底层资产稳健运营 新华财经上海8月13日电作为国内"首发+扩募"双首批的公募REITs项目之一，华安张江产业园REIT今年 以来表现如何？运管机构面对"以价换量"的市场环境，能否顶住压力？底层资产运营是否稳健？ 记者带着诸多问题，实地走访了华安张江产业园REIT的首发基础资产——张江科学城内的张江光大 园，以及扩募资产张润大厦。 "针对此前租户调整带来的影响，我们的外部管理机构积极制定并调整招商策略，在政策扶持的大背景 下，正通过提供优质服务支持等举措，不断促进招商和空置面积的去化。"张江高科党委委员、副总经 理赵海生此前在接受记者专访时表示，"未来我们也有意更多地'腾笼换鸟'，引导集成电路的高端客户 集聚到REITs资产之中，打造特色的产业氛围。当然，我们也会控制单个企业的租赁面积，避免其退租 时产生过大波动。" 公开数据显示，2025年第2季度，华安张江产业园REIT实现收入3610.34万元，经营活动产生的现金流量 净额为2320.27万元；当期现金流分派率为1.02%，年化现金流分派率为4.43%；可供分配金额达2780.92 万元，单位可供分配金额为0.0290元。 不仅如此，截至报告期末，基础设施 ...

Group 1 - The core point of the announcement is that the original equity holder, Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd., along with its controlling affiliates, plans to increase their holdings in the fund through the secondary market [1] - This marks the second time the REIT has seen an increase in holdings since its listing, with a total increase amounting to a maximum of 200 million yuan [1]

Core Viewpoint - The recent surge in large transactions of REITs indicates increased institutional activity in the consumer REIT sector, despite low daily trading volumes in the secondary market [1][2][3]. Group 1: Large Transactions in REITs - On May 15, multiple REITs completed large transactions, including China International Capital Corporation's (CICC) consumer REIT with 2.35 million shares traded for approximately 10 million yuan, reflecting a slight discount to the closing price [3]. - Consumer REITs have frequently appeared in large transactions over the past month, with notable performers like Huaxia Huayun Commercial REIT and CICC Consumer REIT leading the way [3]. - The CSI REITs index has shown an average increase of 8.34% this year, with consumer funds like Huaxia BaiLian Consumer REIT rising by 47.66% [3]. Group 2: Liquidity Challenges - The frequent large transactions highlight liquidity issues in the secondary market for REITs, with CICC Consumer REIT showing significant activity in large trades but low daily trading volumes [5][6]. - The market for public REITs in China is still developing, with a concentrated investor structure leading to significant price impacts from individual institutional trades [6]. - The valuation system for public REITs in China is underdeveloped, which hinders the attraction of new capital and contributes to low overall valuation levels [7]. Group 3: Institutional Investment Trends - Insurance capital is increasingly favoring REITs, with significant allocations to newly listed REITs like the Southern SF Logistics REIT, which received over 200 million yuan from 22 insurance accounts [8]. - The establishment of large-scale public REITs, such as the Beijing Pingzhun Infrastructure REIT with a target size of 10 billion yuan, indicates growing institutional interest [8][9]. - The expansion of the public REITs market is expected to enhance trading activity and attract a broader range of investors, improving market liquidity [9].

自2021年6月首批公募REITs产品上市以来，我们见证了REITs市场规模不断提升，资产品类持续 丰富，制度建设逐步完善，吸引着更加多元的资金进入。红利风格延续下，REITs作为另类高分 红资产，也引起了越来越多投资者的关注。 在公募REITs产品上市四周年之际， 我们隆重推出 CICC REITs TALK 系列栏目，邀请到业内 资深专家与重磅嘉宾，深度对话，畅谈产业趋势和REITs发展。 第二期 对话张江高科 嘉宾介绍 ENTERPRISE 金嘉玺 张江高科REITs业务负责人 裴佳敏 中金公司不动产与空间服务行业分析师 SAC执证编号：S0080523050004 SFC CE Ref：BRY581 本期要点 ENTERPRISE 以下文章来源于中金点睛 数字化投研平台 ，作者中金研究 中金点睛 数字化投研平台 . 中金研究旗下一站式数字化投研平台 CICC REITs TALK 张江高科在整个产业园开发和运营的领域深耕了二十多年，如何看待当前产业园的竞争 或者供需格局？ 从张江高科的视角如何看REITs平台的定位及未来的战略展望？ 如何看待大租户集中度和大客户退租的问题？ 发行REITs存续期以及新 ...