8月22日，万科发布2025年中报。中报显示，今年上半年，万科实现营业收入1053亿元，销售收入近700 亿元，高质量交付超过4.5万套房屋，销售回款率超过100%。 销售方面，在行业整体承压背景下，万科仍然保持稳定。今年上半年，万科仍保持了多地项目首开去化 率超九成的成绩，同时盘活回款近60亿元，自2023年以来累计盘活货值约785亿元。 经营业务方面，上半年万科经营服务业务全口径收入284亿元，经营效益保持行业前列。自身努力的同 时，万科也获得大股东及各方的大力支持，截至目前，万科已如期完成243.9亿公开债偿还，2027年之 前已无境外公开债到期。 在随后的投资者交流会上，万科管理层表示，能取得这一成绩，首先离不开金融机构的支持。"除了经 营和交易创造的现金流之外，我们将继续积极争取与金融机构的合作与支持，稳定存量融资规模，继续 争取增量流动性机会，以时间换空间。" 积极盘活资源 今年上半年，万科多地项目热销，其中成都、温州、天津等盘活项目首开去化率超90%，广州理想花地 获广州主城区销售套数和金额双领先。上半年，万科交付房屋超4.5万套，超50个项目实现"交付即交 证"，并持续提升施工透明度，主动邀请 ...

最新业绩出炉。 此外，万物云上半年实现营收182亿元，保持行业领先的存量住宅市场拓展能力。长租公寓方面，万科 进一步扩大管理规模，巩固领先地位，业务规模、效率、纳保量保持行业第一，运营管理超27万间，超 13万间房源纳入保障性租赁住房，服务企业客户超6200家。物流业务出租率保持行业领先，持续提升运 营能力，上半年库内运营、运输等服务收入同比增长43%。与此同时，万科加快建设经营性不动产的资 产证券化通路。上半年，万科旗下中金印力消费REIT底层资产杭州西溪印象城客流同比增长超5%，项 目出租率约99%。同时，万科Pre-REIT基金再次取得进展，与中信等知名机构携手成立了万新金石(厦 门)住房租赁基金，收购泊寓旗下项目，推动业务由重变轻。 校对：王锦程 据悉，今年上半年万科多地项目开盘去化率超九成，完成大宗交易签约金额超60亿元。此外，借助各类 支持性政策，万科形成了存量盘活的系统性打法，上半年通过存量盘活优化和新增产能近百亿元，盘活 回款近60亿元，2023年以来已盘活货值约785亿元，累计实现新增销售超200亿元。自2022年以来，万科 所有新项目均纳入全周期投后管理，新项目投资兑现度达85%。 就在8 ...

最新业绩出炉。 8月22日，万科发布的2025年半年报显示，上半年万科实现营收1053亿元，销售收入近700亿元，高质量交付 超4.5万套，销售回款率超100%。 数据还显示，公司归母净利润为亏损119.47亿元。报告期内业绩亏损的主要原因包括房地产开发项目结算规 模显著下降，毛利率仍处低位；结合行业、市场和经营环境变化，考虑到业务风险敞口升高，新增计提了资产 减值；部分大宗资产交易和股权交易价格低于账面值。 责编：李丹 校对：王锦程 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 证监会最新发布！证券公司分类评价新规来了 丨 最高80亿元！长江电力控股股东拟增持！ 丨 港 股，重大调整！ 丨 稀土重磅！三部门联合发布 丨 688256，20%涨停！科技股，史诗级暴涨！ 丨 A 股，重大突破！时隔10年，3800点！ 丨 芯片股，集体狂飙 ...

Core Viewpoint - Vanke's performance in the first half of 2025 remains under pressure, with significant declines in revenue and net loss compared to the previous year [1][2][3]. Financial Performance - Vanke reported a revenue of 105.32 billion yuan and a net loss of 11.95 billion yuan in the first half of 2025, representing year-on-year declines of 26.2% and 21.3% respectively [1]. - The revenue from real estate development and related asset management accounted for 80.2% of total revenue, while property services contributed 16.2% [1]. - The company experienced a sales area of 5.389 million square meters and sales revenue of 69.11 billion yuan, with year-on-year decreases of 42.6% and 45.7% respectively [3]. Business Challenges - The decline in performance is attributed to a significant drop in the settlement scale of development projects and low gross profit margins, with the gross profit margin for real estate development at 8.7% [3]. - Vanke has recognized asset impairments due to some large asset transactions and equity transaction prices falling below book value [3]. Debt Management - Vanke successfully met all public debt obligations during the reporting period, with a total of 24.39 billion yuan in public debt repaid [2][8]. - The company received support from financial institutions, securing 24.9 billion yuan in new financing and refinancing [8]. Strategic Initiatives - Vanke is focusing on inventory reduction and resource revitalization, achieving nearly 6 billion yuan in cash recovery through various sales strategies [6]. - The company is actively selling assets, including office and commercial properties in Beijing, to enhance liquidity [7]. Future Outlook - Vanke plans to continue its efforts in risk management and debt resolution, aiming to stabilize cash flow and maintain operational health [2][8]. - The company is also exploring asset securitization and strategic partnerships to enhance liquidity and asset value realization [9].

Core Viewpoint - The successful listing of the Southern Runze Technology Data Center REIT marks a significant expansion of China's REITs asset landscape into new infrastructure supporting the digital economy, injecting new momentum into the capital market's service for new productive forces [1][2]. Group 1: Listing and Market Response - The Southern Runze Technology REIT was officially listed on August 8, 2023, and has attracted significant market attention since its inception [1]. - During the inquiry phase, the REIT received bids from 131 institutional investors for a total of 350.82 billion shares, which was 167.06 times the available shares for offline issuance [1]. - The public offering was sold out in one day, with effective subscriptions reaching 286.16 billion shares, 317.96 times the public offering amount [1][2]. Group 2: Performance and Investor Interest - On its first trading day, the REIT opened at 5.60 yuan per share, with an opening increase of 24.44%, closing at 5.85 yuan and achieving a turnover rate of 26.46%, indicating strong investor interest [2]. - The REIT's performance reflects high market recognition of the data center REIT category and the strong appeal of new infrastructure assets in the digital economy era [2]. Group 3: Underlying Assets and Management - The underlying asset of the Southern Runze Technology REIT is the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list and is located in Langfang Economic Development Zone, Hebei Province [2]. - The data center has 5,897 cabinets with a total power exceeding 42 MW and a cabinet utilization rate of over 99% [2]. - The fund manager is Southern Fund Management Co., Ltd., and the net proceeds will be used for the construction of the Chongqing Runze (Southwest) International Information Port project, creating a virtuous cycle of investment and operation [2]. Group 4: Market Expansion and Future Outlook - As of August 8, 2023, there are 24 REITs listed on the Shenzhen Stock Exchange, with a total fundraising scale of 639 billion yuan and a total market value of 751 billion yuan [2]. - The Shenzhen Stock Exchange has made significant progress in expanding asset types for REITs, including the introduction of consumption infrastructure REITs and water conservancy REITs in 2024 [3]. - The exchange aims to continue expanding the types of underlying assets and improve the fundraising system to support the stable and healthy development of China's REITs market [3].

Core Viewpoint - The recent performance of China's public REITs in infrastructure, particularly in the consumer sector, shows strong resilience and optimism for future distribution potential, despite mixed results in other sectors [1][2]. Group 1: Market Performance - In the first half of the year, the overall performance of China's public infrastructure REITs was strong, with the consumer infrastructure sector leading with a 38.7% increase [2]. - The second quarter results for consumer infrastructure REITs remained impressive, with notable examples including CICC Yinyi Consumer REIT reporting revenue of approximately 83.45 million yuan and a net profit of about 1.94 million yuan [2][3]. Group 2: Policy Support - The issuance of the 2024 notice by the National Development and Reform Commission marked a new phase for the regular issuance of infrastructure REITs, with seven consumer REITs launched that year [3][4]. - The 2025 "Special Action Plan to Boost Consumption" explicitly supports the issuance of REITs in consumer and cultural tourism sectors, providing clear policy guidance for the development of consumer infrastructure REITs [4]. Group 3: Operational Strategies - Successful consumer REITs focus on brand diversity and consumer experience, as seen in the operational strategies of CICC Yinyi Consumer REIT, which introduced new high-end outdoor brands and dining options [5]. - Engaging younger consumers through events and activities has proven effective in driving foot traffic and enhancing customer experience, as demonstrated by Huaxia Shouchuang Outlet REIT [5]. Group 4: Future Outlook - The market for public infrastructure REITs in China is expected to grow significantly, particularly in the consumer sector, as consumer confidence and spending continue to rise [6]. - New entrants into the consumer REIT market are accelerating, with projects like the China Aviation Tianhong Consumer REIT already in the application stage [6][7]. - Analysts remain optimistic about the stability and performance of quality consumer infrastructure REITs, which are likely to benefit from favorable policies aimed at boosting domestic demand [7].

Core Insights - The launch of the first batch of 9 REITs in June 2021 marked the official start of the domestic REITs pilot program, enhancing market vitality and resilience [1] - As of now, there are 22 REITs listed on the Shenzhen Stock Exchange (SZSE) with a total fundraising scale of 57.81 billion yuan, covering various asset types including ecological protection and logistics [2] - The regulatory framework for REITs has been continuously improved, with a comprehensive set of rules established to cover all business aspects of REITs [3] Market Expansion and Innovation - The SZSE has introduced several innovative REITs, including the first clean energy REIT and the first batch of rental housing REITs, with a focus on expanding asset types [2] - The market has seen a significant increase in investor participation, with the average subscription multiple for recent REITs reaching historical highs [2] Regulatory and Operational Enhancements - A robust regulatory framework has been established, consisting of various guidelines and notifications to streamline the REITs lifecycle and improve operational efficiency [3] - Continuous engagement with local authorities and market participants has been emphasized to enhance project reserves and conduct regular training sessions [4] Market Performance and Investor Engagement - As of June 20, 2024, the total market value of the 22 REITs is approximately 68.67 billion yuan, with an average closing price increase of 25.18% from the issue price [5] - Institutional investors dominate the REITs market, holding over 95% of the shares in the 18 REITs that disclosed their annual reports for 2024 [6] Future Development and Strategic Goals - The SZSE aims to optimize project services and expand the REITs pilot scale, focusing on high-quality development and supporting technological innovation [8] - Plans include enhancing regulatory mechanisms, improving the quality of listed REITs, and fostering a more diverse investor base to ensure sustainable market growth [8]

Group 1 - The REITs market is transitioning from policy-driven to market-driven, with a total of 66 listed REITs and a market capitalization exceeding 200 billion yuan as of June 5 [1] - Consumer REITs have shown strong operational performance, with four listed in the Shenzhen market raising a total of 14.999 billion yuan and a combined market value of 21.991 billion yuan as of June 5 [1] - The upcoming issuance of the CICC China Green Development Commercial REIT is set for June 9, 2025, with a total of 50 million fund shares [1] Group 2 - The underlying assets of Huaxia China Resources Commercial REIT generated an operating income of 630 million yuan in 2024, with an occupancy rate of 99% and a 10.90% increase in foot traffic [2] - CICC Yinyi Consumer REIT reported an operating income of 239 million yuan in 2024, with a 97.91% occupancy rate [2] - Huaxia Joy City Commercial REIT achieved an operating income of 103 million yuan in 2024, with an occupancy rate of 98.10% [2] Group 3 - The valuation of consumer REITs remains stable, with changes in assessed values for Huaxia China Resources, CICC Yinyi, and Huaxia Joy City REITs being 0.04%, 0.00%, and 0.12% respectively [2] - As of June 5, consumer REITs in the Shenzhen market have distributed dividends 12 times, totaling 723 million yuan, indicating a high frequency of profit distribution [2] - The CICC China Green Development Commercial REIT will focus on a shopping center in Jinan, Shandong, with a total construction area of 200,900 square meters and a large resident population within a 3 km radius [3] Group 4 - The Shenzhen Stock Exchange aims to promote the regular issuance of REITs while ensuring quality and scale, focusing on the sustainable development of the REITs market [3] - The exchange plans to increase the supply of high-quality REIT projects and expand the types of underlying assets [3]

Core Viewpoint - The forum highlighted the unique advantages and future development prospects of consumption REITs, emphasizing their role in expanding domestic demand and promoting consumption in the context of economic recovery [1][3]. Group 1: Advantages of REITs - REITs provide a mandatory annual distribution of at least 90% of the distributable amount to investors, ensuring long-term and stable cash flow [3]. - Listed REITs offer liquidity and can be traded in the secondary market like stocks, making them accessible for investors [3]. - The investment threshold for REITs is low, typically starting from a few hundred yuan, allowing ordinary individuals to participate [3]. Group 2: Consumption REITs Potential - Consumption REITs are seen as investment tools with stable returns and asset appreciation potential, particularly relevant in the context of domestic consumption and policy support [3]. - These REITs primarily invest in shopping centers, department stores, outlet malls, farmers' markets, and community commercial infrastructures, directly linked to consumer demand [3]. - The potential market size for consumption REITs is significant, with expectations that they will become the largest and most market-oriented segment among property REITs in the future [3]. Group 3: Investment Considerations - Consumption REITs offer ordinary investors the opportunity to engage in core commercial real estate with small amounts of capital, emphasizing the importance of underlying asset quality and management capabilities over short-term trading [4]. - Investors are encouraged to adopt a rational investment approach, thoroughly understanding product risks and characteristics through disclosure documents like fund contracts and prospectuses [4].

Core Viewpoint - The recent surge in bulk trading of REITs, particularly in the consumer sector, indicates increased institutional activity and interest in this market segment, despite liquidity challenges in the secondary market [1][6][7]. Group 1: Bulk Trading Activity - On May 15, multiple REITs completed significant bulk trades, including China International Capital Corporation's (CICC) consumer REIT with 2.35 million shares traded for approximately 10 million yuan [3][4]. - Consumer REITs such as CICC's and Huaxia's commercial REITs have frequently appeared in bulk trading lists, reflecting a bullish trend in this sector [5][6]. Group 2: Market Performance - The CSI REITs index has shown an average increase of 8.34% this year, with consumer REITs leading the gains, including a 47.66% rise in Huazhong's consumer REIT [5]. - Institutional investors have increased their holdings in public REITs, with a 14.4% decrease in the number of individual holders and a 17.9% increase in average holdings per account [5]. Group 3: Liquidity Issues - The prevalence of bulk trading highlights liquidity issues in the secondary market for REITs, with many trading days seeing volumes below 10 million yuan [6][7]. - The concentration of institutional investors and the small market size contribute to significant price volatility, as large trades can heavily influence market prices [7][8]. Group 4: Valuation and Assessment Mechanisms - The current valuation system for public REITs in China is inadequate, as it primarily relies on closing prices, which do not accurately reflect underlying asset values due to low market liquidity [8]. - Recommendations include broadening the investor base, optimizing valuation and assessment mechanisms, and encouraging long-term capital participation to enhance market activity [8]. Group 5: Institutional Interest - Insurance companies are increasingly interested in REITs, with significant allocations to newly listed REITs, indicating a shift towards utilizing REITs for stable returns [10][11]. - The establishment of large-scale public REITs, such as the 10 billion yuan infrastructure REIT, is expected to enhance market liquidity and attract diverse investors [10][12].