"国泰君安东久REIT"拟于2025年12月26日扩募份额上市交易；参考此前已完成扩募的REITs在发售前后的溢价率、业绩完成度以及后续市场表现等因素， 扩募上市后，预计二级市场价格或将低于扩募价格。 "国泰君安东久REIT"自2022年10月上市以来，2022年—2024年期间出租率维持在95%以上，但进入2025年，其出租率进入下降阶段，不同季度期末出租率 最低94.62%，季度平均出租率最低仅为93.61%。租金单价方面，首发及存续期间评估报告给出的运营期内市场租金增长率在3%—5%之间。实践中，最新 租金单价为30.34元/平方米/月，虽然较2023年以及2024年下半年有所提升，但与上市首年相比则下降了3.1%。 自2023年上市后，租金未如预测般稳定增长，反而呈下降态势；发行前预期与实际数值差异较大。2023年评估报告预测2024年的营业收入为10,486万元， 运营净收益为8,058万元；2024年实际营业收入10,905.74万元，经营净利润为5,118.36万元，可供分配金额7,768.27万元。 二、扩募探讨 1.动机与动力 "国泰君安东久REIT"自首发上市以来，受益于其较为稳健的出租率 ...

Core Viewpoint - Since 2025, the domestic infrastructure public REITs in the industrial park sector have shown a "rise and fall" trend, with significant structural differentiation. Analysts predict that in 2026, the operation of various public REIT projects will continue to fluctuate and differentiate, suggesting that institutions should cautiously allocate resources and focus on projects with strong fundamentals while seizing opportunities after valuation corrections [1][2][6]. Group 1: Performance and Market Dynamics - The industrial park REITs have faced pressure due to an imbalance between supply and demand, leading to a mixed performance where some projects suffer losses while others show resilience. For instance, the net profit of the Jianxin Zhongguancun Industrial Park REIT was -8.55 million yuan, while the Dongwu Suyuan Industrial REIT achieved a net profit of 28.47 million yuan [2][4]. - The market for industrial park REITs remains active, with new projects like the Huaxia Jinyu Zhizao Factory REIT attracting significant investment, raising 40.39 billion yuan with a subscription multiple of 288.78 times, indicating strong demand for quality assets [2][4]. Group 2: Structural Differentiation - The core characteristic of the industrial park REITs market in 2025 is structural differentiation across various dimensions, including regional layout, asset quality, and operational capability. Projects in core areas, such as Beijing's Haidian District, maintain stable occupancy rates, while non-core areas face high vacancy rates [4][5]. - The demand from tenants is evolving, shifting from a cost-centric approach to a comprehensive evaluation of support for industrial chains, policy backing, and resource integration, making parks that focus on innovation and smart manufacturing more competitive [5][6]. Group 3: Future Outlook and Investment Strategy - The performance differentiation in industrial park REITs is expected to continue, but there is a long-term optimistic outlook for the sector. By the end of 2025, the total market size of public REITs is projected to reach 245 billion yuan, with industrial park REITs benefiting from industrial upgrades and the revitalization of existing assets [6][7]. - Investment strategies should focus on "quality, stability, and adaptability," prioritizing projects in core urban areas with high tenant quality and stable operations, while also considering reasonable valuation windows for entry [8].

Core Insights - The recent price fluctuations of Huaxia Hefei High-tech REIT have attracted significant market attention, with some viewing the short-term pullback as a risk signal, while a deeper analysis of the underlying asset logic and operational strategies suggests that this price adjustment may open new windows for value investment [1][2] Company Summary - Huaxia Hefei High-tech REIT is anchored by high-quality underlying assets, specifically the Hefei Innovation Industrial Park Phase I project, which has been operational for nearly 14 years and encompasses 356,800 square meters with 288 enterprises, over 60% of which are technology-oriented, aligning well with Hefei High-tech Zone's innovation industry positioning [1] - The project has experienced a decline in occupancy rates compared to the same period last year, primarily due to a temporary contraction in leasing demand and intensified competition among existing tenants [1] - The operating team has initiated a special enhancement plan, including diversifying leasing channels and offering targeted incentives such as 3-4 months of rent-free periods for long-term tenants and customized renovation support, demonstrating operational resilience [1] Industry Summary - As of the end of the third quarter, the fund's annualized cash distribution rate remains at 5.27%, which is considered reasonable within the industrial park REITs sector [2] - The original equity holders have expressed no plans to sell their shares during the recent unlocking of 35 million units, signaling confidence in the long-term value of the assets [2] - The long-term logic of public REITs remains unchanged, serving as a policy-supported asset securitization tool that aims to "activate existing assets and create stable cash flows," with short-term price fluctuations being more a reflection of market sentiment and liquidity rather than intrinsic asset value [2] - The ongoing renewal of leases and stabilization of occupancy rates for Hefei High-tech REITs are expected to accumulate momentum for value recovery [2] - The current market pullback may provide a favorable opportunity for rational investors to reassess value, as the price adjustment has released short-term valuation pressure and enhanced the safety margin of the annualized distribution rate [2]

Core Viewpoint - The successful issuance of the Zhongjin Yizhuang Industrial Park REIT has attracted significant investor interest, with subscription amounts reaching 647.43 billion units, which is 1,798.42 times the initial public offering amount, and a total fundraising scale of 236.82 billion yuan, 217.67 times the initial fundraising scale of 1.088 billion yuan, indicating a strong market response [1][2]. Group 1: Investment Highlights - The Zhongjin Yizhuang Industrial Park REIT focuses on high-growth sectors, particularly the new energy vehicle industry, with underlying assets primarily occupied by tenants in the automotive manufacturing and technology promotion sectors, aligning well with the region's dominant industries [2][4]. - The project benefits from policy support in the economic development zone, enhancing tenant stability through agreements that require minimum operational periods and tax commitments, thereby reducing default risks [4]. - There is significant potential for asset expansion, with the project having over 13 billion yuan in quality expandable assets in high-tech industries, which can be injected into the fund to enhance scale and returns [4]. Group 2: Market Context and Future Outlook - The industrial park sector has shown resilience, with industrial factory REITs maintaining high occupancy rates above 90%, demonstrating strong anti-cyclical capabilities, while research and office REITs face challenges with declining occupancy rates [5][6]. - The successful issuance of the Zhongjin Yizhuang Industrial Park REIT is expected to revitalize existing industrial park assets in Beijing and provide important investment tools for capital market participants, contributing to the high-quality development of China's public REITs market [4][9]. - The issuance will facilitate the attraction of emerging industries and support the upgrading of traditional industries, promoting a diversified industrial structure and enhancing competitiveness through technological innovation [11].

Core Insights - The report indicates that the transition of industrial new city operators from real estate sales revenue to industrial operation services is becoming significant, with investment returns from industrial operations becoming a crucial source of net profit [1][2] - The investment in industrial sectors shows notable cyclicality and uncertainty, with only a few companies maintaining stable performance due to a high proportion of core regional assets and a shift towards asset operation services [1] - Financing capabilities are being enhanced as multiple regions accelerate the establishment of industrial funds, promoting a deep integration of technological innovation, industrial upgrading, and financial capital through a "government guidance + market operation" model [1] - The report highlights a strong development momentum for industrial park REITs, with a noticeable increase in new applications, listings, and expansions compared to the previous year [1] Industry Trends - In 2024, industrial investment attraction has entered a new phase characterized by "precision, capitalization, and ecological integration," transitioning from attracting single enterprises to constructing entire industrial ecosystems [2] - The approach to investment attraction is shifting from experience-driven to data-driven, with industrial mapping becoming a core tool for scientific planning [2] - Industrial new city operators are evolving towards an innovative model that links financial capital, focuses on industrial operations, and builds ecological foundations, moving beyond mere infrastructure construction [2] - Future collaboration among industrial new city operators is expected to increase, facilitating deep coupling of policy chains, innovation chains, and industrial chains through platforms that involve government, leading enterprises, research institutions, and financial entities [2]