新华财经上海10月7日电（记者杨溢仁）随着首单外资消费REITs——华夏凯德商业REIT的上市，国际资本抢滩中国市场信号的释放，使得国内优质商业地 产的发展潜力再次受到了各路资本的高度关注。 国庆中秋长假期间，记者走访发现，上海各大商圈以客流涌动、消费旺盛的态势，展现出了强劲的商业活力。 一组组真实的消费数据和人头攒动的消费场景，向市场证明了消费REITs的投资价值和发展潜力。 运营加码"年轻力" 业内专家指出，在经济快速增长阶段，重奢商场最为耀眼，但随着经济增速放缓，国内购物中心市场进入存量时代，地处城市中心、副中心的"接地气"商 场，只有通过深化空间运营、举办营销活动、优化品牌组合，增加二次元（卡游）、潮流集合店、宠物用品等特色店铺，来提高客流及消费转化。 资本市场"红人" 以华安百联消费REIT为例，今年一、二季度该产品实现收入11664.96万元，累计可供分配金额7217.43万元。若以2025年6月30日的基金市值为基数，华安百 联消费REIT的年化现金流分派率达到了4.28%。 图为：国庆期间五角场商圈内（记者杨溢仁摄） 来自上海市徐汇区商务委的数据显示，10月1日至3日，徐家汇商圈累计实现销售额 ...

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]

国务院：支持全民健身中心、体育公园等体育场地设施发行 REITs 9 月 4 日，国务院办公厅印发《关于释放体育消费潜力进一步推进体育产业 高质量发展的意见》。其中提出，丰富体育场地供给。出台国家步道体系建设 总体方案。持续开展"国球进社区"、"国球进公园"活动，推动户外运动设 施、全民健身中心、体育公园、社会足球场地等群众身边的体育场地设施建 设。通过中央预算内投资、地方政府专项债券、彩票公益金等支持符合条件 的体育场地设施建设。支持符合条件的项目发行基础设施领域不动产投资信 托基金（REITs）。 策略报告 | 投资策略 国务院：支持全民健身中心、体育公园等体育场 地设施发行 REITs 周观 REITs 市场表现方面，本周 REITs 市场上行，华夏合肥高新产园 REIT（+3.6%）领 涨 本周（2025.9.1-2025.9.5），中证 REITs 全收益指数上涨 0.47%，REITs 总指数 上涨 0.56%，产权 REITs 指数上涨 0.77%，经营权 REITs 指数上涨 0.15%。大类 资产角度，REITs 总指数跑赢沪深 300 指数 1.37 个百分点，跑赢中证全债指 数 0.26 ...

Group 1 - The core viewpoint of the article highlights that the China Securities REITs Total Return Index has shown a positive weekly growth for the second consecutive week, indicating a stabilization in the REITs secondary market after a period of adjustment [2][3][4]. Group 2 - In the first week of September, the China Securities REITs Total Return Index increased by 0.47%, with a trading activity decline compared to the previous week [4][5]. - On September 5, the index slightly dropped by 0.43%, closing at 1078.42 points, while 46 out of 74 listed public REITs experienced weekly gains, particularly in sectors like parks, consumption, and logistics [5][7]. - The top-performing REIT for the week was the Huaxia Hefei High-tech REIT, which rose by 3.60%, followed by Huazhong Bailing Consumption REIT and Huaxia Jinyu Smart Manufacturing REIT with increases of 3.41% and 2.95%, respectively [7]. - A total of 24 REITs saw declines, with four experiencing drops exceeding 1%. The largest decline was recorded by Bosera Jinkai Industrial Park REIT, which fell by 2.72% [7]. - Despite short-term adjustments, several REITs have shown significant annual growth, with 12 REITs increasing over 30% year-to-date, and some exceeding 40% [8]. Group 3 - Industry analysis suggests that if market risk appetite decreases, it could support a stable recovery in the REITs market, with a focus on sectors with strong fundamental resilience or marginal stabilization [9]. - The Huaxia Kaide Commercial REIT has completed its inquiry process, with the offline subscription amounting to 254 times the initial offering [10][11]. - The recent government policy aims to enhance sports consumption and infrastructure, which includes support for eligible projects to issue infrastructure REITs [12].

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential for further market stabilization and investment opportunities [1][2][5]. Market Performance - On September 4, the CSI REITs All Return Index increased by 0.42%, with multiple public REITs rising over 2%, notably the招商基金蛇口租赁住房REIT which rose by 3.1% [1][2]. - From August 25 to August 29, the CSI REITs All Return Index recorded a gain of 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [1][2]. - As of September 4, among the 58 REITs listed before January 1, 2025, 54 have achieved positive returns this year, with 40 REITs increasing by over 10% [3]. Sector Analysis - There is a noticeable differentiation within public REITs, with property-type REITs rising by 1.55% and concession-type REITs by 0.87% last week [2]. - Sectors such as consumption, affordable housing, warehousing logistics, and data centers have shown relatively strong performance [2][4]. Financial Metrics - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [4]. - The distributable income decreased by 4.3%, and the actual dividend amount dropped by 26%, leading to an average cash distribution rate of 2.36%, down 50 basis points year-on-year [4]. Investment Strategy - The market sentiment indicates a potential for further recovery in the REITs sector, especially if investor risk appetite continues to contract [5][6]. - Investment opportunities are suggested in high-quality projects, particularly in sectors with strong fundamental expectations such as affordable housing and consumption [6]. - Long-term holding and reasonable allocation are emphasized as strategies for achieving better investment returns in public REITs [1][6].

Core Viewpoint - Bailing Co., Ltd. reported strong financial performance in the first half of 2025, with revenue of 13.257 billion yuan and a net profit of 313 million yuan, reflecting a year-on-year growth of 20.92% and 14.06% respectively, indicating robust business resilience and growth potential in the retail sector [1] Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 13.257 billion yuan and a total profit of 662 million yuan, marking a year-on-year increase of 20.92% [1] - The net profit attributable to shareholders was 313 million yuan, representing a year-on-year growth of 14.06% [1] - Key business segments, including department stores and shopping centers, generated revenues of 1.740 billion yuan and 794 million yuan respectively [1] Group 2: Business Innovation and Market Expansion - The company has successfully pursued endogenous growth by innovating business formats, such as creating a "super community energy field" and launching local cultural IPs to enhance consumer experience [2] - Bailing's outlet stores focus on "micro-vacation" experiences and have introduced international brands, leading to a significant increase in consumer shopping experiences [2] - The company is expanding into new markets with projects like the Panda-themed outlet and the TX Changsha youth center, which will integrate retail, art, and entertainment [3] Group 3: Capital Empowerment and REITs - The company is leveraging public REITs to enhance the synergy between the real economy and capital markets, with the Hua'an Bailing Consumption REIT showing strong performance [4] - In the first two quarters of 2025, the REIT generated revenue of 116.6496 million yuan and a cumulative distributable amount of 72.1743 million yuan, with an annualized cash distribution rate of 4.28% [4] - The REITs are seen as a vital tool for urban renewal and stimulating regional consumption potential, creating a positive cycle of "stock renewal - capital realization - incremental investment" [4] Group 4: Future Outlook - The company plans to continue driving innovation and capital integration to build a more comprehensive commercial ecosystem [5] - It aims to focus on new sectors such as dimension culture and cultural tourism integration, optimizing the value of existing assets and accelerating national expansion [5] - The company is committed to releasing new commercial value in urban renewal and leading high-quality industry development [5]

Core Viewpoint - The REITs market shows signs of stabilization after three weeks of decline, with the CSI REITs Total Return Index rising by 1.49% this week, potentially ending the downward trend [1][3] Market Performance - The REITs market experienced a significant adjustment in August, with the CSI REITs Total Return Index declining by 3.53% in the first three weeks [1] - The decline was primarily driven by high market valuations and fluctuations in long-term interest rates, leading to profit-taking transactions [1][3] - The correlation between the CSI REITs Total Return Index and the China Government Bond Wealth Index reached 0.64 since the peak on June 23, indicating a strong relationship between REITs and bond yields [1] Sector Analysis - The guaranteed rental housing sector, which is highly correlated with government bond yields, led the market decline in August, with some projects, like the Zhongjin Xiamen Anju REIT, dropping over 10% [1][3] - The consumer infrastructure sector showed strong performance this week, with the Huashang Bailian Consumer REIT leading the rebound after experiencing a share lock-up release [4][6] Upcoming Events - A significant share lock-up release is expected at the end of August for several projects, including the Huashang Shichuang Aolai REIT, which will release 328 million shares, accounting for 41% of the fund's total shares [3] - The market is currently in a performance vacuum between the second and third quarter reports, with short-term influences primarily from long-term interest rate fluctuations [7]

Core Viewpoint - After three consecutive weeks of decline, the REITs market shows signs of stabilization, with the CSI REITs Total Return Index rising by 1.49% this week, potentially ending the downward trend [1][4]. Market Performance - In August, the REITs market experienced a notable adjustment, with the CSI REITs Total Return Index declining by 3.53% in the first three weeks [2]. - The decline was primarily driven by high market valuations and fluctuations in long-term interest rates, leading to profit-taking transactions [2]. - The rental housing sector, which is considered "debt-like," led the market decline, with several projects, including the Zhongjin Xiamen Anju REIT, dropping over 10% at one point [2]. Project Performance - The following REITs have shown significant declines in August: - Zhongjin Hubei KETI Guanggu REIT: -7.26% - Hongtu Innovation Shenzhen Anju REIT: -7.13% - China Merchants Expressway REIT: -6.65% [3]. - Conversely, the following REITs have shown gains this week: - Huashan Bailian Consumption REIT: +6.58% - Guotai Junan Jinan Energy Heating REIT: +6.45% - Jiashi Wumart Consumption REIT: +5.03% [7]. Sector Analysis - The rental housing sector's performance is closely correlated with government bond yields, indicating that if the bond market stabilizes, the rental housing sector may show improved value [4]. - The consumption infrastructure sector has emerged as a leader in the recent rebound, with projects like Huashan Bailian Consumption REIT benefiting from the recent unlocking of institutional placement shares [5][8]. Future Outlook - The REITs market is currently in a performance vacuum between the second and third quarterly reports, with short-term influences largely driven by fluctuations in long-term interest rates [8]. - The market may see a gradual entry of allocation-type funds into high-performing projects, while trading-type funds await catalysts for a new round of market activity [8].

Market Performance - The public REITs market has shown a weakening trend since August, with the CSI REITs Total Return Index declining nearly 4% as of August 20, and experiencing seven consecutive days of losses from August 11 to 19 [1] - As of August 20, the index ended its seven-day decline with a slight increase of 0.43%, but the overall decline for August reached 3.95% [1] - Among the 73 listed REITs, only two data center REITs and Huatai Baowan Logistics REIT saw price increases, while the remaining 70 REITs experienced declines, particularly in the affordable rental housing category, which averaged a drop of over 8% [1] Trading Activity - The trading activity in the public REITs market has decreased, with overall trading volume and value declining for three consecutive weeks. The recent week's trading value was 1.715 billion yuan, and the trading volume was 422 million units, representing declines of 47.49% and 38.75% respectively [1] Upcoming Challenges - The public REITs market is expected to face challenges due to a concentration of strategic placement shares set to be unlocked. Certain REITs, such as Hongtu Innovation Shenzhen Talent Housing REIT, CICC Xiamen Housing REIT, and Huaxia Beijing Affordable Housing REIT, will see the unlocking of original rights holders' strategic placement shares soon [2] - In 2024, a total of 29 public REITs are expected to be launched, with 16 of them listed after September, indicating a significant unlocking of market-oriented strategic placement shares [2] Strategic Investor Participation - Strategic investors have been the main participants in the placement of REITs, with each product having a placement share ratio of 67% or higher. A large-scale unlocking of public REITs is anticipated from September to December 2025, with a total of 3.83 billion shares set to be unlocked, accounting for 8.9% of the total issued shares in the market [3] - Specific categories, such as park infrastructure and transportation infrastructure, are expected to face significant selling pressure due to the unlocking of shares, with 1.44 billion shares and 872 million shares respectively set to be released [3]

Group 1 - The core viewpoint of the article highlights a significant increase in market activity, with the CSI REITs total return index rising by 14.29% in the first half of 2025, driven primarily by consumer REITs, particularly the Jiashi Wumei Consumer REIT, which led the market with a 50.21% increase [1][2][4] - The overall growth of the REITs market in the first half of 2025 is closely linked to the emphasis on consumer infrastructure REITs, as outlined in the State Council's "Special Action Plan to Boost Consumption," which supports the issuance of consumer infrastructure REITs [4][6] - The average increase in consumer REITs for the year reached 35.00%, significantly outperforming other types, with notable performers including Jiashi Wumei Consumer REIT and Huaxia Dayuecheng Commercial REIT, both achieving over 40% growth [6][4] Group 2 - The rental housing sector has seen a strong performance, with the eight listed rental housing REITs averaging a 52.7% increase since their issuance, reflecting investor confidence bolstered by favorable policy guidance [5][6] - The average increase for warehouse logistics REITs was 17.34%, with leading projects like Huazhong Waigaoqiao REIT achieving a 31.74% increase, although the sector faced challenges due to weakened e-commerce demand [5][6] - The performance of industrial park REITs varied significantly, with industrial production REITs maintaining growth despite slight declines in occupancy rates, while research office parks struggled with an average occupancy rate of only 85.31% [5][4]