南方顺丰仓储物流封闭式基础设施证 券投资基金 2025 年中期报告 基金管理人：南方基金管理股份有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 8 月 30 日 南方顺丰仓储物流封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议。确保相关披露内 容的真实性、准确性和完整性。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中的财务资料未经审计。 本报告期自 2025 ...

Core Insights - The total market value of public REITs in China has surpassed 200 billion yuan as of mid-year, with most products yielding positive returns this year, particularly the Jiashi Wumei Consumption REIT, which has increased by over 50% [1][2] - The head effect in the REITs market is becoming increasingly prominent, with the top three fund companies managing nearly 40% of the total REITs scale, while 69 established public REITs come from 25 fund managers [1][2] - The REITs industry in China 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 [1][6] Market Performance - As of June 30, 68 listed public REITs have a total market value exceeding 200 billion yuan, with 57 out of 58 REITs listed before January 1, 2025 achieving positive returns this year [2] - The Jiashi Wumei Consumption REIT has the highest increase at 51.84%, followed closely by Huazhong Bailian Consumption REIT and Huaxia Shouchuang Outlet REIT, both exceeding 48% [2] - A total of 16 REITs have increased by over 30% this year, while 13 REITs have seen growth between 20% and 30% [2] Industry Participation - New entrants such as Southern Fund, Huatai PineBridge Fund, and Bank of China Fund have launched public REITs products in the first half of the year [4][5] - The Southern Fund has issued several REITs, including the Southern SF Logistics REIT and others that are set to launch soon [4] - The Bank of China Fund's first REIT, the Bank of China Zhongwaiyun Warehousing Logistics REIT, was established on June 26 [5] Strategic Focus - The current trend indicates that fund companies with larger REITs product scales often have strong investment banking backgrounds, which aids in project acquisition and evaluation [6] - The head effect is seen as a sign of market maturity, with experienced managers in asset selection, due diligence, and risk control gaining investor trust [6] - Newcomers are encouraged to adopt a "small but beautiful" approach, focusing on specialized sectors with unique growth potential, such as industrial parks and urban renewal projects [6]

上周公募REITs市场迎来多项重磅动态。 7月8日，华夏华润商业REIT公告拟二次扩募，购入杭州萧山万象汇、沈阳长白万象汇、淄博万象汇项目，为公募REITs市场中第二单宣告拟二次扩募的项 目，同时也是首单启动二次扩募的消费REITs。 上周公募REITs指数出现小幅回调。 Wind数据显示，中证REITs全收益指数整体表现较弱，周内5个交易日均为阴线，截至7月11日收于1103.87点，周内下跌1.12%，已跌回7月初的水平。中证 REITs（收盘）指数收于876.64点，周内下跌1.12%。相关指数表现弱于中证转债指数（+0.76%）、沪深300指数（+0.82%）以及中证全债指数（-0.05%）。 从不同项目属性REITs来看，产权类REITs走势弱于经营权类REITs，二者平均周涨跌幅为-1.8%和-0.9%。而从不同项目类型REITs来看，各类REITs上周均出 现下跌，租赁住房跌幅最大，能源设施则相对抗跌。 单只产品方面，已上市的68只公募REITs中，二级市场价格环比上涨的仅有8只，其中涨幅最大的三只产品为嘉实京东仓储基础设施REIT、中金中国绿发商 业资产REIT、南方顺丰物流REIT，周内涨幅 ...

Market Overview - The secondary market for publicly listed REITs in China experienced an overall price correction, with the weighted REITs index closing at 142.35 and a weekly return rate of -1.26%. Compared to other major asset classes, the return rates ranked as follows: convertible bonds > A-shares > crude oil > gold > US stocks > pure bonds > REITs [2] REITs Performance - Both property rights and franchise REITs showed a downward trend in the secondary market, with franchise REITs experiencing a smaller decline [3] - Energy REITs had the smallest decline among underlying asset types, with the top three performing asset types being energy, ecological environment, and warehousing logistics [4] Individual REITs Analysis - Among publicly offered REITs, there were 8 that increased in value while 60 decreased. The top three gainers were: - Harvest Jingdong Warehousing Infrastructure REIT - CICC China Green Development Commercial REIT - Southern SF Logistics REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 2.75 billion, with ecological environment REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.71% [6] Individual REITs Trading Activity - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huaxia Beijing Affordable Housing REIT - Harvest Jingdong Warehousing Infrastructure REIT - The top three REITs by trading amount were: - Huaxia Beijing Affordable Housing REIT - Huaxia China Resources Commercial REIT - CICC Anhui Transportation Control REIT [7] Net Inflow and Block Trading - The total net inflow for the week was 74.83 million, indicating a decrease in market trading enthusiasm. The top three asset types for net inflow were consumer infrastructure, energy infrastructure, and affordable rental housing. The top three REITs by net inflow were: - CICC China Green Development Commercial REIT - Huaxia China Resources Commercial REIT - CITIC Construction Investment National Electric Power New Energy REIT [8] - The total amount of block trading reached 628.09 million, with Thursday (July 10, 2025) seeing the highest single-day block trading amount of 201.42 million. The top three REITs by block trading amount were: - Huaxia China Resources Commercial REIT - Huaxia Beijing Affordable Housing REIT - Huaxia Deep International REIT [8] Primary Market - No new REIT products were launched during the week [9] - The status of the "Huaxia China Nuclear Clean Energy Closed-end Infrastructure Securities Investment Fund" project was updated to "feedback received" [10]

Group 1 - The core viewpoint of the report indicates that Huaxia Fund's Huaxia China Resources Commercial REIT plans to initiate a second round of fundraising to acquire infrastructure projects, which include the Hangzhou Xiaoshan Mixc Project, Shenyang Changbai Mixc Project, and Zibo Mixc Project, effectively expanding the fund's coverage of consumer infrastructure across different cities [1][7] - The new acquisitions are expected to diversify the fund's asset portfolio, reduce risks, and enhance the growth potential while ensuring stable cash flow [1][7] Group 2 - In the market performance section, the report notes that during the week of July 7 to July 11, 2025, the CSI REITs total return index fell by 1.12%, with the total REITs index down by 1.68% [2][17] - The report highlights that the total REITs index underperformed compared to the CSI 300 index by 2.50 percentage points and the CSI All Bond index by 1.57 percentage points [2][17] - Individual REITs such as the Jiashi JD Warehouse Infrastructure REIT, CICC China Green Development Commercial REIT, and Southern SF Logistics REIT showed gains of 4.25%, 1.01%, and 0.79% respectively [2][17] Group 3 - The liquidity analysis reveals that the total trading volume of REITs decreased to 550 million yuan, a 17.4% decline from the previous week [3][39] - The report details that the trading volumes for property and operating rights REITs were 331 million yuan and 213 million yuan, reflecting decreases of 12.6% and 14.1% respectively [3][39] - Among various REIT categories, the traffic infrastructure REITs had the highest trading volume, accounting for 23.4% of the total [3][39] Group 4 - The report states that as of July 11, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [8][10] - It mentions that the issuance pace of C-REITs has slowed down in 2023 but is expected to accelerate in 2024, indicating a normalization in the issuance process [15][16] Group 5 - The valuation section provides insights into the bond yield and P/NAV ratios for various REITs, indicating that the Huaxia China Resources Commercial REIT has a bond yield of 2.95% and a P/NAV of 1.51, both in the 99th percentile historically [44] - The report includes a comparative analysis of different asset types, showing varying yields and historical percentiles for P/NAV across multiple REITs [44]

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]

Group 1 - The public fund market has shown robust vitality this year, with approximately 660 funds issued and a total issuance of about 420 billion units as of June 17 [1][2] - March marked a peak in fund issuance, with over 100 billion units issued [1][2] - A total of 171 public funds have ended their fundraising early this year, indicating strong market interest [1][7] Group 2 - The issuance of equity funds has been significant, with 382 stock funds and 107 mixed funds issued, totaling 158.88 billion units and 27.49 billion units respectively [2] - Bond funds have dominated in terms of issuance volume, with 125 funds issued but exceeding 200 billion units in total [2] - Several funds, such as the Guangfa Smart Selection Mixed Fund and the Oriental Red Yingfeng Stable Allocation Fund, announced early closure of fundraising, reflecting high investor demand [4][5] Group 3 - The phenomenon of "daylight funds" has emerged, where certain funds complete their fundraising in just one day, such as the Zhongyou Interbank Certificate Index Fund [5][6] - The healthcare sector has seen a surge in interest, with multiple healthcare-themed funds closing early due to strong performance, including the Oriental Alpha Health Industry Mixed Fund [7][8] - Over 290 healthcare-themed funds have been launched this year, with more than 270 achieving positive returns, and over 90 funds yielding over 30% [7]

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].

Investment Rating - The report maintains a rating of "Add" for the C-REITs sector [6] Core Viewpoints - The C-REITs market is expected to present investment opportunities due to a low interest rate environment anticipated in 2025 and ongoing macroeconomic recovery [5] - The report highlights that the secondary market for C-REITs has shown moderate upward trends, particularly in the affordable housing and consumer infrastructure sectors, while transportation infrastructure and ecological environmental sectors have experienced pullbacks [3][5] - The report emphasizes the importance of timing in investment decisions, suggesting that the current focus should be on asset resilience, secondary market prices, and P/NAV ratios [5] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.39% this week, closing at 1062.1 points, while the CSI REITs closing index rose by 0.28% to 848.4 points [1][11] - Year-to-date, the CSI REITs total return index has risen by 9.73%, ranking second among various indices [2][11] REITs Secondary Market Performance - The overall secondary market for C-REITs has shown a mild upward trend, with a total market capitalization of approximately 190.27 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][13] - Among the listed REITs, 44 have increased in value while 21 have decreased, with an average weekly increase of 0.66% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs remains stable, with the top three REITs yielding 11.4%, 10.8%, and 9.1% respectively [5] - The P/NAV ratios are in the range of 0.7 to 1.7, with the lowest being 0.7 for the China Communications Construction REIT [5]

Group 1 - The core viewpoint of the article highlights the growth and performance of public REITs in China, with a total of 65 products and a combined issuance scale of 173.03 billion yuan as of April 30, 2025 [3] - The largest issuance scale among the underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 27.06 billion yuan [3] - As of April 30, 2025, there are 24 REITs awaiting listing, including 13 new REITs and 11 REITs pending expansion [3] Group 2 - In the secondary market, the weighted REITs index closed at 134.98 with a monthly return of 0.65%, showing a fluctuating trend [4] - The performance of REITs is ranked lower compared to other major asset classes, with the order being gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [4] - The top three performing underlying asset types for the month are affordable housing, consumer, and water conservancy facilities [4] Group 3 - The total trading volume of public REITs decreased slightly compared to the previous month, with a total transaction amount of 12.35 billion yuan and an average daily turnover rate of 0.8% [5] - The top three REITs by transaction volume are Southern SF Logistics REIT, Hongtu Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT [5] - The total net inflow of main funds reached 27.73 million yuan, indicating a significant increase in market trading enthusiasm compared to the previous month [5] Group 4 - The total amount of block trades increased compared to the previous month, with 21 block trading days and a total transaction amount of 2.17 billion yuan [6] - The highest single-day block trade amount was 54.14 million yuan on April 8, 2025 [6] - The top three REITs by block trade amount are E Fund Deep Highway REIT, Huaxia Huaren Commercial REIT, and CICC Prologis REIT [6]