高速公路REITs

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公募REITs二季报业绩点评:分化成主基调,择时为关键
GOLDEN SUN SECURITIES· 2025-08-14 11:13
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].
沪市债券新语|高速板块REITs表现向好 机构不改“看多”心态
Xin Hua Cai Jing· 2025-06-15 13:36
Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].
高速公路REITs观察:机构追捧的红利资产代表
Si Lu Hai Yang· 2025-05-27 05:21
Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Highway REITs, as the largest category of underlying assets in the REITs market, have expanded significantly in the past two years and are highly sought after by the market. The proportion of institutional holdings, represented by insurance, has increased, indicating enhanced attractiveness to long - term funds [2][79]. - In 2024, the traffic volume of highway REITs generally declined to varying degrees, and the toll revenue of 8 products decreased. However, the fluctuations of major highway REITs were within about 10%. The net profit of major highway REITs has shown certain fluctuations in recent years, with low stability [2][16][79]. - From 2023 - 2024, the cash distribution rate of highway REITs was generally high, but there were significant differences among different projects. In terms of fund dividend ratio, there were also large disparities among different products [3][80]. - After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024. Since 2025, all 13 highway REITs have continued to rise. Some REITs with small fluctuations in revenue and net profit, positive growth, strong turnaround expectations, and other factors have shown strong excess returns [4][31][81]. Group 3: Summary by Directory 1. Basic Situation - As of now, 13 highway public offering REITs have been issued, with a total issuance scale of 68.771 billion yuan, accounting for over 40% of the entire market. The single - issuance scale of highway public offering REITs is relatively large, with the scale of CICC Anhui Expressway REIT exceeding 10 billion yuan and that of E Fund Shenzhen Expressway REIT being 2.048 billion yuan [7]. 2. Holder Analysis - As of the end of June 2024, the institutions holding highway public offering REITs were mainly original equity holders, securities company proprietary trading, and insurance (including insurance asset management). Except for CICC Shandong Expressway REIT, Huaxia Yuexiu REIT, and Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, whose top ten shareholder holding ratios decreased by 0.67%, 4.43%, and 3.05% respectively, the top ten shareholder holding ratios of other products increased, indicating enhanced market attractiveness to long - term funds [9]. 3. Overall Operational Performance - **Traffic Volume**: In 2024, among the 8 REITs listed for over a year, only Zheshang Shanghai - Hangzhou - Ningbo REIT and Huatai Jiangsu Expressway REIT achieved year - on - year growth in traffic volume, while the traffic volume of other highway REITs declined to varying degrees. CICC Anhui Expressway REIT, Guojin China Railway Construction REIT, and Huaxia China Communications Construction REIT had relatively large declines [12]. - **Toll Revenue**: In 2024, the toll revenue of 8 highway REITs decreased. Zheshang Shanghai - Hangzhou - Ningbo REIT and CICC Shandong Expressway REIT had relatively small decline ranges, while CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Huaxia Yuexiu REIT had relatively large decline ranges. The quarterly环比 growth rate of major highway REITs fluctuated within about 10%, and some REITs had relatively large fluctuations [16]. - **Net Profit**: From 2022 - 2024, the net profit of major highway REITs fluctuated, with low stability. Gongyin Hebei Expressway REIT and CICC Anhui Expressway REIT had large losses, while Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT had high and stable net profit [19]. - **Cash Distribution Rate**: From 2023 - 2024, the cash distribution rate of highway REITs was generally stable, but there were significant differences among different projects. Zheshang Shanghai - Hangzhou - Ningbo REIT and Guojin China Railway Construction REIT had relatively high distribution rates, while Huaxia China Communications Construction REIT had a relatively low rate [3][24]. - **Fund Dividend Ratio**: In 2024, Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, Ping An Guangzhou Jiaotong Guanghe Expressway REIT, and Huaxia Yuexiu Expressway Closed - end Infrastructure REIT ranked among the top three. On the other hand, Gongyin Hebei Expressway Group Expressway REIT, CICC Shandong Expressway Group Expressway REIT, and CICC Anhui Expressway REIT had an average dividend rate of less than 2% [27]. - **Remaining Term**: The remaining terms of highway REITs are mainly concentrated between 10 - 25 years, but there are large differences among different projects. Some projects may extend the franchise term due to reconstruction and expansion [30]. 4. Secondary Market Performance and Analysis - **Overall Performance**: After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024, with the CSI REITs Total Return Index rising 13.92% for the whole year, and the average increase of highway REITs being 7.26%. Since 2025, all 13 highway REITs have achieved positive returns [31]. - **Specific REITs**: - **Huaxia Nanjing Transportation Expressway REIT**: Listed in November 2024, it has risen 21.58% since 2025 and 29.48% since listing. Its operation is relatively stable, with small fluctuations in revenue and net profit and positive growth. The newly listed floating shares are only 126 million yuan, which may be the reason for the increase in the secondary - market price [35][36]. - **China Merchants Fund Highway Expressway REIT**: Listed in November 2024, it has risen 15.37% since 2025 and 11.26% since listing. Its operation and profitability are similar to those of Huaxia Nanjing Transportation Expressway REIT, with better profitability [37][38]. - **CICC Anhui Expressway REIT**: Listed on November 1, 2022, it has risen 14.65% since 2025 but still declined 9.91% since listing. In 2024, its operation deteriorated due to factors such as bad weather and road - network diversion. However, after the reconstruction and expansion project of Xuangang Expressway was completed in 2025, its traffic volume and toll revenue are expected to recover, and there is a certain upward momentum in valuation re - evaluation [39][40]. - **Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT**: Listed in December 2024, it has risen 13.97% since 2025 and 23.64% since listing. Its operation is good, with increasing traffic volume and toll revenue. It is expected that its secondary - market price will remain strong [44]. - **CICC Shandong Expressway Group Expressway REIT**: Listed on October 27, 2023, it has risen 12.35% since 2025 and 35.29% since listing. In 2024, its traffic volume declined slightly. In the future, the completion and opening of competitive roads may bring greater competitive pressure, and the secondary - market price may face adjustment pressure [45][47]. - **Huaxia China Communications Construction Expressway REIT**: Listed in April 2022, it has risen 12.57% since 2025 but still declined 34.48% since listing. In 2024, its net profit declined significantly due to impairment losses on intangible assets. The change in the surrounding road network may affect its traffic volume, and the secondary - market price may face adjustment pressure [50][51]. - **Huatai Jiangsu Expressway REIT**: Listed in November 2022, it has risen 11.46% since 2025 and 3.63% since listing. In 2024, its revenue and net profit declined, but the cash - flow situation improved. It is located in the Yangtze River Delta region, with a good operating environment. The impact of competitive roads is small, and the secondary - market price may continue to rise steadily [53][55]. - **Guojin China Railway Construction Expressway REIT**: Listed in July 2022, it has risen 11.08% since 2025 and 30.15% since listing. In 2024, its revenue and net profit declined slightly. It is located in the Chengdu - Chongqing Twin - City Economic Circle, with a good operating environment. The impact of competitive projects is small, and the secondary - market price may still have opportunities [57]. - **E Fund Shenzhen Expressway REIT**: Listed in March 2024, it has risen 5.36% since 2025 and 10.80% since listing. In 2024, its traffic volume and toll revenue declined due to bad weather and road - network diversion. In the future, the opening of Yichang North Expressway may bring greater competitive pressure, and the secondary - market price may face pressure [61][62]. - **Gongyin Hebei Expressway Group Expressway REIT**: Listed in June 2024, it has risen 5.15% since 2025 and 4.57% since listing. In 2024, its net profit was poor due to high operating costs and interest expenses, but it was positive in the second half of the year. There are no new competitive projects around, and the secondary - market price may still have potential [65][66]. - **Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT**: Listed in July 2021, it has risen 4.23% since 2025 and 21.07% since listing. In 2024, its operation was relatively stable. The opening of the new competitive section may have a certain negative impact on its operation, but the impact is expected to be small, and the secondary - market price may continue to rise steadily [67][69]. - **Huaxia Yuexiu Expressway Closed - end Infrastructure REIT**: The project is mainly the Hanxiao Expressway. It has risen only 1.69% since 2025 but still has an increase of 10.51% since listing. In 2024, its revenue and net profit declined. The short - term diversion of the Beijing - Hong Kong - Macao Expressway affected its traffic volume and toll revenue, and the secondary - market price performance was weak [71]. - **Ping An Guangzhou Jiaotong Guanghe Expressway REIT**: One of the earliest listed REITs, it has risen only 0.83% since 2025 and still declined 6.96% since listing. From 2022 - 2024, its overall performance was good and stable. The traffic volume has declined since 2024 due to bad weather and other factors. The secondary - market price may have room to rise due to the strengthening of capital allocation [75][78]. 5. Summary - Highway REITs have expanded significantly in the past two years and are highly attractive to long - term funds. In 2024, the traffic volume and toll revenue generally declined, and the net profit fluctuated. There are differences in the cash distribution rate and fund dividend ratio among different projects. Some REITs have strong excess returns in the secondary market, while others may face price adjustment pressure [79][80][81].