债 债券周报 券 。 2025-11-24 [ [Table_Title] 公募 REITs 市场小幅下跌，中航中核集团能源公募 REITs 正式申报 b l 公募 REITs 周报（2025.11.17-2025.11.23） 相关研究报告： [Table_ReportInfo] 《公募 REITs 市场小幅上涨，交通 基础设施类 REITs 表现亮眼》-- 2025-11-16 《公募 REITs 市场小幅下跌，中信 建投沈阳国际软件园 REIT 上市》- -2025-11-10 《公募 REITs 市场震荡波动，华夏 中海商业 REIT 上市》--2025-11-02 证券分析师： [Table_Author] 徐超 电话：18311057693 E-MAIL：xuchao @tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 [Table 报告摘要_Summary] 一、二级市场：本周公募 REITs 市场小幅下跌 本周公募 REITs 市场小幅下 ...

（文章来源：新华财经） 本次分红为华夏金茂商业REIT 2025年度第三次分红，此前已分别于5月份和8月份执行收益分配，算上 此次分红，基金归属2025年度的三次收益分配，累计分红金额为4374.8万元。 据悉，华夏金茂商业REIT成立于2024年1月31日，基金归属于2024年的四次收益分派，累计向投资分红 达4958.8万元。算上此次分红，基金自成立以来的七次分红，已累计向投资者派利9333.6万元。 新华财经北京11月20日电 20日，华夏金茂商业REIT发布收益分配公告，宣布将于11月26日及28日，向 投资者分红。本次拟分配金额为人民币15,020,000.00元，占截止本次收益分配基准日（2025年9月30 日）可供分配金额的99.9821%。每10份公募REITs份额分红0.3755元。 ...

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48%. Compared to other major asset classes, the return rates ranked from high to low are convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [4] - There was a divergence in price movements between property-type REITs, which saw a decline, and concession-type REITs, which experienced an increase [4] - Among underlying asset types, municipal facility REITs had the highest increase in value, with the top three performing asset types being municipal facilities, ecological protection, and consumer-related [4] Trading Activity - The total trading volume for publicly listed REITs was 2.88 billion yuan, with a weekly average turnover rate of 0.63%. The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Dongwu Suyuan Industrial REIT [5] - The net inflow of capital was 38.36 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were consumer infrastructure, park infrastructure, and new infrastructure [5] Block Trading - The total amount of block trading reached 240.26 million yuan, showing a decline from the previous week. The highest single-day block trading amount was 72.28 million yuan on November 3, 2025. The top three REITs by block trading volume were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and Huatai Baowan Logistics REIT [6] New Listings - The CITIC Construction Investment Shenyang International Software Park REIT was listed on November 6, 2025, focusing on park infrastructure [7]

Core Viewpoint - The recent mid-year performance briefing of consumption REITs in the Shanghai market highlights their resilience and growth potential in a complex economic environment, showcasing their ability to enhance asset management and operational capabilities, thereby contributing to economic growth and consumer prosperity [1][5][8] Performance of Listed Projects - As of June 30, 2025, the overall occupancy rate of the Jiashi Wumei Consumption REIT was 95.58%, with a rental collection rate of 99.07%, generating revenue of 52.86 million yuan and a net profit of 16.19 million yuan, with a distributable amount of 35.29 million yuan [2] - The Huaxia Jinmao Commercial REIT reported an occupancy rate of 99.03% and total revenue of 47.85 million yuan for the first half of 2025, with an EBITDA of 22.86 million yuan and a distributable amount of 28.73 million yuan, achieving a simple annualized distribution rate of 5.42%, up by 42 basis points year-on-year [2][3] - The Huawan Bailian Consumption REIT achieved revenue of 116.65 million yuan and an EBITDA of 72.87 million yuan in the first half of 2025, with a distributable amount of 72.17 million yuan, and a cash flow distribution rate of 4.28% based on the fund's market value as of June 30, 2025 [3] - The Huaxia Shichuang Outlet REIT had an overall occupancy rate of 97.11% and a rental collection rate of 100%, generating approximately 131.13 million yuan in revenue and a distributable amount of approximately 63.79 million yuan, with an annualized distribution rate of about 6.52%, exceeding the forecasted rate by 68 basis points [4] Contribution to Economic Growth - Consumption REITs play a crucial role in driving economic growth as they are closely tied to residents' daily lives, facilitating rapid circulation of goods and services, creating numerous job opportunities, and promoting the collaborative development of related industries [5][6] Future Development Potential - The continuous development of consumption REITs is expected to inject new vitality into the consumption infrastructure sector, promoting deep integration and positive interaction between finance and the real economy [6][7] - The market for consumption REITs is poised for unprecedented growth opportunities, with new listings such as the CICC Vipshop Outlet REIT and Huaxia CapitaLand Commercial REIT, indicating strong investor interest and potential for expansion [7][8] Regulatory and Market Environment - The introduction of six core mechanisms for public REITs by the Shanghai Stock Exchange is expected to enhance the operational efficiency of infrastructure assets and further integrate finance with the real economy, showcasing the unique value and potential of consumption REITs in promoting consumption and economic growth [8]

Market Overview - The secondary market for publicly listed REITs in China experienced slight fluctuations, with the weighted REITs index closing at 186.04 and a weekly return of -0.81% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: A-shares > US stocks > convertible bonds > gold > pure bonds > REITs > crude oil [4] - Among different project attributes, property and franchise REITs showed mixed performance, while property REITs saw an increase [4] - Energy REITs had the highest growth this week, with the top three performing asset types being energy, ecological protection, and transportation infrastructure [4] Trading Activity - The total trading volume for public REITs this week was 2.89 billion yuan, with the average daily turnover rate at 0.65% [5] - The top three REITs by trading volume were: Zhongjin Vipshop Outlet REIT, Bosera Shekou Industrial Park REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were: Zhongjin Vipshop Outlet REIT, Guojin China Railway Construction REIT, and Huaxia China Resources Commercial REIT [5] Net Inflows and Block Trades - The total net inflow for the week was 11.22 million yuan, indicating a recovery in market trading enthusiasm [6] - The top three REITs by net inflow were: Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Huaxia Shouchuang Outlet REIT [6] - The total amount of block trades reached 737.2 million yuan, with the highest single-day block trade occurring on September 8, totaling 233.35 million yuan [6] New Listings - Zhongjin Vipshop Outlet REIT was newly listed this week [7] - The status of three new issuance projects was updated during the week [7]

Core Insights - The first two public REITs focused on data centers were listed on August 8, both achieving a 30% limit-up on their debut, indicating strong market interest and performance [1][2][3] Group 1: Market Performance - The newly listed data center REITs, Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT, recorded transaction amounts of 2.34 billion and 4.52 billion respectively, making them the top two in the public REITs market [2] - The public REITs market has shown impressive performance this year, with the CSI REITs Total Return Index and CSI REITs Index rising by 13.37% and 9.91% year-to-date as of August 8, significantly outperforming major indices like the CSI 300 and the CSI Dividend Index [1][4] Group 2: Market Dynamics - The successful listing of the first data center public REITs marks a diversification of underlying assets in the public REITs market, expanding beyond traditional sectors like housing and logistics to include new infrastructure like data centers [3] - The total market capitalization of public REITs reached 221.23 billion, maintaining stability above 220 billion, although there has been a slight correction of over 2% from the peak in late June [4] Group 3: Investment Opportunities - Among the 73 public REITs listed, 70 have reported positive returns this year, with an average increase of 17.37%. Notably, the Jiashi Wumei Consumption REIT has surged over 50% year-to-date [4][5] - The recent market adjustments may be linked to rising risk appetite in the capital market, with suggestions to focus on quality projects that may present buying opportunities after corrections [4]

Core Viewpoint - The recent performance of China's public REITs in infrastructure, particularly in the consumer sector, shows strong resilience and optimism for future distribution potential, despite mixed results in other sectors [1][2]. Group 1: Market Performance - In the first half of the year, the overall performance of China's public infrastructure REITs was strong, with the consumer infrastructure sector leading with a 38.7% increase [2]. - The second quarter results for consumer infrastructure REITs remained impressive, with notable examples including CICC Yinyi Consumer REIT reporting revenue of approximately 83.45 million yuan and a net profit of about 1.94 million yuan [2][3]. Group 2: Policy Support - The issuance of the 2024 notice by the National Development and Reform Commission marked a new phase for the regular issuance of infrastructure REITs, with seven consumer REITs launched that year [3][4]. - The 2025 "Special Action Plan to Boost Consumption" explicitly supports the issuance of REITs in consumer and cultural tourism sectors, providing clear policy guidance for the development of consumer infrastructure REITs [4]. Group 3: Operational Strategies - Successful consumer REITs focus on brand diversity and consumer experience, as seen in the operational strategies of CICC Yinyi Consumer REIT, which introduced new high-end outdoor brands and dining options [5]. - Engaging younger consumers through events and activities has proven effective in driving foot traffic and enhancing customer experience, as demonstrated by Huaxia Shouchuang Outlet REIT [5]. Group 4: Future Outlook - The market for public infrastructure REITs in China is expected to grow significantly, particularly in the consumer sector, as consumer confidence and spending continue to rise [6]. - New entrants into the consumer REIT market are accelerating, with projects like the China Aviation Tianhong Consumer REIT already in the application stage [6][7]. - Analysts remain optimistic about the stability and performance of quality consumer infrastructure REITs, which are likely to benefit from favorable policies aimed at boosting domestic demand [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the China Securities REITs Index closed lower, with property - type REITs outperforming concession - type REITs. The average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. The weekly price change ranking of major indices was: CSI 300 > China Securities Convertible Bond Index > China Securities All - Bond Index > China Securities REITs Index. The average daily turnover rate of REITs for the whole week decreased slightly compared with the previous week. Different types of REITs in the market showed divergent price movements, with municipal, park, and consumer - type REITs having the largest price increases. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 154 basis points 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 192 basis points. Two data center REITs were successfully issued, and the market subscription was enthusiastic [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of July 18, 2025, the closing price of the China Securities REITs (closing) Index was 875.82 points, with a weekly price change of - 0.09%, performing worse than the China Securities Convertible Bond Index (+0.67%), the CSI 300 Index (+1.09%), and the China Securities All - Bond Index (+0.11%). Year - to - date, the price change ranking of major indices was: China Securities REITs (+10.9%) > China Securities Convertible Bond Index (+9.5%) > CSI 300 (+3.1%) > China Securities All - Bond Index (+1.4%). In the past year, the return rate of the China Securities REITs Index was 11.2%, with a volatility of 7.0%. Its return rate 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][8][12]. - **Market Capitalization and Turnover Rate**: The total market capitalization of REITs decreased to 204.6 billion yuan on July 18, a decrease of 600 million yuan from the previous week. The average daily turnover rate for the whole week was 0.55%, a decrease of 0.04 percentage points from the previous week [2][12]. - **Divergent Performance of Different Types of REITs**: From the perspective of project attributes, the average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. From the perspective of project types, all types of REITs had price changes, with the three project types with the largest average price increases being municipal facilities (+1.2%), park infrastructure (+0.5%), and consumer infrastructure (+0.4%). The top three REITs in terms of weekly price increases were China Merchants Science and Technology Innovation REIT (+3.05%), Huaxia JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%) [3][18][22]. - **Trading Activity**: Among different project types, ecological and environmental protection - type REITs were the most actively traded this week, and park infrastructure - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, accounting for 4.3% of the total REITs trading volume, while the latter had an average daily turnover rate of 0.7%, accounting for 22.8% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC China Green Development Commercial REIT (11.56 million yuan), Huaxia Beijing Affordable Housing REIT (7.29 million yuan), and CITIC Construction Investment SPIC New Energy REIT (7.26 million yuan) [3][24][25]. 3.2 Primary Market Issuance As of July 18, 2025, there were 2 REIT products in the "inquiry" stage on the exchange, 7 products in the "feedback" stage, 7 products that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [27]. 3.3 Valuation Tracking - **Debt - like Aspect**: Due to the constraint of mandatory high - dividend distribution, the annualized cash distribution rate of REITs is concerned. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [29]. - **Equity - like Aspect**: The valuation of REITs is judged through relative net asset value premium/discount rate, IRR, and P/FFO. The relative net asset value premium/discount 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 using the discounted cash flow method; P/FFO is the current price divided by the cash flow generated from operations. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets, while P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent operating conditions of assets and judging the current investment return rate [29]. - **Comparison of Different Types of REITs**: Property - type REITs focus on dividend yield, and concession - type REITs focus on internal rate of return. As of July 18, 2025, the dividend yield of property - type REITs was 154 basis points 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 192 basis points [30]. 3.4 Industry News - On July 14, the fund contract of Chuangjin Hexin Shounong REIT came into effect. During the public offering period (July 7 - 8), it raised 3.685 billion yuan and confirmed 1 billion shares, including 700 million shares (70%) for strategic placement, 210 million shares (21%) for offline investors, and 90 million shares (9%) for the public. The underlying assets are mature industrial supporting facilities in Beijing Shounong Information Industry Park. The fund is expected to have a total distributable amount of over 500 million yuan in the second half of 2025 and 2026, with a calculated distribution rate of approximately 6.9% - 6.85%, providing stable cash flow and expansion funds for industrial park - type assets [37]. - On July 16, Southern Runze Technology Data Center REIT announced the subscription confirmation results, and the market subscription was enthusiastic. Public investors effectively subscribed for 28.616 billion shares, with a confirmation ratio of only 0.3145%, over - subscribed by 317.95 times; the confirmation ratio for offline investors was 0.5992%. The fund issued a total of 1 billion shares to strategic, offline, and public investors. The underlying asset of this REIT is the International Information Cloud Aggregation Core Port A - 18 Data Center of Runze Technology in Langfang, Hebei, with 5,897 cabinets, a rack - up rate of over 99%, a PUE of 1.276 in 2024, and it was included in the list of national green data centers [37]. - On July 16, Southern Wanguo Data Center REIT completed its public offering and announced the placement results. Public investors effectively subscribed for 32.914 billion shares, with a confirmation ratio of 0.2198%, over - subscribed by 455.03 times; the confirmation ratio for offline investors was 0.6064%. This offering raised 800 million shares and 2.4 billion yuan in funds. The underlying asset is the Guojin Cloud Computing Data Center of Wanguo Data in Huaqiao Town, Kunshan, Jiangsu, with 4,192 cabinets, a power capacity of 29,044 kW, a PUE of 1.24 in 2024, and an average signing rate of 100% in the past three years [37]. - On July 16, Nanjing Electromechanical Industry (Group) Co., Ltd. publicly tendered for the fund management service of Xin Gong Industrial Park Infrastructure Public - Offering REITs, planning to select a manager to undertake issuance guidance and post - issuance management. The planned initial application scale is not less than 1 billion yuan. The proposed assets in the pool are industrial park properties under the group, with a leasable construction area of 388,000 square meters, a land reserve of 616,000 square meters, and total assets of 4.7 billion yuan, covering industries such as equipment manufacturing and industry - education integration [37].

Core Viewpoint - The public REITs market experienced fluctuations last week, with a mixed performance across different sectors, indicating a stable yet cautious investment environment [1][2]. Market Performance - As of May 30, the CSI REITs Index decreased by 0.10% to 868.4 points, while the CSI REITs Total Return Index increased by 0.03% to 1090.1 points [1][2]. - Among the REITs, operating rights REITs outperformed property rights REITs, with average weekly changes of -0.3% and 0.6% respectively [1]. Product Performance - Out of 66 listed public REITs, 31 saw a week-on-week increase, while 35 experienced declines [1][3]. - The top three performing products were: - Huaxia Tebian Electric New Energy REIT, up 4.26% - ICBC Mengneng Clean Energy REIT, up 4.04% - Huaxia Jinmao Commercial REIT, up 3.59% [1][3]. Sector Analysis - The transportation and energy REITs performed well, while consumer and industrial park REITs showed relatively weaker performance [2]. - Weekly performance by asset type ranked as follows: - Transportation: 0.67% - Energy: 0.60% - Affordable housing: 0.27% - Municipal environmental protection: -0.34% - Warehousing: -0.48% - Consumer: -0.53% - Industrial park: -0.80% [2]. New Projects and Approvals - Two new projects were approved: - Bank of China and China Foreign Transport Warehouse Logistics REIT - Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [8][9]. - The Bank of China project is notable as the first central enterprise warehouse logistics REIT in China, with a total leaseable area of approximately 300,000 square meters across six locations [9]. - The Guotai Junan project aims to acquire infrastructure assets in the Lingang area, covering an area of 182,400 square meters [9]. Market Activity - The public REITs market had a trading volume of 2.38 billion yuan last week, with the affordable rental housing REITs leading in average turnover rate [6]. - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huatai Suzhou Hengtai Rental Housing REIT - Hongtu Innovation Yantian Port REIT [6]. Future Outlook - As of last week, there are 14 REITs waiting to be listed, indicating an active issuance market [11].

Group 1 - The core viewpoint of the articles highlights the strong performance of consumer REITs in the market, with significant year-to-date gains and a notable increase in trading activity, particularly for the Huaan Bailian Consumer REIT, which saw a 51.29% increase compared to its benchmark [1][2] - Consumer REITs have shown an overall increase in profitability, with total revenues of 5.65 billion yuan and net profits of 761.76 million yuan in the first quarter, indicating robust underlying asset performance [3] - The average increase of consumer REITs since their listing is 49.96%, positioning them strongly within the public REITs market, with a total issuance scale of 21.326 billion yuan [4] Group 2 - The performance of consumer REITs is closely linked to the recovery of the consumer market, which saw a 4.6% year-on-year increase in retail sales in the first quarter, benefiting the commercial real estate projects they invest in [2][3] - There is a notable disparity in operational capabilities among different consumer REITs, with some achieving significantly higher revenues and profits than others, emphasizing the importance of operational efficiency and innovation [3][5] - The issuance situation for consumer REITs has been relatively average, with subscription multiples indicating varying levels of investor interest, suggesting a need for improved operational strategies to enhance market appeal [5]