在经济转型升级的背景下，消费作为经济增长第一动力的地位 日益凸显，同时兼具"不动产的保值属性"和"证券的流动性优 势"的消费REITs，能够为投资者提供稳定的现金分红和资产 增值机会，已成为投资者分享消费升级红利的重要载体。 封图：图片资料室 华夏基金近日发布公告，华夏中海商业 REIT（基金代码： 180607 ）将于 2025年 10 月 13 日至 10 月 14 日正式发售，发售价格为 5.281 元 /份，拟募资总额为 15.843 亿元。其中，面 向公众发售 为 0.27亿份 。公众投资者可按发售价格，通过场内证券经营机构或基金管理人及其 委托的场外基金代销机构进行认购，认购金额 1000元起投（含认购费）。 华夏中海商业 REIT首发底层资产 佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核 ——国家改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。 凭 借优质底层资产的吸引力，在网下询价阶段，华夏中海商业 REIT共收到 149 家网下投资者管理 的 1014 个配售对象的询 ...

华夏基金近日发布公告，华夏中海商业REIT（基金代码：180607）将于2025年10月13日至10月14 日正式发售，发售价格为5.281 元/份，拟募资总额为15.843亿元。其中，面向公众发售为0.27亿份。公 众投资者可按发售价格，通过场内证券经营机构或基金管理人及其委托的场外基金代销机构进行认购， 认购金额1000元起投（含认购费）。 华夏中海商业REIT首发底层资产佛山映月湖环宇城是中海旗下处于成熟运营阶段的标杆自持物 业。项目坐落于粤港澳大湾区广佛极核——国家级改革平台"广佛高质量发展融合试验区"（映月湖 片区）先行区，区位优势显著，是区域内重点大型购物中心，兼具交通通达性及市场稀缺性。凭借 优质底层资产的吸引力，在网下询价阶段，华夏中海商业REIT共收到149家网下投资者管理的1014个配 售对象的询价报价信息，拟认购数量总和为236.074亿份，为初始网下发售份额（0.63亿份）的374.72 倍，创市场新高，可见专业投资者对项目投资价值的认可。 （责任编辑：康博） 华夏中海商业REIT备受市场关注，除了底层资产优质，也离不开专业管理团队的赋能。基金发起 人中海拥有46年房地产开发与不动产运 ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3560, down 0.37% for the day and down 0.94% for the month [1] - The Shenzhen Composite Index closed at 2175, with a slight increase of 0.02% for the day and a decline of 1.15% for the month [1] - Large-cap indices showed a decline of 0.54% yesterday but a gain of 2.81% over the past month [1] Group 2: Industry Performance - The photovoltaic equipment sector saw a daily increase of 2.6% and a monthly increase of 10.12% [1] - The rubber industry increased by 2.53% yesterday and 1.8% over the past month [1] - The education sector rose by 2.23% yesterday and 4.18% over the past month [1] Group 3: Investment Insights - The insurance sector is expected to maintain a strong preference for interest-bearing bonds, with a potential increase in the attractiveness of equity assets due to changes in tax policies affecting bond interest income [10][8] - The insurance asset allocation is heavily weighted towards bonds, with 16.97 trillion yuan in bonds held, accounting for 48.6% of total assets [10][8] - The anticipated decline in new liability costs and regulatory support is expected to alleviate pressure on insurance asset allocation [10][8] Group 4: Employment Data Analysis - The U.S. labor market showed weakness in July, with non-farm payrolls increasing by only 73,000, significantly below the expected 104,000 [22][9] - The downward revision of employment figures for May and June by a total of 258,000 has raised concerns about the strength of the labor market [22][9] - The unemployment rate is expected to remain high, with projections suggesting it may stabilize around 4.5% [13][9] Group 5: Company-Specific Insights - Longsheng Technology is positioned for growth with its EGR systems and has diversified into new areas such as electric motor cores and robotics [19][17] - The company has established a strong market position in EGR systems, benefiting from increasing demand in commercial vehicles and stricter emission standards [19][17] - Longsheng's revenue from EGR systems is projected to reach 730 million yuan in 2024, with significant growth potential in its new business segments [19][17]

Group 1 - The core asset of the 华夏中海商业 REIT is the 佛山映月湖环宇城, which has shown a strong growth in foot traffic and revenue with a CAGR of 17% and 15% from 2022 to 2024 respectively, and a stable occupancy rate above 97% since 2023 [3][31] - The project is strategically located in the core commercial area of 佛山, serving a population of 430,000 within a 3 km radius and over 800,000 within 5 km, which enhances its service capacity and customer base [9][14] - The original equity holder, 中海环宇商业, is a leading commercial operation brand with a rich asset reserve, which supports the project's growth and operational efficiency [24][26] Group 2 - The project's revenue has steadily increased, with total revenues of 1.01, 1.12, 1.37, and 0.32 billion from 2022 to Q1 2025, driven by improved occupancy rates and optimized tenant mix [36][38] - The EBITDA margin has been under pressure, with EBITDA figures of 0.85, 0.89, 0.90, and 0.21 billion during the same period, indicating a need for ongoing operational improvements [36][39] - The project maintains a high occupancy rate of 97%-98% since 2023, which is above the average of comparable REITs, indicating strong demand and effective management [41][42] Group 3 - The expected fair value of the project assets is estimated to be between 11.32 and 13.91 billion, with an IRR ranging from 5.52% to 6.50%, which is significantly higher than the average of listed consumer REITs [3][4] - The projected capitalization rates for 2025 and 2026 are 5.15%-6.15% and 5.60%-6.62% respectively, which are higher than comparable REITs, indicating a favorable investment environment [4][20] - The forecasted distribution rates for 2025 and 2026 are 4.52% and 4.92% respectively, which are significantly higher than the latest distribution rates of comparable REITs, suggesting strong cash flow potential [4][20]