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 ...

长期以来，招商基金积极响应国家"双碳"战略部署，深入践行金融"五篇大文章"发展要求，贯彻落实 ESG投资理念，大力发展绿色金融，以实际行动支持绿色低碳和可持续发展。本次绿色环保主题游园会 活动，深入招商基金蛇口租赁住房REIT项目所在小区，实现与REIT资产的品牌联动，共同开展ESG运 营实践，助力构建绿色运营生态。 壹栈林下小区是招商基金蛇口租赁住房REIT（基金代码：180502）的核心资产之一，属于招商蛇口 （001979）旗下"壹栈"品牌，以交通便捷的城市配套区域为核心选址，专注于为政策型人才和青年人才 提供高品质、低成本的租赁住房解决方案，助力城市人才安居，完善城市功能。该项目致力于打造绿色 社区，在运营管理中充分践行ESG理念，通过绿色建筑、高效运营管理、绿色租赁、环保宣传等举措， 构建可持续、循环发展的理想社区，为租户创造更加美好的居住生活，为社会的可持续发展贡献更多力 量。 12月14日，由招商基金和招商基金蛇口租赁住房REIT壹栈林下项目联合主办的"零碳森活"绿色环保主 题游园会活动在深圳市南山区招商街道壹栈林下小区成功举行，超100位壹栈林下的居民现场参与活 动，一同在"玩、吃、学、美、晒 ...

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 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - This week, the public REITs market declined slightly, with the REITs market turnover decreasing. Both the equity - type public REITs and concession - type public REITs indices fell. Most public REITs products dropped this week [2][7]. - As of November 21, 2025, a total of 78 public REITs have been issued, with a total issuance scale of 201.869 billion yuan. 19 public REITs have been issued since 2025, and 1 was newly issued in November 2025. Additionally, 24 public REITs funds are awaiting listing [2][26]. - Beijing supports the construction of consumer infrastructure and the commercial circulation system. The China Aviation Zhonghe Group Energy Public REIT has been officially declared. The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [2][31]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance ratio. The market is expected to continue to expand as 24 REITs funds are waiting to be listed [3][37]. 3. Summary by Directory 3.1 Secondary Market: The Public REITs Market Declined Slightly This Week - **Index Performance**: As of November 21, 2025, the CSI REITs Index fell 0.97% from last week to 810.2, and the CSI REITs Total Return Index was 1041.16, down 0.88% from last week [7]. - **Turnover and Turnover Rate**: The total trading volume of the REITs market this week was 557 million shares, a 21.55% week - on - week decline, and the trading value was 2.375 billion yuan, a 16.49% week - on - week decline. The market turnover rate this week was 2.21%, compared with 2.83% last week [8]. - **Sub - index Performance**: Both the equity - type public REITs and concession - type public REITs indices declined, falling 1.31% and 1.45% respectively. Among them, only the water conservancy facilities REITs rose slightly by 0.15%, while the municipal facilities REITs had the highest decline [10][14]. - **Turnover and Turnover Rate of Different Types of REITs**: Most of the trading volumes of different types of public REITs decreased. In terms of turnover rate, the daily average turnover rates of water conservancy facilities and new infrastructure REITs were greater than 1 this week. The daily average turnover rates of energy infrastructure and municipal facilities REITs increased, while those of other types of REITs mostly decreased [16][18]. - **Single - Target Performance**: Among the 77 public REITs, 9 rose and 68 fell. The top gainers were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, and Huaxia Nanjing Traffic Expressway REIT, with weekly increases of 1.0%, 0.9%, and 0.6% respectively. The top losers were CICC Chongqing Liangjiang Industrial Park REIT, CITIC Construction Investment Mingyang Smart Energy REIT, and AVIC Yishang Warehouse Logistics REIT, with weekly declines of 5.1%, 4.9%, and 4.5% respectively [20]. 3.2 Primary Market: 24 Public REITs Funds Are Awaiting Listing - **Issuance Situation in 2025**: As of November 21, 2025, 19 public REITs have been issued since 2025, with a new issuance in November 2025 having a scale of 2.448 billion yuan [26]. - **Funds Awaiting Listing**: There are 24 public REITs funds awaiting listing, including 11 initial offerings and 13 follow - on offerings. In terms of project status, 10 have passed, 7 have been feedbacked, 4 have been questioned, 2 have been accepted, and 1 has been declared [28]. 3.3 Public REITs Policies and Market Dynamics - **Policy Support**: On November 18, 12 departments including the Beijing Branch of the People's Bank of China issued a plan to support the construction of consumer infrastructure and the commercial circulation system and encourage the issuance of REITs for eligible consumer infrastructure [31]. - **New REIT Declaration**: On November 18, the China Aviation Zhonghe Group Energy Closed - end Infrastructure Securities Investment Fund was officially declared, which is the second infrastructure public REITs product within the CNNC system [33]. - **Dividend Information**: The China Merchants Fund Shekou Rental Housing REIT will have its second annual dividend, distributing 0.318 yuan per 10 shares, and the Huaxia JINMAO Commercial REIT will have its third dividend in 2025, distributing 0.3755 yuan per 10 shares [34][36]. 3.4 Investment Suggestions - The REITs index declined slightly this week, and the trading value of the public REITs market decreased. Only the water conservancy facilities REITs rose slightly, while the municipal facilities REITs had the highest decline [37]. - The market is expected to continue to expand as 24 REITs funds are waiting to be listed. Currently, public REITs have high - dividend and medium - low - risk advantages, with a relatively high allocation cost - performance ratio [3][37].

Group 1 - Chengdu allows eligible stock rental housing to be converted into ordinary commercial housing for market trading [2] - Guangzhou shortens the waiting period for public rental housing subsidies from 5 years to 3 years [3] - Beijing has built and collected over 670,000 units of affordable housing since the start of the 14th Five-Year Plan [4] Group 2 - Guangzhou continues to acquire stock commercial housing for use as affordable housing, easing the source collection threshold [5] - Hangzhou Qiantang District launches 1,291 public rental housing units with a minimum monthly rent of 400 yuan [6] - Chengdu's rental housing project in Wenjiang District releases 193 new units [7] Group 3 - Chengdu's first TOD rental housing project in Jinniu District offers 523 units [8] - Sanya plans to convert 1,056 units from the International Tourism Island Talent Entrepreneurship Base into affordable rental housing [9] - Meituan launches its first "rider apartments" in cities like Beijing, providing affordable housing for delivery riders [10] Group 4 -招商基金's Shekou rental housing REIT announces a high dividend distribution of 99.83% [11] - Nanjing's 10.58 billion yuan ABS project for innovation and technology affordable housing is terminated [12] - Lishui's 10.84 billion yuan ABS project for affordable housing is updated to "feedback received" status [13] Group 5 - Urumqi's 12.64 billion yuan ABS project for affordable rental housing is accepted [14] - Zhongjian Xingfu's apartment in Shanghai Songjiang opens, providing 536 units [15] - Yuexiu's first long-term rental apartment in Shanghai officially opens [16] Group 6 - The third Maimian Housing Rental Project Ceremony gathers industry leaders to explore solutions for youth housing and promote high-quality development in the rental sector [17]

Market Overview - The secondary market for publicly listed REITs in China showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return of 0.95% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: Gold > REITs > Convertible Bonds > Pure Bonds > US Stocks > A-shares > Crude Oil [4] - Among different asset types, REITs related to affordable housing had the highest increase, with the top three asset types by return being affordable housing, transportation infrastructure, and consumer-related REITs [4] Individual REIT Performance - A total of 56 REITs experienced price increases, while 20 saw declines, with the top three gainers being Zhongjin Liandong Science and Technology REIT, Zhongjin Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT [4] - The trading volume for publicly listed REITs reached 2.84 billion yuan, with water infrastructure REITs leading in average daily turnover rate [4] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Hongtu Innovation Yantian Port REIT [5] Net Inflow and Block Trading - The total net inflow for the week was -51.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [5] - The top three REITs by net inflow were in the categories of consumer infrastructure, water infrastructure, and affordable rental housing [5] - Total block trading reached 1.01 billion yuan, with the highest single-day block trading occurring on November 12, 2025, at 300.82 million yuan [5] Primary Market - No new REIT products were listed this week, and there were no updates on project statuses [6]

Report Industry Investment Rating No relevant content provided. Core Views - This week, the China Securities REITs Index stopped falling and rebounded, rising 0.2% for the week. The average weekly price changes of property - type REITs and franchise - type REITs were +0.1% and +0.7% respectively. In terms of the comparison of the weekly price changes of major indices: CSI 300 > CSI Convertible Bond Index > CSI REITs Index > CSI Aggregate Bond Index [1]. - Most sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains. As of October 24, 2025, the dividend yield of property REITs was 83 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 210 basis points [1]. - E Fund Guangxi Beitou Expressway REIT was officially declared. This is the first publicly - offered REIT product declared by a local enterprise in Guangxi, marking an important breakthrough in the in - depth linkage between local infrastructure and the capital market [1]. Summary by Related Catalogs Secondary Market Trends - As of October 24, 2025, the closing price of the CSI REITs (closing) Index was 816.04 points, with a weekly price change of +0.2%. It performed worse than the CSI Convertible Bond Index (+1.5%) and the CSI 300 Index (+3.2%), but better than the CSI Aggregate Bond Index (0.0%). Year - to - date, the price change rankings of major indices were: CSI 300 (+18.4%) > CSI Convertible Bond Index (+16.1%) > CSI REITs Index (+3.4%) > CSI Aggregate Bond Index (+0.4%) [2][6]. - In the past year, the return rate of the CSI REITs Index was 5.2%, with a volatility of 7.3%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index [2][11]. - The total market value of REITs rose to 218.8 billion yuan on October 24, an increase of 500 million yuan from the previous week. The average daily turnover rate for the whole week was 0.52%, an increase of 0.13 percentage points from the previous week [2][11]. Sector Performance - As of October 24, 2025, from the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were +0.1% and +0.7% respectively. From the perspective of different project types, most REIT sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains [3][16]. - The top three REITs in terms of weekly price increases were ICBC Mongolia Energy Clean Energy REIT (+4.06%), AVIC Yishang Warehouse Logistics REIT (+3.58%), and Zheshang Shanghai - Hangzhou - Ningbo REIT (+3.23%) [3][20]. - Water conservancy facilities REITs had the highest trading activity. In terms of different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 18.9% of the total REIT trading volume [3][23]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC In - City Mall Consumption REIT (10.04 million yuan), China Merchants Fund Shekou Rental Housing REIT (7.32 million yuan), and Yin Hua Shaoxing Raw Water Water Conservancy REIT (4.34 million yuan) [3][24]. Primary Market Issuance - From the beginning of the year to October 24, 2025, there were 2 REIT products in the "accepted" stage on the exchange, 1 in the "declared" stage, 1 in the "inquired" stage, 5 in the "feedback" stage, 7 products that had passed and were waiting to be listed, and 12 first - issued products that had passed and were already listed [26]. Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of publicly - offered REITs was 6.5% as of October 17. From the stock - like perspective, the valuation of REITs was judged through relative net value premium rate, IRR, and P/FFO [28]. - As of October 24, 2025, the dividend yield of property REITs was 83 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 210 basis points [31]. Industry News - E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund was officially declared. The project initiator was Guangxi Beibu Gulf Investment Group Co., Ltd., and the manager was E Fund Management Co., Ltd. Guangxi Beibu Gulf Investment Group Co., Ltd. is a large - scale wholly - state - owned enterprise directly under the People's Government of Guangxi Zhuang Autonomous Region, mainly engaged in infrastructure investment, financing, and construction such as comprehensive transportation, port logistics, and environmental protection water services [4][33].

Group 1: Industry Dynamics - Huaxia Anbo Warehousing REIT will initiate offline inquiry on October 30, with a price range of 5.103 to 6.235 yuan per share, and a total issuance of 400 million shares approved by the China Securities Regulatory Commission [1][7]. - The initial strategic placement will account for 280 million shares, representing 70% of the total issuance, while 84 million shares will be offered in the initial offline issuance (21%) and 36 million shares to public investors (9%) [1][7]. Group 2: Primary Market - As of October 24, 2025, the total issuance scale of listed REITs reached 196.6 billion yuan, with 75 REITs issued [8][9]. Group 3: Market Performance - During the week of October 20 to October 24, 2025, the CSI REITs total return index increased by 0.16%, while the total REITs index rose by 0.35% [2][17]. - The total REITs index underperformed the CSI 300 index by 2.89 percentage points but outperformed the CSI All Bond Index by 0.33 percentage points [2][17]. - The top-performing REITs included ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Easy Business Warehousing Logistics REIT (+3.58%), and Shanghai-Hangzhou-Ningbo Hanghui REIT (+3.23%) [2][17]. Group 4: Liquidity - The total trading volume of REITs for the week was 544 million yuan, a 31.3% increase from the previous week [3][38]. - The trading volumes for property and operating rights REITs were 350 million yuan and 194 million yuan, respectively, with both showing similar increases of around 31% [3][38]. - The largest trading volume among REIT types was in transportation infrastructure, accounting for 18.9% of the total [3][38]. Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the valuation of REITs [44].

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential stabilization in the market [1][2]. Market Performance - On September 4, the CSI REITs All Return Index rose by 0.42%, with multiple public REITs gaining over 2%, including a 3.1% increase in the China Merchants Fund Shekou Rental Housing REIT [1][2]. - The previous week (August 25-29), the index recorded a 1.06% increase, closing at 1073.33 points [2]. - There is a noticeable differentiation within public REITs, with property-type REITs increasing by 1.55% and franchise-type REITs by 0.87% [2]. Year-to-Date Performance - As of September 4, 54 out of 58 listed REITs have achieved positive returns this year, with the Jia Shi Wu Mei Consumption REIT exceeding a 50% increase [3]. - Other notable performers include the Huaxia Dayuecheng Commercial REIT and the Bosera Tian Kai Industrial Park REIT, both with gains over 40% [3]. Market Challenges - The REITs market is currently under short-term pressure due to a high sentiment in the equity market and reduced liquidity, leading to significant index corrections [4]. - Among 47 public REITs, many have reported negative returns over the past 60 trading days, with four REITs experiencing declines exceeding 10% [4]. Financial Performance - For the first half of 2025, the overall revenue of REITs showed a slight increase of 0.6%, while net profit declined by 7.5% [6]. - The average cash distribution rate fell to 2.36%, a decrease of 50 basis points year-on-year, and the average dividend rate dropped to 2.26%, down 146 basis points [6]. Long-term Investment Perspective - The current market conditions may present good long-term investment opportunities in public REITs, particularly in resilient sectors such as rental housing and consumption [8][9]. - Investors are encouraged to adopt a long-term holding strategy to achieve better returns through reasonable asset allocation [9].

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential for further market stabilization and investment opportunities [1][2][5]. Market Performance - On September 4, the CSI REITs All Return Index increased by 0.42%, with multiple public REITs rising over 2%, notably the招商基金蛇口租赁住房REIT which rose by 3.1% [1][2]. - From August 25 to August 29, the CSI REITs All Return Index recorded a gain of 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [1][2]. - As of September 4, among the 58 REITs listed before January 1, 2025, 54 have achieved positive returns this year, with 40 REITs increasing by over 10% [3]. Sector Analysis - There is a noticeable differentiation within public REITs, with property-type REITs rising by 1.55% and concession-type REITs by 0.87% last week [2]. - Sectors such as consumption, affordable housing, warehousing logistics, and data centers have shown relatively strong performance [2][4]. Financial Metrics - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [4]. - The distributable income decreased by 4.3%, and the actual dividend amount dropped by 26%, leading to an average cash distribution rate of 2.36%, down 50 basis points year-on-year [4]. Investment Strategy - The market sentiment indicates a potential for further recovery in the REITs sector, especially if investor risk appetite continues to contract [5][6]. - Investment opportunities are suggested in high-quality projects, particularly in sectors with strong fundamental expectations such as affordable housing and consumption [6]. - Long-term holding and reasonable allocation are emphasized as strategies for achieving better investment returns in public REITs [1][6].