Core Insights - 中金普洛斯REIT held an investor open day in Suzhou, discussing fund performance, project operations, future management strategies, and market trends in the logistics sector [1] Group 1: Fund Performance - As of 2025, 中金普洛斯REIT has distributed approximately 175 million yuan, with a total of over 1.2 billion yuan distributed since its listing in 2021, achieving nearly 100% annual dividend payout ratio [1] Group 2: Asset Overview - The underlying asset, 普洛斯苏州望亭物流园, was built in two phases from 2009 to 2017, with a total leasable area of approximately 94,434 square meters [1] - The logistics park has a current occupancy rate of 100%, an average remaining lease term of 866.54 days, and a rent collection rate of 99.53% as of the end of Q2 this year [1] Group 3: Location and Market Context - The logistics park is located within the Suzhou Wangting International Logistics Park, near Wuxi Airport and Suzhou North Station, and is adjacent to two national high-tech development zones [1] - The surrounding area hosts over 50 Fortune Global 500 companies, indicating a strong market presence and potential for growth [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 to July 25, 2025, the REITs weighted index fell 1.94% to 101.89 points, with the performance of major asset classes ranked as stocks > convertible bonds > gold > pure bonds > crude oil > REITs. By underlying asset nature, property - type REITs fell 1.72% and concession - type REITs fell 2.19%. By industry type, industrial park - type REITs had the best performance and rental - housing - type REITs had the worst performance [2]. - This week, the top three gainers among REITs were Bosera Jinkai Industrial Park REIT (8.49%), China Merchants Science and Technology Innovation REIT (3.79%), and Huatai Jiangsu Expressway REIT (2.20%). In terms of trading volume, Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT led. In terms of turnover rate, China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high rates [3]. - In terms of valuation, many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT [4]. Summary by Related Catalogs Secondary Market Performance - **Overall Market Performance**: The REITs weighted index declined, and different types of REITs (by underlying assets and industries) showed varying degrees of decline. The performance ranking of different industry - type REITs was industrial park - type > warehousing and logistics - type > expressway - type > consumer - type > ecological and environmental protection - type > energy - type > rental - housing - type [2]. - **Individual REIT Performance**: The top three gainers were Bosera Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT. Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT had high trading volumes. China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high turnover rates [3]. - **Fund Flow and Block Trading**: The top three REITs with net inflows of main funds were China Asset Management Shenzhen International REIT, Red Soil Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT. The top three industries in terms of trading volume were industrial park infrastructure, transportation infrastructure, and consumer infrastructure. The top three in terms of average daily turnover rate were industrial park infrastructure, ecological and environmental protection, and municipal facilities. In block trading, Tuesday had the highest trading volume of 50.1225 million yuan. The top three REITs in block trading turnover were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Mingyang Smart New Energy REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles (showing undervaluation) were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT. The top three in expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Ping An Ningbo Transportation REIT [4][19]. - **IRR**: As of Friday, the top three REITs in internal rate of return (IRR) were China Asset Management China Communications Construction REIT (11.16%), Ping An Guangzhou Guanghe REIT (10.92%), and CICC Anhui Expressway REIT (8.54%) [20]. Market Correlation Statistics - **Correlation with Major Assets**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.20), ChiNext Index (0.12), small - and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.05), gold (0.04), and crude oil index (0.09) [25]. - **Correlation by Industry Type**: Different industry - type REITs had different correlation coefficients with major assets. For example, industrial park - type REITs had a relatively high correlation with stocks, while rental - housing - type and consumer - type REITs had a relatively low or negative correlation with stocks [27]. Primary Market Tracking As of July 25, 2025, there were 12 REIT products in the exchange acceptance stage and 3 in the approved - to - be - listed stage. This week, China Aerospace Rainbow Consumer REIT was declared, with Tianhong Digital Commerce Co., Ltd. as the original equity holder [5].

Group 1 - The core viewpoint of the news is that 中金普洛斯 REIT has demonstrated stable operational performance in Q2 2025, with significant revenue and profit figures reported [1][2] - In Q2 2025, 中金普洛斯 REIT achieved total revenue of approximately 107.56 million yuan and EBITDA of about 68.85 million yuan, indicating a solid financial performance [1] - The distributable amount for the period was approximately 83.96 million yuan, with a planned distribution of around 78.67 million yuan, reflecting a distribution ratio of about 95% [1][2] Group 2 - The underlying assets of 中金普洛斯 REIT maintained a high occupancy rate, with an average signed rental rate exceeding 90% due to flexible leasing strategies [2] - The net profit margin for infrastructure projects, excluding fair value changes, was reported at 67.20% [1] - The cash dividend for the second distribution is set at 0.4059 yuan per 10 fund shares, with the cumulative distribution amount exceeding 1.2 billion yuan since its listing in 2021, showcasing a nearly 100% annual distribution ratio [2]

Core Insights - 中金普洛斯REIT reported total revenue of approximately 108 million yuan for Q2 2025, with EBITDA around 68.85 million yuan and distributable income of about 83.96 million yuan, resulting in a cash distribution rate of 1.14% for the period and an annualized cash distribution rate of 4.55% [1] - The Chinese warehousing market continued its growth trend in Q2 2025, with express delivery volume exceeding 100 billion packages, 35 days earlier than last year [1] - The REIT's rental income from infrastructure projects and property management services reached approximately 106 million yuan, with a net profit margin of 67.20% after excluding fair value changes [1] - The average occupancy rate of the 10 warehousing logistics parks held by 中金普洛斯REIT exceeded 90%, an increase of 2.7 percentage points year-on-year [1] Distribution and Performance - 中金普洛斯REIT announced a planned distribution of approximately 78.67 million yuan for its second dividend in 2025, with a distribution ratio of about 95% [2] - Cumulatively, the REIT will distribute around 175 million yuan in 2025, bringing the total number of distributions since its listing in 2021 to 12, with total distributions exceeding 1.2 billion yuan [2] - 中金普洛斯REIT is one of the first public REITs in China and the first warehousing logistics REIT listed on the Shanghai Stock Exchange, covering seven core logistics hubs across five major economic zones [2]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week (June 30 - July 4, 2025), the CSI REITs Total Return Index closed at 1116.42 points, rising 0.66% weekly, rebounding after a 1.38% correction last week. The CSI REITs (Closing) Index closed at 886.60 points, rising 0.65% weekly. The total market capitalization of China's listed REITs projects reached 207.9 billion yuan this week, a 0.87% increase from the previous week [1][8]. - In terms of major asset classes, A - shares, convertible bonds, and gold and silver performed well this week. The CSI 300, CSI 500, CSI Convertible Bonds, COMEX Gold, SHFE Gold, and SHFE Silver all outperformed REITs, while the Hang Seng Tech Index performed poorly [1][8]. Group 3: Summary According to the Table of Contents 1. Secondary Market 1.1 Price: Transportation Sector Stopped Falling and Led the Rise - Only the warehousing and logistics sector among the seven REITs sectors declined this week, while other assets rebounded. The transportation facilities sector, which had the largest decline of 2.19% last week, led with a 1.16% increase this week, driven by the strong rebound of road assets in the eastern economically developed regions. The traffic volume and toll revenue of these road assets also increased significantly year - on - year [2][15]. - The decline of the warehousing and logistics sector was mainly due to a 1.45% drop in CICC Puluosi, the largest - market - cap REIT in this sector. Taikang Life Insurance reduced its holdings of CICC Puluosi by a total of 1.38112 million shares, accounting for 0.71% of the total fund shares [18]. - At the individual bond level, CICC China Greentown Commercial Asset and E Fund Huayi Market, two consumer facilities REITs, led the gainers, with increases of 6.50% and 5.25% respectively. China Southern Beijing Affordable Housing and Guotai Junan Lingang Innovation Industrial Park led the decliners, mainly due to the correction after the recent rise of the expansion concept [19]. 1.2 Liquidity: Municipal and Environmental Protection Turnover Still Led - The overall trading activity in the market increased compared with last week. The average daily trading volume was 666 million yuan, the average daily trading volume was 148 million shares, and the average daily turnover rate was 0.74%, with a month - on - month increase of 14.96%, 23.47%, and 0.13 percentage points respectively [2][23]. - By sector, the sectors with the highest average daily turnover rates this week were municipal and environmental protection (1.70%), consumer facilities (1.18%), and industrial parks (0.82%). The municipal and environmental protection sector has been highly active for three consecutive weeks [26]. - At the individual bond level, the top three in terms of trading activity this week were CICC China Greentown Commercial Asset REIT, CICC Yizhuang Industrial Park REIT, and China Southern Jinmao Commercial REIT, with average daily turnover rates of 8.7%, 8.3%, and 2.5% respectively [28]. 1.3 Valuation: Transportation, Warehousing, and Industrial Park Valuations Led - The valuation of REITs projects remained differentiated. From the perspective of ChinaBond valuation yields, the transportation (5.17%), warehousing and logistics (4.93%), and industrial park (4.60%) sectors were at the forefront, with significant differences in project valuations, indicating potential for individual bond exploration [2][35]. 2. Primary Market 2.1 Jiashi JD Warehouse REIT Plans to Expand Two Logistics Projects in Xi'an and Hefei - On July 5, Jiashi JD Warehouse Infrastructure REIT announced plans to expand two projects in Xi'an and Hefei, becoming the third warehousing and logistics REIT project to initiate expansion after Hongtu Innovation Yantian Port and CICC Puluosi. The Xi'an project has a construction area of 107,200 square meters, and the Hefei project has a construction area of 145,600 square meters [3][43][44]. 2.2 Other Important News This Week - [Cinda Shougang Green Energy REIT] Temporarily used 40 million yuan of the reserved capital expenditure historically accumulated during the infrastructure project's life cycle to pay the relevant service fees of the operation management agency and will replenish it after receiving the domestic waste disposal fee from the Municipal Urban Management Commission in July 2025 [51]. - [CITIC Construction Investment State Power Investment New Energy REIT] Released its second - quarter operating data. The power generation, on - grid power, and settlement power of the infrastructure project increased by 34.06%, 33.53%, and 36.43% year - on - year respectively. The tax - free income and gross profit margin of the project company were approximately 243 million yuan and 54.35%, increasing by 40.03% and 20.16% year - on - year respectively [51]. - [AVIC Yishang Warehouse Logistics REIT] The original equity holder, Yishang Group, was privatized in the Hong Kong stock market [51]. - [Hua'an Waigaoqiao REIT] A tenant in Block W4 - 3, Warehouse 14, terminated the lease early, and the project company signed contracts with two new tenants. The new contract rent was basically the same as the expected income of the original tenant in the same period [53]. - [Jiashi JD Warehouse Infrastructure REIT] Plans to hold an investor relations event on July 11, 2025, from 14:30 to 16:30 [53].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].

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 - The core viewpoint of the article highlights the growth and performance of public REITs in China, with a total of 65 products and a combined issuance scale of 173.03 billion yuan as of April 30, 2025 [3] - The largest issuance scale among the underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 27.06 billion yuan [3] - As of April 30, 2025, there are 24 REITs awaiting listing, including 13 new REITs and 11 REITs pending expansion [3] Group 2 - In the secondary market, the weighted REITs index closed at 134.98 with a monthly return of 0.65%, showing a fluctuating trend [4] - The performance of REITs is ranked lower compared to other major asset classes, with the order being gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [4] - The top three performing underlying asset types for the month are affordable housing, consumer, and water conservancy facilities [4] Group 3 - The total trading volume of public REITs decreased slightly compared to the previous month, with a total transaction amount of 12.35 billion yuan and an average daily turnover rate of 0.8% [5] - The top three REITs by transaction volume are Southern SF Logistics REIT, Hongtu Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT [5] - The total net inflow of main funds reached 27.73 million yuan, indicating a significant increase in market trading enthusiasm compared to the previous month [5] Group 4 - The total amount of block trades increased compared to the previous month, with 21 block trading days and a total transaction amount of 2.17 billion yuan [6] - The highest single-day block trade amount was 54.14 million yuan on April 8, 2025 [6] - The top three REITs by block trade amount are E Fund Deep Highway REIT, Huaxia Huaren Commercial REIT, and CICC Prologis REIT [6]

Group 1 - The core viewpoint of the article highlights the robust development of Prologis China in supply chain, big data, and renewable energy sectors during Q1 2025, with a strong momentum in logistics and industrial infrastructure leasing [1] - Prologis China signed over 2,500 leases in Q1, with a new lease area of 6 million square meters, representing a 16% increase compared to the same period last year [1] - The data center revenue fund raised approximately 2.6 billion RMB, focusing on investment in large-scale data center projects, marking the first data center-themed investment strategy for Prologis China [1] Group 2 - Prologis China, in collaboration with Baobi New Energy, launched a distributed green energy investment platform, completing the first expansion of its renewable energy development fund, which focuses on high-quality distributed photovoltaic and wind energy assets [2] - The total revenue of the CICC Prologis REIT for Q1 2025 was approximately 108.7 million RMB, with a distributable amount of about 82.8 million RMB [2]

以下文章来源于中金点睛 数字化投研平台 ，作者中金研究 第一期 对话普洛斯 嘉宾介绍 ENTERPRISE 杨敏 普洛斯中国高级副总裁，资本运营负责人 裴佳敏 中金公司不动产与空间服务行业分析师 SAC执证编号：S0080523050004 SFC CE Ref：BRY581 本期要点 ENTERPRISE 中金点睛 数字化投研平台 . 中金研究旗下一站式数字化投研平台 CICC REITs TALK 自2021年6月首批公募REITs产品上市以来，我们见证了REITs市场规模不断提升，资产品类持续丰富，制度建设逐步完善，吸引着更加多元的资金 进入。红利风格延续下，REITs作为另类高分红资产，也引起了越来越多投资者的关注。 在公募REITs产品上市四周年之际，我们隆重推出 CICC REITs TALK 系列栏目，邀请到业内资深专家与重磅嘉宾，深度对话，畅谈产业趋势和 REITs发展。 作为我国首批公募REITs之一和当前市值最大的物流仓储REIT，普 洛斯发行REITs初衷是什么？ 发行公募REITs对于普洛斯起到了哪些正向的影响和效果？ 如何看待当前物流仓储的竞争格局和未来的发展趋势？普洛斯作 为头部的 ...