衍生品研究 新券定价——唯品会奥莱 REIT 宁波奥特莱斯登录资本市场 2025 年 8 月 22 日 衍生品研究/事件点评 发行 10.0 亿份，战配、网下、公众分别占比 70%、21%、9%，2025/8/13 网下询价，2025/8/20 缴款，预期 9 月下旬登录资本市场。网下有效认购倍数 254.19 倍，由此推算中签率 0.39%。 初始IRR 7.75%，今明两年可供分配金额预测分别 1.51亿元和 1.64亿元， 预测年化派息率分别 6.94%和 5.65%。发行价 3.48 元，上限发行，发行 P/NAV 1.20 倍，对应 23.05 倍 P/FFO，今明两年调整后预期年化派息率 5.79%、4.71%。 新券二级市场估值推导 目前已上市产权类消费基础设施 REITs 共 9 只，过去三个月平均 P/NAV 中位数 1.41 倍，P/FFO 中位数 25.02 倍，派息率 TTM 中位数 3.69%。 我们认为，最可比的是华夏首创奥特莱斯 REIT(508005.SH)，过去三个 月平均 P/NAV、P/FFO 和派息率 TTM 分别 1.58 倍、25.43 倍和 2.95%。 考虑到唯 ...

东杰转债：强赎 山玻转债：不下修 金威转债：【申购】 中金唯品会奥莱REIT（508082）：【认购】 宏远股份：【上市】 东杰智能：筹划控制权变更停牌 远信转债，华医转债：不强赎 禾丰股份：股东拟合计减持不超2.19%公司股份 新致软件：股东拟合计减持不超2.81%公司股份 镇洋发展：筹划重大资产重组，停牌时间不超过10个交易日 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123156 | 博汇转债 | 177.000 | 100.020 | 2025-08-14 | 2025-08-19 | 177.25 | 0.013 | 0.03% | | 123063 | 大禹转债 | 145.250 | 100.200 | 2025-08-15 | 2025-08-20 | 147.00 | 0.025 | 0.05% | | 127035 | 濮耐转债 ...

华阳转债：提议下修 高测转债：强赎 中金唯品会奥莱REIT：8月20日认购 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 128125 | 华阳转债 | 提议下修 | 2025-08-16 | 公告 | | 118014 | 高测转债 | 强赎 | 2025-08-16 | 公告 | | 110097 | 天润转债 | 不强赎 | 2025-08-16 | 公告 | | 110076 | 华海转债 | 不下修 | 2025-08-16 | 公告 | | 123237 | 佳禾转债 | 不强赎 | 2025-08-15 | 公告 | | 123039 | 开润转债 | 不下修 | 2025-08-15 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 12315 ...

证券研究报告 | 2025年08月17日 公募 REITs 周报（第 30 期） 指数震荡回落，量价齐跌 核心观点 固定收益周报 主要结论：二季报披露以后，REITs 由普涨行情转为震荡回调，全市场 REITs 市值和日均换手率均下降。本周中证 REITs 指数下跌 1.62%，产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为-1.57%、-2.04%。从主要指数周涨跌 幅对比来看：沪深 300>中证转债>中证全债>中证 REITs，除数据中心以外， 其他类型 REITs 均收跌。截至 8 月 15 日，公募 REITs 年化现金分派率均值 为 6.3%，显著高于当前主流固收资产的静态收益率；产权 REITs 股息率比中 证红利股股息率均值高 13BP,经营权类 REITs 内部收益率均值与十年期国债 收益率利差为 232BP。 中证 REITs 指数周涨跌幅为-1.62%，年初至今涨跌幅为 8.2%。截至 2025 年 8 月 15 日 ， 中 证 REITs （ 收 盘 ） 指 数 收 盘 价 为 853.96 点 ， 整 周 （2025/8/11-2025/8/15）涨跌幅为-1.62%， ...

中金唯品会 REIT 获 253 倍认购，国君临港 REIT 完成扩募定价 -公募 REITs 行业周报 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 73 | | 行业总市值(亿元) | 2177.78 | | 行业流通市值(亿元) | 1028.88 | 1、《本周 REITs 迎来反弹，新发国 债复征增值税》2025-08-04 中 航 天 虹 消 费 REIT 项 目 申 报 》 2025-07-26 3、《REITs 二季报及相关运营数据密 集披露》2025-07-20 REITs 证券研究报告/行业定期报告 2025 年 08 月 17 日 评级：无评级 分析师：陈希瑞 报告摘要 本周行情回顾： 本周 REITs 指数下跌 1.49%，其中经营权类下跌 1.45%，产权类下跌 2.01%。沪深 300 累计上涨 2.37%，中证 500 指数上涨 3.88%，中证全债指数下跌 0.32%，中债 1 年期国债指数上涨 0.02%，中债 10 年期国债指数下跌 0.42%，中证转债指数上 ...

Group 1: Industry Dynamics - The CICC Vipshop Outlet REIT is set to officially launch on August 20, 2025, with a total of 1 billion fund shares available for subscription at a price of 3.48 yuan per share, aiming to raise a total of 3.48 billion yuan [1][7]. - The issuance will be conducted through a combination of strategic placement, offline issuance, and public offering, with initial allocations of 700 million shares for strategic placement, 210 million shares for offline issuance, and 90 million shares for public offering [1][7]. Group 2: Market Performance - During the week of August 11 to August 15, 2025, the CSI REITs total return index fell by 1.49%, while the total REITs index decreased by 1.82%, with the property REITs index down by 1.70% and the operating rights REITs index down by 2.06% [2][16]. - The total REITs index underperformed the CSI 300 index by 4.19 percentage points, the CSI All Bond index by 1.50 percentage points, and the Nanhua Commodity index by 2.34 percentage points [2][16]. - Among individual REITs, the Southern Universal Data Center REIT led the gains with an increase of 5.59%, followed by the Southern Runze Technology Data Center REIT at 4.26% and the Huaxia China Resources Commercial REIT at 0.62% [2][16]. Group 3: Liquidity - The overall trading activity of REITs decreased this week, with the total trading volume (MA5) at 653 million yuan, down 10.9% from the previous week [3][37]. - The trading volumes for property and operating rights REITs (MA5) were 426 million yuan and 227 million yuan, reflecting changes of -8.9% and -14.6% respectively [3][37]. - Specific categories of REITs, such as transportation infrastructure, accounted for the largest share of trading volume at 23.3%, with MA5 trading volumes for various categories showing significant declines [3][37].

该基金在份额发售公告中公布了网下发售投资者报价信息统计表，且被标注为"有效报价"的配售对象必 须参与网下发售，知名私募林园投资出现在该名单中。 统计表披露，林园投资旗下的林园投资96号、林园投资180号、林园投资238号、林园投资212号等共11 只私募基金参与了该REIT的网下认购，拟认购数量合计为2290万份，且均按照3.481元/份的拟认购价 格，总认购金额近8000万元。 原标题：林园，首次出手！ 一向在股票市场十分活跃的林园投资创始人林园也来到了公募REITs市场。 8月15日，中金唯品会奥莱REIT公布基金份额发售公告，在投资者报价信息统计表中出现了多只林园投 资旗下私募基金的身影。据公开信息不完全统计，这也是林园投资首次以网下认购方式参与首发REITs 项目。 林园近8000万元参与认购 公告显示，中国证监会准予中金唯品会奥莱REIT的基金份额总额为10亿份。其中，战略配售初始发售 份额为7亿份，网下发售初始发售份额为2.1亿份，公众发售初始发售份额为9000万份。该基金发售的询 价工作已于8月13日完成。 据公开资料，中金唯品会奥莱REIT发起人为Vipshop Holdings Limite ...

Core Viewpoint - Lin Yuan Investment, a prominent player in the stock market, has entered the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT, marking its first offline subscription for a REIT project [1][3]. Group 1: Investment Participation - Lin Yuan Investment participated with nearly 80 million yuan in the subscription for the CICC Vipshop Outlet REIT, with a total of 22.9 million shares planned for subscription at a price of 3.481 yuan per share [2][3]. - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement, 210 million shares for offline placement, and 90 million shares for public offering [3]. Group 2: Fund Details - The REIT is initiated by Vipshop Holdings Limited, with the original rights holder and operational management by Shanshan Commercial Group, and it aims to invest in the Shijie Outlet project in Ningbo, Zhejiang Province, which has been operational for over 13 years [3][4]. - A total of 11 private funds under Lin Yuan Investment participated in the offline subscription, with the largest subscription coming from Lin Yuan Investment No. 97 fund, which planned to subscribe for 570,000 shares [4]. Group 3: Market Trends - The public REITs market is experiencing rapid development, with institutional investors now accounting for 96% of the market, led by bank proprietary trading and insurance funds [6]. - Starting from the fourth quarter of 2024, trust funds, private equity funds, and small investment institutions are expected to accelerate their entry into the market, introducing new variables [6][7]. - The increasing participation of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the cross-regional and cross-industry integration of state-owned and central enterprises' assets [7].

Group 1 - The core investment strategy of the report focuses on the potential of the CICC Vipshop Outlet REIT, which is based on the Ningbo Shanjing Outlet project, with an expected fundraising of 2.321 to 3.481 yuan per share and a total of 2.901 billion yuan [2][6] - The project has shown strong operational performance with a visitor count of 13.1 million and an annual revenue nearing 2 billion yuan in 2024, indicating a robust growth trajectory [2][14] - The project is expected to benefit from the completion of the Ningbo West Air-Rail Hub, which will enhance its development potential and customer reach [2][21] Group 2 - The brand matrix of the project is diverse and appealing, featuring a mix of international brands that attract significant consumer traffic, with a compound annual growth rate (CAGR) of 16.63% in visitor numbers from 2022 to 2024 [2][15] - The revenue structure is stable, with joint venture income accounting for approximately 75% of total revenue, supported by guaranteed minimum sales clauses that ensure income stability [2][39] - The project maintains a high occupancy rate of around 98% and a reasonable tenant concentration, with the top ten tenants contributing less than 30% of total income, indicating a well-diversified revenue base [2][50] Group 3 - The estimated fair value of the project assets is projected to be between 2.491 billion and 3.050 billion yuan, with an internal rate of return (IRR) ranging from 6.46% to 7.49%, significantly higher than the average for listed consumption REITs [2][5.1] - The forecasted capitalization rate for 2025 is expected to be between 6.22% and 7.54%, which is competitive compared to other commercial REITs [2][5.2] - The anticipated distribution rates for 2025 and 2026 are projected at 5.21% and 5.65% respectively, which are notably higher than those of other consumption REITs [2][5.3]