平安证券：消费类REITs扩容提质运营稳健表现亮眼

智通财经2025-05-09

智通财经APP获悉，平安证券发布研报称，年初以来中证REITs全收益指数涨幅在大类资产中排名靠前，其中消费基础设施REITs涨幅居前，消费基础设施REITs涨幅居前，主要系底层资产运营良好，低利率环境下分红稳健且具备吸引力，叠加国内以旧换新等促消费政策催化、扩内需预期等，获得投资人追捧。另外值得注意的是，华夏华润商业REIT宣布启动扩募计划(拟收购苏州昆山万象汇项目)，为国内消费类公募REIT拟...

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href=http://www.zhitongcaijing.com/content/detail/1291274.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，平安证券发布研报称，年初以来中证REITs全收益指数涨幅在大类资产中排名靠前，其中消费基础设施REITs涨幅居前，消费基础设施REITs涨幅居前，主要系底层资产运营良好，低利率环境下分红稳健且具备吸引力，叠加国内以旧换新等促消费政策催化、扩内需预期等，获得投资人追捧。另外值得注意的是，华夏华润商业REIT宣布启动扩募计划(拟收购苏州昆山万象汇项目)，为国内消费类公募REIT拟...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1291274.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999009997.SGD","symbol_name":"United Asia Pacific Real Estate Income Acc 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well","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1,"CFA":1,"01209":0.9,"00960":0.9,"01109":0.9,"06668":0.9},"content_text":"智通财经APP获悉，平安证券发布研报称，年初以来中证REITs全收益指数涨幅在大类资产中排名靠前，其中消费基础设施REITs涨幅居前，消费基础设施REITs涨幅居前，主要系底层资产运营良好，低利率环境下分红稳健且具备吸引力，叠加国内以旧换新等促消费政策催化、扩内需预期等，获得投资人追捧。另外值得注意的是，华夏华润商业REIT宣布启动扩募计划(拟收购苏州昆山万象汇项目)，为国内消费类公募REIT拟首次扩募，标志着消费类REITs进入“存量+增量”双轮驱动阶段。平安证券主要观点如下：消费基础设施REIT涨幅居前，受益于基本面及政策预期双催化年初以来中证REITs全收益指数涨幅在大类资产中排名靠前，其中消费基础设施REITs涨幅居前，消费基础设施REITs涨幅居前，主要系底层资产运营良好，低利率环境下分红稳健且具备吸引力，叠加国内以旧换新等促消费政策催化、扩内需预期等，获得投资人追捧。促消费政策落地成效显现，2024Q4以来社零累计同比增速、消费者信心指数均有所回升。消费基础设施REITs2024年报显示，底层资产经营状况稳定向好消费类REITs底层资产为偏大众消费的商场、超市、农贸市场等，民生属性与消费韧性较强，2024年出租率及收缴率均维持高位，数据可得的7支消费类REIT中，4支超额完成年度预测。从租金单价水平、2024年租金增幅维度看，华夏华润商业REIT、华夏大悦城商业REIT表现更优，主力店面积占比相对较低，反映商场整体综合运营较好，无需过度依赖主力店引流，亦为购物中心腾挪更多运营调整空间，便于灵活调整品牌组合，提升整体租金收益。华夏首创奥莱REIT、华夏华润商业REIT剩余租期较短，或意味后续调铺调租空间更为灵活，租金增长更具潜力。从资产运营机构抽取的浮动管理费看，华夏华润商业REIT管理机构作为成熟商管运营商，抽取浮动管理费遥遥领先，2024年已过亿。此外相比发行估值，华夏首创奥莱REIT、嘉实物美消费REIT、华夏大悦城商业REIT、华夏华润商业REIT2024年估值均有所调增，亦与其运营情况强相关。从可供分配金额年化分派率看，消费类REITs均超过招股书中2024年度预测分派水平，体现稳定回报的“债性”特征。国内消费类REITs拟进入“存量+增量”双轮驱动阶段，新品类、外资玩家进入华夏华润商业REIT宣布启动扩募计划(拟收购苏州昆山万象汇项目)，为国内消费类公募REIT拟首次扩募，标志着消费类REITs进入“存量+增量”双轮驱动阶段。相比一二线城市新增与存量商业竞争加剧，部分低能级区域由于市场规模相对稳定且竞争者较少，其标杆项目经营预期稳定性更强，此次扩募亦为该类商业退出提供探索意义。此外2025年消费基础设施REITs迎来底层资产品类上新，全国首单农贸市场公募REITs(易方达华威农贸市场REIT)上市，其特征更倾向于商业消费与仓储物流的结合。近期国内消费类REITs亦引入外资玩家，凯德投资申报中国首单外资消费类公募REITs，叠加凯德扩募储备资源丰富，基金上市后，成长性值得关注。投资建议国内购物中心经历多轮发展，存量规模持续扩张，竞争格局相对稳定；存量时代下购物中心存量项目改造、轻资产输出、深度运营趋势增强。优质购物中心出租率高、销售额稳定，运营经验难以模仿复制，具备长期投资价值，建议关注优秀购物中心开发运营企业(如华润置地(01109)、龙湖集团(00960)、华润万象生活(01209)、星盛商业(06668)等)，以及相关消费类基础设施REITs(如华夏华润商业REIT、华夏大悦城商业REIT、华夏首创奥莱REIT等)投资机会。风险提示1)国内经济增速回落，消费增速大幅下行风险；2)存量竞争加剧，购物中心格局恶化风险；3)购物中心创新升级低于预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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平安证券：消费类REITs扩容提质 运营稳健表现亮眼

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平安证券：消费类REITs扩容提质运营稳健表现亮眼