策略报告 | 投资策略 华夏中海商业 REIT 即将发售 证券研究报告 周观 REITs 华夏中海商业 REIT 即将发售 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。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。 市场表现方面，本周 REITs 市场下行，易方达广开产园 REIT（+1.93%）领涨 本周（2025.10.9-2025.10.10），中证 REITs 全收益指数下跌 0.26%，REITs 总 指数下跌 0.25%，产权 REITs 指数下跌 0.29%，经营权 REITs 指数下跌 0.16%。 大类资产角度，REITs 总指数跑赢沪深 300 指数 0.27 个百分点，跑输中证全 债指数 0.36 个百分点，跑 ...

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 - The core viewpoint of the articles highlights the growing trend and performance of infrastructure REITs in China, with significant listings and positive returns observed in the market [1][2] - As of September 26, 87 infrastructure REITs are in various stages of listing, with the highest numbers in park infrastructure, transportation infrastructure, and consumer infrastructure categories [1] - The China Securities REITs total return index has increased by 9.97% year-to-date, with 65 out of 74 listed REITs achieving positive returns, and 39 of those showing gains exceeding 10% [2] Group 2 - Notably, the Jia Shi Wu Mei Consumer REIT has seen a year-to-date increase of 45.19%, while the Hua Xia Da Yue Cheng Commercial REIT and Bo Shi Jin Kai Ke Gong Industrial Park REIT have risen by 41.14% and 38.80%, respectively [2] - Industry experts suggest that infrastructure REITs offer high liquidity, stable returns, and strong safety, making them attractive for investors seeking stable investments and diversified asset allocation [2] - International experience indicates that a "dual drive" model of "initial issuance + expansion" is crucial for the maturation of the infrastructure REITs market, with six products in China having completed expansions to date [2]

Core Viewpoint - The infrastructure REITs market in China is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2]. Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing, with the majority being park, transportation, and consumer infrastructure types [2]. - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2]. - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing funds to be reinvested into new projects [2][3]. Group 2: Market Performance - The infrastructure REITs market has shown a volatile adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4]. - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4]. - Specific REITs, such as the Jiashi Wumei Consumer REIT, have seen significant year-to-date increases, with a rise of 45.19% [4]. Group 3: Market Characteristics - The infrastructure REITs market is characterized by high liquidity, relatively stable returns, and strong safety features, making it attractive for investors seeking stable investments and diversified asset allocation [4][5]. - The introduction of diverse asset types is expected to meet varying investor preferences and attract a broader range of capital into the market [3].

2025 年 09 月 27 日 三单首发项目注册生效 公募 REITs 周度跟踪（2025.09.22-2025.09.26） 《流动性连续第四周环降- 一八皇 KEI IS 2025.09.15-2025.09.19) 》 025/09/20 发改委发文, 助推 REITs 市场扩围 公募 REITs 周度跟踪 2025.09.08-2025.09.12) » 2025/09/13 指数震荡偏强,凯德商业 REIT 询 公募 REITs 周度跟踪 (2025.09.01-2025.09.05 ) 》 2025/09/06 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究反方持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 (8621)23297818× caoxuan@swsresearch.com 节前首发项目密集注册，市场换手率创年内新低。本周 REITs 市场整体回调，八 ● 大板块全部收跌,流动性仍然走低,当前 ...

2025 年 09 月 27 日 三单首发项目注册生效 ——公募 REITs 周度跟踪（2025.09.22-2025.09.26） 相关研究 《流动性连续第四周环降——公募 REITs 周度跟踪 （2025.09.15-2025.09.19）》 2025/09/20 《发改委发文，助推 REITs 市场扩围 扩容——公募 REITs 周度跟踪 （2025.09.08-2025.09.12）》 2025/09/13 《指数震荡偏强，凯德商业 REIT 询 价——公募 REITs 周度跟踪 （2025.09.01-2025.09.05）》 2025/09/06 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 (8621)23297818× caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 债 券 研 债 券 周 评 ⚫ 截至 2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As market risk appetite continued to rise, the China Securities REITs Index fell 0.8% this week, with property - type REITs and franchise - type REITs averaging - 0.9% and - 0.8% respectively. All sectors closed down, with water conservancy facilities, municipal facilities, and affordable housing having the largest declines. The 9 - department joint issuance included community commercial infrastructure in the priority support scope for REITs, further expanding the underlying asset scope of REITs [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of September 26, 2025, the closing price of the China Securities REITs (closing) Index was 831.45 points, with a weekly decline of 0.8%, performing worse than the China Securities All - Bond Index (- 0.3%), the China Securities Convertible Bond Index (+ 0.9%), and the CSI 300 Index (+ 1.1%). Year - to - date, the performance order of major indices was: CSI 300 (+ 15.6%) > China Securities Convertible Bond Index (+ 15.3%) > China Securities REITs Index (+ 5.3%) > China Securities All - Bond Index (+ 0.0%). In the past year, the return of the China Securities REITs Index was 5.6% with a volatility of 7.2%. Its return was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][7][8]. - **Market Value and Turnover**: The total market value of REITs decreased to 219 billion yuan on September 26, a decrease of 2.5 billion yuan from last week. The average daily turnover rate for the whole week was 0.33%, a decrease of 0.13 percentage points from the previous week [2][8]. - **REITs Performance by Attribute and Type**: From the perspective of different project attributes, property - type REITs and franchise - type REITs had average weekly changes of - 0.9% and - 0.8% respectively. All REITs sectors closed down, with water conservancy facilities, municipal facilities, and affordable housing having the largest declines. The top three REITs in terms of weekly gains were Bosera Jinkai Industrial Park REIT (+ 1.64%), CITIC Construction Investment SPIC New Energy REIT (+ 0.98%), and CICC Liandong Science and Technology Innovation REIT (+ 0.71%) [3][16][20]. - **Trading Activity and Fund Flow**: New infrastructure REITs had the highest trading activity this week, with an average daily turnover rate of 1.1%. Transportation infrastructure REITs had the highest trading volume ratio this week, accounting for 26.3% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CJG First Agriculture REIT (14.67 million yuan), Southern Runze Technology Data Center REIT (10.93 million yuan), and Huaxia China Resources Commercial REIT (8.37 million yuan) [3][22][23]. 3.2 Primary Market Issuance As of September 26, 2025, there were 2 REITs products in the accepted stage, 1 in the in - inquiry stage, 3 in the feedback - received stage, 8 products that had passed and were awaiting listing, and 11 first - issued products that had passed and were listed [25]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of September 26, the average annualized cash distribution rate of public - offering REITs was 6.2%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [27]. - **Valuation by Project Type**: Different project types of REITs had different relative net value premium rates, P/FFO, IRR, and annualized dividend rates. For example, affordable housing had a relative net value premium rate of 44.1%, P/FFO of 34.7, IRR of 3.4%, and an annualized dividend rate of 3.3% [28]. - **Comparison with Benchmarks**: As of September 26, 2025, the dividend rate of property - type REITs was 81 basis points higher than the average dividend rate of CSI Dividend stocks, and the average internal rate of return of franchise - type REITs had a spread of 173 basis points compared with the 10 - year Treasury bond yield [30]. 3.4 Industry News - **Policy Update**: The Ministry of Commerce, together with eight other departments, issued a notice including community commercial infrastructure in the priority support scope for REITs, which helps expand the underlying asset scope of REITs and solve the capital problem in community commercial development [4][35]. - **Approved REITs Projects**: Huaxia China Overseas Commercial REIT was approved, providing a model for the transformation and upgrading of traditional real - estate enterprises. Huaxia Anbo Warehouse REIT was officially approved for issuance, with its underlying assets having obvious location advantages. Shenyang International Software Park Public - Offering REIT was approved, being the first successful public - offering REIT project in Northeast China [35].

记者丨 唐曜华 编辑丨周炎炎 超100倍甚至200倍的资金抢购，上市首日动不动就涨停！是的，财小圈说的就是 资产界的"当 红炸子鸡"——REITs。 最近REITs吸引了不少投资者关注，一些理财资金也盯上REITs，期望通过REITs打新提高理财 产品收益率，所以这一资产近期才一直被热捧。 什么是REITs呢？ 如果说股票是公司上市，那么REITs就是资产上市。发行人把有稳定收入（比如租金、收费） 的项目资产打包上市，投资者买了REITs就等于通过REITs基金持有这些资产的所有权或经营 权，可以分享这些项目的收益，而且强制要求每年项目90%的可分配收益要分给投资者。 200倍什么概念呢？比如人家只要募集10个亿，结果有2000亿资金来买。机构们在网下"抢"， 咱们个人投资者则可以在网上发行的时候认购。 怎么参与呢？打新前需要到证券公司APP开通REITs交易的权限，大致步骤如下： 1、到APP首页找到"业务办理"或类似功能； 2、找到基础设施基金，或者搜基础设施基金； 3、签署风险揭示书。签署后即办理成功（财小圈已开通基金功能，如果没开通可能还要 先开通基金功能）。 比如租赁类的REITs，就好比大家一起凑 ...

Core Insights - The registration status of the Huaxia Zhonghai Commercial Asset Closed-End Infrastructure Securities Investment Fund and the Huaxia Anbo Warehousing and Logistics Closed-End Infrastructure Securities Investment Fund has been updated to "registered effective" as of September 22 [1] - The Huaxia Anbo Warehousing REIT is the only REIT among those listed and filed that has all its assets located in the Greater Bay Area [1] - The CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund has also received approval from the China Securities Regulatory Commission on September 22, marking it as the first public REIT project successfully approved in Northeast China [1]