新华财经上海12月30日电 2025年，国内公募REITs市场在政策东风与资本青睐的"呵护"背景下稳步前 行，呈现出三大鲜明的阶段性特征。 就规模维度来看，2025年1月至12月29日，我国基础设施公募REITs一级市场的首发项目共20单，募集 资金规模434.50 亿元（首发407.81亿元、扩募26.69亿元）；截至12月29日，已上市公募REITs产品数量 增至78只，累计发行规模约2017.50 亿元，另有多只REITs处于待上市状态，后续增量空间可观。 值得注意的是，尽管2025年的发行节奏较2024年有所放缓（2024年累计发行29只，规模655.17亿元）， 但扩募机制的常态化运行有效补充了市场增量。 记者还观察到，在公募REITs规模扩张的同时，市场特征愈发鲜明。其一，是资产类型获得了突破性拓 展——数字基础设施、城市更新等新领域相继落地。2025年，市场中出现了多个"首单"项目，包括首批 两单数据中心REIT（南方万国数据中心REIT和南方润泽科技数据中心REIT）、首单供热管网REIT—— 国泰君安济南能源供热REIT、首单城市更新产业园REIT——华夏金隅制造工场REIT等，这标志着公募 ...

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 ...

Core Insights - The public fund issuance market has seen a significant shift since 2025, with equity funds taking center stage, marking a departure from the previously dominant bond funds [1][4][10] - A total of 1,468 new funds were established in 2025, the highest number in nearly four years, indicating a return of market vitality and a shift towards a more refined approach in fund management [2][3][10] Fund Issuance Trends - The total fundraising scale for new funds in 2025 reached 11,637.62 billion, remaining stable compared to previous years, reflecting a more rational and detailed market issuance rather than reliance on a few blockbuster products [3][10] - The number of new equity funds reached 807, with a fundraising scale of 4,083.62 billion, accounting for 35.96% of the total new fund issuance, the highest proportion in nearly a decade [4][5] Structural Changes in Fund Types - The proportion of bond funds has significantly decreased from 70.19% in 2024 to 41.22% in 2025, indicating a clear shift in market risk appetite [6][10] - Mixed funds saw an increase in issuance to 13.66% (1,551.03 billion), but still far from the peak of 56.58% in 2021, suggesting a preference for clearer investment styles among investors [7][10] Innovation in Fund Products - The market has seen a surge in innovative products, with FOFs (Fund of Funds) growing to 81 new funds and a scale of 810.68 billion, reflecting increasing demand for professional asset allocation [8][10] - Public REITs have also expanded, with 19 new products and 10.5 billion shares issued, providing new channels for investors to participate in physical assets [9][10] - QDII funds have shown a focus on strategy diversity, with recent products covering various international markets, indicating an active global investment approach [10] Future Outlook - The public fund industry is expected to play a more critical role in supporting the transformation of the real economy and meeting the wealth management needs of residents, driven by the clarity of equity investment and the development of diverse tools like FOFs, REITs, and QDIIs [11]

业内人士认为，下半年新基金募集节奏的变化，与市场环境改善及资金配置结构调整密切相关，也为新基金发 行提速提供了更为有利的背景。 新基金平均认购天数缩短 从整体发行数据来看，今年下半年新发基金的募集节奏明显快于上半年，新基金平均认购天数出现较为明显的 缩短。 具体来看，下半年新发基金认购天数的中位数为12天，平均数为13.35天，较上半年均有所回落。作为对比， 上半年新发基金认购天数的中位数为14天，平均数为16.81天。无论从中位数还是均值口径观察，下半年新基 金发行在时间维度上均呈现出提速特征，整体募集周期明显压缩。 从极端样本情况看，募集周期极短的产品数量在下半年明显增多。数据显示，上半年认购天数仅为1天的基金 共有33只，而下半年这一数量增至69只，几乎实现翻倍增长。随着"日光基"数量增加，亦在一定程度上拉低了 新发基金整体的平均认购天数。 临近年末，新基金发行逐步收官，年内新基金发行节奏的变化也愈发清晰。 从下半年发行情况看，新发基金整体募集周期较上半年明显压缩，平均认购天数出现显著缩短。募集期较短的 产品数量增加，"日光基"集中出现，成为下半年新基发行的一大特征。 百万用户都在看 "黑天鹅"突袭！刚 ...

证券研究报告 | 2025年12月14日 2025年12月15日 公募 REITs 周报（第 46 期） 指数震荡下行，产权类表现更优 核心观点 固定收益周报 主要结论：本周中证 REITs 指数全周下跌 0.5%，产权类 REITs 和特许经营权 类 REITs 平均周涨跌幅为+0.4%、-0.6%。REITs 跑输主要股债指数，从主要 指数周涨跌幅对比来看，中证转债>中证全债>沪深 300>中证 REITs。截至 2025 年 12 月 12 日，产权类 REITs 股息率比中证红利股股息率均值低 35BP， 经营权类 REITs 内部收益率均值与十年期国债收益率利差为 295BP。 中证 REITs 指数周涨跌幅为-0.5%，年初至今涨跌幅为 1.0%。截至 2025 年 12 月 12 日，中证 REITs（收盘）指数收盘价为 797.54 点，整周 （2025/12/8-2025/12/12）涨跌幅为-0.5%，表现弱于中证转债指数（+0.2%）、 中证全债指数（+0.18%）和沪深 300 指数（-0.1%）。年初至今，各类主要 指数涨跌幅排序为：沪深 300（+16.4%）>中证转债（+16.5 ...

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.47 and a weekly return of -0.86% [4] - Compared to other major asset classes, the return rates ranked as follows: US stocks > A-shares > convertible bonds > crude oil > pure bonds > gold > REITs [4] - Among different asset types, water conservancy REITs showed the highest increase, while both property and franchise REITs saw price declines [4] Individual REIT Performance - A total of 17 REITs increased in value, 2 remained stable, and 58 experienced declines during the week [4] - The top three performing REITs in terms of growth were 华夏基金华润有巢REIT, 易方达深高速REIT, and 华泰南京建邺REIT [4] - The trading volume for public REITs reached 1.96 billion yuan, with an average daily turnover rate of 0.38% [4] Trading Activity - The top three REITs by trading volume were 华夏基金华润有巢REIT, 中金普洛斯REIT, and 华夏中国交建REIT [5] - The total net inflow for the week was 22.05 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were transportation infrastructure, consumer infrastructure, and new infrastructure REITs [5] Bulk Trading - The total amount of bulk trading reached 214.55 million yuan, showing a decrease from the previous week [5] - The highest single-day bulk trading amount was 84.80 million yuan on December 2, 2025 [5] New Listings - No new REIT products were launched during the week [6] Project Status Update - One REIT product had its project status updated during the week [7]

Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

Core Viewpoint - The article highlights the impressive financial performance of Runze Technology, particularly its significant profit increase due to the innovative asset-light operation model in data centers, which separates heavy and light assets [3][5][7]. Financial Performance - In Q3 2025, Runze Technology reported revenue of 1.48 billion yuan, a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 3.82 billion yuan, up 598% compared to the same period last year, which is 2.58 times the revenue [4][5]. - For the year-to-date period, the revenue reached approximately 3.98 billion yuan, reflecting a 15.05% increase, while the net profit attributable to shareholders increased by 210.74% to about 4.70 billion yuan [4]. Investment Gains - The company confirmed an investment gain of 3.76 billion yuan from transferring its wholly-owned subsidiary to the "Southern Runze Technology Data Center REIT," which was listed on August 8, 2025 [6][10]. - The underlying asset of this REIT is the Langfang International Information Port A-18 Data Center, which has 5,897 cabinets and a total power capacity exceeding 42 MW, with a total fundraising of approximately 4.5 billion yuan [6]. Asset-Light Operation Model - Runze Technology has pioneered a "light-heavy asset separation" operational model in the data center industry, moving away from the traditional heavy asset model that requires significant upfront investment [7][13]. - The company has historically operated under a "self-invest, self-build, self-hold, self-operate" model, which has led to substantial cash flow challenges due to the heavy asset nature of data centers [7]. Financial Challenges and Solutions - As of September 2025, Runze Technology had approximately 5.4 billion yuan in cash, with short-term borrowings of 1.3 billion yuan and long-term borrowings of 12.4 billion yuan, indicating significant financial pressure [9]. - The securitization of the mature A-18 data center asset allows the company to recover substantial funds for new project construction and to repay part of its debts, thereby reducing its debt ratio [10]. Future Projects - The funds raised from the REIT will be used to address the funding gap for ongoing projects, including the Chongqing Runze (Southwest) International Information Port project, which has a total investment of 880 million yuan and a capital gap of 209 million yuan [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q3 2025, the company's revenue performance met expectations, with a significant increase in net profit primarily due to substantial investment income from REITs issuance. The company achieved a revenue of 39.8 billion yuan, a year-on-year increase of 15.0%, and a net profit of 47.0 billion yuan, a year-on-year increase of 210.7% [6][12]. - The gross margin decreased quarter-on-quarter, likely due to the increased proportion of leasing business, while the fixed asset scale expanded rapidly driven by the development of leasing business and IDC scale delivery [2][12]. - The successful issuance and listing of public REITs allowed the company to effectively revitalize its existing assets and establish a light-asset operation platform [2][12]. - The company has rich experience in liquid cooling delivery and a leading strategic layout, which positions it to benefit continuously amid the AI arms race among domestic cloud vendors [2][12]. Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of 39.8 billion yuan, up 15.0% year-on-year, and a net profit of 47.0 billion yuan, up 210.7% year-on-year. The net profit for Q3 alone reached 38.2 billion yuan, reflecting a year-on-year increase of 598.4% [6][12]. - The investment income for Q3 was 37.6 billion yuan, mainly from the transfer of a wholly-owned subsidiary to the Southern Runze Technology Data Center REIT, resulting in significant equity disposal gains [12]. Asset Management and REITs - The company successfully issued a public REIT on August 8, raising 4.5 billion yuan, which activated quality existing assets and optimized the capital structure [12]. - The REIT platform supports a full-cycle capital operation system, enhancing the company's sustainable operational capabilities [12]. Strategic Developments - The company has been proactive in deploying liquid cooling technology, having collaborated with clients since early 2021. It has delivered the industry's first large-scale liquid-cooled intelligent computing center, establishing a strong trust foundation with clients [12]. - The company is currently advancing the construction of a 200MW intelligent computing center project in Langfang, designed to liquid cooling standards, which is expected to respond quickly to large-scale liquid cooling demand [12].

Core Viewpoint - The company is expected to benefit from the ongoing AIGC wave and has maintained a "buy" rating, with significant revenue and profit growth reported for Q3 2025 and the first three quarters of 2025 [1][2]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.977 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 4.704 billion yuan, a year-on-year increase of 210.74%, primarily due to equity disposal gains from a subsidiary [1]. - For Q3 2025, the company reported revenue of 1.481 billion yuan, a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 3.822 billion yuan, a year-on-year increase of 598.38% [1]. - The company’s non-recurring net profit for Q3 2025 was 475 million yuan [1]. Group 2: AIGC and AIDC Business - The development of AIGC continues to drive demand for high-power cabinets and large-scale clusters, with the company’s AIDC business expected to benefit from the delivery of multiple computing power centers [1]. - The company is a leader in liquid cooling AIDC within the industry, strategically positioned in core locations [1]. Group 3: REIT and Asset Structure - The company is advancing its REIT application using the A-18 data center and its associated facilities, with the first REIT for the Southern Runze Technology Data Center officially listed on August 8, 2025, raising 4.5 billion yuan [2]. - The REIT listing is expected to enhance the company’s asset structure, optimize capital, and facilitate a full-cycle capital operation system [2]. Group 4: National Layout and Infrastructure - As of the first half of 2025, the company has established seven AIDC intelligent computing power infrastructure clusters across six major regions in China, with a total of approximately 61 intelligent computing centers and 320,000 cabinets [2]. - In the first half of 2025, the company delivered approximately 220 MW of new capacity, including 100 MW in the Pinghu park and 40 MW each in Langfang, Foshan, and Huizhou [2].