来源：中国基金报 分享 (原标题：又有新品，上报！) 当前公募REITs发行热度不减，8月18日，又有新品申报。 8月18日晚间，上交所官网显示，华夏基金申报了一只新的公募REITs产品。申报产品名称为"湖北交投 楚天高速公路封闭式基础设施证券投资基金"(以下简称华夏交投楚天高速公路REIT)。 一只公募REITs最新申报，另有多只产品排队审批中 从产品申报信息看，该项目发起人为湖北楚天智能交通股份有限公司(以下简称楚天高速)和湖北交投建 设集团有限公司(以下简称湖北交投建设集团)，专项计划管理人为中信证券。 从产品申报进度看，目前上述产品已经提交申报材料，等待受理。 2023年4月，A股上市公司楚天高速发布公告宣布开展公募REITs申报发行工作。楚天高速拟以控股子公 司湖北大广北高速公路有限责任公司持有的大庆至广州高速公路湖北省麻城至浠水段主线收费权及附属 设施(不包括沿线服务区和停车区)作为底层资产，开展大广北高速公募REITs申报发行工作。 大广北公司是楚天高速与湖北交投建设集团共同投资的企业，分别持股75%和25%。楚天高速在2024年 年度报告中披露，去年大广北高速公募REITs项目进入国家发改委审 ...

Group 1 - The core point of the news is the ongoing enthusiasm for public REITs in China, highlighted by the recent application for a new public REIT product by Huaxia Fund, named "Hubei Jiao Investment Chutian Expressway Closed-End Infrastructure Securities Investment Fund" [2][4] - The initiators of the new REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiao Investment Construction Group Co., Ltd., with the special plan managed by CITIC Securities [4][6] - The underlying assets for the REIT include the toll rights and ancillary facilities of the Hubei section of the Daqing-Guangzhou Expressway, specifically the section from Macheng to Xishui, which spans 147.115 kilometers and has a toll period from April 1, 2009, to June 18, 2039 [5][4] Group 2 - As of August 17, there are 73 public REITs listed in the market, with several products currently awaiting approval, including the Huaxia Jiao Investment Chutian Expressway REIT [6][4] - The public REIT market has experienced fluctuations, with the total market capitalization dropping below 220 billion yuan, despite a year-to-date increase in the indices [10][11] - Analysts suggest that the current low-interest-rate environment presents investment opportunities in the REIT market, emphasizing the importance of focusing on quality projects and the potential for recovery in undervalued assets [11][10]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - REITs approval process has accelerated significantly, with the average approval cycle shortening to 4.6 months. Two data - center REITs listed on Friday and both closed at a +30% limit - up. - The market this week was relatively dull. Affected by the diversion of funds in the equity market, trading weakened. Multiple REITs' restricted shares will face unlocking in the future, which may bring certain selling pressure. - As of August 8, 2025, 14 REITs have been successfully issued this year, with a issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8%. [1] 3. Summary According to the Directory 3.1 Primary Market - Three new single - issue public REITs made progress this week: Southern Wanguo and Runze Technology Data Center REITs were listed and both hit the daily limit on the first day, and CICC Vipshop Outlets REIT was registered and took effect. One single - expansion REIT, AVIC Jingneng Photovoltaic REIT, was registered and took effect. - Currently, in the approval process, there are 9 single - issue REITs declared, 5 queried and responded, and 1 registered and awaiting listing; for expansion REITs, 9 have been declared, 3 queried and responded, and 3 passed the review. [1][12][13] 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index (932047.CSI) closed at 1097.31 points, a decline of 0.33%, underperforming the CSI 300 by 1.56 percentage points and the CSI Dividend by 2.72 percentage points. The CSI REITs Total Return Index has risen 13.37% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 9.05/12.76 percentage points. - In terms of project attributes, property - type REITs rose 0.76%, while concession - type REITs fell 0.32%. In terms of asset types, environmental protection and water services (+0.22%), warehousing and logistics (+0.14%), and energy (+0.01%) sectors performed well. [1] 3.2.2 Liquidity - The average daily turnover rates of property - type/concession - type REITs this week were 0.83%/0.54%, down 1.76/0.85 basis points from last week. The trading volumes during the week were 657 million/149 million shares, a week - on - week increase of 0.28%/a decrease of 1.56%. Except for the newly listed data - center sector on Friday, the energy sector had the highest activity. [1] 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/concession - type REITs were 3.65%/4.40% respectively. The transportation (5.64%), warehousing and logistics (5.13%), and park (4.13%) sectors ranked in the top three. [1] 3.3 This Week's News and Important Announcements - China Three Gorges New Energy (Group) Co., Ltd. plans to issue infrastructure public REITs through its wholly - owned subsidiary's offshore wind power project, with a total installed capacity of 298.8MW, which was fully connected to the grid for power generation in November 2020. - Multiple REITs issued announcements, including the unlocking of strategic placement shares of Hua'an Bailian Consumption REIT, and multiple REITs announced dividends. [30]

Group 1 - The core viewpoint of the article is the recent submission of the Zhonghang Tianhong Consumption REIT application, which has been accepted by the China Securities Regulatory Commission [2][5] - The application process took over two years from preparation to formal submission [4] - The project involves the Suzhou Xiangcheng Tianhong Shopping Center as the underlying asset, with a planned issuance period not exceeding 30 years and a total transaction amount not exceeding 60 million [5][6] Group 2 - The public REITs market is currently experiencing a period of adjustment, with many individual REITs seeing declines of over 10% since late June [2][9] - The CSI REITs Total Return Index reached a two-year high of 1124.91 points on June 24, but has since entered a phase of volatility, with an overall decline of more than 2.5% [9] - Recent trading days have shown that 24 public REITs have experienced cumulative declines exceeding 2%, with three of them dropping more than 5% [9][10] - The market is expected to continue a sideways trend until new significant market variables emerge [10]

Core Viewpoint - The public REITs market experienced fluctuations last week, with a mixed performance across different sectors, indicating a stable yet cautious investment environment [1][2]. Market Performance - As of May 30, the CSI REITs Index decreased by 0.10% to 868.4 points, while the CSI REITs Total Return Index increased by 0.03% to 1090.1 points [1][2]. - Among the REITs, operating rights REITs outperformed property rights REITs, with average weekly changes of -0.3% and 0.6% respectively [1]. Product Performance - Out of 66 listed public REITs, 31 saw a week-on-week increase, while 35 experienced declines [1][3]. - The top three performing products were: - Huaxia Tebian Electric New Energy REIT, up 4.26% - ICBC Mengneng Clean Energy REIT, up 4.04% - Huaxia Jinmao Commercial REIT, up 3.59% [1][3]. Sector Analysis - The transportation and energy REITs performed well, while consumer and industrial park REITs showed relatively weaker performance [2]. - Weekly performance by asset type ranked as follows: - Transportation: 0.67% - Energy: 0.60% - Affordable housing: 0.27% - Municipal environmental protection: -0.34% - Warehousing: -0.48% - Consumer: -0.53% - Industrial park: -0.80% [2]. New Projects and Approvals - Two new projects were approved: - Bank of China and China Foreign Transport Warehouse Logistics REIT - Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [8][9]. - The Bank of China project is notable as the first central enterprise warehouse logistics REIT in China, with a total leaseable area of approximately 300,000 square meters across six locations [9]. - The Guotai Junan project aims to acquire infrastructure assets in the Lingang area, covering an area of 182,400 square meters [9]. Market Activity - The public REITs market had a trading volume of 2.38 billion yuan last week, with the affordable rental housing REITs leading in average turnover rate [6]. - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huatai Suzhou Hengtai Rental Housing REIT - Hongtu Innovation Yantian Port REIT [6]. Future Outlook - As of last week, there are 14 REITs waiting to be listed, indicating an active issuance market [11].

Core Viewpoint - The introduction of Ningbo Shanjing Outlet as a new member of the outlet consumption REITs market in China highlights the growing interest and potential in this sector, following the successful launch of the first outlet REIT by Huaxia in 2022 [1][2]. Group 1: Company Overview - Ningbo Shanjing Outlet, operated for over 13 years, is the first outlet project developed by Shanshan Commercial, in collaboration with Japanese firms Itochu and Mitsui [2]. - The project has a total building area of 104,300 square meters and a commercial area of 83,300 square meters, with a total valuation of 2.972 billion yuan, representing a 547% increase from its original value [3][4]. Group 2: Financial Performance - The annual operating income of Ningbo Shanjing Outlet has shown a compound annual growth rate (CAGR) of 8.70% from 2022 to 2024, with projected revenues of 2.32 billion yuan, 2.64 billion yuan, and 2.74 billion yuan respectively [5][6]. - The outlet's average occupancy rate has remained above 97% over the past three years, with a peak occupancy rate of 99.71% at the end of 2024 [8][10]. Group 3: Revenue Composition - The revenue structure is primarily based on joint venture income and commission income, with joint venture income accounting for 74.33% of total revenue in 2024 [5][6]. - The commission rate for joint venture income has consistently exceeded 13% over the past three years, reaching 13.29% in 2024 [6][7]. Group 4: Market Position and Competition - Ningbo Shanjing Outlet is strategically located in a strong consumer market with no direct competitors in the vicinity, benefiting from local consumer support [16][17]. - The outlet has established a diverse tenant mix, with significant contributions from sports and outdoor brands, which have seen an increase in both area and revenue share [10][12]. Group 5: Future Prospects - The growing trend of introducing well-known domestic and international brands is expected to enhance the outlet's attractiveness and customer draw [10][15]. - The increasing number of outlet REITs in the market indicates a rising interest in this asset class, with more original rights holders looking to include profitable projects in REITs [22].

Core Viewpoint - The launch of the CICC Vipshop Outlets REIT marks a significant development in the public REITs market, filling a niche for outlet-based consumer assets and aiming to overcome performance differentiation challenges in the REITs sector [1][10] Group 1: REIT Product Details - The CICC Vipshop Outlets REIT is based on the Ningbo Shanjing Outlets Plaza, which has been operational for over 13 years, showcasing strong operational resilience with average occupancy rates of 98.26%, 98.1%, and 97.57% from 2022 to 2024, projected to reach 99.91% by the end of 2024 [2] - The project is valued at 2.972 billion yuan, with a total construction area valuation of 28,505 yuan per square meter, and a capitalization rate of 6.96% expected by 2025 [2] - The original rights holder, Shanshan Commercial Group, operates the largest outlet matrix in China, with 20 projects opened by the end of 2024, indicating a robust expansion strategy [2] Group 2: Market Comparison - The existing outlet REIT, Huaxia Chuangxin Outlet REIT, achieved a public subscription multiple of 23 times and raised 1.97 billion yuan, with a secondary market price increase of over 68.7% since its listing [4] - The Ningbo Shanjing Outlets demonstrates superior performance metrics, with a sales figure of 1.73 billion yuan in 2023, 2.4 times that of the Wuhan Chuangxin Outlet, and a monthly sales efficiency of 3,259 yuan per square meter, 1.7 times higher than its counterpart [4] Group 3: Fund Performance and Challenges - CICC Fund's total management scale reached 203.3 billion yuan by the end of Q1 2025, with open-end funds at 177.6 billion yuan and closed-end funds at 25.68 billion yuan, reflecting a year-on-year growth of 69.7% and 14.3% respectively [5] - However, the performance of CICC's REIT products shows significant differentiation, with the CICC Prologis REIT reporting a revenue of 460 million yuan but a net loss of 98.89 million yuan due to goodwill impairment [7] - The CICC Anhui Expressway REIT, the largest by scale, has been in continuous loss since its establishment, with a projected loss of 1.12 billion yuan in 2024, and a 23.08% decrease in distributable income compared to the previous year [7]

Group 1 - Several fund companies have announced the suspension of large subscriptions for dividend-themed funds to ensure stable operation and protect the interests of fund shareholders, with limits set at 500,000 yuan and 10 million yuan for different funds [1] - The total scale of dividend funds reached 251.37 billion yuan by the end of the first quarter, an increase of approximately 27 billion yuan compared to the end of the previous quarter, marking a new high [1] Group 2 - The total scale of the first batch of Hang Seng Technology ETFs has grown to 75.563 billion yuan, a significant increase of 14.15 times from its initial scale of 4.989 billion yuan [2] - This batch of ETFs was launched in May 2021 by six public funds, marking their fourth anniversary as of May 12 [2] Group 3 - The number of "fixed income plus" funds has exceeded 1,700, with an overall product scale increasing by over 140 billion yuan since the end of last year [3] - Some "fixed income plus" funds have shown outstanding performance this year, with annual returns exceeding 10% [3] Group 4 - More than 30 funds have changed their performance comparison benchmarks this year, following the regulatory push to strengthen the constraints on performance benchmarks [4] - The China Securities Regulatory Commission has linked performance benchmarks to the income of fund companies and the compensation of fund managers [4] Group 5 - The CICC Vipshop Outlets REIT has been accepted for review, with the underlying assets expected to include outlet projects in Nanchang, Ningbo, and Taiyuan [5] - CICC has also submitted a request for fund registration change for the CICC Xiamen Housing REIT, which has been accepted, indicating an acceleration in its expansion process [5] Group 6 - Wan Minyuan has reduced its holdings in Sunshine Nuohong, with the latest data showing a holding of 2.5 million shares, representing 2.23% of the company [6] - The fund "Rongtong Health Industry Mixed" has decreased its holdings in Sunshine Nuohong by 108,000 shares after the first quarter [7] Group 7 - On May 13, the market experienced a high open but low close, with the Shanghai Composite Index rising by 0.17% and the Shenzhen Component Index and ChiNext Index both declining slightly [8] - The total trading volume in the Shanghai and Shenzhen markets was 1.29 trillion yuan, a decrease of 16.9 billion yuan compared to the previous trading day [8]

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" by the China Securities Regulatory Commission (CSRC), which includes 25 measures aimed at reforming the public fund industry to focus on performance-driven growth rather than scale-driven growth [2][3] - The Action Plan is considered one of the most systematic and forward-looking regulatory innovations in China's capital market in recent years, promoting a return to an "investor-centric" value perspective [2][3] - Key measures include adjusting performance compensation for fund managers based on their performance relative to benchmarks, with significant penalties for underperformance and rewards for overperformance [4][5] Group 2 - The plan encourages the reduction of management fees for large-scale index funds and money market funds, and mandates that fund companies' assessments of executives include a minimum of 50% weight on investment returns [5][6] - A long-term performance assessment mechanism will be implemented, with at least 80% weight on medium to long-term returns over three years [6] - The plan also introduces a rapid registration mechanism for exchange-traded funds (ETFs), aiming to complete registration within five working days [6] Group 3 - The news highlights the recent self-purchase actions by public fund companies, with announcements from Anxin Fund and Fuguo Fund committing to invest at least 25 million yuan in their respective new funds [7][8][22] - The self-purchase actions are seen as a way to boost investor confidence and stabilize market expectations [22] Group 4 - The report mentions the recent approval of new public REITs, with a focus on consumer infrastructure, indicating a growing interest in this sector [9] - The performance of public REITs in the secondary market has been strong, with some consumer-related REITs showing gains of over 40% this year [9] Group 5 - The news also covers the significant changes in the leadership of major fund companies, with the resignation of a long-serving general manager at Huatai-PB Fund, indicating a shift towards new leadership in the industry [12] - The report notes that there are still nine other fund managers with over ten years of service, suggesting a mix of experienced and new leadership in the sector [12]

Group 1 - CICC Vipshop Outlets REIT has officially submitted its application to the Shanghai Stock Exchange on May 6, targeting the consumer infrastructure sector [2][3] - The underlying assets of the project are expected to include outlet projects in Nanchang, Ningbo, and Taiyuan, owned by Shanshan Commercial Group [4] - Shanshan Commercial Group, established in 2016, is primarily engaged in business services and has a registered capital of 3 billion yuan [4] Group 2 - Vipshop acquired 100% of Shanshan Commercial Group for 2.9 billion yuan in 2019, which included several established outlet plazas and additional projects under planning [5] - The REIT is anticipated to provide funding support for asset revitalization and new project expansion, leveraging the synergy between supply chain and offline scenarios post-acquisition [6] - Consumer REITs have shown strong performance, with the highest year-to-date increase exceeding 40%, indicating a robust market for this asset class [2][8] Group 3 - As of May 7, there are 66 public REITs in the market with a fundraising scale nearing 200 billion yuan, and 19 additional REITs are in the application process [7] - The secondary market for public REITs has performed well, with an average increase of 13.4% year-to-date, outperforming major A-share indices [8] - Notably, consumer REITs have led the market, with several products achieving significant gains, including Huaxia Joy City Commercial REIT and Huaxia Shichuang Outlets REIT, both exceeding 40% [8]