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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
国产化妆品牌排行榜前十名,从热门到经典,盘点值得一看的精彩作品推荐
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国产化妆品牌排行榜前十名,从热门到经典,盘点值得一看的精彩作品推荐

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淮北市(杜集区、相山区、濉溪县、烈山区)

  近期,30余只沪市REITs披露了2024年年度报告,这是新指引发布后首次披露年报。根据披露信息,沪市REITs经营业绩稳中向好,投资回报显著提升,关键机制日益不断完善,信披质效持续提高,为投资者交上了一份诚意满满的答卷。

行业发展气象万千,运营活力显著增强

  根据年报信息,2024年沪市33只REITs共实现收入85亿元,较去年同比增加35%;共实现可供分配金额62亿元,较首发预测整体达标。沪市REITs经营情况整体保持稳健,各行各业都展现出新气象、新特点。

  保租房板块经营成果亮眼。在政策趋势的催化以及产品自身韧性的加持下,沪市4只保租房REITs整体实现收入4.1亿元,完成率超过100%。从经营指标来看,底层保租房资产的出租率平均达到95%,租金收缴率平均超93%,租金单价也维持在相对稳定的较好水平。随着未来住房租赁市场需求稳定增长,保租房REITs发展前景依然可期。

  能源需求增长助推业绩稳中有进。2024年全社会用电量同比增长6.8%,各类产业及居民用电需求均呈现上涨态势,沪市5只能源类REITs表现优异,平均可供分配完成率高达103%,底层资产总发电量达到28.1亿KWH,营业收入和发电量平均完成率达到95%。

  消费政策刺激释放巨大市场潜力。随着一系列扩内需促消费政策的落地,叠加引入新兴品牌、举办特色活动等各类引流措施,沪市4只消费类REITs的销售额及客流量均呈现上涨态势,报告期末出租率均超95%,其中华夏金茂REIT的出租率高达99%,高出租率与良好的客流增长态势为消费类REITs的业绩提升提供了有力支撑。

  仓储物流需求修复促进经营企稳。随着大力提振消费、多渠道促进居民增收、加快建设现代化产业体系等举措纳入2025年政府工作任务中,仓储物流租赁市场开始迎来需求修复。沪市仓储物流REITs营业收入完成率高达98%,运营净收益完成率105%,租金收缴率近100%,表现出较强的租约稳定性,为未来行业复苏提供支撑。

  产业园区市场竞争激发运营效能。面对我国产业园区当前以城市群和产业链为主导的差异化竞争环境,沪市产业园区REITs相继采取“产业+基金”、智慧化管理等各类运营措施,成功实现稳健的业绩表现,报告期末平均出租率达到88%,基本达到预测水平。其中,东久REIT自2024年三季度以来实现满租,全年营收同比增长约2%;张江REIT2024年末整体出租率91.9%,较2023年末上升近20%。

  高速公路阶段性调整迎接复苏。面对需求结构调整、周边路网变化、极端恶劣天气等事件,2024年沪市高速公路REITs积极采取措施,仍然展现出资产韧性,合计实现收入43.7亿元,较评估口径的完成率超过90%。其中,山东高速和国金铁建表现突出,净现金流完成率均在115%以上。同时,我们从2025年1-2月沪市高速公路REITs最新披露的经营数据可以看到,许多前期业绩表现不佳的路产已经开始出现明显反弹,有望在2025年迎来复苏。

投资回报硕果累累,市值分红多点开花

  2024年,在货币政策宽松、无风险利率下行的背景下,REITs作为单独大类资产的优势特性愈发凸显,受到了更多投资者的青睐,成为资产配置的优先选择。2024年沪市REITs二级市场复权价格平均上涨11.8%,投资者切实从稳定分红和市值增长中获得丰厚回报。

  得益于REITs高分红的产品特性,配置型投资者每年都能从REITs分红中获得高额稳定收益。根据年报信息,2024年沪市REITs共进行分红64次,实际分红金额近60亿元,同比增加32%。其中,高速公路REITs以34亿元的实际分红金额占据半壁江山,是名副其实的“现金牛”,资本市场投资者真正享受到交通基础设施建设发展带来的回报。除直接分红收益外,交易型投资者也能从二级市场交易中获取增值收益。2024年沪市REITs二级市场不复权价格平均涨幅为5.0%,2025年一季度的平均涨幅更是高达11.5%,且各大类资产呈现出差异化走势,为不同风险偏好、不同投资策略的投资者提供了多元化投资选择。优异的市场表现推动了整体流动性的提升,市值提升与交易活跃互相促进,REITs作为独立大类资产的投资价值进一步显现。

  同时,沪市REITs项目也更加注重与投资者的沟通交流及互通互信。根据年报信息,以城投宽庭为代表的多只REITs项目常态化开展投资者开放日等投融对接活动,带领投资者走进底层资产,及时回应投资者关切,最大化满足投资者需求,在真金实银回报投资者的同时进一步优化投资体验。

机制建设亮点纷呈,企业潜能充分释放

  REITs作为一个资产上市的平台,其长久稳定发展有赖于激励、扩募、决策等运营机制的建立和有效运行。在2024年年报中,部分典型项目主动披露了关键机制建设情况,通过在集团层面设置REITs运营官、优化运管机构激励约束机制、积极推进扩募等,充分发挥产业方积极作用,构建REITs市场良性循环,为REITs平台的持续发展保驾护航。

  根据年报信息,京能光伏、京东仓储、华润有巢等项目在原始权益人集团层面设置了REITs运营官的角色,从集团战略层面统筹REITs上市后的信息披露、投资者关系管理、资产扩募等重大事项的推动实施,为REITs平台发展提供了源源不断的资源活水。东吴苏园年报显示,该产品已在执行前期披露的运营管理机构激励约束安排,当运营管理机构所运营的基础设施资产年度净收入超过对应目标金额时,将不低于50%的绩效管理费作为团队绩效激励到岗位个人,能够充分激发一线运营人员的工作积极性。京能光伏、国君东久、华夏京保、华润有巢、国君临港、厦门安居等在年报中披露了扩募进展情况,资产类别涵盖清洁能源、产业园、保租房等类型,通过扩募优化资产组合,在提高资产组合投资收益的同时,增强整体抗风险能力,促进REITs平台向深度、广度发展。

  基金管理人表示,从国内外的成熟经验来看,REITs持续发展壮大离不开产业方的积极参与,原始权益人的专业能力、资源优势是资产运营、持续扩募的重要引擎,对发挥REITs服务实体经济发展、盘活存量资产和扩大有效投资作用具有重要意义。主动在年度报告中披露关键机制建设情况,让投资者充分感受到企业着力打造REITs平台的决心和能力。

夯实信披规则基础,提升年报信披质效

  去年11月,上交所发布了REITs年度报告指引,进一步完善以“管资产”为核心的基础设施REITs信息披露规则体系。

  从年报披露情况看,沪市各行业REITs项目均按照年度报告指引的要求详细披露了基金管理人、运营管理机构等市场参与主体的履职情况,对不同行业的基本情况、周期性特点、竞争格局及可比项目作了详实分析,并在此基础上对不同底层资产的运营指标及未来变化趋势进行比较、解释及研判,年报信息披露的规范性、针对性及有效性显著提升。从年报信息可以看出,保租房、消费及仓储物流的出租率较高,绝大部分项目都在90%以上,叠加相对稳定的价格水平,获得了投资者的普遍认可;能源环保保持了相对稳定的发电量及污水处理量,部分项目电力价格在可控范围内有所波动;产业园区则出现明显分化,出租率分布在70%-100%,部分项目租金价格在报告期内出现一定波动;高速公路整体经营有所承压,国金铁建、山东高速则展现了较强的抗周期能力,货车流量逆势增长有效支撑了通行费收入的稳定。

  从年报使用者的角度来看,多家投资机构表示,2024年年报信息相较之前的年度报告更加丰富立体,凸显了REITs的权益属性。详细披露的运营指标抓住了不同行业的资产特性,精准反映了底层资产在报告期内的实际运营情况,结合年报中对行业形势的分析研判,使投资者能够直观、迅速了解关键运营信息,为投资决策提供了有力依据。而根据新规则修订的年度报告模板结构清晰、重点明确、数据详实,大大增加了年报可读性,夯实了数据分析基础,给投研工作带来了极大便利。信息披露作为REITs市场的重要机制,相关规则制度的完善优化及有效落实为REITs市场持续健康发展奠定了坚实基础。

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