投资逐渐回归理性 有机构称，展望2026年，公募REITs项目经营仍将波动与分化。二级市场方面，作为高股息含权资产的 公募REITs仍具备较好的配置价值，在基本面未有明显变化条件下，利率、资金配置需求以及事件因素 或仍主导市场。机构建议关注基本面有韧性、高景气度或短期有改善预期的项目，如数据中心、消费、 保租房及部分高速等，把握估值回调后逢低吸纳机会 ◎记者 聂林浩 REITs行情"先扬后抑" 打新策略的收益效应也有所减弱。以最新上市的中信建投沈阳国际软件园REIT为例，其在上市首日盘 中一度破发，每份额的开盘价为3.661元，盘中曾跌至3.59元，截至收盘才回升至3.66元。截至11月20 日，每份额的收盘价为3.588元，仍在开盘价以下。10月末上市的华夏中海商业REIT在上市首日的涨幅 仅为3.29%，华夏凯德商业REIT于9月29日上市，首日涨幅为12.63%。 据统计，截至11月21日，今年以来上市的19只公募REITs中，除上述3只产品外，其余16只在上市首日 录得涨停或涨幅超20%。 二级市场的降温也导致投资者情绪趋于谨慎，部分资金开始转向更具性价比的资产类别。同时，产业园 区类REITs受区域 ...

Core Insights - The domestic economy has shown signs of recovery since 2025, leading to increased consumer confidence and spending, which has positively impacted the performance of real estate investment trusts (REITs) in the consumer infrastructure sector [2][3] - The consumer REITs market has become one of the most prominent sectors in the capital market this year, with 12 listed consumer infrastructure REITs achieving a total market capitalization of 41.865 billion yuan [2][3] - The average increase in the share prices of consumer REITs has significantly outperformed other types of REITs, with some newly listed products showing remarkable growth [4][5] Consumer REITs Performance - In 2025, five consumer infrastructure REITs were successfully listed, bringing the total to 12, with a notable diversification in asset types from traditional shopping centers to outlets [3][4] - Key financial metrics for consumer REITs have remained high, with average occupancy rates of 97.20% and collection rates of 99.65% reported in Q3 2025, indicating strong operational resilience [4][6] - The top-performing consumer REITs have shown significant price increases, with the highest being 71.36% for the E-Fund Huawai Market REIT [4][5] Market Trends and Future Outlook - The REITs market is viewed as a "blue ocean" with potential for future growth, although the current transformation path remains unclear [2][7] - The introduction of policies to facilitate the expansion of REITs, such as reducing the listing period for expansion from 12 months to 6 months, is expected to drive growth in the sector [6][9] - The operational capabilities of REITs are becoming increasingly important for performance differentiation, with a focus on optimizing brand portfolios and enhancing asset appeal [6][9] Industry Insights - The REITs market in China is still in its nascent stage, with a total market size of over 200 billion yuan, which is relatively small compared to the global REITs market of 2 trillion USD [7][9] - Industry experts emphasize the need for innovative thinking and learning from mature markets like Japan and Singapore to enhance the development of China's REITs [7][9] - The REITs model is seen as a solution to the challenges of real estate investment, providing liquidity and flexible exit options for investors, thereby transforming the investment and management landscape [9]

Core Insights - In October 2025, the total bond financing in the real estate sector reached 51.24 billion yuan, marking a year-on-year increase of 76.9% [1][2] - The increase in financing is attributed to a low base from the previous year, where the total was only 28.97 billion yuan [2] - The average bond financing interest rate decreased to 2.56%, down 0.42 percentage points year-on-year [6] Financing Overview - The total bond financing in October 2025 was 51.24 billion yuan, a significant increase from 28.97 billion yuan in October 2024 [2] - Credit bond financing accounted for 32.70 billion yuan, up 50.7% year-on-year, representing 63.8% of the total [2][4] - Asset-backed securities (ABS) financing reached 15.70 billion yuan, a 115.8% increase year-on-year, making up 30.6% of the total [2][5] - Overseas bond financing was 2.85 billion yuan, accounting for 5.6% of the total [2] Financing Structure - From January to October 2025, total bond financing for real estate companies was 488.24 billion yuan, a year-on-year increase of 8.6% [4] - Credit bond financing for the same period was 293.98 billion yuan, a slight increase of 3.3% [4] - The share of credit bonds in total financing was 60.2%, while ABS accounted for 37.8% [4] Interest Rates - The average interest rate for bond financing in October was 2.56%, down 0.42 percentage points year-on-year and 0.13 percentage points month-on-month [6] - The average interest rate for credit bonds was 2.36%, unchanged from the previous month [6] - ABS had an average interest rate of 2.82%, down 0.31 percentage points year-on-year but up 0.14 percentage points month-on-month [6] Corporate Financing Dynamics - In October, China Merchants Shekou issued the highest amount of bonds at 4.5 billion yuan [7] - Suzhou High-tech had the lowest financing cost at 1.84% [7] - Major companies like China Overseas, Poly Development, and others issued bonds exceeding 3 billion yuan [4][8] Capital Market Dynamics - Key real estate companies disclosed new financing, including Huayi City Group's issuance of 2 billion yuan in short-term financing [8] - Several companies are progressing with debt restructuring, with Sunac and Country Garden's plans receiving over 75% creditor approval [8] - Kincor's restructuring plan is progressing smoothly, having secured 250 million yuan in loans from investors [8]

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - With the release of the third - quarter reports, this week's REITs sector performance was related to earnings. Based on comparable data, affordable housing, ecological and environmental protection, and consumer sectors with strong performance resilience also led in weekly gains. The weekly turnover rate of REITs increased with the listing of new projects. The average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. In terms of the comparison of weekly price changes of major indices, CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300 [1]. - The CSI REITs index had a weekly price change of - 0.1% and a year - to - date price change of 3.2%. As of October 31, 2025, the closing price of the CSI REITs (closing) index was 814.90 points. The total market value of REITs rose to 220.6 billion yuan on October 31, an increase of 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Index Performance Comparison**: The weekly price change ranking of major indices was CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300. The CSI REITs index had a weekly price change of - 0.1%, weaker than the CSI All - Bond Index (+0.3%) and CSI Convertible Bonds Index (+0.8%), but stronger than the CSI 300 Index (- 0.4%). The year - to - date price change ranking was CSI 300 (+17.9%) > CSI Convertible Bonds (+17.0%) > CSI REITs (+3.2%) > CSI All - Bond Index (+0.7%). In the past year, the return rate of the CSI REITs index was 5.5% with a volatility of 7.4%. Its return rate was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index, and its volatility was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index [1][2][6]. - **REITs Market Value and Turnover**: As of October 31, 2025, the total market value of REITs increased to 220.6 billion yuan, up 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. - **Sector and Individual Performance**: Most REITs sectors closed up, with new infrastructure, municipal facilities, and consumer infrastructure leading in gains. From the perspective of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. The top three REITs in weekly gains were CICFH Shounong REIT (+4.22%), Southern万国 Data REIT (+4.09%), and CICC Yinli Consumer Infrastructure REIT (+3.85%) [1][3][18]. - **Trading Activity**: New infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.3%. Consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 21.0% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (103.71 million yuan), Huaxia Fund CR Land Youchao REIT (12.33 million yuan), and Huaxia CR Land Commercial REIT (10.89 million yuan) [3][24][26]. Primary Market Issuance - As of October 31, 2025, there was 1 REIT product in the accepted stage, 1 in the declared stage, 2 in the in - queried stage, 5 in the feedback - received stage, 7 in the passed - and - waiting - for - listing stage, and 12 first - issued and listed products on the exchanges [27]. Valuation Tracking - **Valuation Indicators**: REITs have both bond - like and stock - like characteristics. As of October 31, the average annualized cash distribution rate of public - offering REITs was 6.4%. From the stock - like perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and 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 [29]. - **Valuation Comparison by Project Type**: Different project types of REITs have different valuation levels. For example, the relative net value premium rate of affordable housing REITs is 41.8%, with a P/FFO of 45.3 and an IRR of 3.5%. As of October 31, 2025, the dividend yield of equity - type REITs was 100BP higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 210BP [30][32]. Industry News - **New REIT Listing**: On October 31, Huaxia Zhonghai Commercial REIT was successfully listed on the Shenzhen Stock Exchange. As the first consumer REIT implemented through the acquisition and revitalization model, it provided a new model for the transformation of the commercial real estate industry from "heavy development and holding" to "light - asset operation" [4][38]. - **REITs Third - Quarter Report**: The third - quarter reports of REITs were released this week. Based on REIT samples with two - year consecutive data, the total revenue of REITs in the third quarter of 2025 was 3.35 billion yuan, a year - on - year decline of 5%. The year - on - year revenue changes of affordable housing, ecological and environmental protection, consumer, transportation, warehousing and logistics, industrial park, and energy sectors in the third quarter were 15%, 10%, 4%, - 3%, - 4%, - 8%, and - 17% respectively [4][38].

Group 1 - The core viewpoint of the article is that the launch of Huaxia Zhonghai Commercial REIT on October 31 will expand the secondary market for consumption REITs, allowing investors to trade directly and participate conveniently in this investment sector [1] - Huaxia Zhonghai Commercial REIT is a collaboration between Zhonghai, Huaxia Fund, and CITIC Securities, with its initial asset being the Mingyue Lake Huanyu City, which is the only representative project in the consumption REITs sector that has been revitalized through asset acquisition [1] - The fund has shown strong market recognition during its issuance phase, with public and offline investor subscription multiples of 361.9 times and 320.5 times respectively, and a total subscription amount nearing 160 billion yuan [1] Group 2 - Zhonghai, the initiator of Huaxia Zhonghai Commercial REIT, is a leading enterprise in real estate development and property operation, managing over 10 million square meters of commercial assets across various sectors, establishing a dual competitive advantage in "full-category professional operation" and "ecological collaborative value" [2] - The listing of Huaxia Zhonghai Commercial REIT provides an efficient tool for ordinary investors to engage in commercial real estate investment, enriching the asset types of domestic public REITs and enhancing overall market scale and vitality [2] - Zhonghai places significant emphasis on the construction of the public REITs platform, which aligns with its long-term development strategy, allowing for the revitalization of existing assets and the expansion of financing channels for new commercial project development [2]

Group 1 - The core viewpoint of the news is the expansion of the secondary market for consumption REITs, with the launch of Huaxia Zhonghai Commercial REIT on October 31, allowing investors to trade directly [1] - Huaxia Zhonghai Commercial REIT is a collaborative initiative by Zhonghai, Huaxia Fund, and CITIC Securities, featuring the asset "Yuehu Huan Yu City," which is the only representative project in consumption REITs that has been revitalized through acquisition [1] - The fund has shown strong market recognition during its issuance phase, with public and offline investor subscription multiples of 361.9 times and 320.5 times, respectively, and a total subscription amount nearing 160 billion yuan [1] Group 2 - Zhonghai, the initiator of Huaxia Zhonghai Commercial REIT, is a leading enterprise in real estate development and property operation, managing over 10 million square meters of commercial assets across various sectors [2] - The listing of Huaxia Zhonghai Commercial REIT provides an efficient tool for ordinary investors to participate in commercial real estate investment, enriching the asset types of domestic public REITs and enhancing market scale and vitality [2] - Zhonghai places significant emphasis on the construction of the public REITs platform, which aligns with its long-term development strategy, enabling asset revitalization and financing channel expansion for new commercial project development [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the strengthening of policy support, and the anticipated entry of social security and pension funds into the market [4][6] Summary by Sections Market Overview - As of the 43rd week of 2025, the CSI REITs (closing) index was 816.04, up 5.63% year-on-year and up 0.16% month-on-month. The CSI REITs total return index was 1045.13, up 11.93% year-on-year and up 0.16% month-on-month [4][15][20] - Year-to-date, the CSI REITs (closing) index has increased by 7.88%, while the CSI 300 index has increased by 35.84%, resulting in an excess return of -27.96% [15][20] Trading Activity - In the 43rd week, the trading volume of the REITs market reached 630 million shares, a year-on-year increase of 37.86%, with a transaction value of 2.719 billion yuan, up 53.96% year-on-year [4][26][29] - The turnover rate for the period was 2.59%, down 0.39 percentage points year-on-year [26] Sector Performance - Weekly performance for various REITs sectors in the 43rd week included: - Affordable housing: +0.32% - Environmental: +0.53% - Expressways: +0.51% - Industrial parks: -0.40% - Warehousing and logistics: +0.26% - Energy: +0.24% - Consumer: -0.04% - Monthly performance showed declines across most sectors, with environmental REITs down 3.98% [4][36] Upcoming Listings - There are currently 12 REITs funds awaiting listing, indicating an active issuance market [7][54]

Group 1: Public Fund Developments - The Jiashi Growth Sharing Mixed Fund ended its fundraising early on October 24, raising approximately 30 billion yuan, making it one of the largest actively managed equity funds recently [2] - The Huatai Bairui Yingtai Stable 3-Month Holding Mixed FOF was announced to have completed its fundraising in just one day, with over 5.5 billion yuan raised, marking it as the fifth "one-day fundraising" FOF product this year [3] - The China Europe Value Navigation Mixed Fund raised nearly 20 billion yuan in just one day, indicating a strong market demand for actively managed equity funds [9] Group 2: Private Fund Growth - The number of private funds with over 10 billion yuan in assets has reached 100, an increase of 4 from the previous month, with quantitative private funds leading in numbers [5][6] - Among the newly added private funds, two are subjective strategies, one is quantitative, and one is mixed strategy, reflecting a diverse investment approach [6] Group 3: Market Trends and Performance - The performance of public funds has been strong, with some funds reporting significant increases in scale and profits, such as the Yongying Technology Smart Selection Fund, which saw a nearly 10-fold increase in scale and a profit of 4.7 billion yuan in the third quarter [4] - The macro strategy has gained traction among private funds, with an average return of 24.54% in the first three quarters of the year, indicating a growing interest in this investment approach [20] Group 4: Asset Management and Investment Strategies - The asset management industry is witnessing a shift towards diversified asset allocation strategies, particularly in the context of a low-interest-rate environment and increasing market volatility [3] - The fourth quarter investment strategies suggest a focus on technology growth sectors and high-dividend blue-chip stocks, with a cautious outlook on market valuations [17]

Group 1 - Public funds have seen significant fundraising activity, with a new fund from Jiashi Fund raising approximately 30 billion yuan in a short period, marking it as one of the largest actively managed equity funds recently [2] - The FOF product from Huatai Baichuan Fund was able to complete its fundraising in just one day, raising around 55 billion yuan, indicating a strong demand for multi-asset investment strategies in the current low-interest environment [3] - The performance of top-performing fund managers has attracted market attention, with some funds reporting profits of nearly 195% year-to-date, leading to substantial increases in fund sizes [4] Group 2 - The number of private equity funds with over 100 billion yuan in assets has reached 100, with a notable increase in quantitative and subjective strategies dominating the market [5][6] - The market for public fund fixed increases has seen a revival, with total subscriptions exceeding 315 billion yuan, a 50% increase compared to the same period last year, driven by rising market sentiment [9] - The ETF market continues to expand, with significant growth in both the Shanghai and Shenzhen stock exchanges, indicating strong investor interest and participation [13] Group 3 - Public REITs have attracted over 200 billion yuan in subscriptions, showcasing the high demand for this investment vehicle [11] - The latest quarterly reports from public funds reveal a shift in investment strategies, with a focus on sectors like AI and renewable energy, reflecting current market trends [12][17] - Private equity funds have reported an average return of nearly 25% this year, with a growing interest in macro strategies as a means to diversify investment sources [18]

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. 2. Core View of the Report - Market liquidity continues to improve, but attention should be paid to the selling pressure brought by concentrated share unlocks. The market showed a mixed trend this week, with the first three days in adjustment and the last two days in recovery. There was sector differentiation, with data centers and environmental protection and water services leading the gains, while consumption and affordable housing sectors led the losses. As it is the window period for the third - quarter reports (expected to be released next week), market trading activity is increasing. However, the pressure of strategic placement share unlocks in REITs needs to be watched. On October 29th, 46% of the shares of Huatai Baowan Logistics REIT will be unlocked (approximately 603 million yuan), and about 7.5 billion yuan worth of shares are expected to be unlocked in November (a total of 5 REITs, with the unlocked share ratio ranging from 18.1% to 55.8%), which may bring certain selling pressure. [3] - As of October 24, 2025, 18 new public REITs have been successfully issued this year, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two new public REITs made progress this week, with the establishment of CITIC Construction Investment Shenyang International Software Park REIT and Huaxia Zhonghai Commercial REIT. [4] 3. Summary According to the Directory 3.1 First - level Market: Two New Public REITs Made Progress - This year, 18 public REITs have been successfully issued (6 in Q1, 4 in Q2, 6 in Q3, and 2 in October), with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two new public REITs, CITIC Construction Investment Shenyang International Software Park REIT and Huaxia Zhonghai Commercial REIT, were established this week. [4] - As of October 24, 2025, in the current approval process, there are 10 newly - applied REITs, 3 of which have been queried and responded, 3 have passed the review, and 3 are registered and awaiting listing. For expansion, 5 have been applied, 3 have been queried and responded, and 2 have passed the review. [4] 3.2 Second - level Market: Liquidity Increased This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.16% - The CSI REITs Total Return Index (932047.CSI) closed at 1045.13 points this week, with a decline of 0.16%, underperforming the CSI 300 by 3.08 percentage points and the CSI Dividend by 0.89 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.98%, underperforming the CSI 300 by 10.46 percentage points and outperforming the CSI Dividend by 6.66 percentage points. [4] - By project attribute, property - type REITs fell 0.13%, while franchise - type REITs rose 0.46%. By asset type, data centers (+1.40%), environmental protection and water services (+1.32%), transportation (+0.47%), and warehousing and logistics (+0.36%) sectors performed well. [4] 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Increased - The average daily turnover rates of property - type and franchise - type REITs this week were 0.53% and 0.47% respectively, an increase of 13.70 and 11.36 basis points compared to last week. The trading volumes this week were 496 million and 134 million shares respectively, with a week - on - week increase of 35.73% and 31.88%. The data center sector had the highest activity. [4] 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type and franchise - type REITs were 3.93% and 4.07% respectively. The warehousing and logistics (5.40%), transportation (4.93%), and park (4.48%) sectors ranked among the top three. [4] 3.3 This Week's News and Important Announcements - **News**: On October 22nd, Shenghao Group initiated the issuance of communication tower infrastructure public REITs, and companies such as China Merchants Fund had in - depth discussions on including communication towers as a new asset type in the REITs pilot scope. On October 23rd, the Guangzhou government supported the issuance of REITs for eligible consumption and cultural tourism projects; the Qingcheng Mountain - Dujiangyan Scenic Area launched the selection of asset appraisal institutions for its REITs; the Putuo District government approved the public REITs project of Zhoushan International Aquatic City; Hunan Province solicited opinions on promoting the issuance of REITs for urban renewal projects. [34] - **Announcements**: Several REITs released their September operation data, including China Merchants Expressway REIT, Huatai Jiangsu Expressway REIT, etc. Huatai Baowan Logistics REIT and CICC Liandong Science and Technology Innovation REIT announced share unlocks. [34]