华夏基金华润有巢REIT自2022年12月上市以来，始终以"投融管退"全链条闭环模式探索保租房资产证 券化路径，通过精细化运营（如智能管理系统、租户服务升级）实现高出租率与高收缴率。截至2025年 11月底，基金成立以来已累计向持有人进行9次收益分配，累计分红金额超1.54亿元。展现了在市场化 主体的高效管理能力下，稳健的现金流生产与分派能力。 华夏基金华润有巢REIT的扩募成功，不仅验证了市场化主体在保租房领域的运营能力，更彰显了公募 REITs作为金融工具服务实体经济、促进共同富裕的独特价值。我国住房租赁市场拥有2.6亿租赁人口的 庞大基本盘，其中新市民、青年人达近2亿人，保租房作为解决该群体住房需求的核心载体，亟需金融 工具支持其实现可持续运营。华夏基金华润有巢REIT通过扩募引入优质资产，一方面通过公募REITs平 台实现了保租房资产的高效盘活，为原始权益人回笼资金，可进一步投入新的保租房项目建设，形 成"建设-运营-资本化退出-再投资"的良性循环；另一方面，高出租率、高分派率的资产注入，印证了市 场化运作保租房项目的投资价值，将吸引更多社会资本参与保租房领域，缓解行业资金压力。 业内人士表示，扩募如 ...

2025 年 11 月 27 日 华夏华润有巢 REIT (508077.SH) 扩募价值深度分析 相关研究 证券分析师 彭文玉 A0230517080001 nenawv@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 A0230524050004 zhumin@swsresearch.com 申万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 申购策略观点：有巢马桥项目地处上海闵行与松江交界，25 年末马桥 AI 试验区新企业 的入驻有望产生新增租赁需求, 但在市场租金普降的背景下以及区域内散租占主导, 可能 对项目租金产生扰动。我们预计有巢马桥项目的公允价值区间为 8.28~10.39 亿元，与 披露评估值相差-16.32%~5.05%。扩募前，华润有巢分红能力处于中游水平，但扩募 后预计 25 年中性 Cap Rate 达到 3.37%，仅次于城投宽庭与招蛇租赁；中性 IRR 预计 4.8%,较扩募前提升 0.26 个百分点。 ...

Group 1 - The core point of the news is that Huaxia Fund has completed the application process for the first expansion and acquisition of infrastructure projects for the Huaxia Fund Huayun REIT (508077) in 2024, receiving approval from the China Securities Regulatory Commission and a no-objection letter from the Shanghai Stock Exchange [1][2] - The infrastructure project to be acquired is the Youchao Majiao project located in Minhang District, Shanghai, which officially opened in March 2023 and is recognized as a demonstration project for affordable rental housing in Shanghai [1] - The Youchao Majiao project offers a multi-tiered rental housing product and has received multiple recognitions, including the "Shanghai Talent Housing Project" and "Minhang District First Batch of Talent Station Pilot Project" [1] Group 2 - The expansion and acquisition of infrastructure projects by public REITs is a significant feature of public REIT products and an important measure to promote the healthy development of public REITs [2] - The expansion of Huaxia Fund Huayun REIT will facilitate a positive cycle between existing and new assets, providing investors with further opportunities to participate in the development of affordable rental housing [2] - The current acceleration of public REITs expansion is contributing to the advancement of public REITs in China to a new level [2]

Core Viewpoint - The REITs market, particularly for rental housing, is experiencing a period of adjustment due to economic pressures, but the performance of rental housing REITs remains stable, supported by consistent occupancy rates and rental income [1][2]. Financial Performance - In the first half of 2025, Huazhong Youchao REIT reported revenues of 39.29 million yuan, a slight decrease of 0.07% year-on-year, while net profit increased by 38.67% to 5.78 million yuan, and EBITDA rose by 4.84% to 25.79 million yuan [3][5]. - The fund's distributable amount for the period was 24.34 million yuan, down 0.3% year-on-year, with an actual distribution of 24.42 million yuan, indicating a positive short-term return performance [3][4]. Market Context - The public REITs market for rental housing is expanding, with new listings and ongoing fundraising efforts, reflecting a robust demand supported by policy initiatives [2][6]. - The rental housing REITs have reached a total of eight listings, indicating a growing market presence [2]. Asset Management - The underlying assets of Huazhong Youchao REIT include the Youchao Sijing project and the Youchao Eastern Economic Development Zone project, both of which are located in Shanghai and have shown improved occupancy rates [6][7]. - The overall occupancy rate for the underlying projects increased by 1.75 percentage points to 95.87%, while the average rental price per square meter per day decreased by 2.26% to 2.16 yuan [6][7]. Competitive Landscape - New competitive projects have emerged in the vicinity of the underlying assets, but they have not significantly impacted the operational performance of Huazhong Youchao REIT [9]. - The company is actively managing its commercial leasing strategy to enhance community services and maintain high rental collection rates, which stood at 99.80% [8][9].