债 债券周报 券 。 2025-12-29 [ [Table_Title] 公募 REITs 市场小幅上涨，国泰海通东久新经济 REIT 扩募份额上市 b l 公募 REITs 周报（2025.12.22-2025.12.28） 相关研究报告： [Table_ReportInfo] 《公募 REITs 市场小幅下跌，华夏 安博仓储 REIT 成功上市》--2025- 12-23 《公募 REITs 市场小幅下跌，华夏 中核清洁能源 REIT 获准予注册》- -2025-12-15 《公募 REITs 市场小幅下跌，国家 发改委拓展 REITs 行业范围清单》 --2025-12-7 证券分析师： [Table_Author] 徐超 电话：18311057693 E-MAIL：xuchao @tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 [Table 报告摘要_Summary] 一、二级市场：本周公募 REITs 市场小幅上涨 本周公募 REITs 市 ...

本报讯 （记者昌校宇）12月24日，中金普洛斯REIT发布分红公告宣布，将以2025年9月30日为收益分配基准日进行本年度 第四次分红。待本次分红完成后，中金普洛斯REIT年内公告的累计分配金额将约3.42亿元，持续高比例向投资人分配可供分配 金额。 根据公告，此次实际分配金额预计达8402.39万元，占分红基准日可供分配金额的95%。本次分红的权益登记日为2025年12 月29日，采用现金分红的方式，分红方案为0.4335元/10份基金份额，并免收分红手续费。 自2021年6月份上市以来，中金普洛斯REIT始终积极以现金分红方式回报投资者，目前已公告分红14次。待本次分红完 成，累计分配金额将约13.72亿元。 （编辑 郭之宸） ...

□本报记者 张舒琳 公募REITs扩募出现创新案例。12月8日至12月12日，华夏基金连续5次发布华夏基金华润有巢REIT的配 售提示性公告，反复提示投资者重点关注认购和缴款等内容。 华夏基金华润有巢REIT是首单采用向原持有人配售方式扩募的公募REIT，这一扩募方式要求投资者密 切关注权益登记日与配售流程，基金的老持有人要么参与认购，要么卖掉原份额，若既不参与配售，也 不卖掉原份额，将直接面临持有基金资产的损失。 确保原持有人利益不被稀释 12月12日，华夏基金华润有巢REIT配售认购结束。根据此前公告符合条件的持有人根据配售权益登记 日登记在册的持仓份额及配售比例确认拟认购份额，其他投资者则不具备配售资格。 今年8月底，国家发展改革委办公厅发布《关于进一步做好基础设施领域不动产投资信托基金(REITs)常 态化申报推荐工作的通知》，积极支持通过扩募方式新购入项目，一方面简化新购入项目申报流程，鼓 励已上市的基础设施REITs通过扩募等方式筹集资金购入优质资产；另一方面拓宽新购入项目资产范 围，支持已上市基础设施REITs新购入行业内同类项目以及具有关联性的不同行业领域项目，支持跨区 域通过扩募等方式整合存 ...

对于"躺平"投资者将面临潜在损失的成因，华夏基金作出了详细解释。华夏基金表示，在配售完成后， 因配售价格通常低于市价，为公平对待新老投资者，将进行基金份额价格调整，或使基金份额价格相应 下降。若原持有人未参与配售或未足额参与，将直接承担因除权带来的损失。因此，投资者需要综合考 量本次扩募拟购入的资产质量、自身资金状况及对基金长期价值的判断，做出参与配售或卖出原先持有 份额的决策。若不参与配售，为规避除权损失，可以于权益登记日前卖出全部份额。 "决定扩募方式的因素较多，需要沟通各个环节，这也是我们首次尝试这一扩募方式。REITs投资者大部 分都是专业的投资者，此前已通过持有人大会向投资者通知，经过了大多数人表决同意。"华夏基金内 部人士表示。 据了解，公募REITs扩募主要有三种方式，一是公开扩募，二是向原持有人配售，三是向特定对象发售 即定向扩募，或组合使用不同扩募方式，例如优先向原持有人配售、剩余份额公开扩募等。 □本报记者 张舒琳 公募REITs扩募出现创新案例。12月8日至12月12日，华夏基金连续5次发布华夏基金华润有巢REIT的配 售提示性公告，反复提示投资者重点关注认购和缴款等内容。 华夏基金华润 ...

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.47 and a weekly return of -0.86% [4] - Compared to other major asset classes, the return rates ranked as follows: US stocks > A-shares > convertible bonds > crude oil > pure bonds > gold > REITs [4] - Among different asset types, water conservancy REITs showed the highest increase, while both property and franchise REITs saw price declines [4] Individual REIT Performance - A total of 17 REITs increased in value, 2 remained stable, and 58 experienced declines during the week [4] - The top three performing REITs in terms of growth were 华夏基金华润有巢REIT, 易方达深高速REIT, and 华泰南京建邺REIT [4] - The trading volume for public REITs reached 1.96 billion yuan, with an average daily turnover rate of 0.38% [4] Trading Activity - The top three REITs by trading volume were 华夏基金华润有巢REIT, 中金普洛斯REIT, and 华夏中国交建REIT [5] - The total net inflow for the week was 22.05 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were transportation infrastructure, consumer infrastructure, and new infrastructure REITs [5] Bulk Trading - The total amount of bulk trading reached 214.55 million yuan, showing a decrease from the previous week [5] - The highest single-day bulk trading amount was 84.80 million yuan on December 2, 2025 [5] New Listings - No new REIT products were launched during the week [6] Project Status Update - One REIT product had its project status updated during the week [7]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1] Core Insights - The REITs industry is experiencing operational divergence, with varying performance across different sectors. The overall market sentiment is improving, creating potential investment opportunities despite ongoing pressures [5][6] - The total market capitalization of the REITs industry is approximately 2170.96 billion yuan, with a circulating market value of about 1109.16 billion yuan [1] Summary by Sections Industrial Park Sector - The industrial park sector faces significant pressure due to oversupply in major cities, leading to a general decline in rental rates and occupancy [5][12] - Increased competition and a rise in supply have resulted in a downward trend in revenue and EBITDA for many projects [12] - Some projects are adjusting strategies, such as lowering rents and offering customized services to attract tenants [5][12] Warehousing and Logistics Sector - Demand is differentiated, with essential industries like pharmaceuticals and e-commerce supporting occupancy rates, while small tenants show weak demand [5] - The sector is experiencing rental pressure due to increased supply in many regions [5] Affordable Rental Housing Sector - This sector remains the most stable, with occupancy rates consistently above 90% and minimal rental fluctuations [5] - Demand is driven by new citizens and corporate employees, providing strong resilience against market changes [5] Consumer Sector - The consumer sector shows stable occupancy rates above 90%, benefiting from asset upgrades and marketing strategies [5] - Rental income performance varies, with shopping centers seeing growth while outlet and farmer's market types face short-term fluctuations [5] Highway Sector - The highway sector has seen improved traffic volumes due to seasonal travel, although attention is needed on network diversion impacts [5] - Revenue growth is primarily driven by increased passenger traffic during peak travel seasons [5] Municipal Utilities Sector - Core indicators vary significantly due to industry characteristics, influenced by seasonal cycles and policy adjustments [5] Energy Sector - Performance heavily relies on resource endowments and policies, with national subsidy mechanisms being a key variable affecting distributable amounts [5] Data Center Sector - The customer base is primarily large enterprises, maintaining high occupancy and billing rates, indicating stable cash flow [5] Investment Recommendations - The report suggests that despite ongoing pressures, there are structural opportunities for investment, particularly in fundamentally sound assets. It recommends considering projects with reasonable valuations and potential for recovery [5]

Core Viewpoint - The A-share market continues to strengthen, but public REITs with quasi-fixed income attributes have experienced a pullback, with five out of six completed public REITs trading at a discount compared to their expansion prices [1][2]. Group 1: Market Performance - Since the third quarter, the public REITs market has been in a state of fluctuation and pullback, with the CSI REITs Total Return Index dropping over 7% from a peak of 1124.91 points on June 23 to 1045.13 points on October 24 [2]. - Among the six public REITs that have completed expansion, five are currently trading at a discount, with an average discount rate of 12.34% [2]. Group 2: Discount Analysis - Specific REITs have shown significant discounts, such as Huazha Zhangjiang Industrial Park REIT at over 19%, and both CICC ProLogis REIT and Bosera Shekou Industrial Park REIT at over 17% [2]. - The discounts are attributed to the timing of the expansion, which occurred when the REITs market was at a high valuation, leading to a decline in market prices shortly after the expansions [2][4]. Group 3: Long-term Implications - While the short-term impact of discounts may affect market confidence, it is believed that this could lead to a return to value investing in the long run [4]. - The underlying assets' ability to generate stable cash flows and the establishment of effective price discovery and liquidity mechanisms are crucial for long-term market health [4]. Group 4: Investment Value - Current issues in the REITs market include a lack of significant positive changes in the underlying factors that previously drove valuations, such as declining interest rates [5]. - The absolute distribution rates of REITs have improved but still do not present a significant advantage compared to dividend stocks, indicating a need for positive changes on both the asset and parent company levels for price appreciation [5].

Group 1 - The National Development and Reform Commission has issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector, marking an important milestone in the normalization of the public REITs market [1] - The public REITs market is experiencing continuous expansion, with a steady increase in issuance scale and positive market performance [1] - The Shanghai Stock Exchange supports REITs projects that are honest, trustworthy, and focused on improving operational quality and investor returns, aiming to cultivate benchmark projects that investors trust [1] Group 2 - Multiple REITs projects in the Shanghai market have shown strong performance in the first half of the year, with cash flow completion rates meeting expectations and stable underlying asset operations [2] - The Huatai-PB Nine Continent Pharmaceutical REIT reported a consolidated revenue of 36.02 million yuan and a net profit of 12.86 million yuan for the first half of the year, with a cash distribution rate of 1.31% [2] - The Jiashi Wumart Consumption REIT achieved approximately 52.86 million yuan in revenue and announced a distribution of 34.52 million yuan, representing 96.14% of the available distribution amount [2] Group 3 - The CICC ProLogis REIT held a mid-year performance briefing to communicate with investors about its operational results and asset management strategies [3] - The meeting aimed to provide investors with a comprehensive understanding of the REIT's interim performance and financial situation [3] Group 4 - Several REITs in the Shanghai market are actively promoting capital expansion to provide internal momentum for the development of REIT platforms [4] - The Guotai Junan Dongjiu New Economy REIT has received approval for its expansion project, which includes new assets with a 100% occupancy rate [4] - The Huatai-PB Nine Continent Pharmaceutical REIT is working on revitalizing existing assets and integrating similar assets, with plans for a pre-REITs initiative [4] Group 5 - The Shanghai REITs have established effective incentive and constraint mechanisms, linking project operational performance directly to team and individual performance [5] - The management team can enjoy excess returns through a floating management fee structure when performance exceeds expectations [5] Group 6 - A market ecosystem is gradually forming where "good projects receive good treatment," enhancing the overall quality and attractiveness of REITs [6] Group 7 - The Shanghai Stock Exchange is actively conducting classified supervision to support high-quality REIT projects while limiting weaker ones, providing comprehensive support measures for original equity holders and related parties [7] - High-quality REIT original equity holders can utilize various financing methods, including corporate bonds and asset-backed securities, to enrich their financing options [7]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (2025/09/15 - 2025/09/19), the weighted index of REITs decreased by 0.14% to 100.42 points. The performance of major asset classes from high to low was: crude oil > pure bonds > gold > REITs > stocks > convertible bonds. [2] - In terms of the nature of underlying asset projects, property - type REITs rose 0.13% to 113.97, while concession - type REITs fell 0.46% to 84.48. From the perspective of industry types, the weekly performance from high to low was: data centers > warehousing and logistics > industrial parks > consumer - type > energy - type > rental housing for affordable housing > highways > ecological and environmental protection. [2] 3. Summary According to Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Market Performance**: The weighted index of REITs decreased by 0.14% this week. The performance of major asset classes varied, with crude oil having the highest return at 2.09% and convertible bonds having the lowest return at - 1.55%. [2] - **Performance by Project Nature**: Property - type REITs rose 0.13%, and concession - type REITs fell 0.46%. [2] - **Performance by Industry Type**: Data centers had the highest return of 1.32%, while ecological and environmental protection had the lowest return of - 2.00%. [2] - **Top - Performing REITs**: In property - type REITs, the top five in terms of increase were Huaxia Fund China Resources Youchao REIT (2.20%), CICC Yizhuang Industrial Park REIT (1.54%), Huaxia Joy City Commercial REIT (1.43%), Southern Runze Technology Data Center REIT (1.41%), and AVIC Yishang Warehousing and Logistics REIT (1.37%). In concession - type REITs, the top five were China Merchants Expressway REIT (1.89%), E Fund Shenzhen Expressway REIT (1.57%), Ping An Ningbo Jiaotou REIT (1.40%), AVIC Jingneng Photovoltaic REIT (1.15%), and Yin Hua Shaoxing Raw Water and Water Conservancy REIT (0.87%). [3] - **Turnover Rate**: Among property - type REITs, CICC Vipshop Outlets REIT, Hua'an Waigaoqiao REIT, Southern Wanguo Data Center REIT, CICC Hubei KeTou Optics Valley REIT, and China Merchants Fund Shekou Rental Housing REIT had relatively high turnover rates. Among concession - type REITs, Huatai Jiangsu Jiaokong REIT, Guojin China Railway Construction REIT, Fuguo First - Created Water Service REIT, Huaxia Huadian Clean Energy REIT, and Huaxia Tebian Electric New Energy REIT had relatively high turnover rates. [3] 3.2 Secondary Market Valuation Situation - **Property - type REITs**: The top three in terms of internal rate of return (IRR) were CICC Hubei KeTou Optics Valley REIT (7.70%), Boshi Shekou Industrial Park REIT (6.69%), and Huaxia HeDa High - tech REIT (6.61%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were E Fund Guangkai Industrial Park REIT, CICC China Green Development Commercial REIT, and Huitianfu Shanghai Real Estate Rental Housing REIT. [4][23] - **Concession - type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.65%), Ping An Guangzhou Guanghe REIT (8.96%), and ICBC Hebei Expressway REIT (6.18%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were Huaxia Yuexiu REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT. [4] 3.3 Market Correlation Statistics - **Correlation between REITs and Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index at 0.20, followed by CSI 300 at 0.18, ChiNext Index at 0.11, small - and - medium - cap stocks at 0.16, CSI Convertible Bond Index at 0.17, CSI All - Bond Index at 0.07, gold at 0.04, and crude oil index at 0.09. [27] - **Correlation of Different Types of REITs with Major Asset Classes**: Different types of REITs had different correlations with major asset classes. For example, industrial park - type REITs had a relatively high correlation with the Shanghai Composite Index at 0.21, while rental housing for affordable housing - type REITs had a correlation coefficient of 0.00 with the Shanghai Composite Index. [28] 3.4 Primary Market Tracking As of September 19, 2025, there were 11 REITs products still in the exchange acceptance stage and 1 REIT in the state of having passed the review and waiting for listing. [5][31]

Core Viewpoint - 中金普洛斯REIT held a mid-year performance briefing for 2025, discussing its mid-term performance, infrastructure project operations, asset management initiatives, and the logistics market situation [1] Financial Performance - In the first half of the year, 中金普洛斯REIT achieved revenue of approximately 216 million yuan, with a consolidated EBITDA of about 138 million yuan, and a distributable amount of around 167 million yuan [1] Operational Strategies - As the original equity holder and external management institution, 普洛斯 enhanced tenant retention and park competitiveness through refined operations and asset renewal [1] - The company is advancing a systematic park renovation plan, exemplified by the upgrades at the 普洛斯 (Chongqing) urban distribution logistics center, which included facade renovation, landscaping upgrades, and road repairs to improve park image and operational efficiency [1] Communication with Investors - 中金普洛斯REIT has established various communication mechanisms, such as performance briefings, investor open days, and underlying asset research, to timely address investor concerns and enhance the quality of information disclosure [1]