财信人寿方面表示，未来公司将在财信金控集团的支持和赋能下，充分发挥多牌照协同优势，携手各类 合作伙伴，深入挖掘湖南省内优质项目投资机会，持续加大在湘投资和引资入湘力度，为地方经济高质 量发展注入长期金融活水。 项目相关人士表示，华夏凯德REIT基本面坚实，收入稳定且构成多元。此次财信人寿与华夏凯德商业 REIT的合作，预示着双方未来将携手从税收、就业、投资、城市更新等多个维度深耕湖南、精耕湖 南。 近年来，财信人寿秉持长期合作理念，与伙伴形成紧密、高频、优质的合作关系。在不动产与基础设施 投资领域，财信人寿持续推进战略转型——投资品种从非标私募产品转向公募REITs、持有型ABS等标 准化产品，投资策略从传统商办领域拓展至公用事业、能源、保租房、数据中心等战略赛道。 数据显示，财信人寿立足服务国家战略，注重发挥耐心资本优势，已参与市场上超40%REITs标的，实 现了13类基础设施资产的全品类首单覆盖，目前持仓规模在中小保险中处于领先位置。 日前，财信人寿投资约5000万参与华夏凯德商业REIT战略配售，该REIT上市首日录得涨幅12.63%。作 为最大份额的外部投资人，本次投资也是财信人寿深化在湘投资，服务 ...

行 业 研 究 东北首单公募 REIT 获批，消费 REITs 单月表现优 2025 年 09 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2024-09 2025-01 2025-05 沪深300 中证REITs全收益 相关研究报告 《仓储物流 REIT 单周表现优异，做 好 REITs 常态化申报工作—行业周 报》-2025.9.21 《环保 REIT 单周表现优异，发行市 场保持活跃—行业周报》-2025.9.14 《保障房 REIT 单周表现优异，发行 市场保持活跃—行业周报》-2025.9.7 | qidong@kysec.cn | | --- | | 证书编号：S0790522010002 | 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 东北首单公募 REIT 获批，消费 REITs 单月表现优异 2025 年第 39 周，中证 REITs（收盘）指数为 831.45，同比上涨 ...

Core Viewpoint - After three consecutive weeks of decline, the REITs market shows signs of stabilization, with the CSI REITs Total Return Index rising by 1.49% this week, potentially ending the downward trend [1][4]. Market Performance - In August, the REITs market experienced a notable adjustment, with the CSI REITs Total Return Index declining by 3.53% in the first three weeks [2]. - The decline was primarily driven by high market valuations and fluctuations in long-term interest rates, leading to profit-taking transactions [2]. - The rental housing sector, which is considered "debt-like," led the market decline, with several projects, including the Zhongjin Xiamen Anju REIT, dropping over 10% at one point [2]. Project Performance - The following REITs have shown significant declines in August: - Zhongjin Hubei KETI Guanggu REIT: -7.26% - Hongtu Innovation Shenzhen Anju REIT: -7.13% - China Merchants Expressway REIT: -6.65% [3]. - Conversely, the following REITs have shown gains this week: - Huashan Bailian Consumption REIT: +6.58% - Guotai Junan Jinan Energy Heating REIT: +6.45% - Jiashi Wumart Consumption REIT: +5.03% [7]. Sector Analysis - The rental housing sector's performance is closely correlated with government bond yields, indicating that if the bond market stabilizes, the rental housing sector may show improved value [4]. - The consumption infrastructure sector has emerged as a leader in the recent rebound, with projects like Huashan Bailian Consumption REIT benefiting from the recent unlocking of institutional placement shares [5][8]. Future Outlook - The REITs market is currently in a performance vacuum between the second and third quarterly reports, with short-term influences largely driven by fluctuations in long-term interest rates [8]. - The market may see a gradual entry of allocation-type funds into high-performing projects, while trading-type funds await catalysts for a new round of market activity [8].

Group 1 - Some REITs are considered overrated while smaller, lesser-known REITs are often underrated and deserve more attention [1] - The company has released its latest top investment picks for August 2025, providing immediate access to exciting opportunities [1] Group 2 - The company invests thousands of hours and over $100,000 annually into researching profitable investment opportunities [2] - The approach has garnered over 500 five-star reviews from satisfied members who are experiencing benefits [2] - The company encourages potential investors to join now to maximize their returns [2]

Core Viewpoint - The successful listing of the Southern Universal Data Center REIT marks a significant milestone for the REITs market in China, demonstrating the integration of technology, capital, and the real economy, and promoting high-quality development in the sector [1][2]. Group 1: REITs Market Development - The Southern Universal Data Center REIT is the first data center REIT listed on the Shanghai Stock Exchange, representing a key step in the development of the REITs market under the guidance of the China Securities Regulatory Commission [1]. - As of August 8, 2024, the Shanghai Stock Exchange has launched 49 REITs, including first listings in various sectors such as consumer facilities, hydropower, and data centers, showcasing a positive scale and demonstration effect [2]. - The REITs market is experiencing accelerated regular issuance, with 8 REITs announcing expansion and 3 receiving approval for expansion in 2024 [2]. Group 2: Financial Performance and Projections - The underlying asset of the Southern Universal Data Center REIT is the Guojin Data Cloud Computing Data Center project, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash distribution rate of 5.07% by 2025 [1]. - The total fundraising scale for the project is 24 billion yuan, with net proceeds primarily allocated to the construction of data centers to enhance computing power supply and support technological innovation and digital transformation [1]. Group 3: Future Directions - The Shanghai Stock Exchange plans to further accelerate the regular issuance of REITs and improve operational standards, aiming to create a high-quality REITs market that better serves national strategies and overall economic development [3].

Core Viewpoint - The report from CITIC Construction Investment indicates that 66 REITs have disclosed their Q2 2025 results, showing a mixed performance with overall pressure on earnings despite some sectors performing steadily [1] Performance Metrics - Among the 66 REITs, 31 provided data on achievement rates, with average achievement rates for three core metrics being 94.1% for revenue, 101.5% for EBITDA, and 91.5% for distributable amounts [1] - Year-on-year growth rates for the three key metrics across all REITs were -3.5% for revenue, -4.7% for EBITDA, and -7.0% for distributable amounts, indicating ongoing performance pressure [1] Sector Analysis - There is a notable divergence in performance across different sectors, with consumer and rental housing sectors showing overall stable operations, while warehousing, industrial parks, transportation, and energy sectors exhibit significant internal disparities [1] Market Conditions - Recent market pullbacks are attributed to decreased risk appetite and factors such as lock-up expirations, impacting investor sentiment [1] - Despite current challenges, the long-term logic of REITs as a core asset for dividend allocation remains unchanged, with expectations for better investment opportunities in the secondary market following adjustments [1] Investment Focus - The report suggests focusing on high-quality domestic demand sectors and areas with potential for recovery in market conditions as key investment themes moving forward [1]

Market Overview - The S&P 500 index increased by 0.6% this week, while the Nasdaq rose by 1.5%[3] - Growth stocks outperformed value stocks, with Russell 1000 Growth up by 1.5% and Russell 1000 Value down by 0.2%[3] Sector Performance - The automotive and auto parts sector led gains with an increase of 4.3%, followed by semiconductors at 3.1% and software and services at 2.1%[3] - The energy sector experienced the largest decline, down by 3.8%, followed by healthcare equipment and services at -2.9%[3] Fund Flows - Estimated fund inflows for S&P 500 components were $4.55 billion this week, reversing last week's outflow of $0.57 billion[4] - Semiconductor products and equipment saw the highest inflow at $2.35 billion, while healthcare equipment and services faced an outflow of $1.37 billion[4] Earnings Forecast - The dynamic F12M EPS forecast for S&P 500 components was revised up by 0.6% this week, following a 0.3% increase last week[5] - The banking sector saw the most significant upward revision at +2.7%, while healthcare equipment and services were revised down by -1.0%[5] Risk Factors - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policy, and Federal Reserve monetary policy[5]

Group 1 - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan, excluding expansions [3] - The largest issuance scale among underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 28.15 billion yuan [3] - There are currently 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [3] Group 2 - From June 1 to June 30, 2025, the secondary market prices of listed public REITs initially rose and then fell, with a weighted REITs index closing at 142.71 and a monthly return rate of 1.95% [4] - The return rates of various asset classes ranked from highest to lowest are: crude oil, US stocks, convertible bonds, A-shares, REITs, gold, and pure bonds [4] - Among the underlying asset types, municipal facilities, affordable housing, and water conservancy facilities had the highest return rates for the month [4] Group 3 - The total trading volume of public REITs increased compared to the previous month, with an average daily turnover rate of 0.80% [5] - The top three REITs by trading volume were 华夏中国交建REIT, 华夏合肥高新REIT, and 博时蛇口产园REIT [5] - The total net inflow for the month was 24.27 million yuan, indicating a recovery in market trading enthusiasm [5] Group 4 - The total amount of block trades increased compared to the previous month, with a total block trade volume of 1.86 billion yuan [6] - There were 20 trading days with block trades, with the highest single-day block trade amount reaching 30.96 million yuan on June 24, 2025 [6] - The top three REITs by block trade volume were 国泰君安城投宽庭保租房REIT, 华夏华润商业REIT, and 中金山东高速REIT [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to enhance its allocation cost-effectiveness due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market. This sector presents good investment opportunities [4][6]. Summary by Sections Market Overview - In the 27th week of 2025, the CSI REITs (closing) index was 886.6, up 12.84% year-on-year and up 0.65% month-on-month. The CSI REITs total return index was 1116.42, up 19.81% year-on-year and up 0.66% month-on-month [6][19]. - The trading volume of the REITs market reached 739 million shares, a year-on-year increase of 47.21%, with a transaction value of 3.328 billion yuan, up 69.88% year-on-year [24][27]. Sector Performance - Weekly and monthly performance of various REITs sectors showed the following changes: - Affordable housing: -0.04% (weekly), +5.97% (monthly) - Environmental: +2.34% (weekly), +4.28% (monthly) - Expressways: +0.82% (weekly), +1.27% (monthly) - Industrial parks: +0.58% (weekly), +2.14% (monthly) - Warehousing and logistics: +1.03% (weekly), +1.21% (monthly) - Energy: +0.62% (weekly), +3.95% (monthly) - Consumer: +0.73% (weekly), +3.42% (monthly) [34][49]. New Listings and Market Activity - There are currently 16 REITs funds awaiting listing, indicating an active issuance market. Recent public offerings for data center REITs have seen high subscription rates, with one reaching a subscription multiple of 167.06 times [7][13].

Report Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints of the Report - In June 2025, new policies for public offering REITs expansion were introduced, and the "first issuance + expansion" dual - wheel drive development pattern is expected to be established. The issuance of new REITs accelerated, with a half - year offline subscription yield of 2.54%. The first issuance of the first affordable rental housing REIT expansion was completed, and the predicted distribution rate of Lingang REIT after expansion is expected to increase. The index increase narrowed month - on - month, and the turnover rate continued to decline [3]. Summary by Relevant Catalogs 1. Important News: New Policies for Expansion Business Introduced, Three Types of Expansion Methods Defined - Policy promotion: On June 24, six departments including the central bank jointly issued a guidance to support the issuance of consumption infrastructure REITs. On June 27, the Shanghai Stock Exchange released and implemented new REITs expansion policies, and the Shenzhen Stock Exchange will officially launch the non - directional expansion business function on June 30, with relevant details announced simultaneously [3]. - Market development: On June 5, the total market value of public offering REITs exceeded 200 billion yuan for the first time. The supply side expanded rapidly, and the market's scale and maturity increased. The stable dividend income and equity asset attributes of REITs attracted investors [3][6]. - Project progress: In June, cultural and tourism public offering REITs projects were intensively launched, and the first two data center public offering REITs were approved and started recruitment [6]. 2. First Issuance: Issuance Significantly Accelerated, Half - Year New - Stock Subscription Yield Reached 2.54% - Issuance speed: In June 2025, 5 REITs were issued, and the first two data center REITs started recruitment. From January to June, 10 REITs were issued, raising a total of 17.9 billion yuan [22]. - Offline subscription: In June, an average of 558 placement objects participated in the offline inquiry, with an average initial inquiry subscription multiple of 225 times and an average placement ratio of less than 0.5%. The offline placement ratio of CICC Yizhuang Industrial Park REIT was only 0.38%, a record low [3]. - New - stock subscription yield: From January to June 2025, the offline subscription yield of 100 million yuan of REITs was 2.54%. The first - day trading of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT both hit the daily limit [3][42]. - Queuing projects: As of June 30, there were 10 REITs projects in the queuing process [50]. 3. Expansion: First Issuance of the First Affordable Rental Housing REIT Expansion, Predicted Increase in Distribution Rate of Lingang REIT after Expansion - First affordable rental housing REIT expansion: On June 16, 2025, the expansion of Huaxia Beijing Affordable Housing REIT was issued, with an expansion issue price of 4.220 yuan per share, a 9.72% premium compared to the benchmark price and a 5.0% discount compared to the closing price on the issue day [54]. - Lingang REIT prediction: Guojun Lingang Industrial Park REIT is expected to increase its distribution rate to 4.10% in 2025 after expansion. The expansion asset, Kangqiao Project, has high occupancy rates, stable rent growth, and strong customer stickiness [55][58]. - Queuing projects: Currently, 6 REITs expansion projects are in the queuing process, and Bosera Merchants Shekou Industrial Park REIT announced its plan to apply for a second expansion [54]. 4. Trading: Index Increase Narrowed Month - on - Month, Turnover Rate Continued to Decline - Index performance: In June, the China Securities REITs (closing) index and the China Securities REITs total return index increased by 1.1%/1.4% respectively, with a narrowed increase compared to the previous month and underperformed the CSI 300 index. From January to June, they increased by 10.9%/13.6% respectively, outperforming the CSI 300 index and the ChinaBond Treasury Bond Total Wealth (7 - 10 years) index [62]. - Asset performance: In June, 74% of REITs' net values increased, with an average increase of 2.37%. Storage and logistics REITs increased by 20% from January to June. The ecological and environmental protection sector regained its upward trend [63][64]. - Turnover rate: The turnover rate has been declining for 4 consecutive months, dropping to an average of 0.77% in June [69]. - Dividend rate: As of June 30, 2025, the average TTM dividend rates of equity - type and franchise - type REITs were 2.78%/6.21% respectively. There was significant differentiation among franchise - type REITs [75]. - Valuation: For franchise - type REITs, the P/FFO of transportation REITs was at the 70.6% historical percentile on average, and some energy REITs had negative ChinaBond IRRs. For equity - type REITs, the valuation of affordable rental housing REITs reached the top [77][81].