Core Viewpoint - The recent mid-year performance briefing of consumption REITs in the Shanghai market highlights their resilience and growth potential in a complex economic environment, showcasing their ability to enhance asset management and operational capabilities, thereby contributing to economic growth and consumer prosperity [1][5][8] Performance of Listed Projects - As of June 30, 2025, the overall occupancy rate of the Jiashi Wumei Consumption REIT was 95.58%, with a rental collection rate of 99.07%, generating revenue of 52.86 million yuan and a net profit of 16.19 million yuan, with a distributable amount of 35.29 million yuan [2] - The Huaxia Jinmao Commercial REIT reported an occupancy rate of 99.03% and total revenue of 47.85 million yuan for the first half of 2025, with an EBITDA of 22.86 million yuan and a distributable amount of 28.73 million yuan, achieving a simple annualized distribution rate of 5.42%, up by 42 basis points year-on-year [2][3] - The Huawan Bailian Consumption REIT achieved revenue of 116.65 million yuan and an EBITDA of 72.87 million yuan in the first half of 2025, with a distributable amount of 72.17 million yuan, and a cash flow distribution rate of 4.28% based on the fund's market value as of June 30, 2025 [3] - The Huaxia Shichuang Outlet REIT had an overall occupancy rate of 97.11% and a rental collection rate of 100%, generating approximately 131.13 million yuan in revenue and a distributable amount of approximately 63.79 million yuan, with an annualized distribution rate of about 6.52%, exceeding the forecasted rate by 68 basis points [4] Contribution to Economic Growth - Consumption REITs play a crucial role in driving economic growth as they are closely tied to residents' daily lives, facilitating rapid circulation of goods and services, creating numerous job opportunities, and promoting the collaborative development of related industries [5][6] Future Development Potential - The continuous development of consumption REITs is expected to inject new vitality into the consumption infrastructure sector, promoting deep integration and positive interaction between finance and the real economy [6][7] - The market for consumption REITs is poised for unprecedented growth opportunities, with new listings such as the CICC Vipshop Outlet REIT and Huaxia CapitaLand Commercial REIT, indicating strong investor interest and potential for expansion [7][8] Regulatory and Market Environment - The introduction of six core mechanisms for public REITs by the Shanghai Stock Exchange is expected to enhance the operational efficiency of infrastructure assets and further integrate finance with the real economy, showcasing the unique value and potential of consumption REITs in promoting consumption and economic growth [8]

Issuance Market - The issuance of the Huaxia Kaide Commercial REIT has been completed, with an expected scale of 2.29 billion yuan and an average allocation ratio of 0.29%. A total of 15 REITs have been issued this year, a decrease of 6.25% compared to the same period last year, with a total issuance scale of 31.26 billion yuan, down 15.61% year-on-year. Property REITs have shown significant advantages in both quantity and scale compared to operating rights REITs [1][7][8] - The average allocation ratio for REITs issued this year is low, at only 0.50%, with an average first-day increase of 27.63% [7][8] Secondary Market - The CICC Vipshop Outlet REIT was listed on September 12, 2025, with a first-day increase of 26.81%. Currently, there are 74 REIT products in the market, with a total scale of 220.745 billion yuan, where property REITs lead significantly over operating rights REITs [2][14] - The REIT market experienced a slight decline of 0.23% this period, lagging behind the stock market. The overall increase in the REIT market this year is 13.61%, which is lower than major stock indices but better than the CSI Dividend Index. Property REITs have increased by 16.94% this year, while operating rights REITs have risen by 10.15% [2][15] Dividend Situation - The number of dividends in the REIT market doubled compared to the previous period, with a significant increase of 237% in dividend amounts. The total dividends for 2025 are close to 6.943 billion yuan, with a dividend yield of 4.01%, slightly lower than the CSI Dividend Index [3][30] - Property REITs have a dividend yield of 3.18%, significantly lower than the 5.01% yield of operating rights REITs. The high dividend ratio of different types of REITs is attributed to the mandatory dividend nature of REITs [3][31] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.46, slightly lower than the previous period, but significantly higher than the CSI 300 and CSI Dividend Index. The valuation for affordable housing REITs is relatively high, while the industrial park REITs have the lowest valuation among all asset types [4][37] - The internal rate of return for water conservancy facility REITs is the highest among operating rights REITs, followed by ecological environmental REITs, while clean energy and toll road REITs rank lower [4]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report This week, the public - offering REITs market declined slightly, but the trading volume increased. The indices of both property - type and franchise - type public - offering REITs dropped, with only the ecological and environmental protection - type REITs rising slightly and the consumer infrastructure - type REITs having the highest decline. The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs. The market is expected to continue to expand, and public - offering REITs have high - dividend and medium - low - risk advantages with high allocation cost - effectiveness [5][41]. 3. Summary According to the Table of Contents 3.1 Secondary Market: The Public - Offering REITs Market Declined Slightly This Week - The public - offering REITs market declined slightly. As of September 12, 2025, the China Securities REITs Index fell 0.84% from last week to 840.03, and the China Securities REITs Total Return Index was 1070.04, down 0.78% from last week [10]. - The trading volume in the REITs market increased. This week, the total trading volume was 639 million shares, a 3.23% week - on - week increase, and the trading value was 2.891 billion yuan, a 3.99% week - on - week increase. The interval turnover rate was 2.81%, compared with 2.73% last week [12]. - The indices of property - type and franchise - type public - offering REITs both declined, by 0.85% and 0.54% respectively. Among them, only the ecological and environmental protection - type REITs rose 0.87%, while the consumer infrastructure - type REITs had the highest decline [15][18]. - The trading volume and turnover rate of most types of public - offering REITs declined. Only the trading volume of consumer infrastructure - type public - offering REITs increased by 136.83% to 773 million yuan. The turnover rates of consumer infrastructure - type, new - type infrastructure - type, and ecological and environmental protection - type REITs were greater than 1 [21][23]. - Most public - offering REITs products declined. Among the 74 public - offering REITs, except for the newly - listed CICC Vipshop Outlet REIT, 12 rose and 61 fell [24]. 3.2 Primary Market: 23 Public - Offering REITs Funds Are Waiting to Be Listed - 15 public - offering REITs have been issued since 2025. As of September 12, 2025, a total of 74 public - offering REITs have been issued, with a total issuance scale of 194.5 billion yuan. In 2024, 29 REITs were issued, with a total issuance scale of 64.6 billion yuan. In 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [30]. - There are 23 public - offering REITs funds waiting to be listed, including 12 for initial offerings and 11 for follow - on offerings. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 1 has been accepted, and 1 has been declared [32]. 3.3 Public - Offering REITs Policies and Market Dynamics - Approximately 384 million shares of E Fund Guangzhou Development District High - tech Industrial Park REIT will be lifted from restrictions on September 23. After the lifting, the tradable shares will increase from 136 million shares (17%) to 520 million shares (65%) [36][37]. - The fundraising results of Huaxia CapitaLand Mall REIT were announced, with the strategic placement ratio reaching 100%. The total fundraising share was 400 million shares [38]. - The National Development and Reform Commission encourages listed infrastructure REITs to raise funds through follow - on offerings to purchase high - quality assets, simplifies the application process for new acquisitions, and broadens the asset scope of new acquisitions [39][40]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, but the trading volume increased. The China Securities REITs Index and the China Securities REITs Total Return Index fell 0.84% and 0.78% respectively from last week. The indices of property - type and franchise - type public - offering REITs also declined [5][41]. - The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs, and CICC Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. 15 public - offering REITs have been established this year, with a total scale of over 30 billion yuan, and 23 REITs funds are waiting to be listed. The market is expected to continue to expand [5][41]. - In the context of the asset shortage, public - offering REITs have high - dividend and medium - low - risk advantages, with high allocation cost - effectiveness [5][41].

Group 1 - The successful issuance of Huaxia CapitaLand Commercial REIT marks a significant breakthrough in the internationalization and diversification of China's public REITs market, introducing international standards in commercial operations and REIT management systems [3] - The public investors' effective subscription multiple reached 535.2 times, with an actual confirmation ratio of 0.19%, indicating high investor enthusiasm for this type of product [1][2] - The total subscription funds for Huaxia CapitaLand Commercial REIT reached 309.17 billion yuan, which is 135.2 times its proposed fundraising scale [2] Group 2 - As of September 12, 2024, the number of listed public REITs has exceeded 70, with consumption infrastructure REITs becoming the third largest asset category in the public REITs market [6][7] - The consumption infrastructure REITs market has seen rapid expansion, with 10 products currently listed and several more awaiting issuance or listing [1][6] - The unique characteristics of consumption infrastructure REITs, such as their dual "To B" and "To C" business models, contribute to their appeal among investors, offering diverse income sources and strong operational management requirements [8]

Core Insights - The issuance of Huaxia CapitaLand Commercial REIT marks the first foreign-funded consumption REIT in China, reflecting strong investor enthusiasm with a subscription multiple of 535.2 times and a confirmation ratio of only 0.19% for public investors [1][2] - The consumption infrastructure REITs market has rapidly expanded in 2024, with the number of listed products reaching 10, making it the third-largest asset category in the public REITs market [1][4] - The successful issuance of Huaxia CapitaLand Commercial REIT signifies a major breakthrough in the internationalization and diversification of China's public REITs market, introducing international standards in commercial operations and REIT management [2][4] Market Dynamics - The public offering of Huaxia CapitaLand Commercial REIT attracted approximately 309.17 billion yuan in total subscription funds, which is 135.2 times its intended fundraising scale [1] - The underlying assets of Huaxia CapitaLand Commercial REIT include high-quality shopping centers in both first-tier and second-tier cities, specifically in Guangzhou and Changsha [1][2] - Other consumption infrastructure REITs have also been active, with the listing of CICC Vipshop Outlet REIT and ongoing inquiries for projects like China Aviation Tianhong Consumption REIT and Huaxia Zhonghai Commercial Asset REIT [3][4] Investor Interest - The appeal of consumption infrastructure REITs lies in their unique asset characteristics, which differ significantly from other types of REITs, such as industrial parks and logistics [4][5] - Consumption infrastructure REITs generate diversified income streams, including rental income, property management fees, promotional income, and parking fees, providing strong resilience against risks [5] - The operational demands of consumption infrastructure assets require management firms to possess robust capabilities in leasing, marketing, property management, asset renovation, and digital operations [5]

Investment Rating - The report maintains an "Overweight" rating for the C-REITs sector, indicating a positive outlook for investment opportunities in this area [6]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting favorable allocation opportunities. The report suggests three main investment strategies: focusing on policy-driven themes with resilient and undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original equity holders with ample asset reserves for future growth [4][6]. Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.78% this week, closing at 1070 points, while the CSI REITs index fell by 0.84% to 840 points. In comparison, the Shanghai Composite Index rose by 1.38% and the real estate sector (Shenwan) saw a significant increase of 5.98% [10][11]. Year-to-Date Performance - As of September 12, the CSI REITs total return index has increased by 10.56% year-to-date, while the CSI REITs index has risen by 6.39%. The Hang Seng Index has shown the highest growth at 31.55% this year [2][10]. Secondary Market Performance - The C-REITs secondary market experienced a general pullback this week, with a total market capitalization of approximately 221.46 billion yuan and an average market value of about 3 billion yuan per REIT. Among the listed REITs, 12 increased in value while 61 decreased, resulting in an average weekly decline of 0.95% [3][12]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Huaxia China Communications REIT at 9.7%, Ping An Guangzhou Guanghe REIT at 8.7%, and CICC Hubei Keti Guanggu REIT at 7.7%. The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with Huaxia China Communications REIT having a lower P/NAV of 0.7 [3][12]. Investment Recommendations - The report emphasizes the importance of focusing on resilient and high-quality undervalued projects, particularly in high-energy cities, and suggests that the logistics and factory leasing demand improvements present significant opportunities. It also notes that while weak-cycle assets have been recognized by the market, current prices reflect market expectations, necessitating a strategic approach to timing and asset selection [4][6].

Market Overview - The secondary market for publicly listed REITs in China experienced slight fluctuations, with the weighted REITs index closing at 186.04 and a weekly return of -0.81% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: A-shares > US stocks > convertible bonds > gold > pure bonds > REITs > crude oil [4] - Among different project attributes, property and franchise REITs showed mixed performance, while property REITs saw an increase [4] - Energy REITs had the highest growth this week, with the top three performing asset types being energy, ecological protection, and transportation infrastructure [4] Trading Activity - The total trading volume for public REITs this week was 2.89 billion yuan, with the average daily turnover rate at 0.65% [5] - The top three REITs by trading volume were: Zhongjin Vipshop Outlet REIT, Bosera Shekou Industrial Park REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were: Zhongjin Vipshop Outlet REIT, Guojin China Railway Construction REIT, and Huaxia China Resources Commercial REIT [5] Net Inflows and Block Trades - The total net inflow for the week was 11.22 million yuan, indicating a recovery in market trading enthusiasm [6] - The top three REITs by net inflow were: Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Huaxia Shouchuang Outlet REIT [6] - The total amount of block trades reached 737.2 million yuan, with the highest single-day block trade occurring on September 8, totaling 233.35 million yuan [6] New Listings - Zhongjin Vipshop Outlet REIT was newly listed this week [7] - The status of three new issuance projects was updated during the week [7]

首程控股(0697.HK)今日盘中一度涨4.74%至2.43港元，年内累涨超1.4倍。首程控股宣布，近日，集团所 属首程基石旗下公司(公司全资附属公司)参与管理的北京平准基础设施不动产股权投资基金合伙企业(有 限合伙)投资中金唯品会奥特莱斯封闭式基础设施证券投资基金("中金唯品会奥莱REIT")。 公告称，本次投资将进一步盘活存量资产，推动居民消费升级和扩大内需，为消费基础设施发展注入了 新动能。集团未来将坚定不移地持续加大在中国核心智能基础设施不动产领域的投资布局，依托全产业 链协同效应及REITs领域先发优势，持续深化与国内头部商业运营商和产业方的合作，为基础设施资产 的高效盘活与价值提升注入更强动力。(格隆汇) ...

Core Viewpoint - The launch of the CICC Vipshop Outlet Closed-End Infrastructure Securities Investment Fund (CICC Vipshop Outlet REIT) on September 12, 2023, marks a significant development in the Chinese REIT market, providing a new investment channel for social capital and enhancing the integration of capital markets with the real economy [1][2]. Group 1: Fund Details - The CICC Vipshop Outlet REIT issued a total of 1 billion fund shares at a price of 3.480 yuan per share, raising a total of 3.48 billion yuan [1]. - The underlying asset for the fund is the Shanjing Outlet project located in Ningbo, which has a total construction area of approximately 104,300 square meters and has been in stable operation for over 13 years [1][2]. Group 2: Asset Performance - The underlying asset has shown robust operational performance, with an average annual compound growth rate of 8.7% in operating income from 2022 to 2024, and an occupancy rate maintained above 97% [2]. - The monthly rental yield for the first quarter of 2025 is approximately 394 yuan per square meter, positioning it among the higher levels of listed consumption REITs [2]. Group 3: Market Significance - The introduction of outlet REITs is significant for providing ordinary investors with opportunities to benefit from consumption upgrades and the appreciation of outlet assets, thereby enriching the REITs market and promoting deeper integration between capital markets and the real economy [2]. - The successful implementation of outlet REITs can serve as a reference for revitalizing more existing outlet assets, allowing recovered funds to be used for new project construction or upgrades, thus supporting quality economic growth [2]. Group 4: Company Background - Vipshop Holdings Limited, the initiator of the fund, is a leading brand discount e-commerce company in China, holding the largest number of opened and self-owned outlet properties among Chinese outlet enterprises [3]. - CICC Fund Management, as one of the first participants in public REITs applications, currently manages 11 public REIT products with a total issuance and expansion scale of approximately 36.48 billion yuan [3].

Core Viewpoint - Shoucheng Holdings (00697) announced its investment in the Zhongjin Vipshop Outlets Closed-End Infrastructure Securities Investment Fund (Zhongjin Vipshop Outlet REIT), managed by its subsidiary, Shoucheng Jicheng, which aims to revitalize existing assets and promote consumer upgrades and domestic demand expansion [1] Investment Details - The investment is part of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund Partnership (Limited Partnership), which is expected to inject new momentum into the development of consumer infrastructure [1] - The Zhongjin Vipshop Outlet REIT is based on the Shanjing Outlets project in Ningbo, Zhejiang Province, recognized for its high asset quality and sustainable operational capabilities, making it a benchmark project in the domestic outlet sector [1] Economic Impact - The successful listing of the Zhongjin Vipshop Outlet REIT is anticipated to introduce long-term capital into consumer infrastructure, providing quality scenarios for consumer upgrades and contributing to the expansion of domestic demand and dual circulation [1] - This initiative is also expected to stabilize and invigorate the capital market, aiding in the continuous recovery of the national economy [1] Future Strategy - The company plans to continue increasing its investment in China's core intelligent infrastructure real estate sector, leveraging its first-mover advantage in the REITs field and enhancing collaboration with leading domestic commercial operators and industry players [1] - The focus will be on the efficient revitalization and value enhancement of infrastructure assets [1]