2025 年 9 月 27 日 总量研究 二级市场价格小幅下跌，能源类 REITs 表现相对较优 从底层资产类型来看，本周仅能源类 REITs 有所上涨。本周回报率排名前三的底 层资产类型分别为能源类、生态环保类和仓储物流类。 从单只 REIT 层面来看，本周公募 REITs 涨跌互现，有 10 只 REITs 上涨，有 1 只与上周持平，有 63 只 REITs 下跌。涨跌幅方面，涨幅排名前三的分别是博时 津开产园 REIT、中信建投国家电投新能源 REIT 和中金联东科创 REIT。 成交规模及换手率：本周公募 REITs 成交规模为 18.6 亿元，新型基础设施类 REITs 区间日均换手率领先其他。截至本周，已上市的 74 只 REITs 周内总成交 额为 18.6 亿元，周内区间日均换手率均值为 0.45%。 从单只 REIT 层面来看，本周单只 REIT 成交规模和换手率方面表现延续分化。 成交量方面，周内成交量前三的是南方润泽科技数据中心 REIT/国金中国铁建 REIT/中金厦门安居 REIT；成交额方面，周内成交额前三的是国金中国铁建 REIT/ 南方润泽科技数据中心 REIT/中金安徽交控 ...

Core Viewpoint - The public fund industry in China is entering a critical stage of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Understanding the Importance of High-Quality Development - Reform is necessary for the public fund industry, which has grown to manage over 30 trillion yuan and serve over 800 million investors, but still faces challenges in operational philosophy and governance [4]. - The industry must address issues arising from rapid growth, which hinder its development and service quality, necessitating reforms that focus on core business and diverse financial products [4][5]. - The action plan emphasizes a problem-oriented approach, aiming to align the industry's development with the interests of investors and enhance service quality [5]. Group 2: Creating a New Fund Ecosystem - The Beijing Securities Regulatory Bureau is guiding the industry to innovate and optimize its business structure to align with high-quality development requirements [6][7]. - Business innovation is being promoted, including the introduction of floating fee rate products and an increase in equity fund offerings, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [7]. - The industry is shifting towards an investor-centric service model, enhancing personal pension product offerings and improving investor engagement through digital transformation [8]. Group 3: Enhancing Service to the Real Economy - The public fund industry in Beijing is actively supporting national strategies, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [10]. - The industry is also promoting green development through ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [10]. - The development of REITs is being encouraged, with 3 new products launched in the first half of 2025, raising 3.803 billion yuan [10]. Group 4: Strengthening Investor Protection - The industry is prioritizing investor rights, with ongoing fee reforms leading to a savings of 7.2 billion yuan for investors in 2024 [12]. - Innovative investor education initiatives are being implemented to ensure that product risks align with investor risk tolerance [12]. - A robust complaint handling mechanism is being established to ensure efficient resolution of investor disputes [12]. Group 5: Risk Prevention and Control - The industry is enhancing its risk management capabilities through a comprehensive regulatory framework and proactive monitoring of operational risks [12]. - A zero-tolerance policy is in place for illegal activities, ensuring strict penalties for violations [12]. - Key risks such as governance, liquidity, and credit risks are being closely monitored to prevent systemic risks [12].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Reform and Development - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry aimed at high-quality development [2]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. - The action plan aims to address issues arising from rapid growth, encouraging institutions to focus on their core business and optimize supply to create diverse financial products and services [3][4]. Group 2: Innovation and Service Optimization - The Beijing Securities Regulatory Bureau is guiding local fund institutions to innovate and optimize their business structures, promoting the development of floating fee rate products and increasing the number of equity funds [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [5][6]. - The industry is shifting towards an "investor-centered" service model, enhancing personal pension product offerings and improving investor support systems [6][7]. Group 3: Enhancing Research and Investment Capabilities - The industry is focusing on building a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7]. - There is an emphasis on optimizing investment decision-making processes and strengthening talent development to cultivate skilled investment management professionals [7]. Group 4: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023, and enhancing investor education [10]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the stability of the financial system [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality, focusing on improving investment capabilities, optimizing customer experience, and increasing investor trust [1][3][4]. Group 1: Industry Development - The public fund industry has grown to manage over 30 trillion yuan, with more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3]. - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry [1][2]. - Beijing aims to create a "Beijing model" for high-quality public fund development, leveraging its financial resource advantages [2]. Group 2: Reform and Innovation - The action plan emphasizes the need for reforms to address issues such as the focus on scale over returns and to enhance investor satisfaction [4]. - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products [6][7]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds managing a total of 1.66 trillion yuan [6]. Group 3: Service Enhancement - The public fund industry is shifting towards an "investor-centered" service model, enhancing the supply of personal pension products and improving investor engagement [7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for retirement investment [7]. - The industry is also focusing on digital transformation to improve service efficiency and investor experience [7]. Group 4: Contribution to the Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8]. - As of the first half of 2025, there are 37 ESG-themed funds with a total scale of 24.809 billion yuan [8]. - The industry is also involved in the development of REITs, with 37 products issued, totaling 103.395 billion yuan [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive complaint handling mechanism has been established to ensure efficient resolution of investor disputes [10]. - The regulatory framework is being strengthened to enhance risk prevention and control, focusing on governance, liquidity, and credit risks [11].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Development and Reform - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry, emphasizing high-quality development [2]. - Beijing, as a national financial management center, is expected to leverage its financial resource advantages to create a "Beijing model" for high-quality public fund development [2][4]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. Group 2: Key Initiatives and Innovations - The action plan aims to address issues such as the focus on scale over returns and to enhance investor satisfaction through various policy measures [4]. - The Beijing Securities Regulatory Bureau is guiding local fund management institutions to innovate and optimize their business structures, including the introduction of floating fee rate products and the development of equity products [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, with a total scale of 41.5 billion yuan [6]. Group 3: Enhancing Investor Services - The industry is shifting towards an "investor-centered" service model, with an increase in personal pension product offerings and a focus on long-term investment education [6][7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for investors [6]. - The industry is also advancing digital transformation to improve service efficiency and enhance investor experience [7]. Group 4: Supporting National Strategies - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation board funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also promoting the development of ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [8]. - The issuance of REITs products has reached a cumulative scale of 103.395 billion yuan, supporting infrastructure development [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive regulatory framework is being established to enhance risk management, focusing on early identification and resolution of operational risks [10]. - The industry is committed to a "zero tolerance" policy for illegal activities, ensuring strict enforcement against violations [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2][3] Group 1: Industry Development - The China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting High-Quality Development of Public Funds," marking a new development stage for the industry [2] - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3] - The industry faces challenges in operational philosophy, functionality, and governance, necessitating reforms to better align with national strategies [3] Group 2: Reform Initiatives - The action plan aims to address market and social concerns, encouraging institutions to focus on core business, optimize supply, and enhance value creation capabilities [3][4] - Beijing is positioned to lead by example in high-quality development due to its concentration of financial resources and institutions [4] Group 3: Business Innovation - The industry is encouraged to innovate and optimize business structures, including the introduction of floating fee rate products and the development of equity products [5][6] - In the first half of 2025, 73 new equity fund products were launched, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [6] Group 4: Investor Services - The focus is on enhancing the service system centered around investors, including the introduction of personal pension products and a comprehensive investor support system [6][7] - Digital transformation is being promoted to improve service efficiency and enhance investor experience [7] Group 5: Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7] - Strengthening talent development and optimizing investment decision-making processes are key priorities [7] Group 6: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8][9] - The industry is also involved in urban modernization projects through REITs, with 37 REITs issued, amounting to 1.03995 trillion yuan [9] Group 7: Investor Protection and Risk Management - Investor protection is prioritized, with ongoing fee reforms leading to significant savings for investors, totaling 7.2 billion yuan in 2024 [10] - A comprehensive risk management framework is being established to enhance regulatory oversight and prevent systemic risks [10]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, with a focus on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Importance of High-Quality Development - The public fund industry has become a significant institutional investor in the capital market, managing over 30 trillion yuan and serving more than 800 million investors, playing a crucial role in supporting the real economy and maintaining financial stability [2][3]. - There is a pressing need for reform to address existing deficiencies in operational philosophy, functionality, and governance within the industry, aiming to better serve national strategies [2][3]. Group 2: Reform Initiatives - The action plan aims to address market and societal concerns by encouraging institutions to focus on their core business, optimize supply, and enhance value creation capabilities [2][3]. - The plan emphasizes the importance of aligning the interests of fund managers with those of investors, reducing costs, and improving services to strengthen the industry's commitment to the public [3]. Group 3: Business Innovation and Service Optimization - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [4]. - There is a focus on enhancing the investor service system, including the introduction of personal pension products and a comprehensive investor support mechanism [4][5]. Group 4: Enhancing Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and a team-based investment decision-making process [5]. - Strengthening talent development and creating a robust talent management system is also a priority to cultivate skilled investment management professionals [5]. Group 5: Contribution to the Real Economy - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [6]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [6][7]. Group 6: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan in 2024, and enhancing investor education to ensure product risk levels match investor capabilities [8]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the prevention of systemic risks [9].

Group 1: Market Overview - Both Goldman Sachs and Morgan Stanley agree that the real estate market is still in a downturn, with signs of improvement beginning to emerge [3][4] - Goldman Sachs estimates that there are over 60 million unsold homes in China, with a clearance period of 36 months, while Morgan Stanley highlights a structural oversupply that could meet the housing demand for urban populations over the next five years [3][4] - New home sales are projected to decline by 37.7% year-on-year in 2024, with some third and fourth-tier cities experiencing price drops exceeding 15% [3] Group 2: Policy Effectiveness - Despite a 1.5 percentage point reduction in interest rates by the central bank in 2024, leading to over 2 trillion yuan in long-term funds, new residential mortgage loans have shrunk by 42% compared to the previous year [4] - Goldman Sachs estimates that resolving the "guarantee delivery" and inventory issues would require 8 trillion yuan in fiscal investment, equivalent to 35% of the national fiscal revenue for 2024 [4] - Morgan Stanley points out that the effectiveness of infrastructure investment has decreased significantly, with only 0.2 yuan of GDP growth generated for every 1 yuan invested, a 60% drop in efficiency compared to a decade ago [4] Group 3: Urban Disparities - In the first quarter of 2025, 30 monitored cities showed an 18% increase in new home transactions year-on-year, while lower-tier cities saw a 12% decline [5] - Asset price changes reflect this disparity, with second-hand home prices in Beijing's Chaoyang District slightly increasing by 0.3%, while prices in a central provincial capital have fallen below 2019 levels [5] Group 4: Diverging Recovery Narratives - Goldman Sachs believes that an 8 trillion yuan stimulus plan could create a "policy bottom," projecting a potential recovery in housing prices by the end of 2025 and a sales scale returning to 12 trillion yuan by 2027, still 40% lower than the peak in 2021 [6] - Conversely, Morgan Stanley warns that large-scale stimulus could exacerbate structural imbalances, with the total market value of real estate to GDP ratio remaining at 350%, compared to 169% in the U.S., suggesting that any stimulus could lead to new bubbles [6] Group 5: Economic Dynamics - Goldman Sachs emphasizes the positive impact of manufacturing upgrades, noting a 48% year-on-year increase in exports of new energy vehicles and photovoltaic equipment, which offsets a 0.7 percentage point drag on GDP from declining real estate investment [11] - Morgan Stanley highlights the ongoing erosion of wealth effects, stating that a 1% drop in housing prices could suppress consumption growth by 0.3 percentage points, potentially continuing until 2028 [13] Group 6: Consumer Perspectives - Homebuyers face challenges, with first-time mortgage rates in Beijing dropping to 3.1%, yet average monthly payments consuming 62% of household income, exceeding the international warning line of 40% [14] - Developers are struggling, as evidenced by a promotional offer in Zhengzhou where buying a new home includes a parking space, reflecting a net profit margin below 2% [14] - Younger generations show a 23% decline in home-buying intentions, preferring to invest in vocational education and experiential consumption [14] Group 7: Future Strategies - In major cities like Beijing and Shanghai, mortgage rates have fallen below public fund loan rates, creating a rare opportunity for first-time homebuyers in the second half of 2025 [15] - The asset allocation paradigm is shifting, with real estate's share in household assets needing to decrease from 78% to below 50%, while alternative investments like REITs and affordable rental housing are gaining attention [15] - Awareness of risks is increasing, with a projected 34% debt default rate among the top 50 private real estate companies in 2024 [15]

Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][5]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles, akin to a football formation, to create a balanced portfolio that adapts to market changes without over-relying on market timing [2][3]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid excessive tracking errors [3][9]. - The company aims to enhance the stability of excess returns through a low-correlation multi-asset and multi-strategy approach, particularly in the context of arbitrage strategies [3][10]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience without sacrificing long-term returns [3][18]. - Public FOFs are primarily aimed at ordinary investors as long-term savings tools, while separate accounts are more flexible and tailored to meet specific client needs over shorter time frames [8][9]. Market Outlook - The company adopts a gradual operational approach, remaining cautious during market highs and more aggressive during lows, while focusing on generating alpha in intermediate market conditions [24][25]. - The investment philosophy does not rely on making large market predictions but instead emphasizes systematic methods and the stability of fund managers' performance [24][25].

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with a focus on policy themes and quality undervalued projects [3] - The report highlights the performance of the C-REITs index, which has seen a year-to-date increase of 13.37% as of August 8, 2025 [2][10] - The report identifies three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs with strong asset reserves [3] REITs Index Performance - The CSI REITs total return index decreased by 0.33% this week, closing at 1097.3 points [1][10] - Year-to-date, the CSI REITs index has increased by 9.93% [2][10] - The report notes that the Hang Seng real estate and construction index had the highest weekly increase of 2.60% [1][10] REITs Secondary Market Performance - The secondary market for C-REITs showed a volatile correction, with a total market capitalization of approximately 220.87 billion yuan and an average market value of about 3 billion yuan per REIT [12] - Among the listed REITs, 21 increased in value while 49 decreased, with an average weekly decline of 0.31% [12] - The report highlights strong performance in the warehousing and logistics sector, while the consumer infrastructure and affordable housing sectors experienced declines [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.3%), Huaxia China Communications Construction REIT (11.2%), and CICC Anhui Transportation Control REIT (8.6%) [3] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Huaxia China Communications Construction REIT having a notably low P/NAV of 0.7 [3] Trading Volume Performance - The average daily trading volume for listed REITs was 3.864 million shares, with an average turnover rate of 0.9% [12][16] - The report indicates that the energy infrastructure sector had the highest trading activity this week [12]