近期，上交所债券项目信息平台的一则进展公告，勾勒出京东在不动产证券化领域的新动作。 据悉，"京东高和现代化基础设施持有型不动产资产支持计划"正式进入审核流程，目前处于"已反馈"状态，拟发行金额达21亿元，品种为持有型不动产ABS （即机构间REITs）。 这也是2023年2月京东发行首单民营企业仓储物流公募REITs之后，又一次对不动产证券化的探索，同时这种探索正从公募REITs向私募赛道正式延伸。在政 策引导与企业存量资产盘活需求的双重驱动下，机构间REITs已成为资本市场服务实体经济的重要创新工具。 上交所信息显示，"京东高和现代化基础设施持有型不动产资产支持计划"的原始权益人为上海京鸿宇企业发展有限公司，间接全资股东为香港宇培物流资产 发展有限公司，实际控制人为刘强东。2021年，京东集团旗下京东智能产业发展集团（简称"京东产发"）完成对中国物流资产控股有限公司（前身为上海宇 培（集团）有限公司）的收购，持股37.02%。 值得关注的是，该项目通过引入高和资本，创新性地在资产支持计划与底层项目公司之间嵌入私募基金结构，形成了"私募基金+ABS"的双层架构，为资产 盘活提供了更灵活的操作路径。 | 债券名 ...

原"中国私募股权投资" 每日分享PE/VC行业权威新闻资讯 来源：PE星球 （ID：PE-China） 文：韦亚军 摄影：Bob 选定IPO承销投行， 估值或在2000亿元上下。 近日，此前传闻的普洛斯中国赴港IPO一事迎来最新进展。 据Bloomberg报道，全球物流及产业基础设施运营商普洛斯中国（GLP）已基本确定在香港上市，并选定IPO承销投行。 有消息称，此次普洛斯中国的IPO计划，曾考虑过新加坡二次上市，也曾研究过上海科创板，但最终锁定香港。若最终成功，其可能成为2026年度亚洲规 模最大的不动产与物流基础设施IPO之一。 选定IPO承销投行， 估值或在2000亿元上下 据媒体报道，此次GLP敲定的投行阵容，包括花旗集团、德意志银行、杰富瑞金融集团以及摩根士丹利（大摩）4家国际顶级投行。预计IPO时间在2026年 上半年。 据知情人士透露，其他如IPO发行规模、具体时间等核心细节仍在商议中，GLP也不排除最终放弃上市的可能性。对于传闻，GLP与4家投行均未提供有效 回应。 综合多家投行内部测算及市场消息，其此次公开发行有望募资30-50亿美元，对应估值区间约250-300亿美元（折合人民币取中间值约 ...

智通财经APP讯，南山控股(002314.SZ)公告，公司控股子公司宝湾物流控股有限公司(简称"宝湾物流") 筹划开展华泰宝湾物流REIT新购入基础设施项目。 基础设施项目系指：(1)宝湾物流下属公司成都龙泉宝湾国际物流有限公司持有的位于四川省成都经济 技术开发区汽车城大道999号的成都龙泉宝湾国际物流中心，(2)宝湾物流下属公司西安宝湾国际物流有 限公司持有的位于陕西省西安市临潼区现代物流园区物阜路289号的西安宝湾国际物流中心项目，(3)宝 湾物流下属公司宁波宝湾国际物流有限公司持有的位于宁波市奉化区方桥街道恒发路188号的宁波宝湾 国际物流中心项目，(4)宝湾物流下属公司青岛胶州宝湾国际物流有限公司持有的位于青岛市胶州市物 流大道1号的青岛胶州宝湾国际物流中心项目。 ...

Core Insights - The conference highlighted the importance of respected enterprises in driving China's economic growth and social progress, emphasizing innovation and long-term value creation [1][2][8] Group 1: Respected Enterprises - The "2024-2025 Respected Enterprises" and "Respected Leading Enterprises" were recognized based on extensive research across thousands of companies and key industries, focusing on operational quality, innovation, public trust, social contribution, and annual impact [1] - Notable companies recognized include Anta, BYD, Huawei, JD.com, Meituan, Qingdao Beer, Ping An, and China Feihe, among others [1] - The event underscored that respected enterprises must address social pain points and create social value while maintaining economic contributions [2] Group 2: Innovation and Quality - High-quality products and services are fundamental to the reputation of respected enterprises, reflecting the innovation management capabilities and ethical standards of their leaders [3] - The need for a supportive environment that encourages innovation and tolerates failure was emphasized, alongside the importance of strategic investments and a stable macro policy [3] - The role of AI in transforming the financial industry was discussed, with a focus on integrating AI technologies to enhance customer service and operational efficiency [4] Group 3: Market Dynamics and Compliance - Antitrust compliance is seen as a catalyst for improving product quality and advancing industries towards higher standards, countering low-quality competition [5][6] - The implementation of antitrust laws has effectively curtailed monopolistic practices, promoting fair competition and encouraging companies to focus on quality [6] Group 4: Future Outlook - The development of new productive forces through technological self-reliance and innovation is crucial for enterprise growth, with China's computing infrastructure being a key asset [7] - The emergence of AI and related technologies is expected to disrupt various industries, leading to new growth opportunities [7]

Core Viewpoint - Nanshan Holdings stated that Huatai Baowan Logistics REIT has demonstrated stable operations and excellent asset performance since its listing, serving as a positive model for the industry, and is expected to be recognized as "Outstanding Public REIT Project of the Year" in 2025 [1] Group 1 - The company emphasizes a balanced approach in its operations, focusing on enhancing its asset management capabilities across the entire lifecycle of assets, including fundraising, investment, construction, management, and exit [1] - Future issuance of asset securitization products will be aligned with policy requirements and the specific conditions of the assets, ensuring long-term and sustainable business development [1] - The company commits to strictly adhering to relevant laws and regulations for any future plans and will ensure timely information disclosure [1]

Investment Rating - The report indicates a moderate recovery trend in the logistics and warehousing market in China for Q3 2025, supported by domestic consumption recovery and cost-reduction relocations [3][4]. Core Insights - In Q3 2025, the logistics and warehousing market in China continued to show signs of moderate recovery, driven by the gradual release of domestic consumption demand, with a 4.5% year-on-year increase in retail sales of consumer goods [3][4]. - The net absorption in major logistics markets was approximately 1.23 million square meters, a significant decrease compared to the same period last year, with notable activity in Kunshan and Jiaxing [4]. - The overall supply of logistics real estate decreased by over 40% year-on-year, with new supply concentrated in specific regions, leading to varying vacancy rates across cities [8]. Summary by Sections Market Demand - The demand for warehousing has been supported by the recovery of consumption, particularly in upgraded consumer goods, with online retail sales showing improving growth rates [3][4]. - The logistics demand from domestic e-commerce platforms and third-party logistics companies is gradually increasing, although some leading cross-border e-commerce platforms are cautious about expanding domestic warehousing [4]. Supply Dynamics - The total new supply of logistics real estate was about 1.18 million square meters in Q3 2025, reflecting a significant slowdown in supply growth [8]. - There is a notable regional concentration in new supply, with cities like Shanghai experiencing high vacancy rates due to over 300,000 square meters of new supply in a single quarter [8]. Rental Trends - Rental rates across major logistics cities continued to decline, with significant reductions observed in regions such as North China and East China, where some areas saw rental decreases exceeding 15% year-on-year [17]. - The competitive landscape has led landlords to adopt more flexible rental strategies, including price reductions and rental incentives to attract tenants [17][18]. Future Outlook - The logistics real estate supply is expected to stabilize overall, but regional disparities will persist, with some areas entering a supply release cycle while others maintain manageable supply pressures [12]. - In the medium to long term, as supply pressures ease and the consumption market steadily recovers, rental rates in key cities may stabilize and gradually increase by the end of 2026 [18].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached approximately $13 million, reflecting a 14.3% increase year-over-year, driven by higher leasing rates and robust occupancy [9][10] - Net Operating Income (NOI) increased by 8.7% to $10.4 million compared to Q3 2024 [9] - For the first nine months of 2025, revenue and NOI grew 11.2% and 6.2%, reaching $36.4 million and $29.4 million, respectively [10][15] Business Line Data and Key Metrics Changes - Colombia and Peru were the primary drivers of revenue growth, with rental revenue increasing by 17.6% and 16.9%, respectively, while Costa Rica's rental revenue decreased by 1.5% [13] - The operating Gross Leasable Area (GLA) increased by 8.4% year-over-year to 5.6 million sq ft, with leased GLA increasing by 4.2% [14] - Average rent per sq ft of leased GLA was $8.14, representing a 2.8% increase [15] Market Data and Key Metrics Changes - Mexico contributed approximately $222,000 in rental revenue in Q3 2025, marking its first reporting segment contribution [13] - Vacancy levels in key northern markets in Mexico, such as Juárez, have begun to decrease, indicating a recovery in the market [6] - The company is focusing on submarkets driven by domestic consumption in Mexico, which aligns with its growth strategy [6] Company Strategy and Development Direction - The company plans to expand in Mexico through strategic partnerships and acquisitions, with a focus on high-quality logistics facilities [5][28] - Development projects are being prioritized in foundational markets, with no speculative builds planned at this time [28] - The company aims to leverage its brand strength and local partnerships to enhance capital efficiency and risk management [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory despite market headwinds, including interest rate fluctuations and political uncertainties [11] - The company anticipates sustained double-digit revenue growth moving into 2026, supported by completed lease renewals and a solid operational foundation [10][11] - Management highlighted the importance of maintaining strong communication with the market to showcase operational progress and profitability [11] Other Important Information - The company reported a valuation gain of $7.1 million, down from $8.2 million in Q3 2024, primarily due to stabilization in rent appreciation [16] - Financing costs were 15% lower than the previous year, contributing to a healthy debt profile with net debt to investment properties improving to 41% [16] Q&A Session Summary Question: Future strategy in Mexico regarding JVs or acquisitions - Management indicated a focus on growing through partnerships like the one with ALAS and prioritizing acquisitions in the market [19] Question: Clarification on a new investment deal - Management explained that the new investment arrangement is a customary strategy to preserve optionality and flexibility for future acquisitions [22] Question: Expansion into the Chilean logistics market - Management acknowledged Chile as an interesting market but emphasized prioritizing expansion in Mexico at this time [24]

Core Insights - Logistics is no longer viewed as a backend cost but as a profit lever that can be leveraged across various industries [9] - ESR Group has established a significant presence in China, managing approximately $14 billion in logistics assets across 170 locations in 39 cities [2] Industry Trends - The shift in global geopolitical dynamics highlights the importance of supply chain resilience, with Chinese manufacturing remaining a cornerstone of global production and trade [3] - China's transition to high-quality growth is creating unprecedented opportunities for the logistics sector [3][5] Company Strategy - ESR aims to be an enabler of infrastructure in the context of China's economic transformation, focusing on technology-driven, resilient supply chains and green infrastructure [5][11] - The company differentiates itself through its "Pan-Asia Pacific platform" and its deep local market knowledge, providing comprehensive services that support cross-regional investment and market expansion [6][11] Market Opportunities - The structural transformation of China's economy is expected to drive sustained demand for logistics real estate, particularly in e-commerce, new energy vehicles, and biomedicine sectors [8] - The government's "dual circulation" strategy is enhancing domestic demand and regional trade, further boosting the logistics infrastructure market [8] Future Outlook - The logistics industry is experiencing positive momentum, with expectations for continued growth in warehousing and logistics leasing markets driven by policy support and recovering demand [8] - The competition in logistics is shifting from location-based advantages to functionality and efficiency, with automation and AI expected to play transformative roles [9] ESG Initiatives - ESR is committed to sustainability, having integrated 522 electric vehicle charging stations with photovoltaic systems in China by the end of 2024, promoting low-carbon transportation [12]

Group 1 - Prologis China Logistics Fund III (CLF III) and Prologis Logistics Value Fund (CVP) received GRESB five-star ratings, while Prologis China Income Fund V (CIP V) received a four-star rating, with all three funds showing improved scores compared to last year [1][2] - CLF III achieved a five-star rating for the second consecutive year and ranked second among all participating funds in China's industrial distribution and warehousing sector [1] - CVP also maintained a five-star rating for two consecutive years, ranking second globally and in China among non-listed value-added industrial real estate funds, with all assets certified as green buildings [1] Group 2 - In 2025, Prologis China had four funds participating in the GRESB rating, all of which were awarded "Green Star" status [2] - GRESB is a globally recognized sustainability rating agency, integrating rating indicators with international mainstream ESG frameworks, protocols, and disclosure standards, with over 150 institutional investors using GRESB for investment management decisions [2] - The GRESB rating covers real estate and infrastructure projects across 80 countries and regions, involving over 3,000 real estate and infrastructure funds, developers, and asset operators [2]

Core Insights - Prologis maintains a positive outlook on China, driven by the vast domestic market and the aspiration for a better life among its people [1] - The company emphasizes its commitment to long-term investment strategies and aims to leverage opportunities arising from China's economic transformation and industrial upgrade [1] Group 1: Company Developments - Prologis has achieved significant milestones in 2023, including a $1.5 billion investment from the Abu Dhabi Investment Authority, which upgraded its partnership status to a strategic investor [1] - The company also secured a 2.5 billion RMB investment from a state-owned enterprise in Zhejiang for its computing power center [1] Group 2: Fund Management and Investment Strategy - Over the past six years, Prologis has raised a total of $22 billion globally, with more than 60% directed towards private real estate and equity investment funds focused on the Chinese market [2] - The number of institutional investors collaborating with Prologis has increased significantly, now exceeding 140 domestic and international partners [2] - Prologis has successfully established multiple funds in China over the past year, including the Prologis China Income Fund Series 13 and 14, as well as its first China Computing Power Center Income Fund [2] Group 3: Market Insights and Future Strategy - Prologis executives provided insights into the logistics and warehousing market, highlighting demand trends and future investment strategies [2] - The company believes that the current recovery in investment confidence within China's capital markets, coupled with the expansion of the asset management market, presents new opportunities for logistics and manufacturing infrastructure investments [2] - Prologis plans to enhance its asset management capabilities and diversify investment products, including public REITs, to better meet the needs of various investors [2]