12月3日，上交所债券项目信息平台显示，"京东高和现代化基础设施持有型不动产资产支持专项计划"正式获受理，该项目拟 发行金额21亿元，品种为持有型不动产ABS（机构间REITs，俗称的私募REITs）。 京东拓展REITs版图：公募之外切入私募赛道 此前京东在不动产证券化领已发行一单公募REITs（仓储物流REITs代码508098），并已于 2025 年 7 月启动扩募，拟购入西 安、合肥两项目，目前处于推进阶段。 本次"京东高和"专项计划对应的机构间REITs属于私募范畴，意味着其在商业不动产资产证券化中，进一步覆盖了不同层级的 资本市场工具，可适配更多元的资产规模与退出需求，且后续可通过衔接公募实现转板上市。 免责声明 | 债券名称 | 京东高和现代化基础设施持有型不动产资产支持专项计划 | | --- | --- | | 忠臣 | ABS | | 拟发行金额(单位:亿元) | 21 | | 原始权益人 | 上海京鸿宇企业发展有限公司 | | 计划管理人 | 渤海汇金证券资产管理有限公司 | | 交易所确认文件文号 | - | | 项目状态 | 已受理 | | 更新日期 | 2025-12-03 | | ...

Core Viewpoint - Public REITs in China are evolving from financial innovation tools to significant drivers of infrastructure construction and high-quality economic development, with over 100 projects recommended by the National Development and Reform Commission, expected to mobilize over 1 trillion yuan in new investments [2][3]. Group 1: Role of Public REITs - Public REITs play a crucial role in revitalizing a vast amount of existing assets, facilitating a sustainable path for new investments of over 1 trillion yuan [3]. - They help improve financial structures and promote inclusive finance by enhancing companies' balance sheets and alleviating debt financing pressures [4]. - Public REITs create a virtuous cycle of investment, operation, exit, and reinvestment, guiding capital towards major national strategic areas [3][4]. Group 2: Market Development and Future Expectations - The public REITs market is expected to expand further, with increased liquidity and a broader range of asset types anticipated [7]. - Long-term funds, including social security funds and pension funds, are expected to enter the market, enhancing the investment landscape [7][25]. - The market is projected to stabilize and grow in the next two years, with a multi-tiered REITs market gradually established [8][25]. Group 3: Current Market Conditions - The public REITs market has experienced a downturn, with the CSI REITs total return index dropping over 6% from its mid-year peak [19][20]. - Factors contributing to this decline include profit-taking by investors, low distribution rates, and a shift of funds to the stock market [20][21]. - Despite the current market adjustments, there is optimism for recovery, with expectations that public REITs will regain their appeal as a stable cash flow asset [21][22]. Group 4: Investment Strategies - Investors are advised to focus on stable, defensive REITs that provide predictable cash flows, such as those related to public infrastructure and essential services [15][16]. - The emphasis is on identifying assets with strong operational stability and reasonable valuations, particularly in the context of market fluctuations [15][23]. - The long-term investment potential of public REITs is highlighted, with a recommendation for investors to consider those with solid underlying asset quality and growth prospects [12][13].

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [4][5] - The C-REITs secondary market has shown volatility, with municipal water conservancy and data center sectors performing well, while affordable housing and industrial park sectors experienced slight pullbacks [12] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.16% this week, closing at 1045.1 points, with a year-to-date increase of 7.98% [10][11] - The index performance of major benchmarks this week includes the CSI 300 up by 3.24% and the Hang Seng index up by 3.62% [10][11] REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 217.68 billion yuan, with an average market cap of about 2.9 billion yuan per REIT [12] - Among the listed REITs, 46 increased in value while 28 decreased, with an average weekly increase of 0.28% [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Huaxia China Communications REIT at 9.9%, Ping An Guangzhou Guanghe REIT at 9.4%, and Zhongjin Hubei Keti Guanggu REIT at 8.1% [3] - The price-to-net asset value (P/NAV) ratio for various REITs ranges from 0.7 to 1.8, indicating varying levels of valuation [3] Trading Activity - The data center sector exhibited the highest trading activity this week, with an average daily trading volume of 1.68 million shares and a turnover rate of 0.6% [2] - The top three REITs by trading volume were Huatai Zijin Bay Logistics REIT, Huatai Jiangsu Traffic Control REIT, and China Merchants Fund Shekou Rental Housing REIT [2]

Core Viewpoint - The domestic warehousing and logistics industry is steadily recovering, reflecting resilience in public REITs market performance, which shows a stable and positive operational trend [1] Group 1: Overall Performance - Five publicly listed warehousing and logistics REITs in Shanghai reported a combined revenue of approximately 413 million yuan and a combined EBITDA of about 281 million yuan for the first half of 2025 [2] - The total distributable amount for these REITs reached approximately 306 million yuan, with a total dividend distribution of about 252 million yuan for three specific projects [2] Group 2: Individual Project Performance - China Aviation Easy Business Warehousing Logistics REIT maintained a rental rate of 87.68% and a rent collection rate of 97.93%, with a total distributable amount of 49.06 million yuan for the first half of 2025 [2] - Huazhong Waigaoqiao REIT achieved a rental rate of 92.33% and a rent collection rate of 98.99%, with a cash distribution rate of 1.94% for the same period [3] - Jia Shi JD Warehousing Infrastructure REIT reported a 100% rental and collection rate, with a total distributable amount of approximately 37.18 million yuan [3] - Huitianfu Jiuzhoutong Pharmaceutical REIT generated a combined revenue of 36.02 million yuan and a net profit of 12.86 million yuan, with a cash distribution rate of 1.31% [3] - Zhongjin Pulos REIT maintained a rental rate above 90%, with a year-on-year increase of 6.6 percentage points in rental rates [4] Group 3: Market Dynamics - The warehousing logistics REITs' stable performance is attributed to an optimized supply-demand structure, continuous improvement in the logistics industry, and strong policy support [5] - In the first half of 2025, the national retail sales of consumer goods reached 24.55 trillion yuan, with online retail sales growing by 8.5% [5] - The logistics industry is experiencing a significant expansion, with the logistics business volume index remaining in the expansion range for six consecutive months [6] Group 4: Expansion Plans - The characteristics of warehousing logistics REITs suggest a focus on quality over quantity, with plans for asset expansion primarily through existing projects [7] - Companies are actively working on revitalizing existing assets and integrating acquisitions to enhance their REIT platforms [7][8] - The China Aviation Easy Business Warehousing Logistics REIT has also initiated asset screening for expansion to improve cash flow stability and optimize risk management [8]

Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in the coming years [7]. Core Insights - The REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, selecting resilient assets, and monitoring the expansion of REITs [4]. - The report highlights a trend of performance divergence among various REIT sectors, emphasizing the importance of timing in investment decisions [1][4]. Summary by Sections Warehousing and Logistics - In Q2 2025, the average occupancy rate for warehousing logistics REITs was 94.3%, with a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 4.4 percentage points [10]. - The average rental rate was 52.4 CNY/sqm/month, reflecting a competitive market where tenants are cautious about renewing leases [10][11]. Consumer Infrastructure - The average occupancy rate for consumer infrastructure REITs in Q2 2025 was 97.1%, with a quarter-on-quarter increase of 0.9 percentage points, although it saw a year-on-year decline of 1.3 percentage points [14]. - The average rental rate was 217.9 CNY/sqm/month, showing a quarter-on-quarter decrease of 3.9% but a year-on-year increase of 5.0% [14][15]. Affordable Housing - The average occupancy rate for affordable housing REITs was 96.0% in Q2 2025, with a quarter-on-quarter increase of 1.0 percentage points and a year-on-year increase of 0.9 percentage points [20]. - The average rental rate was 54.0 CNY/sqm/month, indicating stability in rental income despite slight fluctuations [20]. Industrial Parks - The report notes a decline in both occupancy rates and rental income for industrial parks, driven by increased competition and economic pressures [2]. Highways - In Q2 2025, highway REITs experienced a seasonal decline in traffic volume, but year-on-year comparisons showed recovery, particularly in freight traffic which increased by 1.3% [3]. Energy and Environmental Protection - The performance of energy and environmental protection REITs was mixed, with wind power projects performing well while solar projects faced challenges due to decreased sunlight and increased competition [3].

Issuance Market - In the current period, 2 REITs were issued with a total scale of 5.58 billion yuan, and the average allocation ratio remains low at 0.43% [1][6] - A total of 12 REITs have been issued this year, with the number increasing by 9% compared to the same period last year, while the total issuance scale decreased by 23% to 20.9 billion yuan [1][6] - The issuance of property REITs shows a significant advantage in both quantity and scale compared to operating rights REITs, accounting for over 80% of the total [1][6] Secondary Market - The current number of REIT products in the market is 71, with a total scale exceeding 211.9 billion yuan, maintaining a lead in property REITs over operating rights REITs [2][13] - The REITs market experienced a slight decline of -0.62%, lagging behind the stock market, while the overall increase for the year is 16.33%, significantly outperforming stock indices [2][14] - Property REITs have shown a year-to-date increase of 18.82%, while operating rights REITs increased by 13.84%, with notable performance differences among various underlying asset types [2][14] Dividend Situation - The total dividends for the REITs market in 2025 reached 4.572 billion yuan, with a dividend yield of 2.80%, which is lower than the dividend yield of the CSI Dividend Index [3][28] - Property REITs have a dividend yield of 2.30%, significantly lower than the 3.42% yield of operating rights REITs [3][28] - The forced dividend nature of REITs results in high dividend ratios across different types, with operating rights REITs showing higher dividend amounts and yields compared to property REITs [3][29] Investment Value Analysis - The latest valuation for all property REITs is 27.39, which has decreased compared to the previous period, with affordable housing REITs showing relatively high valuations [4][35] - The valuation (P/EBITDA) for industrial park REITs is the lowest among all asset types, while the internal rate of return for water conservancy facility REITs is the highest among operating rights REITs [4][35] - The dividend yield for property REITs calculated from actual dividends over the past year is 3.61%, indicating a strong dividend ratio compared to stock indices [4][35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The logistics industry is showing positive trends, but the warehousing rental market is adopting a "price - for - volume" strategy due to supply shocks. The current high - rent period of Southern SF Logistics REIT is a window of opportunity for investment, and investors who meet the income conditions can consider allocating it at an appropriate time [1][4]. 3. Summary According to the Directory 3.1 Logistics activities are improving, but warehousing facilities are rented at the expense of price for volume - **Logistics industry boom has significantly increased, and the proportion of logistics storage costs has been stable with a slight increase**: In April 2025, China's Logistics Prosperity Index was 51.1%, remaining in the expansion range. The warehousing logistics industry is cyclical, affected by e - commerce promotions and manufacturing business peaks. In 2024, the total social logistics cost was 19.0 trillion yuan, a year - on - year increase of 4.1%, and the storage cost was 6.4 trillion yuan, accounting for 34% of the total social logistics cost [11][15]. - **The domestic high - standard warehouse industry has a "one - super - many - strong" pattern, and the supply shock will continue**: The domestic high - standard warehouse industry is highly concentrated, with GLP having a leading market share. Different development entities have increased the supply of high - standard warehouses. Due to the slowdown of macro - economic recovery and continuous supply release, the market generally adopts a "price - for - volume" strategy, but still faces short - term challenges of falling rents and rising vacancy rates [20][24]. - **Domestic warehousing logistics REITs are also facing a "price - for - volume" situation, and rents have declined**: As of May 16, 2025, 9 warehousing logistics REITs have been listed in China, involving 31 underlying assets. In 2025, the operating occupancy rates and rent levels of these REITs are still under pressure, and many projects will adopt a more aggressive "price - for - volume" strategy [31][35]. 3.2 SF Hong Kong REIT performs well and is an effective reference for domestic REITs - **SF Holdings adopts a self - operated logistics model, providing stable demand for Hong Kong and Shenzhen REITs**: SF Holdings is the largest comprehensive logistics service provider in China and Asia and the fourth - largest in the world. It has many key site resources such as logistics industrial parks, which can provide potential rental demand and expansion assets for its REITs [41][44]. - **SF Hong Kong REIT has been in operation for many years, with a high proportion of related tenants but stable performance**: Since its listing in 2021, SF REIT has been operating stably. Its first - largest tenant is the SF Holdings Group, and the rental area of SF Group tenants in 2024 accounted for 80.3% of the rentable area. The overall occupancy rate of its 4 properties has remained above 98% in the past three years [51][66]. - **The valuation of SF Hong Kong REIT has been adjusted downward, and the downward pressure on warehousing logistics assets still exists**: Affected by the decrease in occupancy rate and rent, the valuation of SF REIT decreased by 8.9% in 2024. It will face the renewal test of related tenants in 2026, and the subsequent lease term, rent, and increase rate need to be evaluated [68][70]. - **SF Hong Kong REIT has experienced multiple market cycles, and the low stock price has led to a dividend yield of over 7%**: Since its listing, SF REIT has experienced multiple market cycles and has been in a discounted state for a long time. From 2021 - 2024, its annualized distribution yields were 7.9%, 9.5%, 10.7%, and 8.8% respectively [73][74]. 3.3 Southern SF Logistics REIT, cherish the window period of the current high - rent period - **The underlying assets of SF's domestic REIT are sorting centers, which are important sites for express delivery services**: The underlying assets of Southern SF Logistics REIT include three projects in Shenzhen, Wuhan, and Hefei, with a total asset valuation of about 3.041 billion yuan. The sorting center area accounts for about 55% of the total rentable area, and the income accounts for a relatively high proportion [79][82]. - **The asset competition between the Hong Kong and Shenzhen REITs has eased, and each has its own regional focus**: SF REIT has the pre - emptive right to purchase SF Group's assets. In the future, SF Holdings will fully negotiate when selling assets to the two REITs. SF REIT will focus on South China and Southwest China, while Southern SF Logistics REIT will focus on the Yangtze River Delta, Beijing - Tianjin - Hebei, and the middle and lower reaches of the Yangtze River [88][89]. - **It highly depends on SF Group tenants, and the occupancy rate is expected to be generally stable**: As of September 30, 2024, the related - party rental area of Southern SF Logistics REIT accounted for 84.29% of the rented area, and the related - party contributed 88.45% of the monthly rent and management fee income. Although the high concentration of tenants has both advantages and disadvantages, the occupancy rate is expected to be generally stable [91]. - **The valuation has considered the risk of rent decline, and the current distribution rate is a good allocation period**: As of May 16, 2025, the market value of Southern SF Logistics REIT was 3.766 billion yuan, and the expected cash distribution rate in 2025 was 3.98%, ranking in the upper - middle level among the 9 listed warehousing logistics REITs. The current high - rent period before 2027 is a window of opportunity for investment [4].

Group 1: Market Overview - The logistics industry in China has shown significant improvement, with the logistics industry prosperity index at 51.1% in April 2025, indicating expansion[1] - The average effective rent in major city clusters has declined, with the Beijing-Tianjin-Hebei region down 3.7%, Yangtze River Delta down 6.1%, and the Pearl River Delta down 0.3%[2] - As of May 16, 2025, there are 9 listed logistics REITs in China, with 31 underlying assets, facing pressure on rental rates and occupancy[2] Group 2: REIT Performance - SF Hong Kong REIT, initiated by SF Holding, has been stable since its listing in May 2021, with a valuation drop to HKD 6.7 billion in 2024, down 8.9%[3] - The Southern SF Logistics REIT, listed in April 2025, focuses on high-quality assets in the South China and Southeast Asia regions, with a market value of CNY 3.766 billion and an expected cash distribution rate of 3.98% in 2025[4] - The Southern SF Logistics REIT's rental rates are currently above market averages, but there is a risk of downward adjustment upon lease renewals[4] Group 3: Supply and Demand Dynamics - The high-standard warehouse sector in China is characterized by a "one strong, many strong" market structure, with Prologis leading in market share[2] - The logistics REITs are adopting a "price for volume" strategy to maintain occupancy amid supply shocks, leading to rental declines and rising vacancy rates[2] - The average vacancy rates in major city clusters are high, with the Beijing-Tianjin-Hebei region at 28.6% and the Yangtze River Delta at 25.4%[2] Group 4: Future Outlook and Risks - The logistics sector is expected to face continued pressure from rental declines and increased vacancy rates due to ongoing supply releases[2] - The Southern SF Logistics REIT is positioned to benefit from the current high rental period before potential adjustments in 2027[4] - Risks include unexpected policy changes regarding public REITs and operational risks associated with infrastructure projects[5]

Core Viewpoint - The overall performance of domestic infrastructure public REITs, particularly in the warehousing and logistics sector, remains stable despite cautious expectations from some tenants due to international trade policy fluctuations. However, the recovery of domestic market demand, especially in consumer goods warehousing, is expected to support the growth of this sector in 2025 [1] Group 1: Performance Summary - The first quarter reports for 2025 show that various REITs in the warehousing and logistics sector have achieved stable financial results, with notable revenues and net profits across different funds [2][3] - For instance, 华夏深国际 REIT reported a revenue of 29.90 million yuan and a net profit of 8.65 million yuan, while 红土创新盐田港 REIT achieved a revenue of 31.38 million yuan and a net profit of 9.46 million yuan [2] - The overall performance indicates a significant recovery in the logistics industry, with the warehousing index remaining in the expansion zone for five consecutive months [3] Group 2: Government Support and Future Outlook - Local governments are increasingly prioritizing the construction of warehousing and logistics infrastructure, implementing policies to promote high-quality development in the sector. For example, Zhejiang Province aims for an 8% and 10% increase in railway and waterway freight turnover by 2027 [4] - The recent listing of 南方顺丰物流 REIT, which includes key logistics hub assets, is expected to enhance the operational efficiency of existing infrastructure and lower debt ratios for original rights holders [4] - The introduction of new public REITs is anticipated to encourage more private enterprises to participate in REIT issuance, creating a positive demonstration effect in the market [5] Group 3: Technological Advancements and Market Position - The warehousing and logistics industry is increasingly focusing on "green development" and "intelligent operations," with companies like 中金普洛斯 REIT leading the way in sustainable practices and technological integration [5][6] - The adoption of smart logistics technologies, such as automated sorting and unmanned delivery, is significantly enhancing operational efficiency and resource allocation within logistics parks [5] - The future attractiveness of warehousing logistics REITs is expected to be driven by both policy and market dynamics, with intelligent logistics becoming a key engine for growth [6]