2025 年 12 月 27 日 总量研究 二级市场价格有所修复，周度连续下跌行情暂缓 ——REITs 周度观察（20251222-20251226） 要点 1、 二级市场 2025 年 12 月 22 日-2025 年 12 月 26 日（以下简称"本周"），我国已上市公 募 REITs 二级市场价格整体波浪式修复，结束了连续 5 周的下跌行情：中证 REITs （收盘）和中证 REITs 全收益指数分别收于 783.86 和 1014.8，本周回报率分别 为 1.39%和 1.56%。与其他主流大类资产相比，回报率由高至低排序分别为： 黄金>原油>A 股>可转债>REITs>美股>纯债。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所上 涨，其中，产权类 REITs 回报率为 2.22%，特许经营权类 REITs 回报率为 1.19%。 从底层资产类型来看，本周保障房类 REITs 涨幅最大。本周回报率排名前三的底 层资产类型分别为保障房类、仓储物流类和园区类。 从单只 REIT 层面来看，有 67 只 REITs 上涨，有 11 只 REITs 下跌。涨跌幅方面， 涨幅排名前 ...

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

【导读】本周超八成公募REITs产品上涨，华夏中核清洁能源REIT发售火爆 本周（12月22日—26日），中证REITs全收益指数上涨1.56%。其中，上涨的产品占比超八成，最高涨超7%，部分产品跌幅较大。 业内人士认为，部分产品跌幅较大主要是受到了REITs分红本息可能需拆分做会计处理的扰动，和资产端的经营基本面表现无关。关注此轮OCI扰动下估 值可能错杀的资产，如基本面经营稳健的消费、保租房、工业厂房、关联方租赁的物流等。 此外，本周，备受关注的新疆首单水电REITs发售顺利收官，华夏中核清洁能源REIT发售结果揭晓，认购资金超1600亿元。 二级市场表现方面，周五（12月26日）中证REITs全收益指数微跌0.18%，收于1014.80点。 本周（12月22日—26日）公募REITs市场先抑后扬，中证REITs全收益指数周涨幅为1.56%。具体而言，本周79只已上市公募REITs中，有67只录得环比上 涨。整体看，本周涨幅居前的公募REITs项目类型多为园区基础设施、保障性租赁住房、交通基础设施、能源基础设施等。 其中，周内涨幅第一的是中金重庆两江REIT，周涨幅达7.86%，华夏基金华润有巢REIT、 ...

Core Viewpoint - The article discusses the operational strategies and competitive positioning of the CICC Chongqing Liangjiang REIT, highlighting its focus on refined management and tenant quality to maintain stability in a challenging market environment [1][4]. Group 1: Asset Overview - CICC Chongqing Liangjiang REIT consists of four industrial parks located in the Liangjiang New Area, with a total building area of approximately 243,700 square meters and a leasable area of 187,700 square meters [2]. - As of September 30, 2025, the occupancy rate of the parks was 87.81%, with an average remaining lease term of 1,229 days (approximately 3 years and 4 months) [2]. Group 2: Tenant Quality - The project has 51 tenants across various sectors, including information technology, professional services, finance, and retail supply chains, with a mix of state-owned enterprises, central enterprises, foreign investments, and quality private enterprises [3]. - The largest tenant, China Mobile's subsidiary, has been a stable income source since its entry in 2018 and renewal in 2023, contributing to a stable lease structure characterized by "large tenants supporting smaller ones" [3]. Group 3: Operational Strategy - The management emphasizes "refined operation" as a core strategy, focusing on enhancing the overall attractiveness of the parks through investments in renovations, smart building technologies, landscaping, and elevator upgrades [4]. - A regular tenant visitation mechanism has been established to maintain tenant stability, with monthly visits to major tenants to understand their operational needs [4]. Group 4: Market Context and Support - The REIT operates in a challenging rental market, with major cities experiencing declining office rents, prompting owners to adopt "price-for-volume" strategies [2]. - The Chongqing Liangjiang New Area has introduced a development plan focusing on eight industrial chains, which is expected to support the growth of the industrial parks by creating an ecosystem rather than focusing solely on individual enterprises [4][5]. Group 5: Future Prospects - A five-year performance guarantee mechanism has been established, ensuring that if annual dividends do not meet expectations, the original rights holder will compensate investors by waiving management fees and dividends [6]. - The original rights holder, Liangjiang Industrial Group, currently holds 7.64 million square meters of industrial park assets, with approximately 4.83 million square meters being mature assets, providing room for future fundraising [6].

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]

Core Viewpoint - The public REITs market is experiencing a return to rationality, with ongoing volatility and differentiation expected in operations through 2026, while still maintaining good allocation value for high-dividend assets [1][4]. Market Performance - The secondary market for public REITs has shifted from a strong upward trend in the first half of the year to a more volatile state, with the CSI REITs total return index dropping over 7% since its peak in late June, although it remains up 7.89% year-to-date [1][2]. - The recent cooling in the primary market is reflected in the significantly lower subscription rates for new REITs, such as the Huaxia Anbo Warehousing REIT, which saw a final confirmation ratio of only 5.83%, compared to previous high-demand scenarios [2][4]. Investment Strategies - The effectiveness of new listing strategies has diminished, as evidenced by the performance of newly listed REITs like the CITIC Securities Shenyang International Software Park REIT, which saw its share price drop below the opening price on its first day [3]. - Investors are becoming more cautious, with some shifting towards more cost-effective asset classes due to the cooling of the secondary market and the weak performance of industrial park REITs, which are facing challenges such as uneven economic recovery and limited rent growth [3][4]. Future Outlook - Looking ahead to 2026, public REITs are expected to continue experiencing operational volatility, but projects with resilient fundamentals and high growth potential, such as data centers, consumer sectors, and affordable rental housing, are recommended for investment [1][4].

Core Viewpoint - Since 2025, the performance of public REITs in domestic infrastructure industrial parks has shown a divergent pattern, with some projects underperforming due to increased competition, while others are operating well [1] Group 1: Project Overview - The CICC Chongqing Liangjiang REIT holds 100% of its infrastructure assets through a special plan, consisting of four industrial parks in the Chongqing Liangjiang New Area, with a total construction area of approximately 243,700 square meters and a leasable area of 187,700 square meters [2] - As of September 30, the project reported an occupancy rate of 87.81% and an average signed rental price of 48.56 yuan per square meter per month, indicating a solid long-term leasing foundation [4] Group 2: Market Context and Performance - The rental rates for office buildings in major cities across the country have been on a downward trend, with many landlords adopting a "price for volume" strategy to cope with leasing pressures [4] - The occupancy rate for office buildings in the Chongqing Zhaomushan area generally ranges from 70% to 80%, with rental prices concentrated between 40 yuan and 50 yuan per square meter per month, positioning CICC Chongqing Liangjiang REIT above its regional competitors [4] Group 3: Future Outlook and Strategies - The fund manager indicated that despite slight fluctuations in occupancy and rental prices, the REIT is expected to maintain stability in the fourth quarter due to a solid tenant base and proactive operational adjustments [5] - The original rights holder and management team plan to focus on "lean operations" to enhance long-term value, including deepening tenant services and establishing emergency plans for unexpected tenant departures [8] - The long-term development potential of industrial park REITs is closely tied to macroeconomic cycles and industry life cycles, with quality parks expected to maintain resilience despite short-term market challenges [8][9]

Group 1 - The core viewpoint of the article is the performance and distribution announcement of the Zhongjin Chongqing Liangjiang REIT, which reported a 100.84% achievement rate of the expected distributable amount for the first half of 2025 [1] - The fund has realized a distributable amount of approximately 27.33 million yuan from January 1 to June 30, 2025, with a cumulative distributed amount of about 27.31 million yuan, representing 99.96% of the distributable amount [1] - The REIT holds four industrial parks in Chongqing Liangjiang New Area, with a total construction area of approximately 243,700 square meters and a leasable area of 187,700 square meters [1] Group 2 - During the reporting period, the project company of the fund achieved an operating income of 48.89 million yuan [1] - The overall occupancy rate of the infrastructure projects is 88.11%, with an average signed rental price of 51.21 yuan per square meter per month at the end of the period [1] - The weighted average remaining lease term for the infrastructure projects is 1,265 days, indicating stable operational performance [1]

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]