Group 1 - The total market value of public REITs in China surpassed 200 billion yuan as of mid-2023, with most products yielding positive returns since the beginning of the year [1][2] - The top three fund management companies control nearly 40% of the public REITs market, highlighting a significant head effect in the industry [2][5] - New entrants such as Southern Fund, Huatai-PineBridge Fund, and Bank of China Fund are actively participating in the public REITs market, indicating a growing interest from various institutions [1][3] Group 2 - The highest-performing public REIT this year is the Jiashi Wumei Consumption REIT, which has increased by 51.84% [2] - The public REITs market is still in its early development stage, providing opportunities for various institutions, but newcomers are advised to focus on niche markets rather than broad offerings [3][5] - Successful public REIT managers have accumulated deep experience in asset selection, due diligence, active management, and risk control, which fosters investor trust and a positive feedback loop [5]

Core Viewpoint - The approval of the first data center REITs, namely Southern Universal Data Center REIT and Southern Runze Technology REIT, signifies the expansion of public REITs product types in the market [1][3]. Group 1: REITs Product Expansion - The Southern Universal Data Center REIT is backed by the Guojin Data Center located in Kunshan, Jiangsu Province, while the Southern Runze Technology REIT is based on the Runze (Langfang) International Information Port A-18 Data Center in Langfang, Hebei Province [3]. - The continuous introduction of new REITs projects includes the listing of the first agricultural market public REIT by E Fund on January 24, and several other first-of-their-kind REITs throughout February [3]. - The approval of the Chuangjin Hexin First Agricultural Industrial Park REIT on June 19 marks the first public REIT product from Chuangjin Hexin Fund [3]. Group 2: Market Dynamics and Performance - As of June 24, there are 68 public REITs in the market, with major players like Huaxia Fund having 14, CICC Fund with 10, and Huatai Securities Asset Management and Guotai Junan Asset Management each having 4, collectively accounting for nearly half of the total REITs [4]. - Despite the concentration of products among leading firms, the REITs industry has significant growth potential, providing ample opportunities for new entrants [4]. - Public REITs have shown strong performance in the secondary market, with notable year-to-date gains, including a 50.36% increase for Huaxia Dayuecheng Commercial REIT and over 40% for several others [4].

证券研究报告 | 2025年06月15日 公募 REITs 周报（第 21 期） 指数再攀升，首个保障房 REIT 扩募落地 核心观点 固定收益周报 主要内容：本周中证REITs指数收涨，产权类REITs走势强于经营权类REITs， 产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为+1.1%、+0.6%。从主要 指数周涨跌幅对比来看：中证 REITs>中证全债>中证转债>沪深 300，REITs 全周日均换手率较前一周略有上升。全市场各类型 REITs 收涨，消费、保障 房、水利类 REITs 涨幅最大。截至 6 月 13 日，公募 REITs 年化现金分派率 均值为 6.3%，高于当前主流固收资产的静态收益率。当前产权 REITs 股息率 比中证红利股股息率均值低 281BP,经营权类 REITs 内部收益率均值与十年 期国债收益率利差为 155BP。 中证 REITs 指数周涨跌幅为+0.5%，年初至今涨跌幅为+12.3%。截至 2025 年 6 月 13 日 ， 中 证 REITs （ 收 盘 ） 指 数 收 盘 价 为 886.31 点 ， 整 周 （2025/6/6-2025/6/13 ...

Core Insights - The CICC Yizhuang Industrial Park REIT achieved a remarkable fundraising total of 236.8 billion yuan in just one day, marking a significant milestone in the public REIT market [1][2][4] Fundraising Details - The public offering attracted approximately 647.43 billion shares, equating to 1798.42 times the initial public offering size, with a total fundraising scale of 2368.23 billion yuan, which is 217.67 times its initial fundraising target of 10.88 billion yuan [2][4] - The allocation ratios for offline and public investors were recorded at 0.381% and 0.056%, respectively, both representing historical lows [2][4] Market Impact - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participants to share in the development dividends of the industrial park market [4] - The public REITs market has shown strong performance this year, with the CSI REITs total return index and closing index rising by 14.71% and 11.98%, respectively, indicating robust investor interest [5] Performance of REITs - Notable REITs such as Huazhong Bai Lian Consumer REIT and Huaxia Dayuecheng Commercial REIT have recorded impressive year-to-date gains of 57% and over 50%, respectively [5][6] - A public REITs fund manager highlighted that the strong performance is attributed to favorable interest rate environments and improved macroeconomic conditions, while cautioning against impulsive trading behaviors [5][7]

近日，公募REITs再迎新品申报。 【导读】华安百联消费REIT年内涨幅达到52.77% 公开资料显示，新华水力发电有限公司于2023年4月7日发布水电基础设施公募REITs管理人和财务顾问选聘项目招标公告，拟以水电基础设施发行公募 REITs，计划申报规模为10亿元—20亿元，招标分为标段一和标段二，其中标段一对应计划管理和基金管理等服务，标段二对应财务顾问服务。标段一由 中信证券联合体中标；标段二由中信建投（601066）入围。 其他正在审批流程的公募REITs新品也屡有进展。 创金合信首农产业园REIT、华夏华电清洁能源REIT、南方万国数据中心REIT、南方润泽科技（300442）数据中心REIT均于上周对交易所反馈意见做出回 复，估值有所压降。 6月9日，中金中国绿发商业REIT进行网下询价，询价区间为2.754元/份—3.366元/份；中金亦庄产业园REIT于上周五发布询价结果公告，询价结果为2.720 元/份，网下拟认购265.76倍，新发市场处于持续火热状态。 除了华夏中核清洁能源REIT递交申报材料，多只REITs对交易所反馈意见做出回复。此外，中金中国绿发商业REIT今日进行网下询价。 今 ...

Group 1: Management Changes - Red土创新基金 announced the resignation of Chairman阮菲 on June 5, with General Manager冀洪涛 taking over the role [1] -冯劲松 was appointed as the Chief Information Officer of 红塔红土基金 on June 5 [1] Group 2: Investor Warnings - 大成基金 issued a warning to investors about potential financial fraud, highlighting scams using fake investment platforms and impersonating company employees [2] Group 3: Fee Reductions - 中信建投基金 announced a reduction in the custody fee for 中信建投稳泰一年定开债 from 0.1% to 0.05%, effective June 9 [3] -浙商证券资管 also reduced the custody fee for浙商汇金聚兴一年定开债券 from 0.15% to 0.08% [3] Group 4: Fund Fee Trends - Nearly 10 funds have announced fee reductions in June, primarily among bond products [4] - Over 1,000 funds now have annual management fees of 0.15% or lower, with more than 2,100 funds having custody fees of 0.05% or lower [4] Group 5: REITs Market Growth - As of June 5, the total market value of REITs in China reached 2019.91 billion, marking the first time it surpassed 2000 billion [5] - 29 REITs products have seen year-to-date gains exceeding 20%, with 6 products gaining over 40% [5] Group 6: Fund Manager Education - Approximately 3850 fund managers are in the market, with 87.45% holding a master's degree and 9.81% holding a doctorate [7] - The top five universities producing fund managers are 北京大学, 复旦大学, 清华大学, 上海交通大学, and 上海财经大学 [7] Group 7: Innovation Drug Market Insights -融通基金经理万民远 expressed concerns about valuation bubbles in the innovation drug sector, noting that many companies are overvalued despite a favorable policy environment [8]

上天天基金APP搜索【777】开户即可领98元券包 ，优选REITs基金10元起投！限量发放！ 先到先得！ 今年以来，公募REITs收益率连创新高。 投资价值的凸显，也让公募REITs的"朋友圈 "持续扩大。今年已有8只REITs相继上市，还有多个新项目 和扩募项目陆续申报。同时，也吸引了保险、券商自营、理财子公司等机构投资者纷纷布局。 最高收益率接近50% 截至5月23日收盘，华夏大悦城商业REIT和华安百联消费REIT今年以来收益率分别达49.21%和 48.90%。 近期，这两只REITs价格相比发行价均上涨超50%。根据沪深交易所《公开募集基础设施证券投资基金 业务指引第5号——临时报告（试行）》的相关规定，基础设施基金当日收盘价偏离基准价首次达到 50%的，基金管理人应当申请次一交易日开盘起至10:30停牌1小时，并于停牌日当日开盘前披露停牌公 告。 5月14日， 华安基金 发布公告称，5月13日，华安百联消费REIT在二级市场的收盘价为3.528元/份，相 较于基准价（基金发行价2.332元/份）涨幅首次达到51.29%。为了保护基金份额持有人的利益，该基金 于5月14日上海证券交易所开市起停牌1 ...

Core Viewpoint - Public REITs have achieved record high returns this year, with significant interest from institutional investors and a growing number of new listings and projects [1][4][6]. Group 1: Performance Highlights - As of May 23, 2023, both Huaxia Dayuecheng Commercial REIT and Huaxia BaiLian Consumption REIT have returns close to 50%, specifically 49.21% and 48.90% respectively [2][4]. - A total of 54 out of 58 listed REITs have generated positive returns this year, with 19 REITs yielding between 20% and 40%, and 40 REITs exceeding 10% [4][5]. Group 2: Regulatory Actions - Due to the significant price increase, both Huaxia Dayuecheng Commercial REIT and Huaxia BaiLian Consumption REIT experienced a trading suspension for one hour after their prices deviated from the benchmark price by 50% [2][3]. Group 3: Institutional Interest - The investment value of public REITs has attracted various institutional investors, including insurance companies, brokerages, and wealth management subsidiaries, leading to a diverse ownership structure [6][7]. - For instance, institutional investors hold 83% of the total shares in the FuGuo ChuangShang Water REIT, indicating strong institutional confidence in the asset class [6]. Group 4: Market Expansion - This year, eight new REITs have been listed, including ZhongHang YiShang Warehousing Logistics REIT and HuaXia JinYu Intelligent Manufacturing REIT, with several new projects and expansions in the pipeline [7].

5月15日盘后，据沪深交易所披露，多只REITs在当日完成大宗交易，其中不乏千万元乃至亿元的成交规 模。拉长时间看，近期涨幅领先的消费类REITs"登榜"更为频繁，显示出机构对这一板块更为活跃的交易。 与频繁出现的大宗交易形成对比的是，多只REITs在二级市场方面每天仅有数百万元的成交量，有机构人士指 出，我国公募REITs在二级市场的投资者类型和市场流动性等方面仍有待提升，因此，需要采取拓宽公募 REITs投资者范围，加速增量资金入场以及优化估值与考核机制，引导市场估值提升等措施提升流动性。 以深交所数据为例，拉长时间看，近一个月内，多只消费类REITs成为大宗交易的"常客"，华夏华润商业 REIT、中金印力消费REIT以及华夏大悦城商业REIT等频繁登榜，而这也是近日相关板块走牛的缩影。 据统计，年内中证REITs指数平均涨幅高达8.34%，在震荡的权益市场背景下殊为难得，且领涨的多为消费类 基金。如华安百联消费REIT涨幅高达47.66%，华夏首创奥特莱斯REIT和华夏大悦城商业REIT涨幅亦超过四 成。此外，嘉实物美消费REIT和中金印力消费REIT涨幅分别达到了39%和30%。 华泰证券分析称，今年 ...

Group 1 - The China International Capital Corporation (CICC) Yizhuang Industrial Park REIT has been officially approved by the China Securities Regulatory Commission (CSRC) on May 14, 2025, marking a significant expansion in the public REITs market [3][4] - This REIT is the first in China to focus on the automotive manufacturing industry chain and is also the first infrastructure REIT project in the Beijing Economic-Technological Development Area [3][4] - The total fundraising amount for the REIT is set at 400 million shares, with a fund contract duration of 15 years, and the custodian bank is the Agricultural Bank of China [3][4] Group 2 - The REIT aims to create a multi-dimensional industrial park characterized by "intelligent, open, innovative, green, shared, and ecological" features, positioning itself as a global hub for high-end automotive key components [4] - The infrastructure assets will primarily support well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the capital's core functions and developing a high-end manufacturing cluster [4] - As of May 14, 2025, there are 66 public REITs in total, with a fundraising scale nearing 200 billion yuan, and 19 additional REITs are currently in the application process [5] Group 3 - The public REITs market has shown robust performance, with 38 products increasing over 10% and 17 products rising over 20% in the secondary market as of May 14, 2025 [5] - Consumer-focused REITs have outperformed, with notable increases in the Huaan Bailian Consumer REIT and Huaxia Shouchuang Outlet REIT, achieving year-to-date gains of 47.88% and 43.87% respectively [5] - A new "stabilization fund" was introduced in late April, with a target size of 10 billion yuan, marking the largest single public REIT investment fund in the market [5]