目錄保障：營健類屬性固 3倉儲邊承，注增供影響 5消費整穩(wěn)有，分季性落 9產(chǎn)業(yè)：續(xù)底 交通關(guān)路變的期影響 16能源識長與期響因素 19市政保量齊升 20新型礎(chǔ)施平經(jīng)營 21投資議 22風(fēng)險示 22保障房：經(jīng)營穩(wěn)健，類債屬性穩(wěn)固入擴募資產(chǎn)收入提升顯著，但部分市場化程度較高的租賃項目存在業(yè)績波EBITDA/代碼REIT簡稱24Q324Q4代碼REIT簡稱24Q324Q425Q125Q225Q3 趨勢圖 單季同比單季環(huán)比累計同比營業(yè)收入（億元）508068.SH華夏北京保障房0.1800.1820.1850.2150.32379.23%50.27%33.72%180501.SZ紅土創(chuàng)新深圳安居0.1370.1330.1350.1380.1402.68%2.00%0.50%508058.SH中金廈門安居0.2000.2010.2010.2030.2042.01%0.68%2.69%508077.SH華夏基金華潤有巢0.2000.1980.1950.1980.191-4.45%-3.69%-1.54%508031.SH國泰海通城投寬庭保租房0.4400.4680.4470.4560.4737.39%3.64%3.30%180502.SZ招商基金招商蛇口租賃住房-0.2070.1790.2020.214-6.09%-508055.SH匯添富上海地產(chǎn)租賃住房---0.1820.197-8.40%-508085.SH華泰蘇州恒泰租賃住房---0.2020.203-0.22%-EBITDA（億元）EBITDA（億元）508068.SH 華夏北京保障房180501.SZ 紅土創(chuàng)新深圳安居508058.SH 中金廈門安居508077.SH 華夏基金華潤有巢508031.SH 國泰海通城投寬庭保租房180502.SZ 招商基金招商蛇口租賃住房508055.SH 匯添富上海地產(chǎn)租賃住房----0.1620.1100.1600.1310.3250.1420.1250.2350.1130.1610.1290.3380.1560.13471.20% 45.37%-1.30%2.73%2.11%0.56%-0.60% -1.23%8.00%--3.90%-5.47%3.18%2.96%4.58%---508068.SH 華夏北京保障房180501.SZ 紅土創(chuàng)新深圳安居508058.SH 中金廈門安居508077.SH 華夏基金華潤有巢508031.SH 國泰海通城投寬庭保租房180502.SZ 招商基金招商蛇口租賃住房508055.SH 匯添富上海地產(chǎn)租賃住房----0.1560.1200.1490.1220.3200.1390.1280.2210.1210.1520.1240.3210.1590.1331.79% 1.04%4.08%2.22%2.67%0.40% 1.08%-1.80%---40.68%-0.0960.162---華泰蘇州恒泰租賃住房508085.SH---0.35%14.61%3.30%-0.06%-0.67%-4.54%64.03% 41.24% 27.06%可供分配金額（億元）-9.50%-0.1510.167---華泰蘇州恒泰租賃住房508085.SH9.60%7.28%同比環(huán)比25Q325Q2同比環(huán)比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底層資產(chǎn)經(jīng)營指標(biāo)報告期末收繳率

海淀區(qū)文龍家園海淀區(qū)文龍家園朝陽區(qū)熙悅尚郡526552655265526556655665566556655665朝陽區(qū)熙悅尚郡 97.70%97.80%96.57%96.94%97.93%96.57%97.19%95.99%96.86%海淀區(qū)溫泉凱盛家園------海淀區(qū)溫泉凱盛家園-------4242整體---1.531.431.861.711.451.50海淀區(qū)文龍家園---1.911.821.621.511.571.42報告期末加權(quán)平均剩余租期（年）朝陽區(qū)熙悅尚郡房山區(qū)朗悅嘉園通州區(qū)光機電---------0.74--0.60--2.39--2.16--1.871.400.791.881.461.51大興區(qū)盛悅家園-------1.271.41海淀區(qū)溫泉凱盛家園-------1.441.35整體97.68%97.96%96.73%97.12%97.75%96.82%97.42%96.37%96.31%海淀區(qū)文龍家園97.67%98.05%96.82%97.22%97.66%96.82%97.42%98.58%98.75%通州區(qū)光機電 - - - - - - - 81.94%91.82%大興區(qū)盛悅家園 - - - - - - - 90.53%99.85%海淀區(qū)溫泉凱盛家園 - - - - - - - 93.58%96.27%

0.7%租金定價（元/㎡/月）房山區(qū)朗悅嘉園租金定價（元/㎡/月）房山區(qū)朗悅嘉園通州區(qū)光機電大興區(qū)盛悅家園---------------------3535443535440.4%0.8%0.4%-0.9%0.7%1.5%-0.2%0.0%0.0%0.0%0.0%0.0%0.0%3.4%-9.6%0.5%4.3%1%11.0%-6.2%-0.1%91.97.6%94.3%95.2%92.3%90.2%96.8%96.8%93.8%96.1%91.6%88.7%97.0%96.9%92.3%----95.0%93.1%----95.0%94.4%----97.1%95.3%----94.7%95.4%----97.3%96.2%----96.9%97.2%----整體通州區(qū)光機電海淀區(qū)溫泉凱盛家園出租率97.0% 96.9%95.0%96.5%94.8%94.4%95.4%95.2%95.5%華夏北京保障房-0.2%----0.0%0.0%----4.9%-22.0%213.3%213.3%-----1.4%0.2%0.9%0.2%0.9%7.2%9.9%9.3%2.7%-1.1%--紅土深圳安居-紅土深圳安居-福田區(qū)安居百泉閣羅湖區(qū)安居錦園大鵬新區(qū)保利香檳苑-福田區(qū)安居百泉閣羅湖區(qū)安居錦園大鵬新區(qū)保利香檳苑---60.7345.0614.69---60.7345.0616.5260.7345.0616.5260.7345.0616.7461.4946.6617.0861.0946.6917.2161.1046.6517.723.5.8%0.8%0.2%1.1%整體99.2%98.3%98.5%98.2%97.2%96.3%97.1%97.2%98.0%福田區(qū)安居百泉閣98.2%97.3%98.3%98.1%96.5%95.8%97.8%95.7%95.9%期末出租率羅湖區(qū)安居錦園98.3%97.3%97.8%98.0%99.2%95.9%94.9%97.3%98.4%大鵬新區(qū)保利香檳苑99.6%99.5%98.6%95.6%90.3%90.8%91.1%92.7%98.5%坪山區(qū)鳳凰公館98.7%99.3%98.9%99.3%98.9%98.6%99.5%99.7%99.2%平均租金（元/㎡/月）

-0.5%0.0%-0.1%

8.2%8.2%0.3%0.6%3.5%3.5%7.3%7.3%坪山區(qū)鳳凰公館-坪山區(qū)鳳凰公館-17.31-17.3117.3117.2017.3417.2817.16-0.7%報告期末加權(quán)福田區(qū)安居百泉閣---244152601065975888-9.0%平均剩余租期羅湖區(qū)安居錦園---244152601066973879-9.7%（天）大鵬新區(qū)保利香檳苑---833802718711642605-5.7%坪山區(qū)鳳凰公館---650826780703621542-12.7%整體---99.6%99.8%-97.0%99.5%99.9%0.4%報告期末租金福田區(qū)安居百泉閣100.0%99.4%99.9%100.0%100.0%100.0%99.5%99.7%100.0%0.3%羅湖區(qū)安居錦園100.0%96.0%98.0%99.2%99.5%99.9%89.6%98.9%99.7%0.8%大鵬新區(qū)保利香檳苑100.0%97.0%98.5%99.2%99.8%99.9%98.9%99.5%99.9%0.4%坪山區(qū)鳳凰公館100.0%99.2%100.0%100.0%100.0%100.0%99.9%100.0%100.0%0.0%483.9%483.9%476.3%中金廈門安居整體 99.6% 99.8% 99.4% 99.5% 99.7% 99.7% 99.3% 99.3% 99.3% 出租率 集美區(qū)園博公寓 99.4% 99.8% 99.5% 99.4% 99.6% 99.6% 99.1% 99.2% 99.2%集美區(qū)珩琦公寓 99.8% 99.9% 99.2% 99.7% 99.7% 99.9% 99.5% 99.4% 99.3%期末有效租金單價（元/整體 32.8 32.9 33.2 33.5 34.0 34.1 34.3 34.4 34.7

0.0%0.0%-0.1%1.0%

-24.5%-34.4%0.1%0.0%0.2%0.1%0.0%-0.4%-0.4%-0.4%2.3%㎡/月）

集美區(qū)園博公寓 33.6 33.7 33.9 34.2 34.6 34.7 34.9 35.0 35.3報告期末加權(quán)整體 報告期末加權(quán)整體 平均剩余租期 集美區(qū)園博公（天） 集美區(qū)珩琦公報告期末租金 整體收繳率 集美區(qū)園博公寓集美區(qū)珩琦公寓- 173.30 193.15 167.69 215.21 176.70 196.51 172.21 211.59 22.9%- 178.89 187.22 163.75 211.91 179.07 197.49 173.77 207.17 19.2%- 165.95 200.98 172.86 219.55 173.59 195.22 170.16 217.40 27.8%100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% -1.7%-2.2%-1.0%0.0%0.0%0.0%整體報告期末時點出租率林下項目太子灣項目太子灣項目（配套商業(yè)）--------招商蛇口- -- -- -- -----79.0%92.4%95.1%95.9%70.4%92.9%68.1%90.8%95.8%68.1%97.3%93.1%53.1%97.6%95.4%37.9%0.8%0.2%2.4%-15.1%----

0.9%2.2%1.1%2.5%整體-----107.5103.9103.0102.5-0.5%-報告期內(nèi)平均簽約租金林下項目-----105.598.398.198.20.1%-單價（元/㎡/月） 太子灣項目-----107.1107.6107.1106.8-0.3%-太子灣項目（配套商業(yè)）-----240.5241.0243.6251.53.2%-加權(quán)平均合同剩余租期整體（年）加權(quán)平均合同剩余租期整體（年）林下項目太子灣項目---------------0.550.410.580.600.640.540.560.580.520.560.510.630.0%-12.1%21.2%--整體- - - - -98.9%97.0%98.5%99.5%1.0%-租金收繳率林下項目- - - - -99.7% 96.3% 98.2%99.3%1.1%-企業(yè)租戶占比

太子灣項目 - - - - - 97.9% 97.7% 98.8%- - - -- 19.7%16.4%15.6%15.8%0.2%-- - - -- - - -- 19.7%16.4%15.6%15.8%0.2%-- - - -- 12.3%12.5%12.1%12.3%0.2%-蘇州恒泰- -- --95.4%97.6%2.2%-- -- --92.6%92.6%0.0%-- - -- --26.4526.28-0.6%-- - -- --30.835.414.8%-- - - -- --214.69222.713.7%-99.6%0.9%-14.8%0.1%-林下項目出期末有效租㎡/報告期末加權(quán)平均剩余住房租期（天） 商業(yè)- - - - - - -812.12 679.86-16.3%-報告期末租金收繳率整體- - - - - - -99.87%99.39%-0.5%-，圖3：保障房板塊經(jīng)營數(shù)據(jù)，倉儲：邊際承壓，關(guān)注新增供給影響（10嘉興）等。順豐項目經(jīng)營情況穩(wěn)定但盈利指標(biāo)走弱，主因合肥豐泰與合肥項目的原租戶1解除租賃合同，前期確認(rèn)的會計收入需沖回，不過會計收入的沖回不影響2025年實際收取的合同收入。紅土創(chuàng)新鹽田港REIT2025Q3出租率邊際下行，主因園區(qū)內(nèi)一主要業(yè)務(wù)為出口美國的客戶因關(guān)稅政策變化導(dǎo)致業(yè)務(wù)提前終止而出現(xiàn)退租，涉及退租面積占總可出租面積比例為5.13%，資產(chǎn)項目公司已按照合同約定履行相關(guān)條款，同時管理人已協(xié)同運營管理機構(gòu)開展招商工作并成功引入部分客戶。圖4：倉儲板塊盈利指標(biāo)代碼 REIT簡稱 24Q3 24Q4 25Q1 25Q2 25Q3 趨勢圖 單季同比單季環(huán)比累計同比營業(yè)收入（億元）180301.SZ紅土創(chuàng)新鹽田港0.3200.3110.3140.3250.316-1.18%-2.92%-3.86%508056.SH中金普洛斯1.0821.1081.0871.0761.024-5.35%-4.78%-7.61%508098.SH 嘉實京東倉儲基礎(chǔ)設(shè)施 0.270 0.271 0.262 0.266 0.269 -0.46%1.30%-0.41%180302.SZ 華夏深國際 0.280 0.299 0.299 0.297 0.274180303.SZ 華泰寶灣物流 - 0.260 0.222 0.232 0.220508048.SH 華安外高橋 - - 0.202 0.202 0.186508078.SH 中航易商倉儲物流 - - 0.342 0.335 0.331508084.SH 匯添富九州通醫(yī)藥 - - - 0.213 0.213180305.SZ 南方順豐物流 - - - 0.609 0.547508090.SH 中銀中外運倉儲物流 - - - - 0.257EBITDA（億元）180301.SZ 紅土創(chuàng)新鹽田港 0.244 0.227 0.240 0.250 0.238508056.SH 中金普洛斯 0.666 0.686 0.693 0.689 0.635508098.SH 嘉實京東倉儲基礎(chǔ)設(shè)施 0.188 0.175 0.173 0.175 0.180180302.SZ 華夏深國際 0.190 0.188 0.210 0.209 0.190180303.SZ 華泰寶灣物流 - 0.148 0.142 0.152 0.137508048.SH 華安外高橋 - - 0.159 0.157 0.135508078.SH 中航易商倉儲物流 - - 0.241 0.242 0.200508084.SH 匯添富九州通醫(yī)藥 - - - 0.158 0.160180305.SZ 南方順豐物流 - - - 0.401 0.363508090.SH 中銀中外運倉儲物流 - - - - 0.150508090.SH中銀中外運倉儲物流----0.150

-2.25% -7.76% - -5.45% - -7.87% - -0.96% - 0.28% - -10.24% - - -2.45% -4.64% -5.05%-4.60% -7.77% -8.56%-4.51% 2.59% -1.80%0.14% -9.29% -- -10.01% -- -14.16% -- -17.38% -- 0.88% -- -9.45% -- - --6.11%-2.63% -2.38% -0.95%可供分配金額（億元）180301.SZ -6.11%-2.63% -2.38% -0.95%可供分配金額（億元）508056.SH 中金普洛斯 0.883 0.928 0.828 0.840 0.840 -4.79% 0.09%508098.SH 嘉實京東倉儲基礎(chǔ)設(shè)施 0.239 0.150 0.171 0.200 0.200 -16.13% -0.07% -10.70%180302.SZ 華夏深國際 0.186 0.186 0.182 0.185 0.187 1.04% 1.26% -2.76%13.48%-15.03%-12.86%-16.42%2.76%13.48%-15.03%-12.86%-16.42%508048.SH 華安外高橋 - - 0.153 0.160 0.139 - 508078.SH 中航易商倉儲物流 - - 0.196 0.295 0.247 - 508084.SH 匯添富九州通醫(yī)藥 - - - 0.152 0.156 - 180305.SZ 南方順豐物流 - - - 0.376 0.427 - 0.158----中銀中外運倉儲物流508090.SH- - 0.158----中銀中外運倉儲物流508090.SH，圖5：倉儲板塊經(jīng)營數(shù)據(jù)23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 環(huán)比 同比23Q323Q424Q124Q224Q324Q425Q125Q225Q3環(huán)比同比中金普洛斯中金普洛斯期末出租率

整體普洛斯北京空港物流園普洛斯北京空港物流園普洛斯通州光機電物流園普洛斯淀山湖物流園蘇州望亭普洛斯物流園普洛斯廣州保稅物流園

89.4%89.4%89.6%88.5%89.6%88.5%87.9%89.0%100.0%

89.4%89.4%81.4%91.7%100.0%94.2%

85.8% 85.6%85.8%85.6%91.8% 95.6%91.8%95.6%97.7% 97.7%91.1% 95.5%88.7% 75.6%100.0%

90.7%90.7%97.7%90.9%100.0%100.0%

89.7%89.7%98.1%82.4%100.0%100.0%

82.3%82.3%99.9%95.7%100.0%100.0%

96.4%96.4%98.1%93.2%100.0%94.2%

96.2%96.2%99.9%84.9%100.0%100.0%

-3.4% 3.9%88.8%92.2%90.6%88.8%92.2%90.6%86.4%84.9%1.8% 2.2%-8.2% -5.9%0.0% 0.0%5.8% 0.0%普洛斯順德物流園 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 94.7% 90.0% 85.5% -4.5%普洛斯增城物流園 100.0% 100.0% 97.6% 81.7% 81.7% 84.6% 100.0% 87.9% 99.0% 普洛斯青島前灣港國際物流園 93.2% 88.8% 88.9% 89.2% 77.8% 74.6% 76.6% 99.4% 99.7% 0.3%

5%%-14.%-14.21.9%租金收繳率

普洛斯江門鶴山物流園 100.0% 81.3% 81.3% 86.1% 81.3% 90.0% 91.3% 84.5% 59.8%普洛斯江門鶴山物流園100.0% 81.3%81.3%86.1%81.3%90.0%91.3%84.5%59.8%普洛斯(重慶)城市配送物流中心 71.1% 77.2% 57.4% 62.4% 63.8% 75.2% 83.4% 87.2% 普洛斯青島前灣港國際物流園 - - - - - - - - -普洛斯江門鶴山物流園 - - - - - - - - -普洛斯(重慶)城市配送物流中心 - - - - - - - - -

7%-24.整體37.7-24.整體37.737.737.938.237.535.735.034.234.4普洛斯北京空港物流園-73.273.973.272.271.8268.066.765.9普洛斯通州光機電物流園-52.152.552.552.254.854.155.052.6普洛斯淀山湖物流園-31.632.931.628.629.728.728.225.3期末有效租金（元/㎡/月）普洛斯順德物流園---39.9-39.939.8-40.340.1-40.639.7-41.234.7-41.040.6-41.040.6-41.041.0-37.8普洛斯增城物流園-45.746.246.947.144.041.141.842.0普洛斯青島前灣港國際物流園---------普洛斯江門鶴山物流園---------普洛斯(重慶)城市配送物流中心---------整體94.7%99.2%92.5%97.3%94.8%99.7%94.0%98.5%99.8%普洛斯北京空港物流園-99.5%88.0%98.0%97.8%101.2%94.9%98.4%99.1%0.8%-1.3%-10.5%2%-10.5%2%0.9%--7.7%0.4%--普洛斯通州光機電物流園普洛斯淀山湖物流園普洛斯通州光機電物流園普洛斯淀山湖物流園--99.5% 88.0% 98.0% 97.7% 101.2% 94.9% 98.4%100.0% 99.9% 100.0% 82.1% 98.4% 87.1% 99.3%100.0% 91.6% 100.0% 100.1% 100.1% 100.0% 99.5%99.1%97.3%100.0%0.7%0.7%-2.1%普洛斯順德物流園普洛斯增城物流園普洛斯順德物流園普洛斯增城物流園100.0% 100.0% 96.1%-96.5%83.3%84.8%97.3%92.0%99.9%94.7%98.8%85.3%99.5%97.1%101.2%103.8%6.7%普洛斯廣州保稅物流園 - - - - - - - - --1.7%--整體-整體-555.5576.5496.8469.6547.0480.9436.8445.62.普洛斯北京空港物流園-333.3265.1237.4203.9445.57448.3398.8429.5普洛斯通州光機電物流園-1195.01132.3677.1947.3858.1755.61039.3587.0-43普洛斯淀山湖物流園-806.8722.3625.3499.1511.7372.7401.9239.8-40-10蘇州望亭普洛斯物流園-654.3518.4532.3440.31047.5957.5866.5774.5期末剩余租期（天）普洛斯廣州保稅物流園---------普洛斯順德物流園-424.9335.9244.1152.1308.5237.7190.4282.1普洛斯增城物流園-872.31267.11018.61061.3608.6549.0764.0605.5普洛斯青島前灣港國際物流園---------普洛斯江門鶴山物流園---------普洛斯(重慶)城市配送物流中心 - - - - - - - - -7.7%.5%.3%.6%-48.2%-20.8%--100%100%100%100%100%100%100%100%100%100%送中心）一期

-21.5%20.9%-8.3%-8.8%0.8%-11.7%3.3%--8.2%-10.8%-10.8%--5.-0%5.1.3%1.5%15.2%15.2%-0.1%-3.9%11.8%----5.1%110.7%-52-38-52-38.0%75.9%-43-85.5%-43.0%---整體整體100%100%100%100%100%100%100%100%0.0%0.0%0.0%0.0%出租率1號倉儲華中總部建設(shè)項目100%100%100%100%100%100%100%100%100%整體京東重慶電子商務(wù)基地項目（中轉(zhuǎn)配租金（含稅，含管理送中心）一期----23.723.723.7--19.819.819.80.0%0.0%0.0%0.0%0.0%0.0%-6.費，元/㎡/月） 京東商城亞洲1號倉儲華中總部建設(shè) -項目京東亞洲一號廊坊經(jīng)開物流園 ---28.536.628.537.528.537.8--29.437.829.438.429.439.00.0% 3.2%1.6% 3.2%-6.7% 176.1%-4.6%期末剩余租期（天）京東商城亞洲1號倉儲華中總部建設(shè)-項目京東亞洲一號廊坊經(jīng)開物流園 -整體 100%京東重慶電子商務(wù)基地項目（中轉(zhuǎn)配100%--100%100%1461485100%100%1645 1553.0 1461 1371 1280669 577.0 485 395 304100% 100% 100% 100% 100%100.0% 100.0% 100.0% 100.0% 100.0%期末租金送中心）一期1188 -7.2% -23.5%212 -30.3% -63.3%100% 0.0% 0.0%100.0% 0.0% 0.0%項目京東亞洲一號廊坊經(jīng)開物流園.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%0.0%0.0%0.0%0.0%1984.8%嘉實京東2%191820102101219192.01842191--京東重慶電子商務(wù)基地項目（中轉(zhuǎn)配送中心）一期1,2841376146715574655561557738551整體272726.728.828.528.2100%100%100%100%100%100%100%100%100%京東亞洲一號廊坊經(jīng)開物流園-16.5%，同比環(huán)比25Q325Q2同比環(huán)比25Q325Q225Q124Q424Q324Q224Q123Q423Q396.0%99.2%96.0%99.2%

整體34.7%0.0%34.7%0.0%-1.6%0.0%-3.4%7%5%-4.-4..9%紅土創(chuàng)新鹽田港世紀(jì)物流園整體整體

99%100%--

95.2%100%--

92.6% 92.9%92.6%92.9%91.2% 100% 100%38.138.738.138.7

88.26%100%38.738.7

93.00%100%

95.29%100%

96.05%100%

92.93%100%

6%94.1%96.7%96.1%94.2%90.2%94.1%96.7%96.1%94.2%90.2%-3.-2.38.137.237.537.838.137.237.537.82.4%%季度末有效租金（元/現(xiàn)代物流中心（倉庫） - - 39.0 39.0 38.7 37.8 37.2 37.2 38.7 4.0%㎡/月）世紀(jì)物流園（辦公）--㎡/月）世紀(jì)物流園（辦公）--53.753.753.753.753.751.351.3整體100.0%100.0%100.0%92.9%99.27%98.24%99.7%99.9%99.9%租金收繳率現(xiàn)代物流中心世紀(jì)物流園100%100%100%100%100%100%98%100%99%100%98%100%100%100%100%100%100%100%世紀(jì)物流園（倉庫） - - 38.7 38.7 38.7 38.7 38.7 36.9 36.9 0.0%0.0%0.0%0.0%0.0%整體（倉庫） - - - 682 658 - 550 476 487 2.3%-26.0%-36.6%-21.2%-36.5%-37.5%-37.5%635-26.0%-36.6%-21.2%-36.5%-37.5%-37.5%635-591581493 496426458

0.6%0.6%0.8%0.8%0.0%加權(quán)剩余租期（天）

現(xiàn)代物流中心（倉庫） -現(xiàn)代物流中心（配套） -世紀(jì)物流園（倉庫） -世紀(jì)物流園（配套） -

1056 -1247 -華夏深國際1247 -華夏深國際

90710661066

843974974

761 699882 792882 792

613701701

535609609

7.5%7%-12.7%1%-13.1%1%-13.1%出租率

整體 - - 杭州一期項目 - - 貴州項目 - -

81.0%74.0%91.0%

88.7%87.0%91.0%

92.1% 92.4% 91.5%

92.9%93.3%92.5%

81.3%74.3%91.1%

-11.7%-19.0%-1.4%

-7.4%-12.7%%0.1%杭州一期項目- - - -36.736.136.036.133.97杭州一期項目- - - -36.736.136.036.133.97-5.9%-7.3%貴州項目- - - -31.830.725.126.125.5-2.3%-19.7%整體 - - - 33.5631.533.831.532.129.1-9.6%-7.9%杭州一期項目 - - - 37.8334.536.136.236.032.0-11.1%-7.2%貴州項目- - - 28.6927.830.627.626.725.7-3.6%-7.4%整體- - - --95.4%92.7%96.4%99.1%2.7%-杭州一期項目 - - - - 99.7% 96.0% 97.3% 98.6% 98.6% 0.0% -1.0%貴州項目- - - -94.3%95.6%82.9%91.8%99.9%8.2%5.6%整體- - - 0.74-1.71.81.71.910.7%-杭州一期項目- - - 0.82-1.51.91.72.015.8%-貴州項目- - - 0.65-1.91.71.61.74.9%-/㎡/月）期末有效租金（元/㎡/月） 租金收繳率 加權(quán)平均剩余租期（年）

34.6

33.9

32.6

32.0

30.3

-5.3%

-12.5%整體月末時點出租率 天津?qū)殲澄锪鲌@南京空港物流園整體月末時點出租率 天津?qū)殲澄锪鲌@南京空港物流園嘉興物流園整體平均月末有效租金單價天津?qū)殲澄锪鲌@（元/㎡/月）加權(quán)平均剩余租期（天南京空港物流園嘉興物流園整體天津?qū)殲澄锪鲌@---------嘉興物流園 -- -99.40% 87.50% 98.60% - -24.21 24.1930.24 30.2736.33 37.05- -- -- -- -------------100.0% 98.5% 89.4% 91.9% 90.7% 94.5% 99.2% 99.6% 94.4%100.0% 100.0% 100.0% 100.0% - 29.98 29.74 28.62 27.93- 23.66 23.66 23.70 22.72- 31.65 31.51 31.48 31.68- 36.00 36.96 30.87 30.23- 517.04 462.91 541.85 570.23- 361.70 369.63 331.22 464.49- 781.75 677.72 661.9 607.68- 452.59 283.30 832.11 790.040.6%6.5%-5.2%-4.0%-2.4%-4.1%0.6%-2.1%5.2%40.2%-8.2%-5.1%華泰紫金寶灣97.02%97.5%94.6%96.0%96.6%-1.6%3.7%-4.-4.--------整體-100.0%100.0%--98.0%94.4%98.4%97.8%-0.6%-租金收繳率天津?qū)殲澄锪鲌@-100.0% 100.0%--96.1%95.8%98.7%96.7%-2.0%-南京空港物流園-100.0% 100.0%--99.0%99.2%99.4%98.2%-1.1%-嘉興物流園-100.0% 100.0%--99.7%83.8%96.0%99.1%3.1%-期末出租率平均月末有效租金單價（元/㎡/月）租金收繳率

匯添富九州通- - - - - - - 100.0% 100.0% 0.0% -- - - - - - - 21.42 21.42 0.0% -- - - - - - - 100.0% 100.0% 0.0% -中航易商倉儲期末時點出租率加權(quán)平均剩余租期（天

整體 - - - - - 昆山物流園一期 - - - - - 昆山物流園二期 - - - - - 昆山物流園三期 - - - - - -昆山物流園三期------期末租金單價（元/㎡/期末租金單價（元/㎡/昆山物流園一月） 昆山物流園二昆山物流園三期--- --- ---------------------整體 - - - - - -整體------昆山物流園一期 - - - - - - - - - - 租金收繳率昆山物流園三期 - - - - - 租金收繳率整體 - - - - - -整體------，

80.2%38.7100.0%38.782.4%82.4%41.141.132.140.80748423910

80.2%100.0%87.4%87.4%363637.837.832.136.90657332.1761

85.2%98.4%81.5%81.5%363638.138.131.536.90543295.54724

-1.1% 86.5%87.7%85.6%86.5%87.7%85.6%-1.6% 0.0%-1.9%0.0%0.0%-1.9%0.0%0.8%-5.---554619554619730-10.6% -17.4%--17.4%-11.0% 100.0%97.9%84.3%2.1%-4.8% 100.0%97.9%84.3%2.1%-23Q323Q424Q1華安外高橋23Q323Q424Q1華安外高橋-24Q224Q324Q4 25Q125Q225Q3 環(huán)比同比整體W3-3地塊8#倉庫項目-----95.6%92.3%96.8%4.5%-期末時點出租率W4-3地塊14倉庫項目W5-2地塊1倉庫項目W5-5地塊12、13倉庫項目整體期末租金單價（元/㎡/W3-3地塊8倉庫項目月） W4-3地塊14倉庫項目W5-2地塊1倉庫項目W5-5地塊12、13倉庫項目整體 - - - - - - 782.71868.47

-14.1% -期末加權(quán)平均剩余租期W3-3地塊8倉庫項目 - - - - - - 2618 2527 2435

-3.6% -（天）出租率出租率期末剩余租期情況（天）W4-3地塊14倉庫項目 - - - - - - 1000728.87636.87-12.6%-W5-2地塊1倉庫項目 - - - - - - 429 338 258 -23.7% -W5-5地塊12、13倉庫項目 - - - - - - 76 853 638-25.2%-整體---整體------96.9%98.0%99.8%1.8%W3-3地塊8#倉庫項目------100.0%100.0%100.0%0.0%期末租金收繳率W4-3地塊14#倉庫項目------100.0%100.0%100.0%0.0%W5-2地塊1#倉庫項目------85.8%91.3%99.2%7.9%0.0%W5-5地塊12#、13#倉庫項目------100.0%100.0%100.0%---順豐倉儲-順豐倉儲深圳武漢----------深圳武漢--------------100.0% 100.0%94.7%94.7%合肥 - - - - - - - 96.4% 96.8%合肥 - - - - - - - 96.4% 96.8%0.3%整體-------48.1548.11-0.1%期末有效租金（元/㎡/深圳-------98.498.40.0%月）武漢-------39.4139.34-0.2%合肥-------37.0737.070.0%整體-------931.53669.38-28.1%期末剩余租深圳-------914.0822.0-10.1%期情況（天）武漢-------681.64603.32-11.5%合肥-------1153.52669.94-41.9%整體-------97.4%99.2%1.8%期末租金收繳率深圳-------100.0%100.0%0.0%武漢-------100.0%100.0%0.0%合肥-------92.3%97.7%5.4%------------中銀中外運倉儲物流-中銀中外運倉儲物流整體 - - - - - - - - 97.0% - -務(wù)有限公司 - - - - - - - 100.0% - -- - - - - - - 100.0% - -瑞達(dá)（金華）倉儲服務(wù)有限公司 - - - - - - - - 90.2% - -昆山中外運供應(yīng)鏈有限公司 - - - - - - - - 100.0% - -天津中外運建合倉儲服務(wù)有限公司 - - - - - - - - 100.0% - -整體瑞達(dá)無錫倉儲服務(wù)有限公司期末有效租金（元/㎡整體瑞達(dá)無錫倉儲服務(wù)有限公司期末有效租金（元/㎡/瑞達(dá)智匯昆山倉儲服務(wù)有限公司瑞達(dá)（金華）倉儲服務(wù)有限公司昆山中外運供應(yīng)鏈有限公司天津中外運建合倉儲服務(wù)有限公司瑞達(dá)（成都）倉儲服務(wù)有限公司-------------------------------------------------------32.7038.7034.5025.5039.6032.1033.00- - - - - - - 整體 - - - - - - - - 526.00 - -瑞達(dá)無錫倉儲服務(wù)有限公司 - - - - - - - - 488.00 - -瑞達(dá)智匯昆山倉儲服務(wù)有限公司 - - - - - - - - 488.00 - -瑞達(dá)（金華）倉儲服務(wù)有限公司 - - - - - - - - 488.00 - -昆山中外運供應(yīng)鏈有限公司 - - - - - - - - 610.00 - -天津中外運建合倉儲服務(wù)有限公司 - - - - - - - - 964.69 - -瑞達(dá)（成都）倉儲服務(wù)有限公司 196.56 - -整體整體瑞達(dá)無錫倉儲服務(wù)有限公司瑞達(dá)智匯昆山倉儲服務(wù)有限公期末租金收繳率 瑞達(dá)（金華）倉儲服務(wù)有限公瑞達(dá)（成都）倉儲服務(wù)有限公司--------------------------------------------------------99.3%100%100%100%100%100%96%--------------，消費：整體穩(wěn)中有升，部分季節(jié)性回落32025508002.SH508005.SH180603.SZ180605.SZ180606.SZ華安百聯(lián)消費508002.SH508005.SH180603.SZ180605.SZ180606.SZ華安百聯(lián)消費華夏首創(chuàng)奧萊中金中國綠發(fā)商業(yè)0.527----0.5120.7040.861--0.6290.7220.8470.260-0.5370.5890.8220.269-0.5630.5070.8550.2710.431-1.40%1.02%6.73% 4.69%-----------3.92%0.84%-14.00%代碼 REIT簡稱 24Q3 24Q4 25Q1 25Q2 25Q3 趨勢圖 單季同比單季環(huán)比累計同比營業(yè)收入（億元）508017.SH華夏金茂商業(yè)0.2320.2320.2350.2430.25811.47%6.07%20.77%508011.SH嘉實物美消費0.2950.2960.2560.2730.280-5.09%2.59%2.58%180601.SZ華夏華潤商業(yè)1.8661.8091.8361.8321.9765.88%7.85%22.41%180602.SZ中金印力消費0.8550.8920.8700.8350.843EBITDA（億元）508017.SH華夏金茂商業(yè)0.1310.1260.1100.1180.14410.37%21.77%9.74%508011.SH嘉實物美消費0.2210.2530.1900.1990.207-6.20%3.97%1.15%180601.SZ華夏華潤商業(yè)1.0380.9521.0420.9841.1016.03%11.86%22.20%180602.SZ中金印力消費0.5220.5470.5610.5130.5220.04%1.80%-508002.SH華安百聯(lián)消費0.3330.2940.3920.3370.3659.77%8.56%-508005.SH華夏首創(chuàng)奧萊-0.3850.4020.3300.267--18.97%-180603.SZ華夏大悅城商業(yè)-0.4040.4610.4480.451-0.56%-180605.SZ易方達(dá)華威農(nóng)貿(mào)市場--0.2210.2080.220-6.21%-180606.SZ中金中國綠發(fā)商業(yè)----0.231---可供分配金額（億元）508017.SH華夏金茂商業(yè)0.1360.1380.1410.1460.15010.56%2.78%22.33%508011.SH嘉實物美消費0.1680.1680.1800.1730.1722.35%-0.39%16.20%180601.SZ華夏華潤商業(yè)0.8880.8870.8830.9120.9244.07%1.35%19.92%180602.SZ中金印力消費0.4280.4490.4310.4340.4474.35%2.97%-508002.SH華安百聯(lián)消費0.2970.3320.4000.3220.34516.18%6.99%-508005.SH華夏首創(chuàng)奧萊-0.2950.3170.3210.324-1.10%-180603.SZ華夏大悅城商業(yè)-0.4530.4470.4540.460-1.28%-180605.SZ易方達(dá)華威農(nóng)貿(mào)市場--0.5570.2660.226--15.08%-180606.SZ中金中國綠發(fā)商業(yè)----0.220，出租率租金單價（元/平方米/天報告期末租金收繳率出租率租金單價（元/平方米/天報告期末租金收繳率整體大成項目華天項目德勝門項目整體大成項目華天項目整體大成項目華天項目98.3% 98.1%----3.983.294.913.254.7597.1%90.7%99.9%99.9%100.0%96.5%98.6%99.2%100.0%3.883.244.733.164.7999.9%97.2%99.9%99.7%100.0%96.7% 96.4% 95.3% 95.6% 95.7% 0.1% -196.3% 96.2% 94.4% 94.2% 94.2% 0.0% -2.1%100.0% 99.8% 97.7% 98.8% 99.2% 0.4% -0.8%90.4% 89.6% 90.4% 91.2% 91.2% 0.0% 0.8%99.5% 100.0% 100.0% 98.7% 98.7% 0.0% -0.8%4.09 3.92 3.81 3.82 3.92 2.6% -4.2%3.38 3.16 2.87 2.95 3.06 3.7% -9.5%5.12 4.79 4.83 4.85 4.88 0.6% -4.7%3.29 3.31 3.44 3.08 3.38 9.7% 2.7%4.74 4.81 4.94 4.86 4.75 -2.3% 0.2%98.1% 97.4% 99.5% 99.1% 98.4% -0.7% 0.3%93.7% 91.5% 99.8% 99.9% 94.6% -5.3% 0.8%100.0% 99.9% 99.9% 99.7% 99.9% 0.2% -0.1%100.0% 99.9% 97.6% 99.8% 99.8% 0.1% -0.2%100.0% 100.0% 99.9% 99.4% 100.0% 0.6% 0.0%.0%98.3%83.598.3% 98.3%98.7%98.8%99.0%98.6%84.190.292.792.190.891.524Q124Q224Q324Q425Q125Q225Q3環(huán)比同比華夏華潤出租率99.2%99.0%99.3%99.0%99.1%99.0%98.7%-0.3%-0.6%租金單價水平(元/平方米/月)-383.23412.61328.29421.03418.40430.072.8%4.2%租金收繳率98.0%100.0%100.0%100.0%100.0%100.0%100.0%0.0%0.0%租約加權(quán)平均剩余租期（年）-1.841.792.172.031.991.92-3.5%7.3%華夏金茂出租率-0.4%0.3% 租金單價元/平方米/月) 0.8%1.4%租金收繳率97.5%99.4%99.1%99.4%97.9%97.9%99.1%1.3%0.1%報告期末加權(quán)平均剩余租期（年）-4.644.464.363.913.973.980.3%-10.8%嘉實物美中金印力出租率-98.4%99.0%97.9%98.1%98.9%99.1%0.2%0.1%有效租金單價(元/平方米/月)-246.02250.34249.07263.03251.33251.360.0%0.4%租金收繳率-100.0%99.6%100.0%99.8%99.8%99.9%0.1%0.3%報告期末剩余租期（年）-3.873.673.062.902.852.64-7.4%-28.1%華安百聯(lián)武漢 - - - 租金收繳率 濟南 - - -

1.7100.0%

1.3100.0%

1.7100.0%

1.7100.0%

出租率租賃部份租金元/出租率租賃部份租金元/平方米/月加權(quán)平均剩余租期年)------93.11% 95.56% 95.04% 95.39% 95.03%2492.062332.392262.482342.372232.25-0.4% 1.9%-4.7% -10.4%-5.1% 9.2%0.0% 0.0%首創(chuàng)奧萊100%100%100%-100%--租賃費用收繳率整體---98.07%97.46%97.11%98.67%1.6%出租率濟南---97.1%95.9%97.93%98.48%0.6%武漢---99.2%99.1%96.2%98.9%2.7%整體---199.8199.1153.0128.2-16.2% 單價元/平方米/月) 濟南---194.2225.1151.9141.7-6.7%武漢---206.2171.7154.3113.4-26.5%整體---1.71.51.71.85.9%報告期末剩余租期（年）濟南---1.81.71.71.98.8%------整體---100.0%100.0%100.0%100.0%整體---100.0%100.0%100.0%100.0%0.0% 100.0% 100.0% 100.0% 100.0%--100.0% 100.0% 100.0% 100.0%---武漢0.0% 易方達(dá)華威農(nóng)貿(mào)市場-7.0%-4.9%3.323.493.473.43易方達(dá)華威農(nóng)貿(mào)市場-7.0%-4.9%3.323.493.473.433.57-租華夏大悅城1.3%94.83%93.55%130.3987.71%99.62%359.49350.56363.52363.8397.05%98.44%98.38%98.10%97.26%租金單價水平元/平方米/月) - - -租金收繳率

- -

98.6%

99.2%

99.6%

2.5%0.4%

-0.0%期末出租率期末出租率平均月末租金(元/平方米/月)報告期末剩余租期（年）------------5.475.315.140.0%----中金綠發(fā)100.0% 100.0% 100.0%----報告期末租金收繳率-3.2%-3.9%125.28134.42報告期末剩余租期（年）報告期末租金收繳率報告期末租金收繳率，

- - - - - 97.01% - -- - - - - 118.80- -- - - - - 118.80- - - - - - 3.24 - -99.9%------- -99.9%------整體 - 7.957.72整體 - 7.957.727.33 7.18 6.966.77-2.7%-12.3%報告期末剩余大成項目 - 8.868.637.96 7.86 7.507.29-2.8%-15.5%租期(年)玉蜓橋項目 - 7.40華天項目 - 7.617.097.436.86 6.78 6.677.23 6.95 6.706.456.59-3.3%-1.6%-9.0%-11.3%德勝門項目 - 7.19 7.04 6.77 6.55 6.49 6.28-3.2%-10.8%產(chǎn)業(yè)園：持續(xù)探底產(chǎn)業(yè)園板塊經(jīng)營表現(xiàn)持續(xù)探底。產(chǎn)業(yè)園行業(yè)競爭壓力延續(xù)，除臨港產(chǎn)業(yè)園項代碼REIT簡稱24Q324Q425Q1代碼REIT簡稱24Q324Q425Q125Q225Q3 趨勢圖 單季同比單季環(huán)比累計同比營業(yè)收入（億元）180101.SZ博時招商蛇口產(chǎn)業(yè)園0.5260.5270.4610.4590.441-16.14%-4.01%-12.48%508000.SH華安張江產(chǎn)業(yè)園0.3400.4150.3610.3610.3502.92%-3.15%-11.59%508027.SH東吳蘇園產(chǎn)業(yè)0.6490.6350.5960.6090.589-9.26%-3.28%-10.99%508099.SH建信中關(guān)村產(chǎn)業(yè)園0.3620.2910.2990.2960.295-18.53%-0.40%-18.51%180102.SZ華夏合肥高新產(chǎn)園0.2340.2240.2190.2090.199-14.90%-4.99%-9.85%508021.SH國泰海通臨港創(chuàng)新產(chǎn)業(yè)園0.1140.1110.1090.1120.232104.06%107.67%31.69%508088.SH國泰海通東久新經(jīng)濟0.3040.2750.2550.2510.258-15.18%2.65%-10.29%180103.SZ華夏杭州和達(dá)高科產(chǎn)園0.2410.2730.2300.2170.219-9.25%0.79%-14.27%508019.SH中金湖北科投光谷0.2650.2530.2450.2100.210-21.03%-0.30%-19.27%508022.SH博時津開科工產(chǎn)業(yè)園-0.3220.3250.3170.311--1.74%-180105.SZ易方達(dá)廣州開發(fā)區(qū)高新產(chǎn)業(yè)園-0.3260.2740.2760.259--6.06%-508003.SH中金聯(lián)東科創(chuàng)-0.2750.2830.2970.279--5.84%-508097.SH華泰南京建鄴--0.1930.1860.177--4.84%-508010.SH中金重慶兩江--0.2660.2350.167--29.02%-180106.SZ廣發(fā)成都高投產(chǎn)業(yè)園--0.2380.2300.222--3.35%-508012.SH招商科創(chuàng)--0.1510.1540.145--5.70%-508092.SH華夏金隅智造工場--0.2640.3150.284--10.05%-508080.SH中金亦莊產(chǎn)業(yè)園----0.259---508039.SH創(chuàng)金合信首農(nóng)----0.762---EBITDA（億元）180101.SZ博時招商蛇口產(chǎn)業(yè)園0.3880.3680.3290.3240.311-19.82%-4.00%-14.32%508000.SH華安張江產(chǎn)業(yè)園0.2400.2790.2730.2950.2441.52%-17.26%-11.76%508027.SH東吳蘇園產(chǎn)業(yè)0.3750.2860.3520.3700.334-10.96%-9.77%-14.23%508099.SH建信中關(guān)村產(chǎn)業(yè)園0.1770.1140.1460.1330.139-21.20%4.65%-21.67%180102.SZ華夏合肥高新產(chǎn)園0.1460.1290.1380.1260.132-9.89%4.84%-7.46%508021.SH國泰海通臨港創(chuàng)新產(chǎn)業(yè)園0.0860.0800.0860.0890.15884.02%78.29%24.44%508088.SH國泰海通東久新經(jīng)濟0.2220.1860.1900.1740.167-24.96%-3.93%-12.98%180103.SZ華夏杭州和達(dá)高科產(chǎn)園0.1400.1270.1410.1280.134-4.19%4.71%-12.39%508019.SH中金湖北科投光谷0.1690.1970.1520.1240.125-25.85%0.75%-25.32%508022.SH博時津開科工產(chǎn)業(yè)園-0.2080.2210.2270.216--5.06%-180105.SZ易方達(dá)廣州開發(fā)區(qū)高新產(chǎn)業(yè)園-0.2110.1870.1900.147--22.60%-508003.SH中金聯(lián)東科創(chuàng)-0.2000.2140.2280.204--10.79%-508097.SH華泰南京建鄴--0.1410.2750.108--60.51%-508010.SH中金重慶兩江--0.1920.1490.116--22.39%-180106.SZ廣發(fā)成都高投產(chǎn)業(yè)園--0.1530.1490.128--14.44%-508012.SH招商科創(chuàng)--0.1110.1140.095--16.33%-508092.SH華夏金隅智造工場--0.2220.2590.209--19.24%-508080.SH中金亦莊產(chǎn)業(yè)園----0.168---508039.SH創(chuàng)金合信首農(nóng)----0.613---可供分配金額（億元-7.16%-27.23%1.25%10.71%-7.16%-27.23%1.25%10.71%1.60%12.81%-56.94%1.09%180101.SZ博時招商蛇口產(chǎn)業(yè)園0.3680.4310.2380.3300.285-22.48%-13.56%-13.43%508000.SH華安張江產(chǎn)業(yè)園0.3060.2720.3220.2780.252-17.74%-9.44%-8.26%508027.SH東吳蘇園產(chǎn)業(yè)0.3700.3660.3560.3210.343-7.26%6.85%-8.22%508099.SH建信中關(guān)村產(chǎn)業(yè)園0.1120.0710.0740.0870.104-7.63%18.99%-25.10%180102.SZ華夏合肥高新產(chǎn)園0.1880.1890.1710.1710.156-17.07%-8.88%-12.18%508021.SH國泰海通臨港創(chuàng)新產(chǎn)業(yè)園0.1070.0620.0810.0930.16858.14%81.57%25.45%508088.SH國泰海通東久新經(jīng)濟0.1920.1650.1770.2180.183-5.04%-16.36%-5.34%180103.SZ華夏杭州和達(dá)高科產(chǎn)園0.1420.1420.1340.1350.135-5.27%0.03%-5.95%508019.SH中金湖北科投光谷0.1920.1540.1500.1500.149-22.49% -0.75%-23.71%508022.SH0.1730.1790.2100.195--180105.SZ高新產(chǎn)業(yè)園0.2650.2390.2330.170--508003.SH中金聯(lián)東科創(chuàng)-0.1660.2010.2020.205--508097.SH華泰南京建鄴--0.1290.1300.144--508010.SH中金重慶兩江--0.1400.1330.135--180106.SZ廣發(fā)成都高投產(chǎn)業(yè)園--0.1650.1490.168--508012.SH招商科創(chuàng)-0.0980.1260.054--508092.SH-0.1470.1970.199--508080.SH中金亦莊產(chǎn)業(yè)園----0.185- --508039.SH創(chuàng)金合信首農(nóng)----1.952- --國泰海通東久同比環(huán)比25Q325Q225Q124Q424Q324Q224Q123Q423Q3國泰海通東久同比環(huán)比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底層資產(chǎn)項目平均出租率東九金山100%100%100%100%99.9%100%100%86.3%94%100%99%95%94%100%97%95%100%100%100%100%98.1%100%100%100%97.4%100%87%100%100.0%94%84%100%100.0%96%89%100%東久金租金（元/㎡/月） 東久昆31.430.630.220.331.630.930.421.131.831.431.221.632.131.931.721.830.532.131.621.930.632.431.622.230.233.031.822.330.332.932.122.530.632.132.022.8東久金期末租金收繳率 東久昆----97.46%100%100%100%98.28%99.82%100%96.14%98.59% 87.89% 92.41%100% 99% 99.31100% 100% 100%90.96% 100.00% 100%85.59%98.79%99.43%100%98.38%100%100%100%100.00%99%100%100%期末剩余租期（天）東久昆山---1222.00 890.00 1076.00 982.00 890.00 862.531027.00 1213.00 1128.29 1034.05 1213.00 1388.361394.00 1112.00 1298.48 1204.10 1112.00 1025.69863.391336.16931.70817.691276.54839.782.1%0.0%2.3%4.80.0%-0.3%0.7%-0.3%1.0%0.2%1.6%-0.8%0.0%0.0%-8.1%-6.7%-5.3%-4.5%-9.9%-4.3%0.0%-3.9%0.0%0.5%0.0%-0.1%1.3%3.8%3.2%-0.2%0.0%0.0%-7.2%-7.1%-16.7%23.5%-30.3%國泰海通臨港12.1%-10.9%%95.7%93.6%95.3%99.4%100.0%96.9%97.4%99.4%100.0%整體-2.整體（自算）29.429.730.230.6 30.230.330.430.430.3整體-99.24%99.12%98.80%96.60%97.90%95.45%99.54%99.75%整體-1158.001064.001163.591038.631064.001083.241048.55963.55東久金山-1127.001059.001229.511025.181059.001011.141020.66952.64整體97.6%97.6%94.1%94.1%94.1%94.4%98.4%97.8%96.5%-1.3%2.4%期末出租率智造園一期-100.0%100.0%-100.0%100.0%100.0%100.0%100.0%0.0%0.0%智造園三期-96.3%90.8%90.8%90.8%91.3%97.5%96.6%96.6%0.0%5.8%康橋項目--------95.1%--整體--38.43938.137.236.336.060.066.7%57.5%有效租金單價（元/㎡/智造園一期 - - 37.5 38.7 38.7 34.8 33.9 33.3 33月） 智造園三期 - - 39 39 38.4 38.7 37.8 36.9 36.6-0.9%-0.8%-14.7%-4.7%期末剩余租期（天）

康橋項目 - - - - - - - - 87.9 - -整體-99.6%98.4%95.8%94.1%98.3%89.8%89.4%整體-99.6%98.4%95.8%94.1%98.3%89.8%89.4%93.9%期末租金收繳率智造園一期--100.0%96.1%100.0%100.0%100.0%100.0%95.5%智造園三期--97.5%95.5%100.0%97.3%84.4%83.9%85.6%康橋項目--------98.6%-1,549.971450.911203.371347.061,499.901,411.851,225.44-14.5%%-4.6%-14.5%%1.7%- --13.2% 1.8%- 1272.54 1181.54 1059.54 997.54 1317.7 1,226.70 1,228.61 0.2% 16.0%智造園三期 - - 1716.29 1614.67 1272.57 1558.52 1603.07 1517.66 1426.08 -6.0% 12.1%康橋項目 - - - - - - - - 1,083.68 - -月末時點出租率

整體-2.8%4.2%2.1%-2.8%4.2%2.1%-7.7%華夏杭州和達(dá)高科95.8%90.0%91.0%90.9%91.7%94.1%96.9%99.4%99.8%和達(dá)藥谷一期（研發(fā)辦公及配套商業(yè)）-3.1%-3.1%-4.4%-0.7%-9.0-6.9%-3.0%-8.6-0.1%-1.0%-10.4%-22.0%3.0%租金收繳率報告期末剩余租期（年和達(dá)藥谷一期（配套公寓部分）孵化器項目整體和達(dá)藥谷一期（研發(fā)辦公及配套商業(yè)）82.59%87.09%--96.44%92.87%-1.5960.7%61%1.31.3398.87%75.01%1.381.5396.76%80.39%1.421.5797.50%90.97%-1.3944.44%54.22%1.251.3798.11%76.69%1.291.1897.93%76.86%1.591.74-0.2%0.2%23.3%47.5%1.2%-3.5%12.0%10.8%孵化器項目-0.421.230.441.360.481.370.521.420.441.360.551.440.441.520.521.6118.2%5.9%0.0%13.4%%%11.1%86.2%87.2%49.1%86.94%75.09%83.2%88.3%89.18%77.11%和達(dá)藥谷一期（研發(fā)辦公及配套商業(yè)）

93.8%

98.3%

98.3%

91.1%

94.7%

95.3%

94.6%

0.2%%89.5% 88.9%87.2%82.5%%89.5% 88.9%87.2%82.5%77.8%77.0%77.4%74.8% 75.0%-1.5%孵化器項目82.7%81.6%80.1%73.8%68.0%66.7%67.2%63.5%60.4%整體---43.243.2-4241.139.3和達(dá)藥谷一期40.542.348.941.742.949.241.742.949.242.642.949.843.243.249.243.243.248.341.141.443.240.539.94240.238.738.4存量租約平均租金（元/㎡/月）（研發(fā)辦公及配套商業(yè)）和達(dá)藥谷一期（配套公寓部分）孵化器項目整體--69.5%79.8%79.6%-51.3%82.7%82.6%，同比環(huán)比25Q325Q2同比環(huán)比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底層資產(chǎn)項目期末出租率期末租金單價（元/㎡/月）期末租金收繳率

科智公司科智公司科智公司

94.9%---