Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in the coming years [7]. Core Insights - The REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, selecting resilient assets, and monitoring the expansion of REITs [4]. - The report highlights a trend of performance divergence among various REIT sectors, emphasizing the importance of timing in investment decisions [1][4]. Summary by Sections Warehousing and Logistics - In Q2 2025, the average occupancy rate for warehousing logistics REITs was 94.3%, with a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 4.4 percentage points [10]. - The average rental rate was 52.4 CNY/sqm/month, reflecting a competitive market where tenants are cautious about renewing leases [10][11]. Consumer Infrastructure - The average occupancy rate for consumer infrastructure REITs in Q2 2025 was 97.1%, with a quarter-on-quarter increase of 0.9 percentage points, although it saw a year-on-year decline of 1.3 percentage points [14]. - The average rental rate was 217.9 CNY/sqm/month, showing a quarter-on-quarter decrease of 3.9% but a year-on-year increase of 5.0% [14][15]. Affordable Housing - The average occupancy rate for affordable housing REITs was 96.0% in Q2 2025, with a quarter-on-quarter increase of 1.0 percentage points and a year-on-year increase of 0.9 percentage points [20]. - The average rental rate was 54.0 CNY/sqm/month, indicating stability in rental income despite slight fluctuations [20]. Industrial Parks - The report notes a decline in both occupancy rates and rental income for industrial parks, driven by increased competition and economic pressures [2]. Highways - In Q2 2025, highway REITs experienced a seasonal decline in traffic volume, but year-on-year comparisons showed recovery, particularly in freight traffic which increased by 1.3% [3]. Energy and Environmental Protection - The performance of energy and environmental protection REITs was mixed, with wind power projects performing well while solar projects faced challenges due to decreased sunlight and increased competition [3].

Issuance Market - In the current period, 2 REITs were issued with a total scale of 5.58 billion yuan, and the average allocation ratio remains low at 0.43% [1][6] - A total of 12 REITs have been issued this year, with the number increasing by 9% compared to the same period last year, while the total issuance scale decreased by 23% to 20.9 billion yuan [1][6] - The issuance of property REITs shows a significant advantage in both quantity and scale compared to operating rights REITs, accounting for over 80% of the total [1][6] Secondary Market - The current number of REIT products in the market is 71, with a total scale exceeding 211.9 billion yuan, maintaining a lead in property REITs over operating rights REITs [2][13] - The REITs market experienced a slight decline of -0.62%, lagging behind the stock market, while the overall increase for the year is 16.33%, significantly outperforming stock indices [2][14] - Property REITs have shown a year-to-date increase of 18.82%, while operating rights REITs increased by 13.84%, with notable performance differences among various underlying asset types [2][14] Dividend Situation - The total dividends for the REITs market in 2025 reached 4.572 billion yuan, with a dividend yield of 2.80%, which is lower than the dividend yield of the CSI Dividend Index [3][28] - Property REITs have a dividend yield of 2.30%, significantly lower than the 3.42% yield of operating rights REITs [3][28] - The forced dividend nature of REITs results in high dividend ratios across different types, with operating rights REITs showing higher dividend amounts and yields compared to property REITs [3][29] Investment Value Analysis - The latest valuation for all property REITs is 27.39, which has decreased compared to the previous period, with affordable housing REITs showing relatively high valuations [4][35] - The valuation (P/EBITDA) for industrial park REITs is the lowest among all asset types, while the internal rate of return for water conservancy facility REITs is the highest among operating rights REITs [4][35] - The dividend yield for property REITs calculated from actual dividends over the past year is 3.61%, indicating a strong dividend ratio compared to stock indices [4][35]

Investment Rating - The report maintains a cautious outlook on the industry, with expectations of GDP growth slowing to 4.5% in the third quarter of 2025, following a strong second quarter performance [3][13]. Core Insights - The second quarter showed robust growth, but June data revealed emerging concerns, particularly in retail and export sectors, indicating a potential softening of economic momentum [3][4]. - The real estate market continues to struggle, with declining transaction volumes and increased fiscal pressure on local governments, necessitating potential policy adjustments [5][12]. - Consumer spending is being supported through financial measures, with a focus on enhancing service supply to stimulate demand [10][11]. Summary by Sections Economic Performance - The second quarter GDP growth is projected to reach 5%, but a decline to 4.5% is anticipated in the third quarter due to weakening exports and a sluggish real estate market [3][13]. - Retail sales showed strong performance in early June, driven by promotional activities, but this may not be sustainable as consumer sentiment weakens [4][10]. Export and Trade - Exports to the U.S. saw a rebound in June, likely due to seasonal demand for the holiday shopping season, but overall export performance remains weak [4][18]. - Container throughput at major ports in China has significantly slowed, indicating a broader decline in trade activity [4][14]. Real Estate Market - The real estate sector remains under pressure, with transaction volumes continuing to decline and fiscal revenues falling short of budget targets [5][22]. - Local governments face increasing fiscal challenges, prompting discussions on expanding budgetary flexibility and potential new financing tools [5][12]. Consumer Spending and Policy Measures - The government is implementing measures to support consumer spending, including financial backing for service consumption and infrastructure development [10][11]. - Structural reforms are necessary for a more balanced economic recovery, focusing on social welfare and tax reforms [11][12].

Group 1: Urbanization and City Renewal - Urbanization rate in China is projected to reach 67% by the end of 2024, with 940 million people living in urban areas [1] - The focus of urban construction has shifted from large-scale new construction to quality improvement and structural adjustment of existing urban areas [1] - City renewal actions are a key component of the new urbanization strategy, requiring significant financial resources and innovative financing mechanisms [1] Group 2: Policy Support for Old Community Renovation - Policy-based finance has accelerated the renovation of old communities, with the National Development Bank providing approximately 10 million yuan in long-term loans for the renovation of the Fuli community in Jiangxi [2][3] - The renovation includes essential infrastructure improvements such as road hardening and sewage system upgrades, enhancing the living environment for residents [2] - The renovation project is expected to benefit nearly 15,000 households upon completion [3] Group 3: Financing Tools for Consumer Infrastructure - New financing tools, such as consumption infrastructure REITs, have been introduced to support the development of shopping centers, enhancing urban life [5][6] - The issuance of the consumption infrastructure REIT has raised over 3 billion yuan, primarily used for new project investments in cities like Shanghai and Tianjin [6][7] - The REITs model allows for the trading of infrastructure assets, providing liquidity and investment opportunities for investors [7] Group 4: Collaborative Financial Efforts in Urban Renewal - In Jiangsu, the Qinhuai River renovation project has seen significant improvements, including new pedestrian paths and water quality enhancements, supported by a combination of fiscal and financial resources [8][9] - Various funding sources, including 49.6 million yuan from provincial development funds and 1.2 billion yuan in long-term loans from the National Development Bank, have been utilized for the project [10] - The project aims to balance historical preservation with modern consumer needs, fostering economic and social benefits through effective funding strategies [10]

Group 1 - The core viewpoint indicates that the performance of commercial REITs, specifically 华夏大悦城商业REIT and 华安百联消费REIT, has significantly outperformed other REIT types, with returns close to 50% year-to-date as of May 23 [1] - In Q1 2025, the total revenue of eight listed consumption REITs reached 565 million yuan, but there were notable differences in profitability, with 华夏华润商业REIT reporting a net profit of approximately 9 million yuan, while 华夏大悦城商业REIT incurred a loss of 473,000 yuan [1] - Retail performance during the May Day holiday showed a significant increase in both foot traffic and sales for companies like 万达商管 and 爱琴海集团, with many reporting sales growth exceeding foot traffic growth, indicating an increase in average transaction value [1] Group 2 - Specific sales data from 大悦城 locations showed that 北京朝阳大悦城 achieved sales exceeding 85 million yuan with a 10% increase in foot traffic, while 武汉大悦城 saw foot traffic over 560,000, a 15.8% year-on-year increase, and sales growth of 18% [2] - Marketing activities during the holiday period positively impacted foot traffic and sales, as evidenced by 上海静安大悦城's "超好逛IP&COFFEE市集" event, which attracted 131,000 visitors and boosted sales by 17.5% [2] - The launch of new projects around the holiday period has increased, with many new developments strategically opening before or after the holiday to capitalize on consumer spending [2] Group 3 - A list of new projects launched around the May Day holiday includes K11 ECOAST in Shenzhen, 罗湖益田假日广场, and several others across major cities, indicating a trend of new developments entering the market [3] - The new projects are expected to inject vitality into local commercial markets and provide consumers with a more diverse shopping and leisure experience [5] Group 4 - The announcement of a new 奥莱 REIT, 中金唯品会奥特莱斯 REIT, has been made, with its underlying asset being an outlet mall in 宁波, which has a total construction area of 104,300 square meters and a commercial area of 83,300 square meters, boasting a high occupancy rate of 99.91% [6] - The project is valued at 2.972 billion yuan, reflecting a 547% increase from its book value, and has the highest price per square meter among current listed and proposed consumption REITs at 28,505 yuan/m² [6]

2024年，消费基础设施REITs底层资产经营表现亮眼。就出租率方面，合计12处资产的平均期末出租率 同比提升约3.2个百分点，大部分消费基础设施出租率自上市后实现正增长。 5月15日，戴德梁行发布《亚洲不动产投资信托基金(REITs)研究报告》。 报告介绍了2024年亚洲REITs市场的最新发展情况，并重点分析了中国香港、新加坡以及日本REITs的 最新表现。报告亦对中国公募REITs市场近年的发展情况进行了分析与总结，更加侧重从底层资产角度 分析不同业态的资产特点及经营表现。在业态拓展方面，报告参考亚洲成熟市场酒店REITs的经典案 例，探讨业态多元化对中国公募REITs市场发展的借鉴。 2024年亚洲REITs市场重塑，新兴REITs市场势头强劲 截至2024年12月31日，亚洲市场共有263支活跃的REITs产品，比2023年末增加38支；总市值为2,358亿 美元，同比2023年末下降6.5%。在此期间，中国内地、泰国和韩国共新上市40支产品，主要集中投资 于工业/物流、零售、基础设施及可持续等领域。 综合类和工业/物流类REITs展现较强的抗风险性 从日本、新加坡和中国香港三地REITs的分派收益 ...

Core Viewpoint - The recent issuance of the "Special Action Plan to Boost Consumption" by the Central Committee of the Communist Party of China and the State Council supports the issuance of real estate investment trusts (REITs) in the consumption infrastructure sector, which is expected to enhance effective supply, optimize the consumption environment, and stimulate potential demand, thereby facilitating a positive cycle of consumption investment [1] Group 1: Consumption Infrastructure REITs - Consumption infrastructure REITs can increase the effective supply of consumption infrastructure, optimize the consumption environment, and stimulate potential demand [1] - The underlying assets of consumption infrastructure REITs include commercial real estate such as department stores and shopping centers, which have diverse and well-distributed income characteristics, leading to revenue growth as retail sales increase [1] - The long-term development of consumption infrastructure as public REITs is expected to be stable and has significant asset appreciation potential, making it one of the fastest-growing segments in the public REITs market [1] Group 2: Industry Challenges and Opportunities - Consumption infrastructure REITs can help address existing industry challenges, such as high investment costs and long return periods, by providing new financing pathways for commercial assets [2] - The use of public REITs can reduce leverage and free up investment space while promoting the quality and efficiency of various commercial projects, contributing to the healthy development of commercial real estate [2] - Local governments are encouraged to leverage favorable policies and optimize assessment indicators to seize market expansion opportunities and effectively utilize REITs tools [2] Group 3: Addressing Shortcomings - Public REITs have high requirements for infrastructure, particularly regarding clear and complete property rights without economic or legal disputes [3] - Many existing infrastructures face issues with land use rights and property ownership, making historical asset confirmation a challenge for revitalizing existing assets [3] - Recommendations include improving the processes for property rights confirmation by administrative departments, especially concerning asset confirmation matters related to public REITs, to enhance project application efficiency [3]