◎记者 聂林浩 8月以来，公募REITs市场走势趋弱，截至8月20日，中证REITs全收益指数下跌近4%，8月11至19日连收 7根阴线。机构认为，近期市场对于大类资产系统性重估的分歧加剧，权益市场走强，债市持续承压， 与债市联动性较强的REITs市场也相应走弱。同时，9月至12月，一批REITs产品的战略配售份额将迎来 解禁潮。 Choice数据显示，8月20日，中证REITs全收益指数结束了此前的七连跌，收盘上涨0.43%，但8月以来的 跌幅达3.95%。 根据相关规定，基础设施项目原始权益人或其同一控制下的关联方参与战略配售的（下称"原始权益人 战配"），其中基金份额发售总量的20%持有期自上市之日起不少于60个月，超过20%部分持有期自上 市之日起不少于36个月；原始权益人战配以外的专业机构投资者（下称"市场化战配"），参与战略配售 的持有份额期限自上市之日起不少于12个月。 据记者统计，从8月数据来看，红土创新深圳人才安居REIT、中金厦门安居REIT和华夏北京保障房 REIT均在2022年8月31日上市，部分原始权益人战配份额即将迎来解禁；华安百联消费REIT和华夏首创 奥莱REIT分别于2024 ...

观点指数 8月13日，《观点指数 • 2025中国房地产全产业链发展白皮书》发布，其中在REITs发展篇中，2025年上半年中证REITs全收益指数变化趋势总体 是在波动中上升，由年初1月2日的967.21点逐渐攀升到上半年的峰值，即6月23日的1124.91点，6月30日收盘价为1105.45点，累计涨幅达到14.29%。 上半年REITs市场的整体增长主要受益于消费类REITs，例如嘉实物美消费REIT上半年涨幅为50.21%，是目前中国内地上市的REITs之最。 这与国内对消费基础设施REITs的重视紧密相关，特别是国务院印发的《提振消费专项行动方案》中明确提到，支持消费基础设施REITs发行，将商业地 产纳入盘活存量资产的重点领域。在政策导向外加机构投资者的偏好之下，消费基础设施REITs板块的信心直接提升，表现在消费类REITs二级市场的繁 荣上。 市场活跃度显著提升，中证REITs全收益指数累计上涨14.29%，其中消费类REITs表现最为亮眼，嘉实物美消费REIT以50.21%的涨幅领跑市场。 消费类REITs年内平均涨幅达35.00%，远超其他类型，表现亮眼的有嘉实物美消费REIT，涨幅50. ...

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 successful issuance of public REITs for the Baillan Wujiaochang Shopping Center demonstrates the potential for revitalizing existing commercial assets and enhancing urban consumption through a structured financial mechanism [1][2]. Group 1: Performance Metrics - In Q2 2024, the shopping center recorded a foot traffic of 5.5 million, representing a year-on-year increase of 13% [4]. - The contribution rate from member consumption rose to 72.45%, with over 20,000 new members added [4]. Group 2: Strategic Initiatives - Baillan Group is accelerating the formation of a full-cycle industrial chain layout from Pre-REITs to public REITs, leveraging favorable policies and asset foundations [2]. - The company is building a mature asset management system with the capability to replicate successful project management experiences across different commercial scenarios [5]. Group 3: Market Impact - The introduction of consumption REITs is seen as a tool for urban renewal and stimulating regional consumption potential, creating a virtuous cycle of "stock renewal - capital realization - incremental investment" [5]. - The REITs mechanism enhances the operational quality and customer experience, leading to a cycle of asset appreciation, operational optimization, and increased brand value [5][6]. Group 4: Consumer Engagement - The shopping center attracts diverse consumer groups, including families and young adults, through various amenities and activities, such as an ice skating rink and themed entertainment [3][4]. - Digital operations are enhanced through systems that manage sales and target marketing, improving service levels and customer engagement [4].

Group 1 - The total market value of public REITs in China surpassed 200 billion yuan as of mid-2023, with most products yielding positive returns since the beginning of the year [1][2] - The top three fund management companies control nearly 40% of the public REITs market, highlighting a significant head effect in the industry [2][5] - New entrants such as Southern Fund, Huatai-PineBridge Fund, and Bank of China Fund are actively participating in the public REITs market, indicating a growing interest from various institutions [1][3] Group 2 - The highest-performing public REIT this year is the Jiashi Wumei Consumption REIT, which has increased by 51.84% [2] - The public REITs market is still in its early development stage, providing opportunities for various institutions, but newcomers are advised to focus on niche markets rather than broad offerings [3][5] - Successful public REIT managers have accumulated deep experience in asset selection, due diligence, active management, and risk control, which fosters investor trust and a positive feedback loop [5]

Core Viewpoint - The approval of the first data center REITs, namely Southern Universal Data Center REIT and Southern Runze Technology REIT, signifies the expansion of public REITs product types in the market [1][3]. Group 1: REITs Product Expansion - The Southern Universal Data Center REIT is backed by the Guojin Data Center located in Kunshan, Jiangsu Province, while the Southern Runze Technology REIT is based on the Runze (Langfang) International Information Port A-18 Data Center in Langfang, Hebei Province [3]. - The continuous introduction of new REITs projects includes the listing of the first agricultural market public REIT by E Fund on January 24, and several other first-of-their-kind REITs throughout February [3]. - The approval of the Chuangjin Hexin First Agricultural Industrial Park REIT on June 19 marks the first public REIT product from Chuangjin Hexin Fund [3]. Group 2: Market Dynamics and Performance - As of June 24, there are 68 public REITs in the market, with major players like Huaxia Fund having 14, CICC Fund with 10, and Huatai Securities Asset Management and Guotai Junan Asset Management each having 4, collectively accounting for nearly half of the total REITs [4]. - Despite the concentration of products among leading firms, the REITs industry has significant growth potential, providing ample opportunities for new entrants [4]. - Public REITs have shown strong performance in the secondary market, with notable year-to-date gains, including a 50.36% increase for Huaxia Dayuecheng Commercial REIT and over 40% for several others [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up. The performance of property - type REITs was stronger than that of concession - type REITs, with average weekly price changes of +1.1% and +0.6% respectively. The weekly price change ranking of major indices was: China Securities REITs > China Securities All - Bond > China Securities Convertible Bonds > CSI 300. The daily average turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed up, with consumer, affordable housing, and water conservancy REITs having the largest increases. As of June 13, the average annualized cash distribution rate of public REITs was 6.3%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property REITs is 281BP 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 ten - year Treasury yield is 155BP [1]. Summary by Related Catalogs Market Trends - **Index Performance**: As of June 13, 2025, the closing price of the China Securities REITs (closing) Index was 886.31 points, with a weekly price change (from 2025/6/6 to 2025/6/13) of +0.5%, outperforming the China Securities Convertible Bonds Index (-0.02%), the CSI 300 Index (-0.3%), and the China Securities All - Bond Index (+0.3%). Since the beginning of the year, the price change ranking of major indices was: China Securities REITs (+12.3%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+1.0%) > CSI 300 (-1.8%). In the past year, the return rate of the China Securities REITs Index was 12.1%, with a volatility of 6.9%. The return rate was higher than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index, while the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bond Index [2][8][13]. - **Total Market Value and Turnover Rate**: The total market value of REITs increased to 204.1 billion yuan on June 13, an increase of 2 billion yuan from the previous week. The daily average turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][13]. - **Performance by REIT Type**: Property - type REITs and concession - type REITs had average weekly price changes of +1.1% and +0.6% respectively. Among different project - type REITs, all types closed up, with the top three in terms of average increase being consumer (1.6%), affordable housing (1.5%), and water conservancy (1.4%). The top three REITs in terms of weekly price increase were Huaxia Fund China Resources Youchao REIT (+4.32%), Huaan Bailian Consumer REIT (+4.19%), and ICBC Mongolia Energy Clean Energy REIT (+3.97%) [1][3][18]. - **Trading Activity**: In terms of different project types, ecological and environmental protection REITs were the most actively traded this week, while transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.1% during the period, accounting for 3.9% of the total REIT trading volume, and the latter had an average daily turnover rate of 0.6%, accounting for 30.0% of the total REIT 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 Anhui Expressway REIT (9.46 million yuan), Yin Hua Shaoxing Raw Water Water Conservancy REIT (6.47 million yuan), and CITIC Construction Investment SPIC New Energy REIT (4.74 million yuan) [3]. Primary Market Issuance - As of June 13, 2025, there was 1 REIT product in the declared stage, 1 in the in -quired stage, 2 in the accepted stage, 8 in the feedback stage, 5 in the passed - awaiting - listing stage, and 3 first - issued products that had passed and were listed on the exchange [27]. Valuation Tracking - **Dividend - related Indicators**: From the perspective of debt characteristics, as of June 13, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. For property - type REITs, the focus is on the dividend yield, and for concession - type REITs, the focus is on the internal rate of return. Currently, the dividend yield of property REITs is 281BP 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 ten - year Treasury yield is 155BP [1][29][30]. - **Other Valuation Indicators**: From the perspective of equity characteristics, 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 the 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. Different project - type REITs have different values for these indicators [29][30]. Industry News - On June 9, the CPIC Asset - Trina Home Energy New Energy Infrastructure Carbon - Neutral Green Hold - type Real Estate Asset - Backed Special Plan (Rural Revitalization) was accepted by the Shanghai Stock Exchange, with a proposed issuance of 240 million yuan, and the original equity holder was Trina Home Energy Co., Ltd. This project is the market's first hold - type real estate ABS with photovoltaic power plants as the underlying assets [35]. - On June 11, the CICC Yizhuang Industrial Park REIT launched its issuance and ended the public fundraising ahead of schedule on the first day due to over - subscription. The REIT planned to issue 400 million shares at a subscription price of 2.720 yuan per share, with an expected fundraising of 1.088 billion yuan. The public part was sold out in one day, and the offline subscription multiple reached 265.76 times, setting a new high for offline subscription multiples [35]. - On June 13, the CICC China Greentown Commercial REIT announced its share offering notice and launched its public offering. The fund determined the issue price of 3.160 yuan per share through inquiry, planned to issue 500 million shares, and the total fundraising was 1.58 billion yuan, with strategic配售 accounting for 70% [35]. - On June 13, the expansion and issuance of Huaxia Beijing Affordable Housing REIT was officially completed. This expansion and issuance used the method of targeted expansion and competitive offering, and a total of 24 specific objects were offered. The expansion and issuance price was 4.220 yuan per share, and the total number of expanded and issued fund shares was approximately 224 million, with a total fundraising of approximately 946 million yuan (excluding the interest during the fundraising period) [4][35].

Core Insights - The CICC Yizhuang Industrial Park REIT achieved a remarkable fundraising total of 236.8 billion yuan in just one day, marking a significant milestone in the public REIT market [1][2][4] Fundraising Details - The public offering attracted approximately 647.43 billion shares, equating to 1798.42 times the initial public offering size, with a total fundraising scale of 2368.23 billion yuan, which is 217.67 times its initial fundraising target of 10.88 billion yuan [2][4] - The allocation ratios for offline and public investors were recorded at 0.381% and 0.056%, respectively, both representing historical lows [2][4] Market Impact - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participants to share in the development dividends of the industrial park market [4] - The public REITs market has shown strong performance this year, with the CSI REITs total return index and closing index rising by 14.71% and 11.98%, respectively, indicating robust investor interest [5] Performance of REITs - Notable REITs such as Huazhong Bai Lian Consumer REIT and Huaxia Dayuecheng Commercial REIT have recorded impressive year-to-date gains of 57% and over 50%, respectively [5][6] - A public REITs fund manager highlighted that the strong performance is attributed to favorable interest rate environments and improved macroeconomic conditions, while cautioning against impulsive trading behaviors [5][7]

Group 1 - The core viewpoint of the article highlights the strong performance of public REITs in the market, with significant year-to-date gains, particularly in the consumer sector [1][5]. - The Huazhong BaiLian Consumer REIT has achieved the highest increase of 52.77% this year, leading the performance among public REITs [1][5]. - As of June 9, the total market capitalization of public REITs has surpassed 200 billion yuan, indicating robust investor interest and market activity [5]. Group 2 - Multiple new public REITs are in the application process, including the Huazhong Nuclear Clean Energy REIT, which is currently listed as "submitted" on the Shanghai Stock Exchange [2][4]. - The Xinjiang water power asset, which is part of the Huazhong Nuclear Clean Energy REIT, is expected to be the underlying asset, specifically the Bopona Hydropower Station [2]. - Other public REITs, such as the Chuangjin Hexin Agricultural Park REIT and the Huazhong Huadian Clean Energy REIT, are also progressing through the approval process, with some experiencing valuation adjustments [4]. Group 3 - The China Securities REITs Total Return Index has shown a year-to-date increase of over 14%, with a cumulative increase of nearly 20% over the past six months, outperforming other asset indices [5]. - Among the 66 listed public REITs, 25 have seen gains exceeding 20% this year, with 11 surpassing 30% [5]. - The consumer sector dominates the top-performing public REITs, with six out of the top ten year-to-date gainers being consumer-related REITs [5]. Group 4 - The Shanghai Stock Exchange has implemented measures to protect investors, such as temporarily suspending trading for the Huazhong Tebian Electric REIT after its price rose significantly [6]. - The recent economic stability and low bond yields are expected to support the long-term attractiveness of REITs, suggesting potential investment opportunities in sector rotation and capital expansion [6]. - The Shanghai government has issued a notice to enhance the quality and expansion of infrastructure REITs, encouraging collaboration with existing REIT platforms for asset restructuring [6].

Group 1: Management Changes - Red土创新基金 announced the resignation of Chairman阮菲 on June 5, with General Manager冀洪涛 taking over the role [1] -冯劲松 was appointed as the Chief Information Officer of 红塔红土基金 on June 5 [1] Group 2: Investor Warnings - 大成基金 issued a warning to investors about potential financial fraud, highlighting scams using fake investment platforms and impersonating company employees [2] Group 3: Fee Reductions - 中信建投基金 announced a reduction in the custody fee for 中信建投稳泰一年定开债 from 0.1% to 0.05%, effective June 9 [3] -浙商证券资管 also reduced the custody fee for浙商汇金聚兴一年定开债券 from 0.15% to 0.08% [3] Group 4: Fund Fee Trends - Nearly 10 funds have announced fee reductions in June, primarily among bond products [4] - Over 1,000 funds now have annual management fees of 0.15% or lower, with more than 2,100 funds having custody fees of 0.05% or lower [4] Group 5: REITs Market Growth - As of June 5, the total market value of REITs in China reached 2019.91 billion, marking the first time it surpassed 2000 billion [5] - 29 REITs products have seen year-to-date gains exceeding 20%, with 6 products gaining over 40% [5] Group 6: Fund Manager Education - Approximately 3850 fund managers are in the market, with 87.45% holding a master's degree and 9.81% holding a doctorate [7] - The top five universities producing fund managers are 北京大学, 复旦大学, 清华大学, 上海交通大学, and 上海财经大学 [7] Group 7: Innovation Drug Market Insights -融通基金经理万民远 expressed concerns about valuation bubbles in the innovation drug sector, noting that many companies are overvalued despite a favorable policy environment [8]