证券研究报告 招商蛇口 (001979 CH) 2025 年中期策略会速递— 拿地力度增强，积极推动证券化 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 房地产开发 | 6 月 4 日招商蛇口出席了我们组织的 2025 年中期策略会，会上公司就近期 运营情况进行交流，去年四季度以来公司投拓力度显著增强，多 REITs 平 台助力资产证券化，融资成本持续优化，维持"买入"评级。 开发业务：销售降幅收窄，投拓积极性提升 2025 年前 4 月，公司累计销售面积达 205.9 万方，销售额 498.3 亿元，同 比分别-20.06%/-15.29%，销售额降幅较 24 年收窄 10pct。销售均价显著提 升，前四月销售均价为 2.4 万/平，同比增长 6.0%。拿地方面，今年投资强 度显著加强，前 4 月拿地强度逾 50%，较去年的 22%大幅提升。 资管业务：持有物业布局全面，借力 REITs 推进资产证券化 公司的持有物业分为集中商业、租赁公寓、写字楼、产业园和酒店，公司持 续提升持有物业运营效率，同时推动投 ...

证券研究报告 招商蛇口 (001979 CH) 2025 年中期策略会速递— 拿地力度增强，积极推动证券化 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 房地产开发 | 6 月 4 日招商蛇口出席了我们组织的 2025 年中期策略会，会上公司就近期 运营情况进行交流，去年四季度以来公司投拓力度显著增强，多 REITs 平 台助力资产证券化，融资成本持续优化，维持"买入"评级。 开发业务：销售降幅收窄，投拓积极性提升 2025 年前 4 月，公司累计销售面积达 205.9 万方，销售额 498.3 亿元，同 比分别-20.06%/-15.29%，销售额降幅较 24 年收窄 10pct。销售均价显著提 升，前四月销售均价为 2.4 万/平，同比增长 6.0%。拿地方面，今年投资强 度显著加强，前 4 月拿地强度逾 50%，较去年的 22%大幅提升。 资管业务：持有物业布局全面，借力 REITs 推进资产证券化 (16) (4) 8 19 31 Jun-24 Oct-24 Feb-25 Jun-25 (%) 招商 ...

Core Viewpoint - The performance of public REITs in the first quarter remains robust despite a volatile market environment, with significant support from policies and increasing interest from private capital [1][4][5]. Group 1: Performance Overview - A total of 62 public REITs have disclosed their operating data, achieving a combined revenue of 4.779 billion yuan and a net profit of 840 million yuan in the first quarter [1]. - 15 products reported revenues exceeding 100 million yuan, and 29 products had net profits over 10 million yuan, indicating a stable income for investors [1]. - Consumer REITs showed impressive growth, with revenues for specific products like Huaxia Huayun Commercial REIT increasing by 82.28% year-on-year [2]. Group 2: Market Expansion and Support - The number of public REITs is expected to continue expanding, with 7 new REITs listed this year, bringing the total to 65 [4]. - Local governments, such as Guangdong, are actively promoting the cultivation and application of infrastructure REITs, supporting more private capital projects [1][5]. - Non-state-owned enterprises are also showing interest in public REITs, with companies like CapitaLand submitting applications for consumer infrastructure REITs [5]. Group 3: Challenges for Private Enterprises - Private enterprises face challenges in participating in the REITs market, including the need for higher yield rates and market acceptance [6]. - The requirements for asset clarity and stable cash flow are high, with a need for a compound annual growth rate of net operating income (NOI) of at least 5% over three years [6][7]. - To successfully issue REITs, private enterprises must improve asset compliance, operational quality, and governance structures [7].