2024年公募REITs投资策略分析报告：资产分层、量化赋能解锁策略选择

资产分层、量化赋能，多视角解锁策略选择2024年下半年公募REITs投资策略2024/6/14

2市场回顾：聚焦2023年以来市场变化基本面：底层资产经营情况解析收益分配：REITs分红收益统计投资者结构：梳理参与机构类型的变迁策略视角：多重视角下的配置策略选择301市场回顾：聚焦2023年以来市场变化4

5数据：Wind，上交所、深交所，国金证券研究所；统计截至2024/5/31

6数据：Wind，国金证券研究所

7数据：Wind，、证监会官网，REITs相关公告，国金证券研究所；统计截至2024/5/3102基本面：底层资产经营情况解析8

收入（万元）同比变化可供分配金额（万元）行业类型代码简称上市日期2023年13137.8242857.1411479.6118077.9328594.6812363.862024年Q13405.8011943.472645.584969.856960.684386.383633.002311.181098.852629.152695.352797.981362.741954.041820.781961.754574.331462.131964.9010074.3418750.5218707.645828.2810576.7618834.888706.4021594.067126.687233.198943.6528121.249380.6530236.51同比变化13.90%33.13%14.05%66.72%-4.01%173.47%-19.58%-3.05%-10.14%-3.09%-7.07%-2023年9718.2035040.517351.8411819.6616396.949709.648111.607583.513940.998059.146032.844285.555109.635741.935505.306076.14-完成率99.06%101.46%107.88%81.74%102.62%77.78%64.85%121.78%102.76%107.40%101.80%104.94%103.89%109.09%110.99%125.30%-2024年Q12526.618884.012003.742767.623873.273283.331064.161891.88773.78完成率110.00%99.95%114.07%75.38%94.49%103.57%52.48%99.79%78.54%100.86%97.72%101.87%104.97%99.28%97.65%80.33%100.40%102.73%109.99%103.41%111.17%127.76%82.85%89.90%101.63%123.39%66.33%109.21%120.60%47.20%48.83%189.91%77.85%180301.SZ508056.SH508098.SH180101.SZ508027.SH508000.SH508099.SH180102.SZ508021.SH508088.SH180103.SZ508019.SH180501.SZ508058.SH红土创新盐田港REIT中金普洛斯REIT2021/6/212021/6/212023/2/811.66%19.61%-仓储物流嘉实京东仓储基础设施REIT博时蛇口产园REIT2021/6/212021/6/212021/6/2159.84%22.20%46.20%-14.56%-26.66%-36.70%-14.82%-东吴苏园产业REIT华安张江产业园REIT建信中关村REIT

2021/12/17

17314.27产业园区华夏合肥高新REIT2022/10/102022/10/139515.054919.37国君临港创新产业园REIT国君东久新经济REIT华夏和达高科REIT2022/10/14

10947.332022/12/27

11232.732032.191473.851952.111340.881425.131343.941220.253276.51887.28中金湖北科投光谷REIT红土深圳安居REIT2023/6/302022/8/312022/8/312022/8/312022/12/96319.715490.727687.107300.527841.07---20.59%-13.39%-12.57%--1.08%3.10%0.95%1.84%-中金厦门安居REIT保障性租赁住房

508068.SH508077.SH华夏北京保障房REIT华夏基金华润有巢REIT508031.SH城投宽庭保租房REIT

2024/1/12-508017.SH华夏金茂商业REIT嘉实物美消费REIT华夏华润商业REIT平安广州广河REIT浙商沪杭甬REIT华夏越秀REIT2024/3/122024/3/122024/3/142021/6/212021/6/21-----消费基础设施508011.SH180601.SZ180201.SZ508001.SH180202.SZ508018.SH508008.SH508066.SH508009.SH508007.SH508006.SH180801.SZ180401.SZ508096.SH-----1211.325122.1915110.7614499.523398.737200.3412406.897026.3112942.324904.754169.441265.345127.9915838.1013649.04-----80120.3474846.6620.28%23.58%17.58%3.57%28.93%--3.78%1.09%-10.77%-9.85%0.76%-6.39%-19.88%-54372.2145396.0416409.5032035.8148832.8422777.8678044.6035617.7313829.2110723.7142008.5932816.8465687.12114.01%144.07%119.41%77.34%106.06%101.18%87.82%105.32%82.09%78.04%133.03%128.27%110.73%2021/12/14

24528.34华夏中国交建REIT国金中国铁建REIT江苏交控REIT2022/4/282022/7/846181.6078412.78高速公路2022/11/15

39037.132022/11/22

97025.78中金安徽交控REIT中金山东高速REIT富国首创水务REIT中航首钢绿能REIT鹏华深圳能源REIT中航京能光伏REIT-2023/10/272021/6/212021/6/216976.6429940.9442819.99-1.68%-0.52%-16.75%-5.18%-12.35%-13.26%-环保水务能源类2022/7/26

190094.892023/3/2932835.2068273.85508028.SH

中信建投国家电投新能源REIT

2023/3/29--9数据：

Wind，国金证券研究所

出租率（%）23Q399.5088.46100.0092.0089.7567.6063.7391.8197.63100.0092.1387.6398.6899.5597.0092.93-日均车流量（万车次）代码简称行业类型代码简称行业类型23Q199.0092.70100.0082.00-23Q299.5087.58100.0093.0090.1182.3167.8491.1198.16100.0093.09-23Q497.6289.63100.0094.0085.4072.0063.7589.8797.6399.3993.2385.1198.3499.8396.9493.07-24Q195.5885.79100.0094.0083.7081.0372.0086.5394.0797.4291.7886.9598.3799.4094.9594.3491.0298.2698.3399.16季度变化23Q113.9513.183.703.1810.794.942.88-23Q213.7614.793.012.3110.774.692.26-23Q315.5215.353.532.6510.274.802.37-23Q413.8715.112.932.2910.753.451.96-24Q113.6214.223.34季度变化180301.SZ508056.SH红土创新盐田港REIT中金普洛斯REIT仓储物流仓储物流180201.SZ508001.SH180202.SZ508018.SH508008.SH508066.SH508009.SH508007.SH平安广州广河REIT浙商沪杭甬REIT华夏越秀REIT高速公路高速公路高速公路高速公路高速公路高速公路高速公路高速公路508098.SH

嘉实京东仓储基础设施REIT仓储物流180101.SZ508027.SH508000.SH508099.SH180102.SZ508021.SH508088.SH180103.SZ508019.SH180501.SZ508058.SH508068.SH508077.SH508031.SH508017.SH508011.SH180601.SZ博时蛇口产园REIT东吴苏园产业REIT产业园区华夏中国交建REIT国金中国铁建REIT江苏交控REIT2.42产业园区10.943.63华安张江产业园REIT建信中关村REIT产业园区70.5768.4790.0398.85100.0095.78-产业园区中金安徽交控REIT中金山东高速REIT2.29华夏合肥高新REIT产业园区2.29-国君临港创新产业园REIT国君东久新经济REIT华夏和达高科REIT产业园区污水/垃圾平均处理量（万吨/天）代码简称行业类型产业园区23Q147.930.3123Q261.860.3223Q366.510.3523Q458.700.3724Q155.780.28季度变化产业园区508006.SH180801.SZ富国首创水务REIT中航首钢绿能REIT生态环保生态环保中金湖北科投光谷REIT红土深圳安居REIT产业园区保障性租赁住房保障性租赁住房保障性租赁住房保障性租赁住房99.0299.4996.0594.72-98.8799.6497.0396.44-发电量（万千瓦时）代码简称行业类型中金厦门安居REIT23Q123Q223Q323Q424Q1季度变化华夏北京保障房REIT华夏基金华润有巢REIT180401.SZ508096.SH鹏华深圳能源REIT中航京能光伏REIT能源类能源类能源类59369.75108807.05

141972.6068366.1012200.0035183.4657421.1012700.0041716.50--15200.0035060.2215100.0019844.52城投宽庭保租房REIT

保障性租赁住房----508028.SH

中信建投国家电投新能源REIT华夏金茂商业REIT嘉实物美消费REIT华夏华润商业REIT消费基础设施消费基础设施消费基础设施------------10数据：

Wind，国金证券研究所；注：指标统计截至2024年一季度末

11数据：

Wind，国金证券研究所；注：指标统计截至2023年末

7.167.266.816.626.26.056.225.515.715.635.17高速公路环保水务能源类12数据：

Wind，国金证券研究所；注：指标统计截至2023年末03收益分配：REITs分红收益统计13

2023实际分红率2023预期分红率2023实际分红率2023预期分红率14.0%12.0%10.0%8.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%6.0%4.0%2.0%0.0%高速公路能源类环保水务保租房类仓储物流产业园区14数据：

Wind，国金证券研究所

2023实际分红率2022年实际分红率2023实际分红率2022年实际分红率12.0%8.0%4.0%0.0%10.0%8.0%6.0%4.0%2.0%0.0%仓储物流产业园区高速公路环保水务保租房类产业园区高速公路能源类15数据：

Wind，国金证券研究所

16数据：

Wind，REITs收益分配公告，国金证券研究所

17数据：

Wind，

REITs收益分配公告，国金证券研究所04投资者结构：梳理参与机构类型的变迁18

19数据：

Wind，国金证券研究所

机构投资者持有比例个人投资者持有比例前十大流通份额占流通总份额比行业类型简称上市日期2021年末

2022年末

2023年末

变化情况

2021年末

2022年末

2023年末

变化情况

2021年末

2022年末

2023年末

同比变化红土创新盐田港REIT中金普洛斯REIT2021/6/212021/6/212023/2/886.87%89.04%96.38%-91.81%95.25%96.11%88.48%95.34%95.45%85.99%97.27%97.61%94.58%97.81%95.81%93.87%96.52%94.92%95.71%94.04%93.00%88.95%88.74%96.93%98.44%97.56%97.79%73.10%75.54%94.42%98.04%98.54%13.13%10.96%3.62%-8.19%4.75%3.89%11.52%4.66%4.55%14.01%2.73%2.39%5.42%2.19%4.19%6.13%3.48%5.08%4.29%5.96%7.00%11.05%11.26%3.07%1.56%2.44%2.21%26.90%24.46%5.58%1.96%1.46%51.08%63.37%73.40%-52.47%69.10%40.90%38.95%61.07%51.38%56.68%54.09%36.35%36.55%39.06%41.46%25.17%41.76%44.23%47.80%57.20%59.18%57.04%33.80%46.16%42.86%32.61%89.41%23.61%40.91%41.24%36.00%34.46%-10.91%-4.29%-仓储物流94.73%5.27%65.18%嘉实京东仓储基础设施REIT博时蛇口产园REIT东吴苏园产业REIT华安张江产业园REIT建信中关村REIT*-----2021/6/212021/6/212021/6/212021/12/172022/10/102022/10/132022/10/142022/12/272023/6/302022/8/312022/8/312022/8/312022/12/92021/6/212021/6/212021/12/142022/4/282022/7/882.78%87.03%96.14%92.93%90.14%97.79%97.41%95.35%88.90%-17.22%12.97%3.86%7.07%9.86%2.21%2.59%4.65%11.10%-39.88%58.76%63.49%63.15%61.34%39.45%47.14%45.81%--19.81%-2.42%-11.77%-4.66%14.64%-10.79%-9.26%-94.42%5.58%65.18%88.64%11.36%62.93%91.03%8.97%-产业园区华夏合肥高新REIT国君临港创新产业园REIT国君东久新经济REIT华夏和达高科REIT*中金湖北科投光谷REIT红土深圳安居REIT中金厦门安居REIT华夏北京保障房REIT华夏基金华润有巢REIT*平安广州广河REIT浙商沪杭甬REIT--------------------94.53%96.33%95.29%88.00%95.29%91.84%89.50%92.84%97.01%92.50%94.00%--5.47%3.67%4.71%12.00%4.71%8.16%10.50%7.16%2.99%7.50%6.00%--31.96%42.40%37.74%--6.79%-0.64%6.49%----保障性租赁住房------94.90%5.10%63.01%60.19%56.79%57.49%32.29%48.08%--2.99%2.39%-0.44%1.51%-1.92%-91.96%8.04%60.33%

华夏越秀REIT*91.00%9.00%-华夏中国交建REIT国金中国铁建REIT江苏交控REIT*---高速公路---2022/11/152022/11/222023/10/272021/6/212021/6/212022/7/262023/3/292023/3/29---中金安徽交控REIT*中金山东高速REIT富国首创水务REIT中航首钢绿能REIT鹏华深圳能源REIT中航京能光伏REIT中信建投国家电投新能源REIT------------83.43%78.06%76.72%96.95%-16.57%21.94%23.28%3.05%-25.65%37.53%49.81%45.14%--13.92%-8.89%-3.90%-环保水务能源类73.95%26.05%30.15%-----------------

20数据：

Wind，REITs年报，国金证券研究所

21数据：

Wind，REITs半年报/年报，国金证券研究所

代码FOF名称FOF类型REITs仓位↓

持仓规模（万元）

017580.OF008158.OF016660.OF016394.OF016974.OF015241.OF017267.OF013512.OF016669.OF012743.OF012791.OF012190.OF015999.OF013155.OF014033.OF汇添富添福鑫添益均衡养老目标三年持有招商盛鑫优选3个月持有期(FOF)A招商和惠养老2045五年持有平衡混合型偏股混合型目标日期型偏债混合型偏债混合型偏债混合型目标日期型偏债混合型平衡混合型偏债混合型偏股混合型偏债混合型偏债混合型偏债混合型偏债混合型4.47%3.54%2.12%2.05%1.81%1.43%1.27%1.25%1.23%0.59%0.57%0.49%0.43%0.41%0.15%42.23166.74228.9821.40天弘睿享3个月持有A招商智安稳健配置1年持有A588.5630.79汇添富鑫添利6个月持有A招商乐颐和惠养老目标日期2035三年持有汇添富添福增长稳健养老目标一年持有A招商和享均衡养老目标三年持有A汇添富添福睿选稳健养老目标一年持有A汇添富聚焦经典一年持有A17.47528.87265.81248.88769.30964.00226.4763.87汇添富添福盈和稳健养老目标一年持有A中欧预见稳健养老一年持有A

汇添富添福汇盈稳健养老目标一年持有A富国智盈稳进12个月持有A14.81数据：

Wind，公募FOF产品季报，国金证券研究所05REITs投资策略：多重视角下的配置策略选择23

24数据：

Wind，国金证券研究所

全部份额可自由流通日期上市首日涨跌幅0.36%可以覆盖锁定期成本的涨跌幅0.02%代码简称上市日期网下获配率打新收益率

持有期涨跌幅508007.SH508031.SH508017.SH508011.SH180601.SZ508026.SH508033.SH180602.SZ中金山东高速REIT2023/10/272023/11/12024/1/172024/3/152024/3/152024/3/192024/4/283.53%94.40%49.04%75.95%91.83%17.43%50.30%86.23%-0.92%-6.63%0.42%-0.90%-6.59%0.49%城投宽庭保租房REIT

2024/1/12-0.07%0.56%0.04%华夏金茂商业REIT嘉实物美消费REIT2024/3/122024/3/122024/3/142024/3/282024/3/292024/4/300.07%0.67%1.42%1.47%0.04%华夏华润商业REIT0.04%-0.80%6.72%-0.77%6.92%0.04%嘉实中国电建清洁能源REIT易方达深高速REIT3.51%0.19%2024/4/30.04%-0.34%-2.65%-0.28%-2.61%0.07%中金印力消费REIT2024/5/80.00%0.04%25数据：

Wind，国金证券研究所

26数据：

Wind，国金证券研究所；数据统计截至2024/5/31

27数据：

Wind，国金证券研究所；数据统计截至2024/5/31

28数据：

Wind，国金证券研究所；数据统计截至2024/5/31

29数据：

Wind，国金证券研究所

30数据：

Wind，国金证券研究所；数据统计截至2024/5/31

行业类型基金代码508017.SH508011.SH180601.SZ180501.SZ508058.SH基金简称P/NAV分位数

P/FFO分位数折溢价率0.90%华夏金茂商业REIT嘉实物美消费REIT华夏华润商业REIT红土创新深圳安居REIT中金厦门安居REIT华夏北京保障房REIT华夏基金华润有巢REIT城投宽庭保租房REIT红土创新盐田港REIT中金普洛斯REIT66.00%84.90%88.20%43.20%59.60%55.50%39.40%88.70%18.00%19.10%10.00%20.10%18.50%7.50%66.00%84.90%88.20%44.60%57.00%59.30%45.90%88.70%24.90%14.70%10.00%16.40%15.20%6.00%消费类8.31%0.25%5.07%8.08%保租房类

508068.SH13.90%4.55%508077.SH508031.SH3.41%180301.SZ2.04%仓储物流

508056.SH-7.02%-19.81%-15.02%-17.50%-15.62%-22.34%-10.55%7.69%508098.SH

嘉实京东仓储基础设施REIT180101.SZ508027.SH508000.SH508099.SH180102.SZ508021.SH508088.SH180103.SZ508019.SH180201.SZ508001.SH180202.SZ508018.SH508008.SH508066.SH508009.SH508007.SH180401.SZ508096.SH博时蛇口产园REIT东吴苏园产业REIT华安张江产业园REIT建信中关村REIT39.70%25.00%13.30%18.90%51.80%55.40%34.90%81.50%30.20%16.20%55.30%5.80%18.90%25.30%18.60%19.20%36.40%50.40%39.50%48.40%22.00%13.20%10.00%9.30%产业园区华夏合肥高新REIT临港创新产业园REIT东久新经济REIT4.74%华夏和达高科REIT中金湖北科投光谷REIT平安广州广河REIT浙商沪杭甬REIT-13.68%-12.61%-11.67%18.40%10.99%-39.26%8.75%华夏越秀高速REIT华夏中国交建REIT国金中国铁建REIT江苏交控REIT高速公路-8.44%-20.71%12.76%37.31%18.53%14.73%18.28%16.86%28.04%中金安徽交控REIT中金山东高速REIT鹏华深圳能源REIT中航京能光伏REIT10.50%95.80%13.60%79.80%87.90%63.40%23.70%36.60%5.70%95.80%38.20%25.00%87.90%63.40%12.00%29.60%能源类508028.SH

中信建投国家电投新能源REIT508026.SH

嘉实中国电建清洁能源REIT508006.SH18