近 5,000 万人次。 • 仓储物流业务以轻资产运营为主，累计开发 18 个物流项目，总建筑面积 180 万方，布局重点城市，已退出 7 个项目，与黑石集团等合作 ...

公募基础设施REITs周报 2025/4/12 REIT s REIT 3.67% REIT 3.19% REIT 2.61% REIT REIT REIT 0.55 0.39 0.37 REIT REIT REIT 15.29% 10.47% 9.82% 2 二级市场价量表现 二级市场估值情况 市场相关性统计 一级市场跟踪 3 4 REITs & & REITs REITs 数据来源： Wind，国金证券研究所 REIT s REIT 3.67% REIT 3.19% REIT 2.61% REIT REIT REIT 0.55 0.39 0.37 REIT REIT REIT 15.29% 10.47% 9.82% | 上市首日回 | 上市以来 | 上市以来成交量 | 本周成交量 | 上周成交量 | 基金代码 | 基金简称 | 行业类型 | 上市日期 发行价(元) | 本周换手率 上周换手率 本周回报 上周回报 今年以来回报 本周收盘价走势 | 报 | 回报 | （亿份） | （亿份） | （亿份） | | | | | | | | | | | | | --- | --- | --- | --- | --- ...

中金研究 51只公募REITs发布年度报告，本报告将从基本面、业绩完成度、资产重评估以及投资者结构四大维度解码增量信息。 点击小程序查看报告原文 Abstract 24年全年承压，关注结构性韧性。 2024年我国宏观经济仍处于弱复苏阶段，相关政策逐步发力，但传导至企业和居民端尚需时间。在此背景下，我们观 测代表企业和居民活动载体的存量REITs项目全年经营普遍承压，但也不乏结构性亮点。整体来看，当前形势下REITs项目经营韧性主要来源于：1）资产 供需矛盾相对可控；2）顺应政策主导方向（如产业园中的厂房以及消费基础设施）；3）具有稳定付费终端项目（如部分整租项目及政府付费项目）。 | 项目名称 | | 报告期末可出租面积 | | 报告期末出租率 | | | | 有效月租金 | | | 报告期末加权剩余租期 | | | 当期租金收缴率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (万平方米) | | (%) | | | | (元/平方米/月) ...

相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 策 略 研 究 REIT 申购 2025 年 03 月 14 日 南方顺丰 REIT (180305.SZ)申购价 值分析 本期投资提示： 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 购 策 略 - ⚫ 本 REIT 发售份额为 10 亿份，询价日为 2025 年 3 月 17 日，询价区间为 2.903 元/份-3.435 元/份，预计募集资金为 31.22 亿元。网下投资者及其管理的每一配售对象自上市之日起前 三个交易日（含上市首日）内可交易的份额不超过其获配份额的 50%。 ⚫ 所处区 ...

南方顺丰物流REIT属于产权类REITs，主要来源于底层优质基础设施项目的租金收入，力求为投资者带来长期和相 对稳定的分红。 从区位来看，南方顺丰物流REIT的底层资产位于深圳、武汉和合肥三个区域经济中心城市，处于核 心交通枢纽地带，充分汇聚核心城市优势力量。从功能来看，三个基础设施项目以分拨中心为主、仓储为辅，承载 了顺丰的快递、冷运和航空运输等核心业务需求，可高效满足物流转运和分拨功能。从运营质量来看，三个基础设 施项目的主要租户为快递速运及航空货运企业，客户粘性强，出租率高，租期较长，能够为项目稳健经营提供基础 保障。从运作管理来看，南方顺丰物流REIT由发起人顺丰控股股份有限公司、运营管理机构深圳市丰泰产业园管理 服务有限公司、财务顾问华泰联合证券有限责任公司以及管理人南方基金管理股份有限公司携手合作，凭借在物 流、园区管理和基金管理等方面的丰富经验与专业实力，能够为项目的稳健运营和高质量运作保驾护航，从而为投 资者提供有竞争力的投资选择。 （CIS） 责编：王璐璐 近年来，国家对仓储物流基础设施建设的重视程度持续增强，推出了一系列扶持政策，旨在推动行业高质量发 展。随着REITs政策的逐步完善和落地 ...