公募REITs

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公募REITs二季度业绩分化:消费、保障房抗跌,产业园业绩下滑显著
Mei Ri Jing Ji Xin Wen· 2025-07-29 02:05
《每日经济新闻》获悉,随着公募基金二季报披露完毕,公募REITs也交出了今年二季度的"成绩 单"。 根据Wind数据,目前全市场已上市的公募REITs中,公开披露经营数据的有66只,有可比数据的则 为62只。其中,二季度营收超过1亿元的产品共有13只,环比增长的仅有28只,还有34只产品营收环比 下滑。大多数产品都实现了盈利,其中1只产品单季度净利润破亿元,还有23只产品净利润超过1000万 元。另外,从可分配金额来看,环比上涨的共有36只,其中单季度可供分配金额过亿元的产品有5只。 根据申银万国证券的数据,二季度公募REITs整体营收同环比下滑2.6%、5.8%,可供分配金额同比 提升4.1%、环比下降8.7%。从业绩表现来看,保障房和消费最为稳健;仓储物流可供分配金额同比分 化、环比均上行,能源类受季节扰动较大,产业园业绩则下滑较为明显。 公募REITs二季报经营情况出炉,13只产品单季度营收破亿元 根据Wind数据和基金二季报,目前全市场已上市的公募REITs中,公开披露经营数据的有66只,有 可比数据的为62只。 其中,二季度营收过亿元的产品共有13只,其中交通基础设施占绝大多数。去年12月成立并上市 ...
公募REITs周报(第25期):指数小幅回调,扩募进程加速-20250713
Guoxin Securities· 2025-07-13 11:47
Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the China Securities REITs Index closed down. The performance of property - type REITs was weaker than that of franchise - type REITs, with average weekly price changes of - 1.8% and - 0.9% respectively. Among all types of REITs in the market, ecological and environmental protection, warehousing, and energy - type REITs had the smallest declines [1]. - As of July 11, 2025, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 70BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return (IRR) of franchise - type REITs and the 10 - year Treasury bond yield was 186BP [1]. - Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, and Harvest JD Logistics REIT announced an expansion plan, gradually reflecting the "asset listing platform" function of public REITs [1]. Summary by Related Catalogs Market Trends Secondary Market Trends - As of July 11, 2025, the closing price of the China Securities REITs (closing) Index was 876.64 points, with a weekly change of - 0.96%, performing worse than the CSI Convertible Bond Index (+0.76%), the CSI 300 Index (+0.82%), and the CSI All - Bond Index (-0.05%). Since the beginning of the year, the ranking of the price changes of major indices was: China Securities REITs (+11.0%) > CSI Convertible Bonds (+8.8%) > CSI 300 (+2.0%) > CSI All - Bond (+1.3%) [2][8]. - As of July 11, 2025, the one - year return rate of the China Securities REITs Index was 12.0%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The total market value of REITs decreased to 205.2 billion yuan on July 11, a decrease of 2.7 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.60%, a decrease of 0.14 percentage points from the previous week [2][14]. - All types of REITs closed down. From the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 0.9% respectively. From the perspective of different project types, the three project types with the smallest average declines were ecological and environmental protection (-0.4%), warehousing and logistics (-0.5%), and energy infrastructure (-0.5%). The top three REITs in terms of weekly price increases were Harvest JD Logistics REIT (+4.25%), CICC China Greentown Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) [1][3][18]. - In terms of trading activity, ecological and environmental protection - type REITs were the most active this week, and transportation - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, and its trading volume accounted for 4.2% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6% during the period, and its trading volume accounted for 23.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CICC China Greentown Commercial REIT (24.65 million yuan), Huaxia China Resources Commercial REIT (14.98 million yuan), and CITIC Construction Investment SPIC New Energy REIT (10.45 million yuan) [4]. Primary Market Issuance - As of July 11, 2025, there was 1 REIT product in the declared stage, 2 in the accepted stage, 7 in the feedback stage, 7 passed and waiting to be listed, and 5 first - issued products that had passed and were already listed on the exchange [26]. Valuation Tracking - From the perspective of bond characteristics, as of July 11, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [28]. - From the perspective of equity characteristics, the valuation of REITs was judged through relative net value premium rate, IRR, and P/FFO. Different project types had different relative net value premium rates, P/FFO, IRR, and annualized dividend rates [28][29]. Industry News - On July 4, Wuxi Xishan Huaneng Group issued a tender announcement for the selection of a fund manager for infrastructure public REITs, with a contract estimated price of 2.54 million yuan, officially launching the process of green and low - carbon asset securitization [35]. - On July 8, Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, planning to acquire three community - type shopping centers, with a total construction area of approximately 300,000 square meters [35]. - On July 8, Harvest JD Logistics REIT announced an expansion plan, planning to raise funds through targeted or public means to acquire two projects, with a total construction area of approximately 253,000 square meters [35]. - On July 10, Lijiang Tourism Development Investment Group Co., Ltd. announced the winning bids for the selection of a financial advisor for the original equity holder and the selection of a fund manager and plan manager for a cultural and tourism infrastructure public REITs project. The project planned to use Yulong Snow Mountain as the underlying asset, with a planned issuance scale of no less than 2.5 billion yuan [35].
每日市场观察-20250702
Caida Securities· 2025-07-02 07:02
Market Performance - On July 1, the Shanghai Composite Index rose by 0.39%, the Shenzhen Component increased by 0.11%, while the ChiNext Index fell by 0.24%[3] - The total trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan, slightly down from the previous trading day[1] - Over 2,600 stocks rose in the two markets, indicating a structural rotation of market hotspots[1] Sector Highlights - The pharmaceutical sector, particularly innovative drugs, immunotherapy, weight loss drugs, and vitamins, showed strong performance[1] - The semiconductor equipment industry within the technology sector also attracted significant market attention[2] Fund Flows - On July 1, net inflows into the Shanghai Stock Exchange were 5.69 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 290 million yuan[4] - The top three sectors for capital inflow were chemical pharmaceuticals, chemical products, and electricity[4] Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, enhancing information sharing among healthcare, insurance, and pharmaceuticals[5] - The measures aim to expedite the entry of innovative drugs into designated medical institutions and ensure timely adjustments to drug supplies[5] Economic Indicators - The Caixin China Manufacturing PMI for June rose to 50.4, indicating a return to the expansion zone, up by 2.1 percentage points from May[6] - The State-owned Assets Supervision and Administration Commission emphasized the development of the new energy vehicle industry and enhancing talent capabilities[7] Industry Trends - The GenAI IaaS market in China is projected to reach 8.74 billion yuan in the second half of 2024, marking a year-on-year increase of 165%[8] - The film box office for the first half of 2025 reached 29.231 billion yuan, with a year-on-year growth of 22.91%[9] - Heavy truck wholesale sales in June increased by approximately 29% year-on-year, with total sales around 92,000 units[11] Fund Management - Public REITs have surpassed a total market value of 200 billion yuan since their inception in 2020, following the implementation of new guidelines for registration and settlement[12] - Twelve public funds with over 100 billion yuan in management collectively manage 3.59 trillion yuan, accounting for 80% of the total ETF market[13]
财达证券每日市场观察-20250610
Caida Securities· 2025-06-10 07:04
Market Performance - On June 9, the Shanghai Composite Index rose by 0.43%, the Shenzhen Component Index increased by 0.65%, and the ChiNext Index gained 1.07%[3] - Market turnover reached 1.31 trillion, an increase of approximately 130 billion compared to the previous trading day[1] Sector Analysis - All sectors except food and beverage saw gains, with pharmaceuticals, military industry, agriculture, and textiles leading the increases[1] - The military and innovative pharmaceuticals sectors have shown significant strength, driven by recent geopolitical events and advancements in clinical research[1] Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 0.4% month-on-month, with a year-on-year decline of 3.3%[5] - For the first five months of the year, China's total goods trade value reached 17.94 trillion, reflecting a year-on-year growth of 2.5%[6] Investment Trends - In the first week of June, new fund issuance exceeded 31 billion, with equity funds showing a "high volume, low amount" characteristic, totaling only 5.82 billion[11] - Public REITs' total market value surpassed 200 billion for the first time, with the Shanghai Stock Exchange accounting for nearly 70% of this total[12][13]
建材、建筑及基建公募REITs周报(5月31日-6月6日):周专题:公募REITs市值首破2000亿
EBSCN· 2025-06-09 10:50
Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].
公募REITs周报(第15期):REITS小幅回调,消费类逆势收涨-20250428
Guoxin Securities· 2025-04-28 09:42
1. Report Industry Investment Rating No information about the industry investment rating is provided in the given reports. 2. Core Viewpoints - With the release of Q1 performance, the pricing of REITs this week gradually returned to fundamentals. Consumption and affordable housing REITs showed stable performance and strong resilience. The CSI REITs Index slightly declined this week and underperformed major stock and bond indices. Except for consumption REITs, all other types of REITs closed down. As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1]. - The performance of public - offering REITs in the first quarter of 2025 showed a differentiated trend. Generally, consumption and affordable housing REITs performed stably with strong resilience; industrial parks and warehousing logistics REITs faced certain operational pressures, and there were obvious internal differentiations in the energy and public utilities sectors [4]. 3. Summary by Related Catalogs 3.1 Market Trends - **Index Performance**: As of April 25, 2025, the CSI REITs (closing) index closed at 847.0 points, with a weekly decline of 1.8% from April 21 - 25, 2025, underperforming the CSI 300 Index (0.4%), the CSI Convertible Bond Index (0.9%), and the CSI Aggregate Bond Index (-0.1%). Year - to - date, the CSI REITs Index rose 7.3%, outperforming the CSI Convertible Bond Index (+1.8%), the CSI Aggregate Bond Index (+0.3%), and the CSI 300 Index (-3.8%). In the past year, the return of the CSI REITs Index was 4.5%, with a volatility of 6.9%. Its return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index, and 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][8][10]. - **Market Capitalization and Turnover**: The total market capitalization of REITs rose to 189.5 billion yuan on April 25, an increase of 1.4 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.03 percentage points from the previous week [2][10]. - **Performance by REIT Type**: Except for the consumption sector, other types of REITs had a slight decline. As of April 25, 2025, the average weekly decline of property - type REITs and franchise - type REITs was 1.1% and 0.7% respectively. Among specific REITs, the top three in terms of weekly gains were CICC Chongqing Liangjiang REIT (+6.35%), E Fund Huawai Market REIT (+4.26%), and Huaan Waigaoqiao REIT (+2.51%) [3][15][19]. - **Trading Activity**: Warehousing logistics REITs were the most actively traded this week, with an average daily turnover rate of 1.8% and an trading volume accounting for 25.2% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern SF Logistics REIT (107.85 million yuan), China AMC China Resources Commercial REIT (14.45 million yuan), and CICC Anhui Expressway REIT (12.35 million yuan) [3][20][23]. 3.2 Primary Market Issuance As of April 25, 2025, there were 2 REIT products in the in - inquiry stage, 1 in the accepted stage, 6 in the feedback stage, 3 passed and waiting for listing, and 2 first - issued products that had passed and were listed on the exchanges [25]. 3.3 Valuation Tracking - **Cash Distribution Rate**: As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1][27]. - **Valuation Indicators**: Different types of REITs had different relative net - value premium/discount rates, P/FFO, IRR, and annualized dividend rates. Property - type REITs focused on dividend yield, while franchise - type REITs focused on internal rate of return. As of April 25, 2025, the dividend yield of property REITs was 383 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 259 BP [27][30][31]. 3.4 Industry News - On April 21, "Southern SF Logistics REIT", an infrastructure public - offering REIT under SF Holding, was officially listed on the Shenzhen Stock Exchange. Its initial offering price was 3.290 yuan per share, the opening price on the first - listing day was 3.8 yuan, and the closing price was 3.7 yuan, with a full - day increase of 13.53%, a turnover rate of 22.55%, and a trading volume of 251 million yuan. The effective subscription multiple of public investors was 381.58 times [37].