趋势不改，精做结构 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 优质项目可逢低配置，经营风险较高的项目可待经营数据披露后择机参与。 投资要点： 债券研究 /[Table_Date] 2026.01.11 | | | 021-38038263 | | --- | --- | --- | | | liuyu6@gtht.com | | | 登记编号 | S0880523050002 | | | | 汤志宇(分析师) | | | | 021-38031036 | | | | tangzhiyu@gtht.com | | | 登记编号 | | S0880525070031 | [Table_Report] 相关报告 债 券 研 究 市 场 策 强动量持续占优，补涨效应显现 2026.01.10 赎回新规落地，3-5 年修复窗口打开 2026.01.04 供需共振，REITs 市场迈入新阶段 2026.01.04 年末"期-现"波动的新特征和应对 2026.01.04 曲径分岔：政策分化中把握中久期良机 2026.01.03 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ...

田田曾于2022年5月至2025年6月担任某新能源物流公司的首席财务官；于2020年10月至2022年2月担任水滴公司财务副总裁；于2016年7月至2020年9月在 Zebra Global Capital担任执行董事；于2015年3月至2016年7月担任去哪儿网财务总监；于2011年10月至2015年3月担任世纪互联宽带数据中心有限公司财务 高级经理。 并于2006年8月至2010年7月担任毕马威华振会计师事务所的审计师，其后晋升为高级审计师，并开始其职业生涯。田田于2004年7月获得清华大学电气工 程及其自动化专业的工学学士学位，亦于2006年7月获得清华大学管理科学与工程专业的管理学硕士学位。 公开资料显示，碧桂园服务控股有限公司创立于1992年，2018年6月19日在香港交易所主板上市，2020年全面升级品牌。碧桂园服务为住宅、商业物业、 写字楼、产业园、政府大楼医院、学校及其他公共设施等多种业态提供服务。 业绩方面，今年上半年碧桂园服务实现营收231.9亿元，同比增长10.16%；归母净利润9.966亿元，同比减少30.81%。 编辑吴怡漪责编朱峰校审宋华 12月7日，碧桂园服务(06098)发布公 ...

Group 1: Driving Factors for Urban Investment Transformation - Urban investment companies in China are under unprecedented pressure to transform from traditional government financing platforms to market-oriented, industrial entities due to external policy, debt, and market pressures [1][2][3] - The People's Bank of China and other departments have mandated that urban investment companies fully "exit the platform" by June 2027, detaching from government financing functions [2] - As of June 2025, urban investment companies had a total interest-bearing debt of 67.82 trillion yuan, with high financing costs in key provinces [2] Group 2: Internal Demand for Sustainable Development - The traditional reliance on government credit and fiscal support is unsustainable, necessitating a shift towards market-oriented and industrialized operations for survival [3] - The transformation allows urban investment companies to diversify income sources, improve cash flow structures, and enhance resilience against economic cycles [3] Group 3: Transformation Paths for Urban Investment Companies - Urban investment companies need to adapt to tightened policies and market changes through four main transformation paths: business structure, asset and capital, management mechanism, and debt resolution [4] - The first path involves shifting focus from infrastructure construction to becoming urban operation service providers, regional development operators, and resource integrators [5][6][8] - The second path emphasizes asset securitization and mixed-ownership reforms to optimize capital structures and reduce debt ratios [9] - The third path focuses on modernizing management mechanisms to improve efficiency and reduce administrative burdens [10][11] - The fourth path involves debt restructuring and financial transformation to mitigate risks and enhance operational capabilities [12] Group 4: Significance of Urban Investment Transformation - The transformation of urban investment companies is crucial for implementing national strategies and promoting local economic development [13][14] - It serves as a core engine for upgrading local economies by optimizing resource utilization and enhancing resilience against economic fluctuations [15] - The transformation also represents a key practice in deepening state-owned enterprise reforms at the local level, addressing common issues such as administrative dominance and weak profitability [16]

Group 1 - The conference held on August 28 announced the "2025 China Top 500 Private Enterprises" list, where Midea Real Estate ranked 263rd in the overall list and 59th in the service sector list [1] - Midea Real Estate reported a revenue of 2 billion yuan for the first half of the year, representing a 41% year-on-year increase, and a core net profit of 310 million yuan, up 119% year-on-year [1] - The company has total assets of 9.49 billion yuan, net assets of 4.98 billion yuan, operating cash flow of 440 million yuan, zero interest-bearing debt, and total cash of 1.27 billion yuan, indicating a strong financial structure [1] Group 2 - Midea Real Estate integrates manufacturing precision and technological intelligence into its products, focusing on modern aesthetics, functionality, and high-quality materials [2] - The company adheres to a "Service +" strategy, targeting first and second-tier cities while enhancing its service capabilities across various sectors, including residential, industrial parks, and healthcare [2] - Future strategies include focusing on product, service, and operations, leveraging clear strategies, ample funds, and a reliable brand to seize opportunities for quality transformation in the industry [2]

Group 1 - The company reported stable revenue and profit growth, with a focus on core cities for land acquisition, maintaining a "buy" rating [1] - For the first half of 2025, the company achieved operating revenue of 51.485 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.448 billion yuan, a year-on-year increase of 2.18% [1] - The gross profit margin and net profit margin were 14.38% and 3.38%, respectively, with a year-on-year increase of 2.40 percentage points and a decrease of 0.22 percentage points [1] Group 2 - The company experienced a contraction in sales scale, with a signed sales area of 3.35 million square meters, a year-on-year decrease of 23.6%, and a signed sales amount of 88.89 billion yuan, a year-on-year decrease of 11.9% [2] - The company acquired 16 plots of land with a total construction area of 1.669 million square meters, a year-on-year increase of 108%, and a total land price of 35.29 billion yuan, a year-on-year increase of 142% [2] - The company’s asset operation income increased by 4.1% year-on-year to 3.66 billion yuan, with an EBITDA of 1.90 billion yuan, a year-on-year increase of 0.4% [2]