[Table_Title] 关注华夏中核清洁能源打新 [Table_Title2] 公募 REITs 周速览（2025 年 12 月 8-12 日） [Table_Summary] 本周（2025 年 12 月 8-12 日）中证 REITs 全收益指数收于 1028.5 点，周度下跌 0.29%，已回到 2025 年 2 月底左右位 置。周内先跌后略有修复，但市场仍然处于弱区间震荡。截至 12 月 12 日，已上市的 77 只 REITs 总市值收于 2176 亿元。 华夏安博仓储 REIT 基金合同已于 11 月 18 日生效，截至 本周尚未确定上市日期。华夏中核清洁能源 REIT 将于 12月17 日（星期三）启动询价。 ►证监会债券司：推动不动产投资信托基金高质量发展 12 月 9 日，中国证监会债券司发表署名文章，结合境内 REITs 试点成果经验及调研情况，对我国 REITs 市场现状和功 能定位、影响高质量发展的问题及对策分析作了研究和探讨。 文章指出，我国 REITs 市场旨在服务于不动产行业的转型 发展，可以考虑将能源、铁塔、仓储物流等强运营型不动产项 目培育成"大而优"的全国性龙头 REI ...

Core Viewpoint - The development of new productive forces driven by technological innovation is crucial for financial institutions, including Ping An Securities, to support the real economy through targeted financial services and innovative practices [1][2]. Group 1: Financial Services and Innovation - Ping An Securities emphasizes its commitment to serving the real economy by enhancing its professional capabilities and service levels, focusing on the "Five Major Financial Articles" to support technological innovation and industrial upgrades [1][2]. - The company implements a dual strategy of "full-cycle product innovation" and "regional precision service" to create a diversified financing service system that supports the development of new industries, new business formats, and new technologies [2][3]. Group 2: Debt Financing and Green Development - In the debt financing sector, Ping An Securities has launched innovative financial instruments such as Sci-Tech bonds and has underwritten a total of 65 bonds for technology innovation companies, amounting to 16.98 billion yuan, facilitating diverse financing channels for tech enterprises [3]. - The company integrates green finance into its business design, aligning with national "dual carbon" strategies, and focuses on clean energy and environmental protection as key support areas [3][4]. Group 3: Inclusive Finance and Elderly Care - Ping An Securities aims to bridge the gap in inclusive finance by providing tailored services to meet the diverse needs of different groups, thereby enhancing social benefits and market value [6]. - In the elderly finance sector, the company has upgraded its app interface for elderly users and is actively issuing personal pension public fund products, managing a total of 31.473 billion yuan in insurance asset management plans [7]. Group 4: Digital Transformation and Data Utilization - The company is focused on digital transformation by building IT core capabilities and establishing a unified data service center to support refined operations and decision-making [8][9]. - Ping An Securities has collaborated with exchanges to create the first data asset ABS in China, valued at 130 million yuan, facilitating new financing pathways for digital economy enterprises [9].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints - This week, the China Securities REITs Index declined by 1.5%. The average weekly price - change rates of property - type REITs and franchise - type REITs were - 1.6% and - 0.9% respectively. The weekly price - change comparison of major indices shows that China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index > China Securities Convertible Bond Index. Most sectors closed down, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline [1]. - As of October 17, 2025, the dividend yield of property REITs was 76 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 216 basis points [1]. - On October 16, the release results of Huaxia Zhonghai Commercial REIT and CITIC Construction Shenyang International Software Park REIT were announced. The total subscription amount of the two public REITs exceeded 200 billion yuan [1][4]. Summary by Relevant Catalogs Secondary Market Trends - As of October 17, 2025, the closing price of the China Securities REITs (closing) Index was 814.73 points, with a weekly price - change rate of - 1.5%. It performed worse than the China Securities All - Bond Index (+0.3%) but better than the China Securities Convertible Bond Index (-2.4%) and the CSI 300 Index (-2.2%). Year - to - date, the price - change ranking of major indices is: CSI 300 (+14.7%) > China Securities Convertible Bond (+14.4%) > China Securities REITs (+3.2%) > China Securities All - Bond (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was 4.4% with a volatility of 7.2%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index. Its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index. The total market value of REITs decreased to 217.4 billion yuan on October 17, a decrease of 2.9 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.08 percentage points from the previous week [2][7]. - Most sectors closed down, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. The top three REITs in terms of weekly gains were China Merchants Expressway REIT (+1.65%), Huatai - PineBridge Jiuzhitong Pharmaceutical REIT (+0.99%), and Harvest China Power Construction Clean Energy REIT (+0.71%) [3][14][17]. - Among different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 2.3%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 18.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Kaide Commercial REIT (7.49 million yuan), CICC Yinli Consumption REIT (5.11 million yuan), and Huaxia Fund China Resources Youchao REIT (4.2 million yuan) [3][20][21]. Primary Market Issuance - From the beginning of the year to October 19, 2025, there were 2 REITs products in the "accepted" stage, 1 in the "declared" stage, 1 in the "in - query" stage, 5 in the "feedback - received" stage, 7 in the "approved and pending listing" stage, and 12 first - issued products that had been approved and listed on the exchange [23]. Valuation Tracking - REITs have both bond and equity characteristics. As of October 17, the average annualized cash distribution rate of public REITs was 6.6%. Different valuation indicators are used from the bond and equity perspectives. The relative net - value premium/discount rate, IRR, and P/FFO are used to judge the valuation of REITs [25]. - The relative net - value premium/discount rate, P/FFO, IRR, and annualized dividend rate vary among different project types. For example, the relative net - value premium rate of affordable housing REITs was 39.5%, with a P/FFO of 34.7, an IRR of 3.6%, and an annualized dividend rate of 3.4% [26]. - Property - type REITs focus on dividend yield, while franchise - type REITs focus on internal rate of return. As of October 17, 2025, the dividend yield of property REITs was 76 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 216 basis points [28]. Industry News - On October 16, Huaxia Zhonghai Commercial REIT announced that the effective subscription application confirmation ratios of public investors and offline investors were 0.2763% and 0.3120% respectively, corresponding to effective subscription multiples of 361.9 times and 320.5 times. The total pre - ratio - allocation raised amount was 159.33 billion yuan, 100.5 times its planned raised amount [34]. - On the same day, CITIC Construction Shenyang International Software Park REIT announced its subscription results. Before ratio allocation, the total effective subscription amount was approximately 44.434 billion yuan. It is the first successfully issued public REITs project in Northeast China [34].

Core Viewpoint - Clean energy REITs are entering a new stage of "value realization" and "growth potential" as the "dual carbon" goals continue to advance, showcasing strong cash flow and dividend capabilities, along with significant growth potential and green fundraising ability [2][4][10]. Group 1: Performance and Distribution - The first water REIT in China, the "Jia Shi China Electric Power Clean Energy REIT," achieved revenue of 36.31 million yuan and a distributable amount of 30.51 million yuan in the first half of the year, with a cumulative distribution amount of 7.388 million yuan for 2024, accounting for 96.94% of the distributable amount [4]. - The "Hua Xia Tebian Electric Power New Energy REIT," the first new energy public REIT in Xinjiang, reported revenue of 9.798 million yuan and a distributable amount of 1.835 million yuan, with a total distribution of 157.6 million yuan since its listing [4]. - The "Zhong Hang Jing Neng Photovoltaic REIT" achieved revenue of 153 million yuan and a distributable amount of 68 million yuan, with a cumulative increase of 46.68% since its listing, and total dividends of 673 million yuan [5][6]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" reported revenue of 112.79 million yuan and a distributable amount of 36.72 million yuan, with a cumulative distribution of 235 million yuan since its listing [6]. Group 2: Underlying Asset Operations - The underlying asset of the "Jia Shi China Electric Power Clean Energy REIT" is the Wuyi Bridge Hydropower Station with a total installed capacity of 137,000 kW, which saw an 8.17% increase in electricity generation in the first half of the year [8]. - The "Hua Xia Tebian Electric Power New Energy REIT" operates a 150 MWp photovoltaic project in Xinjiang, achieving 52.7% of its forecasted annual revenue and 51.7% of its forecasted annual electricity generation in the first half of the year [8]. - The "Zhong Hang Jing Neng Photovoltaic REIT" manages two photovoltaic projects with a combined annual generation capacity of approximately 5.1 billion kWh, maintaining stable operations despite external pressures [9]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" operates two wind power projects with a total capacity of 150 MW, reporting an 8% increase in revenue in the first half of the year [9]. Group 3: Expansion and Asset Integration - The "Zhong Hang Jing Neng Photovoltaic REIT" has received approval for a product change application to expand its asset base by integrating two hydropower projects, potentially doubling its asset scale and enhancing cash flow [11]. - The "Jia Shi China Electric Power Clean Energy REIT" is actively preparing for expansion, aiming to revitalize clean energy assets within the China Electric Power system, which has a total installed capacity of approximately 5 million kW [12]. - The "Hua Xia Tebian Electric Power New Energy REIT" and "Mingyang Intelligent New Energy REIT" are also pursuing expansion strategies, focusing on acquiring additional renewable energy assets to diversify risks and optimize project returns [12].

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes that Chinese-style modernization is a harmonious coexistence between humans and nature, with a focus on ecological civilization reform and the development of green finance as a key component for high-quality financial growth [1][8]. Group 1: Green Finance Initiatives - In 2024, the company actively supports national green development initiatives by embedding green finance concepts into its business operations, particularly in clean energy and environmental protection sectors, contributing to carbon peak and carbon neutrality goals [2]. - The company has underwritten six green bonds and asset-backed securities (ABS) in the first half of 2024, with a total underwriting scale of 2.837 billion yuan [2]. Group 2: Carbon Asset Securities - The company facilitated the issuance of China's first carbon asset ABS in July, marking a significant milestone in carbon asset securitization, with an issuance scale of 115 million yuan and a coupon rate of 2.2% [3]. - This project supports enterprises by providing financing based on future expected revenues from carbon assets, enhancing market liquidity and promoting green industry development [3]. Group 3: Public REITs in Hydropower - The company served as a financial advisor for the first public REIT in the hydropower sector, successfully listing the project with an issuance scale of 1.07 billion yuan, attracting significant investor interest [5]. - This initiative aims to mobilize social capital into green development, enhancing the financial cycle for hydropower infrastructure and contributing to local economic growth [5]. Group 4: Support for New Energy Vehicles - The company has supported the issuance of a green asset-backed special plan for the new energy vehicle industry, with an issuance scale of 600 million yuan and a record low interest rate of 2.14% in Jiangsu Province [6]. - This financing is directed towards the purchase of new energy vehicles and charging infrastructure, significantly contributing to the high-quality development of the new energy sector [6]. Group 5: Capital Guidance for Green Development - The company has successfully issued a carbon-neutral green asset-backed special plan, directing funds towards renewable energy projects, which are expected to significantly reduce carbon emissions and improve local energy supply structures [7]. - The project is anticipated to achieve substantial reductions in various pollutants, thereby enhancing environmental quality and promoting sustainable development [7]. Group 6: Future Commitment to Green Finance - The company plans to continue aligning with national economic policies and enhancing its professional capabilities to guide more social capital into green low-carbon industries, thereby supporting the broader goals of Chinese-style modernization [8].

Core Insights - Insurance capital has been actively participating in public REITs, with a total of 64 public REITs and a combined issuance scale of 169.736 billion yuan as of March 26 [3][4] - The participation of insurance institutions in public REITs is significant, accounting for approximately 30% of the total investment from non-original equity investors [4] - Despite the strong performance of REITs, the risk factors associated with investing in public REITs remain high, indicating that there is still considerable room for increased participation from insurance funds [8] Investment Participation - As of March 26, insurance institutions have participated in 23 public REITs, covering various asset types such as commercial real estate, rental housing, and infrastructure projects, representing nearly 10% of the total investment scale in public REITs [4] - In 2024, 42 REITs distributed a total of 8.387 billion yuan in dividends, with several REITs exceeding 1 billion yuan in dividends [6] - The high dividend payout ratios of public REITs are attracting more insurance capital, as they offer a combination of capital gains and fixed returns [5][6] Regulatory Environment - The capital measurement factor for public REITs is set at 0.5, which is significantly higher than other types of public funds, leading to increased capital occupation for insurance companies [8] - Regulatory policies are suggested to be adjusted to alleviate the capital consumption impact on insurance companies, thereby encouraging more participation in REITs [9] - There is a call for enhancing the capabilities of insurance asset management companies in REITs-related investment banking, as the current workforce is relatively small and lacks experience [9]

Core Viewpoint - The REITs market is experiencing a "dividend wave" in the first quarter, with a significant increase in the number of REITs distributing dividends, driven by new products launched in 2024 [2][3]. Group 1: Dividend Distribution - In the first quarter of this year, 12 REITs have completed dividend distributions, with several exceeding 100 million yuan, including招商高速公路REIT (210 million yuan), 工银银河北高速REIT (190 million yuan), and 中金安徽交控REIT (180 million yuan) [3]. - The dividend ratios for some REITs are notably high, with招商高速公路REIT at 5.9%, 嘉实中国电建清洁能源REIT at 3.5%, and 嘉实物美消费REIT at 3.4% [3]. - The increase in dividend distributions is attributed to a batch of new products entering their first dividend period, contrasting with only 4 REITs distributing dividends in the same period last year [5]. Group 2: Market Dynamics - The rapid expansion of the public REITs market and concentrated dividend distributions are driven by the need to activate a large number of quality existing assets and the appeal of stable returns amid an "asset shortage" [2][6]. - The year 2024 is projected to be a significant year for REITs issuance, with 29 new REITs launched, contributing to a total of 63 listed REITs by March 24, 2025 [5]. Group 3: Investment Appeal - REITs are gaining traction among institutional investors due to their high dividend yield, low volatility, and low correlation with other asset classes, making them an attractive option for optimizing asset allocation [2][4][9]. - The 中证REITs total return index has increased by 9.32% as of March 24, outperforming the沪深300 index, which indicates strong market performance [8]. - Institutional investment in REITs has surpassed 100 million yuan, with over 40 public products incorporating REITs into their portfolios, highlighting their growing importance in asset allocation strategies [8][9].

Manufacturing PMI Insights - The official manufacturing PMI for February 2025 is recorded at 50.2%, an increase of 1.1 percentage points from the previous month, indicating a return above the growth threshold[1] - The average manufacturing PMI for the first two months of 2025 is 49.7%, lower than the average of 50.2% in the last quarter of 2024, suggesting a weaker manufacturing sentiment compared to seasonal norms[1] - The production index and new orders index for February are 52.5% and 51.1%, respectively, indicating that production is expanding faster than demand[2] Economic Trends and Risks - The new export orders index stands at 48.6%, reflecting a slight recovery but still indicating potential risks in external demand due to uncertainties in trade policies[2] - There is a notable divergence in sentiment among manufacturing enterprises, with large enterprises showing a PMI of 52.5%, while medium and small enterprises are at 49.2% and 46.3%, respectively, highlighting a reliance on large firms for recovery[2] - The manufacturing price indices indicate a potential narrowing of PPI declines, with the output price index at 48.5% and the main raw material purchase price index at 50.8%[2] Overall Economic Outlook - The comprehensive PMI average for the first two months of 2025 is 50.6%, down from 51.3% in the last quarter of 2024, suggesting a slower economic recovery trajectory[6] - The construction PMI for February is 52.7%, showing a strong recovery post-holiday, while the service sector PMI is at 50.0%, indicating a decline[5] - The overall economic sentiment remains cautious, with the need for further policy support for small and medium enterprises highlighted as crucial for sustained recovery[2]