Core Viewpoint - The article discusses the implications of public REITs (Real Estate Investment Trusts) expansion for investors, highlighting the differences between initial offerings and expansions, and emphasizing the importance of asset quality in determining returns [1][5]. Summary by Sections Public REITs Overview - Public REITs are defined as investment funds that convert real estate assets with stable cash flows into tradable financial products, allowing individual investors to own a fraction of properties like buildings or factories [1]. Impact of Expansion on Returns - Cash flow dividends are the primary source of returns from REITs, but price fluctuations in the secondary market can also lead to capital gains or losses. The impact of REITs expansion on investor returns depends on both cash flow dividends and market price movements [2]. - Expansion transforms existing REITs by introducing new assets and funds, allowing both original and new holders to share in the benefits. If new assets yield lower returns than existing ones, average dividends may decrease, diluting original holders' returns. Conversely, if new assets perform well, overall dividend capacity can increase [2][3]. Effects of New Share Issuance - The issuance of new shares during expansion can dilute existing holders' shares. If the expansion pricing is set below the market price, it may temporarily reduce the market value for original holders. However, high-quality new assets can enhance overall valuation in the long term [3]. Choosing Between Initial and Expanded REITs - For new investors, initial REIT offerings often provide "new share" benefits, with many existing funds seeing subscription multiples exceeding 100 times. Initial offerings typically have stricter asset quality controls, making them suitable for conservative investors [4]. - Experienced investors may prefer expanded REITs, as they can assess the performance of initial offerings and take advantage of favorable pricing compared to market rates. Expanded products are better suited for those who can analyze asset quality and cash flow [4]. Conclusion on Investment Strategy - The impact of public REITs expansion on dividend returns is uncertain and largely depends on the quality of new assets. New investors are advised to consider initial offerings for their transparency and regulatory oversight, while experienced investors can make informed decisions based on detailed analyses of expansions [5][6].

Group 1 - The REITs market is transitioning from a "standardized path" to a "diversified approach," encompassing traditional infrastructure and emerging asset types like data centers and green energy [1][2] - Shoucheng Holdings (0697.HK) promotes the concept of "everything can be REITs," exploring new asset types that are "operable, priceable, and securitizable" [1][2] - The company has been active in the market since the REITs pilot program began, and is now advancing financialization attempts for new infrastructure as the regulatory framework improves [1] Group 2 - In June 2025, Shoucheng Holdings participated as a strategic investor in the Southern Wanguo Data Center REIT and Southern Runze Technology REIT, marking a breakthrough in the securitization of data centers [1] - The company is leveraging the flexibility of the REITs system and its operational capabilities to expand the boundaries of "securitizable" assets [2] - Shoucheng Holdings' approach to asset value reconstruction involves identifying original assets, reshaping operational models, and designing financial products, which is expected to broaden asset boundaries in the REITs market [2]

业内人士分析，今年以来债券市场波动较大，缺乏明确的赚钱效应。与此同时，在权益市场 上行背景下，投资者风险偏好提升，导致债券基金的资金被分流，发行规模受到影响。 相比而言，权益基金发行则迎来小高峰。 得益于基金公司对股票ETF的密集布局，今年上半年成立387只股票型基金，合计发行 1880.59亿份，较去年同期增长超183%。与以往相比，不仅新发数量创出历史新高， 35.46%的发行份额占比也创出2012年下半年以来新高。同时，混合型基金成立111只，发 行523.54亿份，份额占比为9.87%，双双创出2023年下半年以来新高。 2025年上半年新基金发行成绩单出炉。 数据显示，今年上半年新基金发行总规模为5408.48亿元，较去年同期下滑近两成。债券基 金仍是发行主力，但占比已不到半数。股票型基金、混合型基金均迎小高峰，其中，前者发 行份额较去年同期增超183%，发行数量更是创出历史新高。 债基发行大降温 权益型基金回暖 据Choice数据统计，截至6月底，今年以来成立672只新基金，合计发行5303.47亿份，募集 规模达到5408.48亿元。相比去年同期成立609只新基金募集规模6743.05亿元，今年 ...

【导读】上半年股票型 基金发行规模1880.59亿元，同比增长超183% 中国基金报记者 天心 2025年上半年新基金发行成绩单出炉。 数据显示，今年上半年新基金发行总规模为5408.48亿元，较去年同期下滑近两成。债券基 金仍是发行主力，但占比已不到半数。股票型基金、混合型基金均迎小高峰，其中，前者发 行份额较去年同期增超183%，发行数量更是创出历史新高。 债基发行大降温 权益型基金回暖 据Wind数据统计，截至6月底，今年以来成立672只新基金，合计发行5303.47亿份，募集规 模达到5408.48亿元。相比去年同期成立609只新基金募集规模6743.05亿元，今年上半年新 基金数量虽然增加，但发行规模下滑近20%。 今年新基金发行中，债券型基金仍是主力，但与去年同期相比，无论是数量还是规模，均出 现下滑。数据显示，今年以来，已经成立126只债券型基金，合计发行2478.51亿份，发行规 模较去年同期下滑接近54%。值得一提的是，新发债券基金在上半年全部新基金发行份额占 比为46.73%，自2022年以来首次占比不足50%。 业内人士分析，今年以来债券市场波动较大，缺乏明确的赚钱效应。与此同时，在权益 ...

Group 1 - The enthusiasm for REITs products among fund companies has significantly increased this year, with a notable acceleration in the launch of public REITs products, as many new products have recently been approved for issuance [1][2] - As of June 25, 2023, a total of 10 new REITs products have been launched this year, with a combined issuance scale exceeding 13 billion yuan, and the total market value of listed REITs products has surpassed 200 billion yuan [2][4] - The number of public institutions participating in the REITs market has grown, with 24 public institutions (including securities asset management) involved in the layout of REITs products [2][3] Group 2 - Leading public fund companies, such as Huaxia Fund and Zhongjin Fund, have been actively launching REITs products, with Huaxia Fund having the highest number of listed products at 14 [3][4] - Various listed companies are increasingly using their assets as underlying projects for issuing REITs products, indicating a diversification of market participants [3][4] - The REITs market is seen as a vital tool for empowering the real economy, with the scope of REITs products expanding to include various sectors such as shopping malls, agricultural product trading centers, and cultural tourism projects [4][6] Group 3 - The issuance of REITs products is providing new exit strategies for early-stage investments by venture capital institutions and local governments, helping to alleviate fiscal pressures [4][6] - The funds raised from REITs issuance are being utilized for various purposes, including debt repayment, asset-light transformation, and promoting new project development [6] - The secondary market performance of REITs products has been strong, with only one out of 66 listed funds declining in value this year, and half of the funds showing an increase of over 20% [6]

——REITs 周度观察（20250616-20250620） 要点 1、 二级市场 2025 年 6 月 16 日-2025 年 6 月 20 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体呈现上行的趋势：加权 REITs 指数收于 145，本周回报 率为 1.06%。与其他主流大类资产相比，回报率由高至低排序分别为：原油> REITs>美股>纯债>A 股>可转债>黄金。 从项目属性来看，本周产权类 REITs 的二级市场价格走势呈现上涨趋势，特许经 营权类 REITs 的二级市场价格整体小幅走低。 2025 年 6 月 21 日 总量研究 二级市场价格走势整体强劲，交通类 REITs 本周有所走弱 本周，无新增 REITs 产品上市。 本周，"创金合信首农产业园封闭式基础设施证券投资基金"和"南方润泽科技 数据中心封闭式基础设施证券投资基金"的首发项目状态更新至"通过"；"华 夏华电清洁能源封闭式基础设施证券投资基金"和"南方万国数据中心封闭式基 础设施证券投资基金"的首发项目状态更新至"已受理"。 3、风险提示 从底层资产类型来看，本周市政设施类 REITs 涨幅最大。本周回报率排 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 2021年6月21日，首批公募REITs在沪深证券交易所上市。有关数据显示，四年来，中国内地REITs市场 总发行规模已超过1800亿元，总市值规模突破2000亿元大关，共上市66只REITs产品，产品数量已超过 中国香港、新加坡及日本，成为亚洲第一。 四年来，上交所着重建立以市场化价格为核心，带动发行定价、二级市场交易、存续期管理全链条发展 的良好生态，相信市场，以市场化力量共同促进REITs市场高质量发展。 从一级市场来看，REITs市场普遍采用询价机制，通过设定合理的询价区间，吸引投资者参与报价，最 终确定发行价格。 据行业专家分析，当前REITs市场价格进一步反映了项目资产的内在价值与市场风险，实现了市场相对 均衡的状态。 记者了解到，近期启动询价的中银中外运仓储物流REIT，通过采用上下限打开的市场化定价区间，给 予投资者充分的定价权，充分激发了市场投资人的热情，共获575户网下对象报价，全场倍数251.12倍 （剔除后），报价机构户数、全场倍数均位于中国公募REITs产品推出以来市场第二，央企公募REITs 第一。 中外运最终定价参考市场化报价结果较评估 ...

金十数据6月20日讯，我国REITs市场总发行规模已超过1800亿元，总市值规模突破2000亿元大关，共 上市66只REITs产品。在中国证监会的指导下，上交所正积极打造REITs市场建设发展主阵地。从一级 市场看，上交所已上市REITs产品44只，发行规模约1230亿元；从二级市场市值看，截至目前，上交所 44只REITs产品的市值达到1370亿元。 （上证报） 我国REITs市场总市值突破2000亿元 ...

智通财经记者 | 杨舒鸿吉 智通财经编辑 | 彭朋 2025年5月16日，城投宽庭徐汇社区正式开业运营。 徐汇项目是上海城投宽庭第10处保租房项目，紧邻徐汇日月光中心，毗邻地铁1号线及12号线漕宝路 站、漕溪公园、第八人民医院。徐汇社区共有1283套房源，首批推出546套，建筑面积约30-79㎡的一室 至两室户型。 值得注意的是，徐汇项目和上海市目前在运营的保障性租赁住房不同，这是首次以REITs回收资金，通 过收购存量住房投入运营的项目。 这一操作方式，在长三角地区保障性租赁住房REIT产品中尚属首例。 上海是国内保障性租赁住房发展最快的城市之一。上海市政府试图通过多项政策支持保障性租赁住房的 发展，建设"租售并举"的多元住房供给体系，解决新市民、青年人和一线务工人员的住房问题。 2024年6月和7月，上海市出台了多项关于保障性租赁住房的政策，涵盖土地、财税、金融等多个领域。 同时，为鼓励租赁保租房，上海提高公积金支付保障性租赁住房房租的上限，并推出"保租房进校园"活 动，累计超1万套（间）房源以低租金提供给学生。 城投宽庭是上海建设、运营保障性租赁住房企业之一。 智通财经从城投宽庭获悉，徐汇社区是上海城投 ...

房地产 2025 年 05 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-05 2024-09 2025-01 房地产 沪深300 相关研究报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 物管行业规模增速放缓，第三方拓展解局 根据中指研究院数据，截至 2024 年末，中国物管行业在管规模达 314.1 亿平， 同比增长 4%，2020-2024 年复合增长率达 4.9%，百强物企在管面积增速连续三 年回落，合管比降至 1.27。2021 年以来，百强物企收入增速和在管面积增速趋 势一致，虽然收入保持稳健增长，但增速降至个位数，毛利率和净利率均呈下降 趋势。18 家样本物企中，11 家 2024 年收入同比增长或减 ...