证券研究报告|固收研究报告 [Table_Date] 2025 年 12 月 22 日 [Table_Title] 关注本息拆分扰动后的高速公路 [Table_Title2] 公募 REITs 周速览（2025 年 12 月 15-19 日） [Table_Summary] 本周（2025 年 12 月 15-19 日）中证 REITs 全收益指数收 于 999 点，周度下跌 2.85%，已跌回至 2025 年初水平，叠加 华夏安博仓储首日上市即破发（收盘跌 10.16%），市场情绪 很弱。周内来看，本周五个交易日一路下跌，周五当天跌幅高 达 0.81%，盘中录得 2025 年 1 月以来的最低点位 991。 公募 REITs 的全部分红通常被直接计入投资收益。但实际 上，分红既包含源自经营净现金流的收益部分，也包含与折旧 摊销等资产消耗相对应的本金返还部分。根据会计相关处理原 则，本金返还应冲减投资成本，而非确认为当期收益，否则将 抬高账面利润、延后反映资产价值下降。因此，"本息拆分"确 实有助于更加真实反映 REITs 分红现金流的本质。 但"本息拆分"很大程度上是个会计处理问题，和资产端的 经营基本面表 ...

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK 1 | 德邦新兴产 ... 1.0338 | | 最新净层拟号含从糖质感人 6.45% な | | | --- | --- | --- | --- | --- | | | 023674 | 2025-12-12 | | | | 2 | 德邦新兴产 ... 1.0319 | | 6.44% | ४ | | | 023675 | 2025-12-12 | | | | 3 | 东方低碳经 ... 1.2915 | | 6.27% | ৰ বিশ্ব | | | 021094 | 2025-12-12 | | | | 4 | 东方低碳经 ... 1.2866 | | 6.27% | ਕੇ | | | 021095 | 2025-12-12 | | | | 5 | 富荣福鑫混合A 0.8225 | | 6.12% | 27 | | | 004794 | 2025-12-12 | | ...

福建板块，热度持续！ 12月9日，福建板块部分个股再度异动，龙洲股份、厦门港务开盘后1分钟内就被资金封死涨停板，永辉超市、欣贺股份、安 记食品等股票也在盘中直线拉升至涨停板。截至券商中国记者发稿时，福建板块涨停或涨超10%的个股有16只。 消息面上，12月9日，泉州"十五五"规划建议发布。其中提到，推动泉台基础设施应通尽通，做大石井对台客货运枢纽，推 进泉厦金高速公路等前期工作。 12月8日，厦门"十五五"规划建议发布。其中提到，探索建设具有自由港特征的经济特区，深入实施自由贸易试验区提升战 略。深入实施提振消费专项行动，构建国际能级、市级核心、区级中心、便民社区四级商业体系，打造区域性国际消费中心 城市。 集体异动 近期，福建板块反复活跃。12月9日盘中，该板块中的部分个股再度大涨。 鸿博股份、东百集团、昇兴股份、安妮股份开盘一字涨停，龙洲股份、厦门港务开盘1分钟内涨停。随后，永辉超市、欣贺 股份、安记食品、舒华体育、达华智能等公司也陆续涨停。午后，福建高速也一度直线拉升，盘中触及涨停。 | a | 分时 1分钟 5分钟 15分钟 30分钟 更多 > | 竟价 叠加 重播 | 统计 | 画线 F10 | 标 ...

Group 1: Report's Overall Situation - The report is a weekly review of public REITs from November 3 - 7, 2025, focusing on market trends, investment opportunities, and risks in the REITs sector [1][10] - The overall market is weak, with the China Securities REITs Total Return Index closing at 1041.51 points, down 0.40% for the week, affected by factors such as weak fundamentals, share unlocks, and secondary offerings [10] - As of Friday, the total market capitalization of 77 listed REITs in China was 220.6 billion yuan, with a floating market capitalization of 110.9 billion yuan [1] Group 2: Secondary Market Overall Performance - After the third - quarter reports, the REITs sector continued to show divergence, with 33 rising, 1 falling, and 43 falling. Industrial parks and warehousing logistics led the decline with a 1.8% drop, while the municipal environmental protection sector led the gain with a 0.65% increase [2][19] - REITs trading sentiment weakened, with average daily trading volume, average daily turnover, and average daily turnover rate decreasing by 13.43%, 10.45%, and 0.05 percentage points respectively compared to the previous period [22] Sub - sectors - **Industrial Parks**: The sector continued to face pressure in the third - quarter reports, with significant divergence in individual bond fundamentals. Some projects' occupancy rates dropped to 60 - 70%. The average distribution rate of the sector has increased to 4.60%. Consider playing the oversold opportunities of some individual bonds, such as CICC Liandong Kechuang REIT [28] - **Rental Housing**: The sector was dragged down by China Resources Youchao REIT, which fell 3.21% this week. The project plans to conduct a secondary offering through private placement to original holders, which may bring risks such as price decline and equity dilution. However, the sector's liquidity is good, and the distribution rate has increased from 2.83% at the end of June to 3.14%, so it is still worthy of attention [31] - **Transportation Facilities**: Continue to focus on road assets in the eastern regions such as Huatai Jiangsu Expressway, China Merchants Expressway, etc. Note that three highway REITs will have large - scale share unlocks in November, which may bring trading pressure [34] - **Consumer Infrastructure**: It is the golden season for consumer REITs in the fourth quarter. Focus on projects with high distribution rates, stable leasing performance, and large consumption potential, such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5][36] - **Municipal Environmental Protection**: Guotai Haitong Jinan Energy Heating REIT performed best this week, rising 2.25%. Pay attention to the heating duration and heat source procurement price adjustment during the heating season [38] Group 3: Primary Market Shan Zheng Jinzhong Public Investment Ruiyang Heating REIT - On November 6, the Shanghai Stock Exchange issued a review opinion. Key concerns include heat source procurement (stability and unit price) and heating fee income (historical and predicted shutdown rates, "same - city, same - price" policy, etc.) [43] Other Upcoming Issuance Projects - As of November 7, 2025, there are about 3 potential issuance projects remaining this year. Currently, 1 is ready for sale after pricing (Huaxia Anbo Warehousing Logistics), 7 have received exchange feedback, and 1 has been accepted by the exchange [44] Group 4: Investment Recommendations - **Industrial Parks**: Consider the oversold opportunities of CICC Liandong Kechuang REIT, which has an occupancy rate of over 90% in the third - quarter report, and also pay attention to Guotai Haitong Dongjiu New Economy and Guotai Haitong Lingang Innovation Industrial Park [28] - **Rental Housing**: Focus on high - distribution - rate projects such as Shanghai Real Estate Rental Housing, Shekou Rental Housing, and Xiamen Anju, which fell significantly last week [4] - **Consumer Facilities**: In the fourth quarter, focus on high - distribution - rate, stable - leasing, and high - consumption - potential projects such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5]

Core Viewpoint - A new company, Handan Xindongli Transportation Facilities Co., Ltd., has been established with a registered capital of 500,000 RMB, focusing on various sales and services related to transportation and public management [1] Company Summary - The legal representative of the company is Zhao Xiaoen [1] - The registered capital of the company is 500,000 RMB [1] - The company operates in a wide range of areas including sales of traffic and public management signs, plastic products, rubber products, metal materials, labor protection supplies, fasteners, municipal facility management, and traffic facility maintenance [1] Industry Summary - The company is involved in general projects such as engineering management services, garden greening engineering construction, general equipment repair, and sales of various consumer and industrial products [1] - The company also engages in the sale of chemical products (excluding licensed chemical products), advertising production, and sales of textiles and building materials [1] - The company has specific licensed projects including specialized construction operations and construction project supervision, which require approval from relevant authorities before commencement [1]

Core Viewpoint - A-shares experienced a decline in major indices, with the Shanghai Composite Index dropping over 1% and the ChiNext Index falling more than 2.4%, while traditional sectors like steel, transportation, banking, and coal showed resilience with gains [1] Group 1: Market Performance - The banking index rose over 1% in early trading, with Agricultural Bank of China (601288) leading the gains, rising more than 2.6% and reaching a historical high [1] - As of October 16, the market capitalization of Agricultural Bank of China reached 2.39 trillion yuan, maintaining its position as the largest in A-shares, with a gap of over 330 billion yuan from the second-largest [1] - A-shares market turnover has been declining, with the trading volume falling below 2 trillion yuan for the first time in 40 trading days on October 16 [1] Group 2: Sector Performance - Growth stocks represented by the ChiNext and STAR Market have shown signs of weakness, with indices in media, electronics, telecommunications, and computers all dropping over 4% in October, ranking among the top four in industry declines [1]

Group 1 - Qilu Bank has established a comprehensive financial service ecosystem to support private enterprises, particularly in the marine economy sector, enhancing their operational capabilities and reducing financing barriers [1][2] - The bank has introduced innovative financial solutions, such as the "Blue Cold Chain Industry Chain Financial Solution," to address funding bottlenecks in the cold chain logistics industry, specifically for a leading enterprise in the region [2][3] - The cold storage utilization rate of the leading enterprise increased from 90% to 98%, and it became one of the busiest cold chain hubs in the Shandong Peninsula, with a daily throughput exceeding 800 tons [3] Group 2 - Qilu Bank has focused on technology finance, providing tailored financial products like "Kairong Loan" to support technology-driven enterprises, which have significant funding needs due to increased orders and R&D investments [4][5] - The bank has developed an online financing product called "Kairong e-loan," which evaluates the strength and potential of technology enterprises based on big data, effectively turning their technological capabilities into financial assets [5] - As of June, the balance of technology loans at Qilu Bank's Liaocheng branch reached 2.18 billion, reflecting a 30% increase since the beginning of the year [5] Group 3 - Qilu Bank has launched the "No Recourse Domestic Factoring (Quanshin Chain)" service to help small and micro enterprises manage their accounts receivable, providing them with efficient financing options [6][7] - The bank has successfully facilitated over 260 loans totaling more than 760 million for private enterprises through the "Quanshin Chain" product, addressing their accounts receivable financing challenges [7]

Core Insights - Zhuhai Chuanliu Traffic Facilities Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various traffic and public management services [1] Company Overview - The company’s business scope includes sales of traffic and public management signs, rail transit engineering machinery and components, electrical signal equipment, and security equipment [1] - It also engages in the sale of rail transport infrastructure equipment, electronic components, and various software development services [1] Services Offered - The company provides a wide range of services including engineering and technical research, data processing, computer system services, and information system integration [1] - It specializes in smart control system integration, artificial intelligence technology platforms, and 5G communication technology services [1] Regulatory Compliance - The company is involved in several licensed projects such as construction engineering design, electrical installation services, and building intelligent system design, which require approval from relevant authorities [1]

Group 1 - Qilu Bank has achieved impressive mid-year results for 2025, establishing a comprehensive financial service ecosystem to support private enterprises in overcoming financing burdens and accelerating development [1] - The bank aims to be a key player in serving the private economy by innovatively creating an "industrial service circle" to eliminate invisible financing barriers [1] - Many private enterprises express gratitude for Qilu Bank's support, stating that it has strengthened their confidence in securing orders [1] Group 2 - The 2025 Marine Cooperation Development Forum highlighted the focus on marine economy, with Jiaozhou Bay becoming a significant cold chain logistics base for aquatic products [3] - A leading cold chain enterprise in the region has a cold storage area of 32,000 square meters and can handle 180,000 tons of aquatic products annually, covering a wide market [3][4] - Before receiving credit support, this enterprise faced development bottlenecks due to high capital turnover pressure, which limited its ability to expand supplier relationships [4] Group 3 - Qilu Bank has introduced a "blue cold chain industry chain financial solution" to address funding bottlenecks in the cold chain industry, utilizing the creditworthiness of a leading enterprise [4] - The bank provided 50 million yuan in online trade financing to a supply chain management company, reducing financing costs by 750,000 yuan annually [4][5] - The utilization rate of the cold storage facility increased from 90% to 98%, and the maximum daily throughput exceeded 800 tons, establishing it as a busy cold chain hub [5] Group 4 - Qilu Bank is focusing on technology finance, having successfully provided 3 million yuan in financing to a transportation facility company that signed orders worth over 90 million yuan [6][7] - The bank has developed a credit evaluation system based on big data for technology enterprises, allowing for the monetization of their technological strengths [7] - As of June, the bank's technology loans balance reached 2.18 billion yuan, reflecting a 30% increase since the beginning of the year [7] Group 5 - Qilu Bank launched an innovative "non-recourse domestic factoring" product to help small and micro enterprises address financing challenges related to accounts receivable [8][9] - The bank facilitated over 76 million yuan in loans through the "泉信链" product, assisting nearly 170 private enterprises in overcoming accounts receivable financing difficulties [9]

Company Overview - Hebei Lianqian Transportation Facilities Co., Ltd. has been established with a registered capital of 3 million RMB [1] - The legal representative of the company is Guo Xianyong [1] Business Scope - The company engages in various general projects including sales of traffic and public management signs, traffic facility maintenance, municipal facility management, and landscaping engineering [1] - It also provides services in information system integration, safety system monitoring, and computer system services [1] - The company is involved in the sales of electrical products, electronic devices, and semiconductor lighting components [1] - Additionally, it offers parking services and agricultural machinery sales [1] Permitted Projects - The company is authorized to undertake construction engineering, highway management and maintenance, and residential interior decoration [1] - All activities are subject to approval by relevant authorities as per legal requirements [1]