特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 1、二级市场 2025年12月22日-2025年12月26日（以下简称"本周"），我国已上市公募REITs二级市场价格整体波浪式修 复，结束了连续5周的下跌行情：中证REITs（收盘）和中证REITs全收益指数分别收于783.86和1014.8， 本周回报率分别为1.39%和1.56%。与其他主流大类资产相比，回报率由高至低排序分别为：黄金>原油>A 股>可转债>REITs>美股>纯债。 点击注册小程序 查看完整报告 从单只REIT层面来看，本周单只REIT成交规模和换手率方面表现延续分化。成交量方面，周内成交量前 三的是中金湖北科投光谷REIT/华夏安博仓储REIT/银华绍兴原水水利REIT；成交额方面，周内成交额前 三的是华夏华润商业REIT/华夏安 ...

外资布局中国不动产投资信托基金（REITs）近期提速。12月19日，"华夏安博仓储REIT"登陆深交 所，这是全球物流巨头安博集团首次在中国市场发行REIT。 "这是一个里程碑时刻，标志着我们更深入地融入中国经济。安博持续看好中国市场，将作为耐心 资本积极参与在中国长期发展的机会。"安博集团全球副董事长沈达理在上海接受新华社记者专访时表 示。 【纠错】 【责任编辑:施歌】 长期以来，外资在华不动产投资面临退出渠道有限、资金周转周期长等痛点。通过发行REITs，可 将其在华优质不动产进行证券化，助力实现资金高效回笼并再投入新的不动产项目建设，从而形成可持 续的投资循环。 "安博在华发行公募REIT，不仅是财务策略，归根结底在于看好中国经济前景和仓储物流业的广阔 机遇。"沈达理说，"中国的'十五五'规划建议提出，大力提振消费。中国的消费还有很大增长潜力，而 商品流通离不开仓储环节，这对安博来说是巨大商机。" 随着制度设计与市场结构的不断完善，外资布局中国公募REITs市场的脚步加快。9月底，由新加 坡资产管理公司凯德投资设立的"华夏凯德商业REIT"在上交所上市，项目回收资金主要用于中国境内 优质资产建设和收购。 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6]. - **Market Capitalization and Turnover**: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - **Performance by Type**: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - **Trading Activity**: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - **Comparison with Benchmarks**: As of December 19, 2025, the dividend yield of equity REITs was 20BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Insights - The C-REITs secondary market continues to show weakness, with the overall market experiencing a decline. The report highlights the ongoing challenges in the warehousing and logistics REIT segment [1][11] - The report suggests that the low interest rate environment in 2025 presents an opportunity for REIT market allocation, emphasizing three main investment strategies: focusing on policy themes, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [3][11] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 2.85% this week, closing at 999.2 points. The CSI REITs closing index decreased by 3.06%, ending at 773.2 points. Other indices such as the CSI 300 and Hang Seng also experienced declines [1][9] - Year-to-date, the CSI REITs total return index has increased by 3.24%, while the closing index has decreased by 2.08% [2][9] C-REITs Secondary Market Performance - The secondary market for C-REITs has continued its downward trend, with a total market capitalization of approximately 212.36 billion yuan and an average market cap of about 2.7 billion yuan per REIT. Out of the listed REITs, only 2 saw an increase, while 76 experienced declines, averaging a weekly drop of 2.6% [2][11] - The performance of various REIT sectors this week includes declines in warehousing logistics (-1.62%), industrial parks (-1.92%), and transportation infrastructure (-4.65%) [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (10.9%), Huaxia China Communications Construction REIT (10.2%), and E Fund Guangkai Industrial Park REIT (9.2%) [3] - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.7, with the highest being Jiashi Wumei Consumption REIT at 1.7 and the lowest being Huaxia China Communications Construction REIT at 0.7 [3]

2025 年 12 月 20 日 中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪（2025.12.15-2025.12.19） 相关研究 《板块分化调整，中核水电 REIT 即 将询价——公募 REITs 周度跟踪 （2025.12.8-2025.12.12）》 2025/12/13 《新版行业清单出炉，基础设施 REITs 再扩围！——公募 REITs 周 度跟踪（2025.12.1-2025.12.5）》 2025/12/06 《里程碑！REITs 即将迈入商业不 动产新时代——公募 REITs 周度跟 踪（2025.11.24-2025.11.28）》 2025/11/29 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 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 债 券 研 究 ⚫ 指数下破 1000 点，而中核水电 REI ...

方正证券指出，中证REITs收益介于股债之间，"类固收+弹性"属性依旧；风险呈"中等波动、稳中 有升"。换手率回落，主因股市上涨、观望升温、交易趋稳，叠加部分项目集中分红收敛价格波动。低 利率环境下，REITs因其稳定现金流特性，依旧受到中长期资金的持续关注与配置偏好。 太平洋证券在研报中表示，资产荒格局下，公募REITs凭高分红、中低风险优势，配置性价比凸 显。 分析人士表示，华夏安博仓储REIT的成功发行，不仅为普通投资者提供了参与仓储物流项目投资 的高效工具，也进一步丰富了中国公募REITs的资产类型，并对推动物流基础设施的现代化升级以及助 力实体经济持续增长具有重要意义。 12月19日，中证REITs（收盘）指数收跌0.57%，报780.58点；6月下旬以来持续震荡走低，REITs市 场已落后大盘。 今日，由安博发起的华夏安博仓储物流封闭式基础设施证券投资基金（下称"华夏安博仓储 REIT"）在深交所上市。至此，全市场公募REITs已接近80只，底层资产已覆盖交通基础设施、仓储物 流、保障性租赁住房等九大类别。 ...

智通财经12月19日（编辑 杨斌）REITs的打新热潮逐渐退却，今日出现了2025年首单上市即破发的 REITs项目。业内分析指出，打新收益下降一方面是受到了下半年二级市场整体偏弱的影响，另一方 面，REITs一级市场询价上下限今年逐渐放宽，使得定价变得充分，一二级市场价差收窄。 华夏安博仓储REIT由国际物流巨头Prologis, L.P.（中文名称"安博公司"）发行，是今年第二单在中国上 市的外资知名REITs项目。在网下询价阶段，华夏安博仓储REIT的网下投资者拟认购数量总和为198.1 亿份，为初始网下发售份额（0.84亿份）的235.8倍。公众发行阶段则是一日售罄，公众认购倍数为17.1 倍。 今日，华夏安博仓储REIT正式上市。不过，开盘时分华夏安博仓储REIT即罕见地跌破了发行价，此后 震荡下跌。最终，华夏安博仓储REIT上市首日收于5.499元，较发行价6.121元下跌了10.16%。 第三方评级机构YY评级指出，网下投资者认购热情不减，但公众投资者认购热度已有下滑。事实上， 受二级市场持续走弱影响，上月中信建投沈阳国际软件园REIT上市首日险破发。 从今年REITs上市后的表现来看，数据中心 ...

12月19日金融一线消息，由安博发起的华夏安博仓储物流封闭式基础设施证券投资基金（以下简称"华 夏安博仓储REIT"，基金代码：180306）在深圳证券交易所成功上市。这是安博在中国市场推出的首单 公募REITs，并持有20%的基金份额，由华夏基金管理有限公司（以下简称"华夏基金"）担任基金管理 人。 华夏安博仓储REIT是目前已上市的仓储物流REITs中唯一全部资产均位于粤港澳大湾区的产品。在网下 询价阶段，基金网下询价倍数达235.8倍，公众发售提前结束募集，各类投资者均对项目投资价值高度 认可。 安博全球首席财务官Tim Arndt、安博中国董事长吴娟和中信证券股份有限公司（以下简称"中信证 券"）党委副书记、监事会主席张长义出席了上市仪式并致辞，安博、中信证券、华夏基金等有关代表 以及其他合作伙伴、投资人代表出席了上市仪式。 "我们非常高兴能够深度参与中国资本市场，带来安博几十年来积累的国际化REITs经验、成熟的专业能 力以及长期投资视角。"安博全球首席财务官Tim Arndt表示。"我们期待为中国公募REITs市场的健康发 展和活力做出贡献，助力中国物流地产行业迈向下一个阶段的增长。" 安博中国董 ...

(CIS) 华夏安博仓储REIT是安博、华夏基金、中信证券联合推出的仓储物流REITs。基金首发底层资产为安博 中国旗下的三个优质仓储物流项目——安博广州开发区物流中心、安博东莞石排物流中心和安博东莞洪 梅物流中心。三处资产均位于仓储物流需求高度旺盛的粤港澳大湾区，且均按国际领先标准设计、建造 并管理，资产成熟度高、运营状态良好。值得一提的是，华夏安博仓储REIT是目前市场上唯一全部资 产均布局在大湾区的仓储物流REITs。基金发售阶段，华夏安博仓储REIT公众投资者和网下投资者有效 认购申请确认比例分别为5.83%和0.68%，基金比例配售前，发行累计认购金额达810.43亿元。 全市场第11只仓储物流REITs即将正式登陆二级市场。近日华夏基金发布公告，华夏安博仓储 REIT(180306)将于12月19日在深交所上市。华夏安博仓储REIT的上市，不仅为普通投资者提供了参与 仓储物流项目投资的高效工具，也进一步丰富了境内公募REITs的资产类型，有助于提升整体市场规模 与活力。 中国消费市场的蓬勃发展，是驱动仓储物流行业发展的基础因素。同时，中国城市群一体化的趋势将继 续推进零售热点地区仓储物流需求的增长 ...

新华财经北京12月8日电以基金成立日统计，2025年11月公募基金市场合并发行规模约为966.16亿元，发行规模同比下降35.12%，环比上升29.9%。 从产品发行结构来看，11月股票型基金发行规模较大，超过300亿元。其中，易方达如意盈安6个月持有、长城元利、易方达产业优选发行规模居前。 11月共有12只基金宣布延募，涉及中海基金、富国基金等旗下产品。 合并发行规模约为966.16亿元环比上升29.9% 以基金成立日统计，2025年11月公募基金市场合计发行基金产品136只（初始基金口径并剔除转型基金和后分级基金，下同），合并发行规模约为966.16亿 元，发行规模同比下降35.12%，环比上升29.9%。 | 面前12 | | | --- | --- | | 11月新发基金类型统计 | | | 类型 合并发行规模 (亿元) | | | 股票型基金 | 306.69 | | 混合型基金 | 240.00 | | 债券型基金 2216.66 | | | FOF其余 | 169.75 | | REITs | 24.48 | | 国际(QDII)基金 | 8.57 | | 数据来源: 新华财经、面包财经、公司公 ...