证券研究报告 | 2025年06月29日 公募 REITs 周报（第 23 期） 指数收跌，消费 REITs 迎新机遇 核心观点 固定收益周报 主要结论：本周中证 REITs 指数收跌，产权类 REITs 和特许经营权类 REITs 平均周涨跌幅分别为-2.1%、-1.8%。从主要指数周涨跌幅对比来看：中证转 债>沪深 300>中证全债>中证 REITs，REITs 全周日均换手率较前一周略有上 升。全市场各类型 REITs 收跌，能源、生态、市政设施类 REITs 跌幅较小。 截至 6 月 27 日，公募 REITs 年化现金分派率均值为 6.3%，显著高于当前主 流固收资产的静态收益率。产权 REITs 股息率比中证红利股股息率均值低 143BP,经营权类 REITs 内部收益率均值与十年期国债收益率利差为 209BP。 央行等六部门发布《关于金融支持提振和扩大消费的指导意见》，支持符合 条件的消费基础设施发行 REITs，消费 REITs 发展迎来新机遇。华夏北京保 障房 REIT 完成国内首单租赁住房扩募，租赁住房 REITs 实现"首发+扩募" 闭环，奠定再融资常态化范式。 中证 REITs 指数周 ...

Group 1 - The Shanghai Cooperation Organization (SCO) finance ministers and central bank governors meeting was held in Beijing, discussing global and regional economic challenges and financial cooperation [1] - The meeting achieved substantial progress towards the establishment of the SCO Development Bank and agreed to create a financial think tank network [1] - Topics included improving local currency settlement arrangements and enhancing digital inclusive finance cooperation [1] Group 2 - The National Energy Administration announced the initiation of pilot projects for new power systems, focusing on building or upgrading renewable energy power stations in areas with tight supply or significant consumption pressure [2] - The projects aim to enhance system performance with a target of increasing output by over 10% during peak hours [2] - Priority will be given to projects with installed capacity of over 200,000 kilowatts [2] Group 3 - Guangdong Province is planning to develop a marine strong province indicator system to evaluate the effectiveness of marine development [3] - The system will include functional positioning, compilation principles, and calculation methods, ensuring practical implementation [3] - This initiative aims to support the construction of a new marine Guangdong [3] Group 4 - Shenzhen's Industrial and Information Technology Bureau announced a support plan for the smart terminal industry, with funding up to 20 million yuan for various AI terminal projects [4] - The focus is on research, production, and application promotion of innovative consumer electronics, including smartphones and smart home products [4] - The application system for funding will open on June 13 [4] Group 5 - The National Railway Administration is promoting the green transformation of old diesel locomotives by replacing fossil fuel systems with electric and hydrogen fuel cell systems [5] - This initiative aims to improve energy efficiency and reduce emissions from railway operations [5] Group 6 - PingPong has received preliminary approval from the Central Bank of the UAE to become the first Chinese third-party payment institution to hold a UAE payment license [6] - This marks a significant step for Chinese payment platforms in expanding their international presence [6] Group 7 - Shanghai's Development and Reform Commission encourages local enterprises to actively apply for infrastructure REITs reserve projects, with a minimum asset valuation of 1 billion yuan for new issuances [8] - Existing REITs can expand without asset size restrictions, allowing for bundled calculations of multiple projects [8] Group 8 - The Ministry of Industry and Information Technology and the Chinese Academy of Sciences are launching an innovation task for high-performance bioreactors, focusing on key technologies and applications [9] - The initiative aims to enhance the integrated development capabilities of technology research, supply-demand matching, and large-scale application [9] Group 9 - In May 2025, A-share new account openings reached 1.56 million, a year-on-year increase of 22.86% compared to 1.27 million in May 2024 [10] - Despite a decline from previous months, the overall trend remains robust, with the total new accounts in 2025 exceeding the first six months of 2024 [10] Group 10 - China Eastern Airlines announced a new fuel surcharge policy effective June 5, 2025, exempting fuel surcharges for domestic flights under 800 kilometers [11] - For flights over 800 kilometers, a surcharge of 10 yuan per passenger will be applied [11] - The policy aims to adjust pricing structures for domestic air travel [11]

今天，中金亦庄产业园封闭式基础设施证券投资基金正式获得中国证监会准予注册的批复，该基金已于日前获得上海证券交易所无异议函。中金亦庄产业园 REIT是国内首个聚焦汽车制造产业链的基础设施REITs项目。 and and the first t 172 12 201 t 2017 p 2017 a Bran r = 147 Call Proper 2 250 I t 2017 11:24 PM the state 12 4 t and ng all and 5 0 1 . 218 510 6 1 1 - CALL t and (V) u 005 1 g . ing We 166 M 4 148 E P TI 2.440 49 list and 1 e A. 12 1 4 4, 144 该基础设施资产当前入驻企业主要面向知名整车企业和智能驾驶企业提供产业链上下游配套产品和服务，符合优化提升首都核心功能、打造高端制造优势产 业集聚区的发展战略要求。 这也是北京经济技术开发区首单基础设施REITs项目。中金亦庄产业园REIT的发起人为北京亦庄投资控股有限公司，原始权益人为亦庄控股全资子公司北京 亦庄盛元投资开发集团有限 ...

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No information provided Report's Core View - No information provided Summary by Relevant Catalogs Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and closing price trends. For example, the year-to-date return of Boshi Shekou Industrial Park REIT is 7.45%, and its weekly turnover rate is 2.50% [11] Secondary Market Valuation Situation - No information provided Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated. For REITs, the correlation coefficients with the Shanghai Composite Index, CSI 300, ChiNext Index, and other assets are 0.21, 0.20, 0.13, etc. respectively. Different types of REITs (such as property rights, franchise rights, etc.) also show different correlation characteristics with these asset classes [20] Primary Market Tracking - Information on REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations. For instance, Huatai Zijin Suzhou Hengtai Rental Housing REIT has a project valuation of 1.342 billion yuan and is in the "passed" stage [23]

北京市在基础设施REITs试点阶段于2020、2021、2023年举办3次基础设施REITs产业发展大会。 2024年基础设施REITs进入常态化发展阶段后，举办基础设施REITs高质量发展会议，着力打造具有全 国影响力的政策解读和业界交流平台。 北京市发改委有关负责人表示，下一步，北京市将持续发挥资源禀赋生态优势，强化服务保障，推 动更多基础设施公募REITs项目发行上市。北京市基础设施公募REITs项目征集通道常态化开启，此次 征集在基础设施REITs发行领域基础上，结合做好金融"五篇大文章"有关要求和北京市工作实际，对于 人工智能、数据中心、智慧城市等新型基础设施，科技创新产业园区、养老、清洁能源、文化旅游等领 域项目进行重点梳理储备。 为紧抓基础设施公募REITs扩围扩容契机，进一步强化项目储备和申报服务，近日北京市发改委发 布基础设施公募REITs意向储备项目征集通知，鼓励引导市场主体"可申报尽申报""随有随报"，取得积 极反响。 北京市高度重视基础设施公募REITs工作，已建立"高位统筹—专班推进—全链条服务"工作机制， 成立由发改、证监、国资、金融监管等部门共同参与的基础设施公募REITs工作专 ...