首秀大幕开启!5月31日，首批9只公募REITs同步开启发售，首发情况也备受关注。北京商报记者采访多 家公募内部人士了解到，截至下午收盘，虽然多数产品的实际募集数据仍在统计当中，并未明确，不 过，根据部分基金公司反馈，不论是机构投资者，还是普通投资者的认购意愿都较强烈。同时，根据当 日晚间公告可以看出，已有多只产品的公众投资者份额"一日售罄"，并将正式启动比例配售。 抢购一空 "上午收盘博时招商蛇口的REITs在公众方面的认购就已经超过40亿元了，至少这块的认购是肯定要配售 的了"，5月31日，首批9只公募REITs发售半日后，某渠道人士在接受北京商报记者采访时如是表示。 据悉，该渠道人士口中的产品，指的是博时基金旗下的博时招商蛇口产业园REITs，属于首批发行的公 募REITs之一。根据公告显示，该基金公众投资者认购的基金份额为0.9亿份，占发售份额总数的10%， 按照认购价格2.31元/份计算，该基金的公众投资者认购上限约为2.08亿元，远低于半日超40亿元的实 募"战果"。虽然截至5月31日收盘时的总募集规模目前尚未明确，不过，按照"末日比例配售"的规定， 博时招商蛇口产业园REITs公众投资者认购部分 ...

1. Report Title and Date - Report Title: "REITs Index Pulls Back, Initial Strategic Allocation Unlocks with Attractive Returns — July Half - Monthly Report on the Public REITs Market in 2025" [1] - Date: July 16, 2025 [2] 2. Core Viewpoints - The REITs index has pulled back in the past half - month, with the ecological and environmental protection sector rising on increased volume, while the rental housing and energy sectors have seen a decline in both price and volume. The consumer and industrial park sectors have slightly declined on increased volume, and the warehousing and transportation sectors have slightly risen with shrinking price and volume [3]. - The dividend yield of equity - type REITs is lower than that of the CSI Dividend Index, but the dividend yield of the warehousing and logistics sector has increased [3]. - The performance assessment of insurance funds in 2025 has started, which is expected to attract more funds into the REITs market [3]. - Two initial strategic allocations have unlocked with attractive returns, and China Resources Commercial REIT plans to apply for a second expansion [3]. 3. Summary by Relevant Catalogs 3.1 Near - Half - Month REITs Index Pulls Back, Equity - Type Dividend Yield Lags Behind CSI Dividend 3.1.1 Near - Half - Month REITs Index Pulls Back, Underperforms CSI 300 - Since the second half of June, the secondary market of REITs has been oscillating downward. From July 1 to 15, the CSI REITs (Closing) Index and the CSI REITs Total Return Index fell by 0.3%/0.1% respectively, underperforming the CSI 300 Index. As of July 15, in 2025, the two indices have cumulatively risen by 10.9%/14.1%, outperforming the CSI 300 Index and the ChinaBond - Treasury Bond Total Wealth (7 - 10 Years) Index [8]. 3.1.2 Ecological and Environmental Protection Leads in Gains, Nearly 90% of Rental Housing REITs Decline - From July 1 to 15, about 65% of REITs' net values have cumulatively declined, with an average decline of 0.56%. The ecological and environmental protection sector led the rise by 2.36%, while the rental housing and water conservancy facilities sectors, after rising for four consecutive months, had their first pullback, with average declines of 2.17% and 2.34% respectively. The consumer REITs had their first pullback this year, with over 60% of individual bonds declining, and the industrial park REITs had 70% declining [9][12]. 3.1.3 Turnover Rate Remains Low, Ecological and Environmental Protection Rises on Increased Volume - Since March 2025, the turnover rate of REITs projects has been continuously declining. From July 1 to 15, the average daily turnover rate of REITs projects was 0.76%, the same as in June. The ecological and environmental protection sector rose on increased volume, with the turnover rate significantly increasing to an average of 1.65%. The rental housing and energy sectors declined in both price and volume [13][16]. 3.1.4 Equity - Type Dividend Yield Lags Behind CSI Dividend, Warehousing and Logistics Sector's Dividend Yield Increases - As of July 15, 2025, the average TTM dividend yields of equity - type and concession - type REITs were 3.74%/6.94% respectively. Among equity - type REITs, the warehousing and logistics and industrial park REITs had relatively high TTM dividend yields, both exceeding 4%. Among concession - type REITs, the transportation - type REITs had a relatively high TTM dividend yield, with an average of 7.82% [19]. 3.1.5 Concession - Type: Ecological and Environmental Protection REITs Have High P/FFO Valuation Percentiles, Many Energy REITs Have Negative ChinaBond IRR - As of July 15, 2025, the P/FFO of REITs in the water conservancy facilities and transportation sectors is, on average, at the 63% and 66% historical percentiles respectively, with a lower valuation level than other concession - type assets. The P/FFO percentile of the ecological and environmental protection sector has reached an average of 85% since listing. Many energy infrastructure REITs have a low IRR, and some have a negative IRR [21]. 3.1.6 Equity - Type: Industrial Park REITs' Valuation Drops to the Historical Median - As of July 15, 2025, the latest P/NAV of rental housing REITs has dropped to the 87% historical percentile, and the IRR is at the 14% historical percentile. The P/NAV of consumer REITs has reached the 83% percentile, and the industrial park REITs' P/NAV is, on average, at the 56% percentile since listing [25]. 3.2 Two Initial Strategic Allocations Unlock with Attractive Returns, China Resources Commercial REIT Plans to Apply for Second Expansion 3.2.1 REITs Market News from July 1 to 15 - The high - tech industrial park public REIT project of Taicang High - tech Holding Co., Ltd. has started the tender. The Ministry of Finance has issued a notice on guiding long - term and stable investment of insurance funds. The REIT project of Wuxi Xishan Environmental Energy Group Co., Ltd. has started the tender. Beijing has issued a plan to boost consumption, supporting the issuance of REITs for eligible consumer infrastructure [28]. 3.2.2 No REITs Issued in July 1 - 15, 2025 - From July 1 to 15, there was no REIT issuance. As of July 15, a total of 10 REITs have been issued in 2025, with a total fundraising of 1.79 billion yuan [29]. 3.2.3 Offline New - Share Subscription Yield of 2.54%, Two Initial Strategic Allocations Unlock with Attractive Returns - As of July 15, the combined offline income of 0.5/1 billion yuan of funds in 2025 is 1.269 million/2.5381 million yuan, with a yield of 2.54%. On July 2 and 9, the initial strategic allocations of China TBEA New Energy REIT and China Shenzhen International REIT were unlocked, with unlocking yields of 56.62% and 32.58% respectively [35]. 3.2.4 Ten REITs Initial Projects Are in Queue - As of July 15, there are currently 10 initial REIT projects in the queue. The exchange has newly accepted China Anbo Warehousing and Logistics REIT, and some projects have updated their status to "feedback received" [38]. 3.2.5 Six REITs' Expansion Projects Are in Queue, China Resources Commercial REIT Plans to Apply for Second Expansion - Currently, six REITs' expansion projects are in the queue. China Resources Commercial REIT announced on July 9 that it plans to apply for a second expansion, including the Hangzhou Xiaoshan Vientiane City project, the Shenyang Changbai Vientiane City project, and the Zibo Vientiane City project [39][40].

上天天基金APP搜索【777】开户即可领98元券包 ，优选REITs基金10元起投！限量发放！ 先到先得！ 今年以来，公募REITs收益率连创新高。 投资价值的凸显，也让公募REITs的"朋友圈 "持续扩大。今年已有8只REITs相继上市，还有多个新项目 和扩募项目陆续申报。同时，也吸引了保险、券商自营、理财子公司等机构投资者纷纷布局。 最高收益率接近50% 截至5月23日收盘，华夏大悦城商业REIT和华安百联消费REIT今年以来收益率分别达49.21%和 48.90%。 近期，这两只REITs价格相比发行价均上涨超50%。根据沪深交易所《公开募集基础设施证券投资基金 业务指引第5号——临时报告（试行）》的相关规定，基础设施基金当日收盘价偏离基准价首次达到 50%的，基金管理人应当申请次一交易日开盘起至10:30停牌1小时，并于停牌日当日开盘前披露停牌公 告。 5月14日， 华安基金 发布公告称，5月13日，华安百联消费REIT在二级市场的收盘价为3.528元/份，相 较于基准价（基金发行价2.332元/份）涨幅首次达到51.29%。为了保护基金份额持有人的利益，该基金 于5月14日上海证券交易所开市起停牌1 ...

Core Viewpoint - Public REITs have achieved record high returns this year, with significant interest from institutional investors and a growing number of new listings and projects [1][4][6]. Group 1: Performance Highlights - As of May 23, 2023, both Huaxia Dayuecheng Commercial REIT and Huaxia BaiLian Consumption REIT have returns close to 50%, specifically 49.21% and 48.90% respectively [2][4]. - A total of 54 out of 58 listed REITs have generated positive returns this year, with 19 REITs yielding between 20% and 40%, and 40 REITs exceeding 10% [4][5]. Group 2: Regulatory Actions - Due to the significant price increase, both Huaxia Dayuecheng Commercial REIT and Huaxia BaiLian Consumption REIT experienced a trading suspension for one hour after their prices deviated from the benchmark price by 50% [2][3]. Group 3: Institutional Interest - The investment value of public REITs has attracted various institutional investors, including insurance companies, brokerages, and wealth management subsidiaries, leading to a diverse ownership structure [6][7]. - For instance, institutional investors hold 83% of the total shares in the FuGuo ChuangShang Water REIT, indicating strong institutional confidence in the asset class [6]. Group 4: Market Expansion - This year, eight new REITs have been listed, including ZhongHang YiShang Warehousing Logistics REIT and HuaXia JinYu Intelligent Manufacturing REIT, with several new projects and expansions in the pipeline [7].

相较于股、债等传统资产，REITs在我国还属于"年轻"品类。2021年开启试点，2024年正式进入常态化发行。截至2025年2月20日，国内已有63只 公募REITs发行上市，累计募资1,683.74亿元，底层资产涵盖产业园区、高速公路、保障性住房等不同领域。 2024年，在股市波荡起伏和债市走入利率"1"时代之际，投资者开始寻找能够同时满足"股性"和"债性"的折中产品，沉寂了两年的公募REITs借势 打了一个漂亮的翻身仗。中证REITs全收益指数2024年全年上涨12.31%，其中得益于政策和基本面多方助推的产业园板块部分产品涨幅超40%， 可以说是在如今低利率环境下的"异军突起"。 图1： 中证REITs全收益指数表现（2021/9/20-2024/12/31） 来源： Wind，华宝 证券研究创新部，数 据区间：2021/09/20-2024/12/31 与此同时，REITs一级市场的发行热度居高不下。2025年开年发行的国泰君安济南能源供热REIT，公众投资者认购倍数达到813倍，直接为REITs 板块创下"开门红"；而随后提前结束募集的汇添富九州通医药REIT，公众投资者有效认购倍数达到1192倍， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 转自：证券日报网 本报记者 许林艳 由《证券日报》社有限责任公司主办，中证中小投资者服务中心有限责任公司、中国上市公司协会 为支持单位，北京基金小镇投资者教育基地、东方财富、第一创业证券联合举办的第七届"5・15－5・ 19中小投资者保护宣传周"公益活动，在北京、上海、深圳三地盛大开启。 此次公益活动以"践行三投资，筑牢两防范"为主题，邀请了券商首席分析师、公益律师、上市公司 代表等通过主题分享、圆桌讨论的形式，为投资者们普及投资知识，倡导理性投资、价值投资和长期投 资理念，提升投资者的风险意识和自我保护能力。 在5月15日的圆桌讨论环节，北京首创生态环保集团股份有限公司（以下简称"首创环保"）董秘官 念分享了公司近年来的高质量发展路径以及践行市值管理的举措。 战略部署驱动公司高质量发展 首创环保成立于1999年，发展至今，公司已经在水务行业深耕20余年。"随着市场环境的变化，客 户需求也在持续提升。"官念说道。在这种情况下，首创环保提出了三大发展战略：客户深耕、价值多 元和三元驱动。 截至目前，首创环保在29个省、170多个地级市拥有水务、固废、大气综合治理 ...

随着多只公募REITs进入分红期，REITs市场一季度现"分红潮"。 据券商中国记者统计，今年一季度已有12只REITs完成派息，多只REITs的分红金额超过1亿元。今年同期 实施分红的REITs数量显著增加，主要源于2024年以来上市的一批新产品。业内人士指出，REITs具备高 分红、低波动、低相关性等优势，正在成为投资者抵御市场波动、优化资产配置的新选择。 业内分析认为，公募REITs市场的快速扩容和密集分红背后，一方面是国内大量优质存量资产亟待盘活， 另一方面则是 "资产荒"背景凸显了稳健收益的吸引力。业内人士认为，随着政策推动和市场规模扩大，未 来REITs有望在机构投资者的资产配置中占据更重要的位置。 多只REITs一季度派息 券商中国记者注意到，以派息日为口径，今年以来，已经有12只REITs进行了派息。从分红金额来看，招 商高速公路REIT、工银河北高速REIT和中金安徽交控REIT的分红均超过了1亿元，分别为2.1亿元、1.9亿 元和1.8亿元。 从基金分红比例来看，招商高速公路REIT、嘉实中国电建清洁能源REIT和嘉实物美消费REIT的分红比例 较高，分别为5.9%、3.5%和3.4%。 ...