公募REITs三季度报点评：分化加剧博弈修复

目录保障：营健类属性固 3仓储边承，注增供影响 5消费整稳有，分季性落 9产业：续底 交通关路变的期影响 16能源识长与期响因素 19市政保量齐升 20新型础施平经营 21投资议 22风险示 22保障房：经营稳健，类债属性稳固入扩募资产收入提升显著，但部分市场化程度较高的租赁项目存在业绩波EBITDA/代码REIT简称24Q324Q4代码REIT简称24Q324Q425Q125Q225Q3 趋势图 单季同比单季环比累计同比营业收入（亿元）508068.SH华夏北京保障房0.1800.1820.1850.2150.32379.23%50.27%33.72%180501.SZ红土创新深圳安居0.1370.1330.1350.1380.1402.68%2.00%0.50%508058.SH中金厦门安居0.2000.2010.2010.2030.2042.01%0.68%2.69%508077.SH华夏基金华润有巢0.2000.1980.1950.1980.191-4.45%-3.69%-1.54%508031.SH国泰海通城投宽庭保租房0.4400.4680.4470.4560.4737.39%3.64%3.30%180502.SZ招商基金招商蛇口租赁住房-0.2070.1790.2020.214-6.09%-508055.SH汇添富上海地产租赁住房---0.1820.197-8.40%-508085.SH华泰苏州恒泰租赁住房---0.2020.203-0.22%-EBITDA（亿元）EBITDA（亿元）508068.SH 华夏北京保障房180501.SZ 红土创新深圳安居508058.SH 中金厦门安居508077.SH 华夏基金华润有巢508031.SH 国泰海通城投宽庭保租房180502.SZ 招商基金招商蛇口租赁住房508055.SH 汇添富上海地产租赁住房----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 华夏北京保障房180501.SZ 红土创新深圳安居508058.SH 中金厦门安居508077.SH 华夏基金华润有巢508031.SH 国泰海通城投宽庭保租房180502.SZ 招商基金招商蛇口租赁住房508055.SH 汇添富上海地产租赁住房----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---华泰苏州恒泰租赁住房508085.SH---0.35%14.61%3.30%-0.06%-0.67%-4.54%64.03% 41.24% 27.06%可供分配金额（亿元）-9.50%-0.1510.167---华泰苏州恒泰租赁住房508085.SH9.60%7.28%同比环比25Q325Q2同比环比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底层资产经营指标报告期末收缴率

海淀区文龙家园海淀区文龙家园朝阳区熙悦尚郡526552655265526556655665566556655665朝阳区熙悦尚郡 97.70%97.80%96.57%96.94%97.93%96.57%97.19%95.99%96.86%海淀区温泉凯盛家园------海淀区温泉凯盛家园-------4242整体---1.531.431.861.711.451.50海淀区文龙家园---1.911.821.621.511.571.42报告期末加权平均剩余租期（年）朝阳区熙悦尚郡房山区朗悦嘉园通州区光机电---------0.74--0.60--2.39--2.16--1.871.400.791.881.461.51大兴区盛悦家园-------1.271.41海淀区温泉凯盛家园-------1.441.35整体97.68%97.96%96.73%97.12%97.75%96.82%97.42%96.37%96.31%海淀区文龙家园97.67%98.05%96.82%97.22%97.66%96.82%97.42%98.58%98.75%通州区光机电 - - - - - - - 81.94%91.82%大兴区盛悦家园 - - - - - - - 90.53%99.85%海淀区温泉凯盛家园 - - - - - - - 93.58%96.27%

0.7%租金定价（元/㎡/月）房山区朗悦嘉园租金定价（元/㎡/月）房山区朗悦嘉园通州区光机电大兴区盛悦家园---------------------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%----整体通州区光机电海淀区温泉凯盛家园出租率97.0% 96.9%95.0%96.5%94.8%94.4%95.4%95.2%95.5%华夏北京保障房-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%--红土深圳安居-红土深圳安居-福田区安居百泉阁罗湖区安居锦园大鹏新区保利香槟苑-福田区安居百泉阁罗湖区安居锦园大鹏新区保利香槟苑---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%整体99.2%98.3%98.5%98.2%97.2%96.3%97.1%97.2%98.0%福田区安居百泉阁98.2%97.3%98.3%98.1%96.5%95.8%97.8%95.7%95.9%期末出租率罗湖区安居锦园98.3%97.3%97.8%98.0%99.2%95.9%94.9%97.3%98.4%大鹏新区保利香槟苑99.6%99.5%98.6%95.6%90.3%90.8%91.1%92.7%98.5%坪山区凤凰公馆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%坪山区凤凰公馆-坪山区凤凰公馆-17.31-17.3117.3117.2017.3417.2817.16-0.7%报告期末加权福田区安居百泉阁---244152601065975888-9.0%平均剩余租期罗湖区安居锦园---244152601066973879-9.7%（天）大鹏新区保利香槟苑---833802718711642605-5.7%坪山区凤凰公馆---650826780703621542-12.7%整体---99.6%99.8%-97.0%99.5%99.9%0.4%报告期末租金福田区安居百泉阁100.0%99.4%99.9%100.0%100.0%100.0%99.5%99.7%100.0%0.3%罗湖区安居锦园100.0%96.0%98.0%99.2%99.5%99.9%89.6%98.9%99.7%0.8%大鹏新区保利香槟苑100.0%97.0%98.5%99.2%99.8%99.9%98.9%99.5%99.9%0.4%坪山区凤凰公馆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%中金厦门安居整体 99.6% 99.8% 99.4% 99.5% 99.7% 99.7% 99.3% 99.3% 99.3% 出租率 集美区园博公寓 99.4% 99.8% 99.5% 99.4% 99.6% 99.6% 99.1% 99.2% 99.2%集美区珩琦公寓 99.8% 99.9% 99.2% 99.7% 99.7% 99.9% 99.5% 99.4% 99.3%期末有效租金单价（元/整体 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）

集美区园博公寓 33.6 33.7 33.9 34.2 34.6 34.7 34.9 35.0 35.3报告期末加权整体 报告期末加权整体 平均剩余租期 集美区园博公（天） 集美区珩琦公报告期末租金 整体收缴率 集美区园博公寓集美区珩琦公寓- 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%整体报告期末时点出租率林下项目太子湾项目太子湾项目（配套商业）--------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%整体-----107.5103.9103.0102.5-0.5%-报告期内平均签约租金林下项目-----105.598.398.198.20.1%-单价（元/㎡/月） 太子湾项目-----107.1107.6107.1106.8-0.3%-太子湾项目（配套商业）-----240.5241.0243.6251.53.2%-加权平均合同剩余租期整体（年）加权平均合同剩余租期整体（年）林下项目太子湾项目---------------0.550.410.580.600.640.540.560.580.520.560.510.630.0%-12.1%21.2%--整体- - - - -98.9%97.0%98.5%99.5%1.0%-租金收缴率林下项目- - - - -99.7% 96.3% 98.2%99.3%1.1%-企业租户占比

太子湾项目 - - - - - 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%-苏州恒泰- -- --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%-林下项目出期末有效租㎡/报告期末加权平均剩余住房租期（天） 商业- - - - - - -812.12 679.86-16.3%-报告期末租金收缴率整体- - - - - - -99.87%99.39%-0.5%-，图3：保障房板块经营数据，仓储：边际承压，关注新增供给影响（10嘉兴）等。顺丰项目经营情况稳定但盈利指标走弱，主因合肥丰泰与合肥项目的原租户1解除租赁合同，前期确认的会计收入需冲回，不过会计收入的冲回不影响2025年实际收取的合同收入。红土创新盐田港REIT2025Q3出租率边际下行，主因园区内一主要业务为出口美国的客户因关税政策变化导致业务提前终止而出现退租，涉及退租面积占总可出租面积比例为5.13%，资产项目公司已按照合同约定履行相关条款，同时管理人已协同运营管理机构开展招商工作并成功引入部分客户。图4：仓储板块盈利指标代码 REIT简称 24Q3 24Q4 25Q1 25Q2 25Q3 趋势图 单季同比单季环比累计同比营业收入（亿元）180301.SZ红土创新盐田港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 嘉实京东仓储基础设施 0.270 0.271 0.262 0.266 0.269 -0.46%1.30%-0.41%180302.SZ 华夏深国际 0.280 0.299 0.299 0.297 0.274180303.SZ 华泰宝湾物流 - 0.260 0.222 0.232 0.220508048.SH 华安外高桥 - - 0.202 0.202 0.186508078.SH 中航易商仓储物流 - - 0.342 0.335 0.331508084.SH 汇添富九州通医药 - - - 0.213 0.213180305.SZ 南方顺丰物流 - - - 0.609 0.547508090.SH 中银中外运仓储物流 - - - - 0.257EBITDA（亿元）180301.SZ 红土创新盐田港 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 嘉实京东仓储基础设施 0.188 0.175 0.173 0.175 0.180180302.SZ 华夏深国际 0.190 0.188 0.210 0.209 0.190180303.SZ 华泰宝湾物流 - 0.148 0.142 0.152 0.137508048.SH 华安外高桥 - - 0.159 0.157 0.135508078.SH 中航易商仓储物流 - - 0.241 0.242 0.200508084.SH 汇添富九州通医药 - - - 0.158 0.160180305.SZ 南方顺丰物流 - - - 0.401 0.363508090.SH 中银中外运仓储物流 - - - - 0.150508090.SH中银中外运仓储物流----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%可供分配金额（亿元）180301.SZ -6.11%-2.63% -2.38% -0.95%可供分配金额（亿元）508056.SH 中金普洛斯 0.883 0.928 0.828 0.840 0.840 -4.79% 0.09%508098.SH 嘉实京东仓储基础设施 0.239 0.150 0.171 0.200 0.200 -16.13% -0.07% -10.70%180302.SZ 华夏深国际 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 华安外高桥 - - 0.153 0.160 0.139 - 508078.SH 中航易商仓储物流 - - 0.196 0.295 0.247 - 508084.SH 汇添富九州通医药 - - - 0.152 0.156 - 180305.SZ 南方顺丰物流 - - - 0.376 0.427 - 0.158----中银中外运仓储物流508090.SH- - 0.158----中银中外运仓储物流508090.SH，图5：仓储板块经营数据23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 环比 同比23Q323Q424Q124Q224Q324Q425Q125Q225Q3环比同比中金普洛斯中金普洛斯期末出租率

整体普洛斯北京空港物流园普洛斯北京空港物流园普洛斯通州光机电物流园普洛斯淀山湖物流园苏州望亭普洛斯物流园普洛斯广州保税物流园

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%普洛斯顺德物流园 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 94.7% 90.0% 85.5% -4.5%普洛斯增城物流园 100.0% 100.0% 97.6% 81.7% 81.7% 84.6% 100.0% 87.9% 99.0% 普洛斯青岛前湾港国际物流园 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%租金收缴率

普洛斯江门鹤山物流园 100.0% 81.3% 81.3% 86.1% 81.3% 90.0% 91.3% 84.5% 59.8%普洛斯江门鹤山物流园100.0% 81.3%81.3%86.1%81.3%90.0%91.3%84.5%59.8%普洛斯(重庆)城市配送物流中心 71.1% 77.2% 57.4% 62.4% 63.8% 75.2% 83.4% 87.2% 普洛斯青岛前湾港国际物流园 - - - - - - - - -普洛斯江门鹤山物流园 - - - - - - - - -普洛斯(重庆)城市配送物流中心 - - - - - - - - -

7%-24.整体37.7-24.整体37.737.737.938.237.535.735.034.234.4普洛斯北京空港物流园-73.273.973.272.271.8268.066.765.9普洛斯通州光机电物流园-52.152.552.552.254.854.155.052.6普洛斯淀山湖物流园-31.632.931.628.629.728.728.225.3期末有效租金（元/㎡/月）普洛斯顺德物流园---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普洛斯增城物流园-45.746.246.947.144.041.141.842.0普洛斯青岛前湾港国际物流园---------普洛斯江门鹤山物流园---------普洛斯(重庆)城市配送物流中心---------整体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园-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%--普洛斯通州光机电物流园普洛斯淀山湖物流园普洛斯通州光机电物流园普洛斯淀山湖物流园--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%普洛斯顺德物流园普洛斯增城物流园普洛斯顺德物流园普洛斯增城物流园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%普洛斯广州保税物流园 - - - - - - - - --1.7%--整体-整体-555.5576.5496.8469.6547.0480.9436.8445.62.普洛斯北京空港物流园-333.3265.1237.4203.9445.57448.3398.8429.5普洛斯通州光机电物流园-1195.01132.3677.1947.3858.1755.61039.3587.0-43普洛斯淀山湖物流园-806.8722.3625.3499.1511.7372.7401.9239.8-40-10苏州望亭普洛斯物流园-654.3518.4532.3440.31047.5957.5866.5774.5期末剩余租期（天）普洛斯广州保税物流园---------普洛斯顺德物流园-424.9335.9244.1152.1308.5237.7190.4282.1普洛斯增城物流园-872.31267.11018.61061.3608.6549.0764.0605.5普洛斯青岛前湾港国际物流园---------普洛斯江门鹤山物流园---------普洛斯(重庆)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%---整体整体100%100%100%100%100%100%100%100%0.0%0.0%0.0%0.0%出租率1号仓储华中总部建设项目100%100%100%100%100%100%100%100%100%整体京东重庆电子商务基地项目（中转配租金（含税，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.费，元/㎡/月） 京东商城亚洲1号仓储华中总部建设 -项目京东亚洲一号廊坊经开物流园 ---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）京东商城亚洲1号仓储华中总部建设-项目京东亚洲一号廊坊经开物流园 -整体 100%京东重庆电子商务基地项目（中转配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%项目京东亚洲一号廊坊经开物流园.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%嘉实京东2%191820102101219192.01842191--京东重庆电子商务基地项目（中转配送中心）一期1,2841376146715574655561557738551整体272726.728.828.528.2100%100%100%100%100%100%100%100%100%京东亚洲一号廊坊经开物流园-16.5%，同比环比25Q325Q2同比环比25Q325Q225Q124Q424Q324Q224Q123Q423Q396.0%99.2%96.0%99.2%

整体34.7%0.0%34.7%0.0%-1.6%0.0%-3.4%7%5%-4.-4..9%红土创新盐田港世纪物流园整体整体

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/现代物流中心（仓库） - - 39.0 39.0 38.7 37.8 37.2 37.2 38.7 4.0%㎡/月）世纪物流园（办公）--㎡/月）世纪物流园（办公）--53.753.753.753.753.751.351.3整体100.0%100.0%100.0%92.9%99.27%98.24%99.7%99.9%99.9%租金收缴率现代物流中心世纪物流园100%100%100%100%100%100%98%100%99%100%98%100%100%100%100%100%100%100%世纪物流园（仓库） - - 38.7 38.7 38.7 38.7 38.7 36.9 36.9 0.0%0.0%0.0%0.0%0.0%整体（仓库） - - - 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%加权剩余租期（天）

现代物流中心（仓库） -现代物流中心（配套） -世纪物流园（仓库） -世纪物流园（配套） -

1056 -1247 -华夏深国际1247 -华夏深国际

90710661066

843974974

761 699882 792882 792

613701701

535609609

7.5%7%-12.7%1%-13.1%1%-13.1%出租率

整体 - - 杭州一期项目 - - 贵州项目 - -

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%杭州一期项目- - - -36.736.136.036.133.97杭州一期项目- - - -36.736.136.036.133.97-5.9%-7.3%贵州项目- - - -31.830.725.126.125.5-2.3%-19.7%整体 - - - 33.5631.533.831.532.129.1-9.6%-7.9%杭州一期项目 - - - 37.8334.536.136.236.032.0-11.1%-7.2%贵州项目- - - 28.6927.830.627.626.725.7-3.6%-7.4%整体- - - --95.4%92.7%96.4%99.1%2.7%-杭州一期项目 - - - - 99.7% 96.0% 97.3% 98.6% 98.6% 0.0% -1.0%贵州项目- - - -94.3%95.6%82.9%91.8%99.9%8.2%5.6%整体- - - 0.74-1.71.81.71.910.7%-杭州一期项目- - - 0.82-1.51.91.72.015.8%-贵州项目- - - 0.65-1.91.71.61.74.9%-/㎡/月）期末有效租金（元/㎡/月） 租金收缴率 加权平均剩余租期（年）

34.6

33.9

32.6

32.0

30.3

-5.3%

-12.5%整体月末时点出租率 天津宝湾物流园南京空港物流园整体月末时点出租率 天津宝湾物流园南京空港物流园嘉兴物流园整体平均月末有效租金单价天津宝湾物流园（元/㎡/月）加权平均剩余租期（天南京空港物流园嘉兴物流园整体天津宝湾物流园---------嘉兴物流园 -- -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%华泰紫金宝湾97.02%97.5%94.6%96.0%96.6%-1.6%3.7%-4.-4.--------整体-100.0%100.0%--98.0%94.4%98.4%97.8%-0.6%-租金收缴率天津宝湾物流园-100.0% 100.0%--96.1%95.8%98.7%96.7%-2.0%-南京空港物流园-100.0% 100.0%--99.0%99.2%99.4%98.2%-1.1%-嘉兴物流园-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单价（元/㎡/月）租金收缴率

汇添富九州通- - - - - - - 100.0% 100.0% 0.0% -- - - - - - - 21.42 21.42 0.0% -- - - - - - - 100.0% 100.0% 0.0% -中航易商仓储期末时点出租率加权平均剩余租期（天

整体 - - - - - 昆山物流园一期 - - - - - 昆山物流园二期 - - - - - 昆山物流园三期 - - - - - -昆山物流园三期------期末租金单价（元/㎡/期末租金单价（元/㎡/昆山物流园一月） 昆山物流园二昆山物流园三期--- --- ---------------------整体 - - - - - -整体------昆山物流园一期 - - - - - - - - - - 租金收缴率昆山物流园三期 - - - - - 租金收缴率整体 - - - - - -整体------，

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华安外高桥23Q323Q424Q1华安外高桥-24Q224Q324Q4 25Q125Q225Q3 环比同比整体W3-3地块8#仓库项目-----95.6%92.3%96.8%4.5%-期末时点出租率W4-3地块14仓库项目W5-2地块1仓库项目W5-5地块12、13仓库项目整体期末租金单价（元/㎡/W3-3地块8仓库项目月） W4-3地块14仓库项目W5-2地块1仓库项目W5-5地块12、13仓库项目整体 - - - - - - 782.71868.47

-14.1% -期末加权平均剩余租期W3-3地块8仓库项目 - - - - - - 2618 2527 2435

-3.6% -（天）出租率出租率期末剩余租期情况（天）W4-3地块14仓库项目 - - - - - - 1000728.87636.87-12.6%-W5-2地块1仓库项目 - - - - - - 429 338 258 -23.7% -W5-5地块12、13仓库项目 - - - - - - 76 853 638-25.2%-整体---整体------96.9%98.0%99.8%1.8%W3-3地块8#仓库项目------100.0%100.0%100.0%0.0%期末租金收缴率W4-3地块14#仓库项目------100.0%100.0%100.0%0.0%W5-2地块1#仓库项目------85.8%91.3%99.2%7.9%0.0%W5-5地块12#、13#仓库项目------100.0%100.0%100.0%---顺丰仓储-顺丰仓储深圳武汉----------深圳武汉--------------100.0% 100.0%94.7%94.7%合肥 - - - - - - - 96.4% 96.8%合肥 - - - - - - - 96.4% 96.8%0.3%整体-------48.1548.11-0.1%期末有效租金（元/㎡/深圳-------98.498.40.0%月）武汉-------39.4139.34-0.2%合肥-------37.0737.070.0%整体-------931.53669.38-28.1%期末剩余租深圳-------914.0822.0-10.1%期情况（天）武汉-------681.64603.32-11.5%合肥-------1153.52669.94-41.9%整体-------97.4%99.2%1.8%期末租金收缴率深圳-------100.0%100.0%0.0%武汉-------100.0%100.0%0.0%合肥-------92.3%97.7%5.4%------------中银中外运仓储物流-中银中外运仓储物流整体 - - - - - - - - 97.0% - -务有限公司 - - - - - - - 100.0% - -- - - - - - - 100.0% - -瑞达（金华）仓储服务有限公司 - - - - - - - - 90.2% - -昆山中外运供应链有限公司 - - - - - - - - 100.0% - -天津中外运建合仓储服务有限公司 - - - - - - - - 100.0% - -整体瑞达无锡仓储服务有限公司期末有效租金（元/㎡整体瑞达无锡仓储服务有限公司期末有效租金（元/㎡/瑞达智汇昆山仓储服务有限公司瑞达（金华）仓储服务有限公司昆山中外运供应链有限公司天津中外运建合仓储服务有限公司瑞达（成都）仓储服务有限公司-------------------------------------------------------32.7038.7034.5025.5039.6032.1033.00- - - - - - - 整体 - - - - - - - - 526.00 - -瑞达无锡仓储服务有限公司 - - - - - - - - 488.00 - -瑞达智汇昆山仓储服务有限公司 - - - - - - - - 488.00 - -瑞达（金华）仓储服务有限公司 - - - - - - - - 488.00 - -昆山中外运供应链有限公司 - - - - - - - - 610.00 - -天津中外运建合仓储服务有限公司 - - - - - - - - 964.69 - -瑞达（成都）仓储服务有限公司 196.56 - -整体整体瑞达无锡仓储服务有限公司瑞达智汇昆山仓储服务有限公期末租金收缴率 瑞达（金华）仓储服务有限公瑞达（成都）仓储服务有限公司--------------------------------------------------------99.3%100%100%100%100%100%96%--------------，消费：整体稳中有升，部分季节性回落32025508002.SH508005.SH180603.SZ180605.SZ180606.SZ华安百联消费508002.SH508005.SH180603.SZ180605.SZ180606.SZ华安百联消费华夏首创奥莱中金中国绿发商业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%代码 REIT简称 24Q3 24Q4 25Q1 25Q2 25Q3 趋势图 单季同比单季环比累计同比营业收入（亿元）508017.SH华夏金茂商业0.2320.2320.2350.2430.25811.47%6.07%20.77%508011.SH嘉实物美消费0.2950.2960.2560.2730.280-5.09%2.59%2.58%180601.SZ华夏华润商业1.8661.8091.8361.8321.9765.88%7.85%22.41%180602.SZ中金印力消费0.8550.8920.8700.8350.843EBITDA（亿元）508017.SH华夏金茂商业0.1310.1260.1100.1180.14410.37%21.77%9.74%508011.SH嘉实物美消费0.2210.2530.1900.1990.207-6.20%3.97%1.15%180601.SZ华夏华润商业1.0380.9521.0420.9841.1016.03%11.86%22.20%180602.SZ中金印力消费0.5220.5470.5610.5130.5220.04%1.80%-508002.SH华安百联消费0.3330.2940.3920.3370.3659.77%8.56%-508005.SH华夏首创奥莱-0.3850.4020.3300.267--18.97%-180603.SZ华夏大悦城商业-0.4040.4610.4480.451-0.56%-180605.SZ易方达华威农贸市场--0.2210.2080.220-6.21%-180606.SZ中金中国绿发商业----0.231---可供分配金额（亿元）508017.SH华夏金茂商业0.1360.1380.1410.1460.15010.56%2.78%22.33%508011.SH嘉实物美消费0.1680.1680.1800.1730.1722.35%-0.39%16.20%180601.SZ华夏华润商业0.8880.8870.8830.9120.9244.07%1.35%19.92%180602.SZ中金印力消费0.4280.4490.4310.4340.4474.35%2.97%-508002.SH华安百联消费0.2970.3320.4000.3220.34516.18%6.99%-508005.SH华夏首创奥莱-0.2950.3170.3210.324-1.10%-180603.SZ华夏大悦城商业-0.4530.4470.4540.460-1.28%-180605.SZ易方达华威农贸市场--0.5570.2660.226--15.08%-180606.SZ中金中国绿发商业----0.220，出租率租金单价（元/平方米/天报告期末租金收缴率出租率租金单价（元/平方米/天报告期末租金收缴率整体大成项目华天项目德胜门项目整体大成项目华天项目整体大成项目华天项目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环比同比华夏华润出租率99.2%99.0%99.3%99.0%99.1%99.0%98.7%-0.3%-0.6%租金单价水平(元/平方米/月)-383.23412.61328.29421.03418.40430.072.8%4.2%租金收缴率98.0%100.0%100.0%100.0%100.0%100.0%100.0%0.0%0.0%租约加权平均剩余租期（年）-1.841.792.172.031.991.92-3.5%7.3%华夏金茂出租率-0.4%0.3% 租金单价元/平方米/月) 0.8%1.4%租金收缴率97.5%99.4%99.1%99.4%97.9%97.9%99.1%1.3%0.1%报告期末加权平均剩余租期（年）-4.644.464.363.913.973.980.3%-10.8%嘉实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%有效租金单价(元/平方米/月)-246.02250.34249.07263.03251.33251.360.0%0.4%租金收缴率-100.0%99.6%100.0%99.8%99.8%99.9%0.1%0.3%报告期末剩余租期（年）-3.873.673.062.902.852.64-7.4%-28.1%华安百联武汉 - - - 租金收缴率 济南 - - -

1.7100.0%

1.3100.0%

1.7100.0%

1.7100.0%

出租率租赁部份租金元/出租率租赁部份租金元/平方米/月加权平均剩余租期年)------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%首创奥莱100%100%100%-100%--租赁费用收缴率整体---98.07%97.46%97.11%98.67%1.6%出租率济南---97.1%95.9%97.93%98.48%0.6%武汉---99.2%99.1%96.2%98.9%2.7%整体---199.8199.1153.0128.2-16.2% 单价元/平方米/月) 济南---194.2225.1151.9141.7-6.7%武汉---206.2171.7154.3113.4-26.5%整体---1.71.51.71.85.9%报告期末剩余租期（年）济南---1.81.71.71.98.8%------整体---100.0%100.0%100.0%100.0%整体---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%---武汉0.0% 易方达华威农贸市场-7.0%-4.9%3.323.493.473.43易方达华威农贸市场-7.0%-4.9%3.323.493.473.433.57-租华夏大悦城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%租金单价水平元/平方米/月) - - -租金收缴率

- -

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)报告期末剩余租期（年）------------5.475.315.140.0%----中金绿发100.0% 100.0% 100.0%----报告期末租金收缴率-3.2%-3.9%125.28134.42报告期末剩余租期（年）报告期末租金收缴率报告期末租金收缴率，

- - - - - 97.01% - -- - - - - 118.80- -- - - - - 118.80- - - - - - 3.24 - -99.9%------- -99.9%------整体 - 7.957.72整体 - 7.957.727.33 7.18 6.966.77-2.7%-12.3%报告期末剩余大成项目 - 8.868.637.96 7.86 7.507.29-2.8%-15.5%租期(年)玉蜓桥项目 - 7.40华天项目 - 7.617.097.436.86 6.78 6.677.23 6.95 6.706.456.59-3.3%-1.6%-9.0%-11.3%德胜门项目 - 7.19 7.04 6.77 6.55 6.49 6.28-3.2%-10.8%产业园：持续探底产业园板块经营表现持续探底。产业园行业竞争压力延续，除临港产业园项代码REIT简称24Q324Q425Q1代码REIT简称24Q324Q425Q125Q225Q3 趋势图 单季同比单季环比累计同比营业收入（亿元）180101.SZ博时招商蛇口产业园0.5260.5270.4610.4590.441-16.14%-4.01%-12.48%508000.SH华安张江产业园0.3400.4150.3610.3610.3502.92%-3.15%-11.59%508027.SH东吴苏园产业0.6490.6350.5960.6090.589-9.26%-3.28%-10.99%508099.SH建信中关村产业园0.3620.2910.2990.2960.295-18.53%-0.40%-18.51%180102.SZ华夏合肥高新产园0.2340.2240.2190.2090.199-14.90%-4.99%-9.85%508021.SH国泰海通临港创新产业园0.1140.1110.1090.1120.232104.06%107.67%31.69%508088.SH国泰海通东久新经济0.3040.2750.2550.2510.258-15.18%2.65%-10.29%180103.SZ华夏杭州和达高科产园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博时津开科工产业园-0.3220.3250.3170.311--1.74%-180105.SZ易方达广州开发区高新产业园-0.3260.2740.2760.259--6.06%-508003.SH中金联东科创-0.2750.2830.2970.279--5.84%-508097.SH华泰南京建邺--0.1930.1860.177--4.84%-508010.SH中金重庆两江--0.2660.2350.167--29.02%-180106.SZ广发成都高投产业园--0.2380.2300.222--3.35%-508012.SH招商科创--0.1510.1540.145--5.70%-508092.SH华夏金隅智造工场--0.2640.3150.284--10.05%-508080.SH中金亦庄产业园----0.259---508039.SH创金合信首农----0.762---EBITDA（亿元）180101.SZ博时招商蛇口产业园0.3880.3680.3290.3240.311-19.82%-4.00%-14.32%508000.SH华安张江产业园0.2400.2790.2730.2950.2441.52%-17.26%-11.76%508027.SH东吴苏园产业0.3750.2860.3520.3700.334-10.96%-9.77%-14.23%508099.SH建信中关村产业园0.1770.1140.1460.1330.139-21.20%4.65%-21.67%180102.SZ华夏合肥高新产园0.1460.1290.1380.1260.132-9.89%4.84%-7.46%508021.SH国泰海通临港创新产业园0.0860.0800.0860.0890.15884.02%78.29%24.44%508088.SH国泰海通东久新经济0.2220.1860.1900.1740.167-24.96%-3.93%-12.98%180103.SZ华夏杭州和达高科产园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博时津开科工产业园-0.2080.2210.2270.216--5.06%-180105.SZ易方达广州开发区高新产业园-0.2110.1870.1900.147--22.60%-508003.SH中金联东科创-0.2000.2140.2280.204--10.79%-508097.SH华泰南京建邺--0.1410.2750.108--60.51%-508010.SH中金重庆两江--0.1920.1490.116--22.39%-180106.SZ广发成都高投产业园--0.1530.1490.128--14.44%-508012.SH招商科创--0.1110.1140.095--16.33%-508092.SH华夏金隅智造工场--0.2220.2590.209--19.24%-508080.SH中金亦庄产业园----0.168---508039.SH创金合信首农----0.613---可供分配金额（亿元-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博时招商蛇口产业园0.3680.4310.2380.3300.285-22.48%-13.56%-13.43%508000.SH华安张江产业园0.3060.2720.3220.2780.252-17.74%-9.44%-8.26%508027.SH东吴苏园产业0.3700.3660.3560.3210.343-7.26%6.85%-8.22%508099.SH建信中关村产业园0.1120.0710.0740.0870.104-7.63%18.99%-25.10%180102.SZ华夏合肥高新产园0.1880.1890.1710.1710.156-17.07%-8.88%-12.18%508021.SH国泰海通临港创新产业园0.1070.0620.0810.0930.16858.14%81.57%25.45%508088.SH国泰海通东久新经济0.1920.1650.1770.2180.183-5.04%-16.36%-5.34%180103.SZ华夏杭州和达高科产园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高新产业园0.2650.2390.2330.170--508003.SH中金联东科创-0.1660.2010.2020.205--508097.SH华泰南京建邺--0.1290.1300.144--508010.SH中金重庆两江--0.1400.1330.135--180106.SZ广发成都高投产业园--0.1650.1490.168--508012.SH招商科创-0.0980.1260.054--508092.SH-0.1470.1970.199--508080.SH中金亦庄产业园----0.185- --508039.SH创金合信首农----1.952- --国泰海通东久同比环比25Q325Q225Q124Q424Q324Q224Q123Q423Q3国泰海通东久同比环比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底层资产项目平均出租率东九金山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%东久金租金（元/㎡/月） 东久昆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东久金期末租金收缴率 东久昆----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）东久昆山---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%国泰海通临港12.1%-10.9%%95.7%93.6%95.3%99.4%100.0%96.9%97.4%99.4%100.0%整体-2.整体（自算）29.429.730.230.6 30.230.330.430.430.3整体-99.24%99.12%98.80%96.60%97.90%95.45%99.54%99.75%整体-1158.001064.001163.591038.631064.001083.241048.55963.55东久金山-1127.001059.001229.511025.181059.001011.141020.66952.64整体97.6%97.6%94.1%94.1%94.1%94.4%98.4%97.8%96.5%-1.3%2.4%期末出租率智造园一期-100.0%100.0%-100.0%100.0%100.0%100.0%100.0%0.0%0.0%智造园三期-96.3%90.8%90.8%90.8%91.3%97.5%96.6%96.6%0.0%5.8%康桥项目--------95.1%--整体--38.43938.137.236.336.060.066.7%57.5%有效租金单价（元/㎡/智造园一期 - - 37.5 38.7 38.7 34.8 33.9 33.3 33月） 智造园三期 - - 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）

康桥项目 - - - - - - - - 87.9 - -整体-99.6%98.4%95.8%94.1%98.3%89.8%89.4%整体-99.6%98.4%95.8%94.1%98.3%89.8%89.4%93.9%期末租金收缴率智造园一期--100.0%96.1%100.0%100.0%100.0%100.0%95.5%智造园三期--97.5%95.5%100.0%97.3%84.4%83.9%85.6%康桥项目--------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%智造园三期 - - 1716.29 1614.67 1272.57 1558.52 1603.07 1517.66 1426.08 -6.0% 12.1%康桥项目 - - - - - - - - 1,083.68 - -月末时点出租率

整体-2.8%4.2%2.1%-2.8%4.2%2.1%-7.7%华夏杭州和达高科95.8%90.0%91.0%90.9%91.7%94.1%96.9%99.4%99.8%和达药谷一期（研发办公及配套商业）-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%租金收缴率报告期末剩余租期（年和达药谷一期（配套公寓部分）孵化器项目整体和达药谷一期（研发办公及配套商业）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%孵化器项目-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%和达药谷一期（研发办公及配套商业）

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%孵化器项目82.7%81.6%80.1%73.8%68.0%66.7%67.2%63.5%60.4%整体---43.243.2-4241.139.3和达药谷一期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存量租约平均租金（元/㎡/月）（研发办公及配套商业）和达药谷一期（配套公寓部分）孵化器项目整体--69.5%79.8%79.6%-51.3%82.7%82.6%，同比环比25Q325Q2同比环比25Q325Q225Q124Q424Q324Q224Q123Q423Q3底层资产项目期末出租率期末租金单价（元/㎡/月）期末租金收缴率

科智公司科智公司科智公司

94.9%---