Core Insights - The launch of the first batch of 9 REITs in June 2021 marked the official start of the domestic REITs pilot program, enhancing market vitality and resilience [1] - As of now, there are 22 REITs listed on the Shenzhen Stock Exchange (SZSE) with a total fundraising scale of 57.81 billion yuan, covering various asset types including ecological protection and logistics [2] - The regulatory framework for REITs has been continuously improved, with a comprehensive set of rules established to cover all business aspects of REITs [3] Market Expansion and Innovation - The SZSE has introduced several innovative REITs, including the first clean energy REIT and the first batch of rental housing REITs, with a focus on expanding asset types [2] - The market has seen a significant increase in investor participation, with the average subscription multiple for recent REITs reaching historical highs [2] Regulatory and Operational Enhancements - A robust regulatory framework has been established, consisting of various guidelines and notifications to streamline the REITs lifecycle and improve operational efficiency [3] - Continuous engagement with local authorities and market participants has been emphasized to enhance project reserves and conduct regular training sessions [4] Market Performance and Investor Engagement - As of June 20, 2024, the total market value of the 22 REITs is approximately 68.67 billion yuan, with an average closing price increase of 25.18% from the issue price [5] - Institutional investors dominate the REITs market, holding over 95% of the shares in the 18 REITs that disclosed their annual reports for 2024 [6] Future Development and Strategic Goals - The SZSE aims to optimize project services and expand the REITs pilot scale, focusing on high-quality development and supporting technological innovation [8] - Plans include enhancing regulatory mechanisms, improving the quality of listed REITs, and fostering a more diverse investor base to ensure sustainable market growth [8]

点击注册小程序 查看完整报告 成交规模及换手率：从底层资类型产来看，本月公募REITs成交规模较上月小幅下降，保障性租赁住房类 REITs区间日均换手率领先其他。截至4月30日，已上市的65只REITs月内总成交额为123.5亿元，月内区间 日均换手率均值为0.8%。从单只REIT层面来看，月内成交量前三的是南方顺丰物流REIT/红土创新盐田港 REIT/博时蛇口产园REIT；月内成交额前三的是南方顺丰物流REIT/华夏中国交建REIT/中信建投国家电投 新能源REIT。 主力净流入：本月，主力净流入总额达27727万元，市场交易热情较上月提振显著。主力资金净流入层 面，从不同底层资产REITs来看，本月主力净流入额前三的底层资产类型是仓储物流类/消费基础设施类/园 区基础设施类。本月主力净流入额前三的REITs是南方顺丰物流REIT/华夏华润商业REIT/中金安徽交控 REIT。 报告摘要 1、 一级市场 截至2025年4月30日，我国公募REITs产品数量达65只，合计发行规模达 1730.26亿元（不含扩募）。从底 层资产类型来看，截至2025年4月30日，交通基础设施类发行规模最大，共发行687.71 ...

事件 2025 年4 月29 日，公司发布2025 一季报：实现营收204.48 亿元，同比-13.90%；归母净利润4.45 亿元， 同比+34.02%。 点评 营收同比下降，归母净利润同比提升，主要系期内结转项目的权益比例提升。 投资建议 随着25 年前海高利润项目逐渐进入结转、结转权益比例提升，公司业绩有望触底回升。我们预计公司 2025-2027 年的归母净利润分别为49.6 亿元/56.5 亿元/63.9 亿元，同比增速分别为 +22.9%/+13.9%/+13.0% 。公司股票现价对应PE 估值分别为16.6x/14.6x/12.9x，维持"买入"评级。 风险提示 政策落地不及预期；房地产市场销售持续低迷；竣工不及预期。 一季度销售规模下降。25 年一季度公司销售金额350.70 亿元，同比-12.8%；销售面积145.82 万方，同 比-12.5%。 一季度公司获取7 宗地块均位于一二线。25 年一季度公司合计拿地7 宗（北京2 宗+佛山2 宗+上海1 宗 +成都1 宗+长沙1 宗），总权益拿地金额115.4 亿元，综合权益比例57.6%，计容建筑面积72.42 万方。 博时蛇口产园REIT 申 ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index increased by 0.84% this week, while the Shanghai Composite Index rose by 0.59%, and the CSI 500 index fell by 0.37% [3][16] - The report highlights significant market activities, including the announcement of a second expansion for the Bosera Shekou Industrial Park REIT and the submission of the Huaxia Kaide Commercial Asset REIT to the Shanghai Stock Exchange [5][9] - The overall trading volume for REITs decreased to 2.85 billion, a decline of 3.4% from the previous week, with an average daily turnover rate of 0.7% [6] Summary by Sections Market Dynamics - Key events include the announcement of the second expansion for the Bosera Shekou Industrial Park REIT, the submission of the Huaxia Kaide Commercial Asset REIT, and the high demand for the Huatai Suzhou Hengtai Rental Housing REIT, which saw a subscription rate of 222.46 times the initial offering [5][9] - The report notes that the overall market for REITs is experiencing fluctuations, with 56 REITs rising and 8 falling this week [20] Market Performance - The REITs index's performance is contrasted with other indices, showing a positive trend in REITs compared to a mixed performance in broader market indices [16][20] - The report indicates that the REITs market is characterized by a low correlation with government bonds, suggesting a unique investment profile [16] Trading Activity - The report details the trading activity, noting a decrease in trading volume and highlighting specific sectors within the REITs market, such as the significant increase in trading for the consumption sector [6][20] - The report emphasizes the importance of monitoring macroeconomic conditions and policy environments for potential investment opportunities [6]