证券研究报告 | 2025年10月20日 公募 REITs 周报（第 38 期） 公募 REITs 再现千亿资金抢筹 中证 REITs 指数周涨跌幅为-1.5%，年初至今涨跌幅为 3.2%。截至 2025 年 10 月 17 日，中证 REITs（收盘）指数收盘价为 814.73 点，整周 （2025/10/13-2025/10/17）涨跌幅为-1.5%，表现弱于中证全债指数 （+0.3%），强于中证转债指数（-2.4%）和沪深 300 指数（-2.2%）。年初 至今，各类主要指数涨跌幅排序为：沪深 300（+14.7%）>中证转债（+14.4%）> 中证 REITs（+3.2%）>中证全债（+0.4%）。截至 2025 年 10 月 17 日，近一 年中证 REITs 指数回报率为 4.4%，波动率为 7.2%，回报率低于沪深 300 指 数、中证转债指数，高于中证全债指数；波动率低于沪深 300 指数和中证转 债指数，高于中证全债指数。REITs 总市值在 10 月 17 日下降至 2174 亿元， 较上周减少 29 亿元；全周日均换手率为 0.39%，较前一周上升 0.08 个百分 点。 多数板块收跌， ...

清洁能源REITs作为连接资本市场与实体产业的重要创新工具，拥有巨大发展潜力与绿色引资能力。 ▲图片由AI制作 随着"双碳"目标持续推进，清洁能源REITs（封闭式基础设施证券投资基金）正步入"价值兑现"与"成长可期"相辅相成的新阶段。日 前，四只代表性产品——全国首单水电公募REITs、新疆首单新能源公募REITs、全国首单光伏公募REITs以及全国首单陆上风电新能 源公募REITs，相继公布"期中成绩"。从已披露数据来看，四只产品表现出强劲现金流生产和分红兑现能力，并且构建了一条"稳健回 报分红+优质底层资产+明确成长扩募"的发展路线。这也从侧面体现出，清洁能源REITs作为连接资本市场与实体产业的重要创新工 具，拥有巨大发展潜力与绿色引资能力。 收益分红普遍稳健可观 嘉实中国电建清洁能源封闭式基础设施证券投资基金（以下简称"嘉实中国电建清洁能源REIT"）是我国首单水电公募REITs 、四川省 首单公募REITs以及少数民族地区首单公募REITs，今年上半年实现收入36 31.52万元、可供分配金额30 51.5 2万元。 2024年度，嘉实中国电建清洁能源REIT累计分配金额7 388万元，占20 2 ...

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].

智通财经3月27日讯（记者 夏淑媛） 险资获准投资公募REITs三年有余，积累了哪些有益的经验，又面 临哪些挑战备受市场关注。 截至3月26日，市场存量公募REITs已达64只，发行规模合计1697.36亿元。在所有非原始权益人战配投 资者中，保险机构参与规模占比最高，约为30%左右，参与过战配的保险机构共47家，按认购规模排名 靠前的分别是中国人寿、泰康资产、中国平安。网下投资者中，保险机构参与也相当活跃，占比达 65%。 尽管REITs走势强劲，险资布局踊跃，但投资公募REITs风险因子较高，保险资金整体参与度仍然有较 大的提升空间。 据平安资管相关人士介绍，公募REITs资本计量因子为0.5，不仅远高于其他类型的公募基金，也远高于 以物权或股权形式投资的投资性房地产。对于保险公司而言，风险因子相对较高，参与公募REITs意味 着更高的资本占用，会提高保险公司对于偿付能力管理的压力。其监管部门给予偿二代项下风险因子优 惠政策，缓解保险资金投资公募REITs产品对偿付能力的消耗。 2020年4月30日，国内公募REITs试点起航。2021年6月，首批9只产品面市，境内公募REITs市场发展拉 开帷幕。截至3 ...

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]