<p><strong>2025 年上半年 iEdge S-REIT 指数前十名表现者</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
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<td><strong>信托名称</strong></td>
<td><strong>年初至今总回报 (%)</strong></td>
<td><strong>年初至今净机构流入 (百万新元)</strong></td>
<td><strong>年初至今净零售流入 (百万新元)</strong></td>
<td><strong>股息收益率 (%)</strong></td>
<td><strong>市净率</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
<tr>
<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
</tbody>
</table>
<p><em>来源：彭博社，新加坡交易所，截至 2025 年 6 月 26 日的数据。</em></p>
<p>2025 年上半年，S-REIT 行业表现稳定，截至 6 月 26 日，iEdge S-REIT 指数上涨 0.6%，达到 1010.73，股息使得该指数的总回报率达到 3.2%。</p>
<p>在 iEdge S-REIT 指数的 30 个成分股中，超过一半在上半年实现了正的总回报，前五名表现者在此期间的总回报均为两位数。</p>
<p>这些表现优异的信托包括 Frasers Hospitality Trust (FHT)、CapitaLand Integrated Commercial Trust (CICT)、First REIT、Frasers Centrepoint Trust (FCT) 和 Parkway Life REIT，截至 6 月 26 日，其年初至今总回报在 10.0% 到 21.4% 之间。</p>
<p>上半年大多数表现优异的信托报告了强劲的运营表现，稳定的入住率和积极的租金回升。</p>
<p>FCT 在 2025 年上半年实现了收入和净物业收入（NPI）分别增长 7.1% 和 7.3%，达到 1.844 亿新元和 1.337 亿新元。这一增长主要得益于其购物中心的入住率和租金的提升，以及 Tampines 1 的 AEI 完成。每单位分配（DPU）也增长了 0.5%，达到 0.06054 新元。</p>
<p>同样，ParkwayLife REIT 在 2025 年第一季度报告了更高的总收入，这得益于在日本和法国收购的护理院的贡献。DPU 也上升了 1.3%，达到 0.0384 新元。</p>
<p>在同类比较中，CICT 在第一季度的总收入和 NPI 分别增长了 1.1% 和 1.4%，并继续观察到新签和续签租约的租金上升。</p>
<p>与此同时，FHT 的优异表现得益于其提出的私有化计划。</p>
<p>与历史平均水平相比，REIT 行业的估值具有吸引力。</p>
<p>截至 5 月底，FTSE ST REIT 指数的前瞻性股息收益率约为 6.4%，与基准 10 年期新加坡政府债券收益率的收益差接近 4 个百分点，高于 10 年平均水平。</p>
<p>在市净率方面，该行业的市净率也低于 0.8 倍，低于 10 年平均的 1.0 倍。2025 年上半年 iEdge S-REIT 指数表现最强的 S-REIT 也正是当前市净率最高的那些。</p>
<p>上半年表现最好的七个信托的市净率在 1.0 倍到 1.7 倍之间，高于行业平均水平。</p>
<p>在 2025 年上半年，零售投资者是 S-REIT 的净买家，截至 6 月 26 日，该行业的总净流入约为 4 亿新元。</p>
<p>在此期间，机构投资者是 S-REIT 的净卖家，净流出超过 5 亿新元。然而，几只 S-REIT 逆势而上，在上半年录得净机构流入，包括 CICT、FHT 和 ParkwayLife REIT。机构在最近几周也在净买入 REIT 行业，截至 6 月 26 日的五个交易日内净流入超过 1 亿新元。</p>
<p>随着下半年的临近，投资者将关注利率的走势以及持续的运营韧性。</p>
<p>尽管美国联邦储备委员会在 2025 年尚未降息，但预计今年晚些时候将会有几次降息。</p>
<p>在新加坡，国内利率也在下降，三个月复合新加坡隔夜利率（SORA）从 1 月 2 日的 3.0227 降至 6 月 26 日的 2.0797。</p>
<p>观察该行业的分析师指出，地方借贷利率的下降尚未引发该行业单位价格的显著波动。然而，如果全球利率最终被降低，投资者情绪可能会改善。</p>
<p><em><strong>欲了解更多关于新加坡 REIT 行业的研究和信息，请访问</strong></em> sgx.com/research-education/sectors <em><strong>获取 SREITs 和物业信托图表书。</strong></em></p>
<p><em><strong>REIT 观察是《商业时报》上的定期专栏，</strong></em> 阅读 <em><strong>原版文章。</strong></em></p>
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<p>iEdge S-REIT 指数在 2025 年上半年表现稳定，上涨 0.6%，总回报率为 3.2%。表现最佳的包括辉盛国际信托（21.4%）、凯德综合商业信托（13.8%）和先锋医疗产业（10.7%）。散户投资者为净买入，而机构投资者则出现净流出。该行业的估值具有吸引力，预期股息收益率为 6.4%。分析师正在关注利率，因为降息预期可能会影响下半年的投资者情绪</p>

<p><strong>Top 10 iEdge S-REIT Index Performers in H1 2025</strong></p>
<div class="lb-trans"><p><strong>2025 年上半年 iEdge S-REIT 指数前十名表现者</strong></p>
</div><table>
<thead>
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<td><strong>Trust Name</strong></td>
<td><strong>YTD Total Returns (%)</strong></td>
<td><strong>YTD Net Insti Flows (S$M)</strong></td>
<td><strong>YTD Net Retail Flows (S$M)</strong></td>
<td><strong>Dividend Yield (%)</strong></td>
<td><strong>P/B Ratio</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
<tr>
<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
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<td><strong>信托名称</strong></td>
<td><strong>年初至今总回报 (%)</strong></td>
<td><strong>年初至今净机构流入 (百万新元)</strong></td>
<td><strong>年初至今净零售流入 (百万新元)</strong></td>
<td><strong>股息收益率 (%)</strong></td>
<td><strong>市净率</strong></td>
</tr>
<tr>
<td>Frasers Hospitality Trust</td>
<td>21.4</td>
<td>19.3</td>
<td>-23.2</td>
<td>3.1</td>
<td>1.1</td>
</tr>
<tr>
<td>CapitaLand Integrated Commercial Trust</td>
<td>13.8</td>
<td>38.1</td>
<td>-75.9</td>
<td>5.0</td>
<td>1.0</td>
</tr>
<tr>
<td>First REIT</td>
<td>10.7</td>
<td>0.1</td>
<td>-0.9</td>
<td>8.7</td>
<td>1.0</td>
</tr>
<tr>
<td>Frasers Centrepoint Trust</td>
<td>10.4</td>
<td>-12.8</td>
<td>-14.3</td>
<td>5.3</td>
<td>1.0</td>
</tr>
<tr>
<td>ParkwayLife REIT</td>
<td>10.0</td>
<td>11.9</td>
<td>-14.5</td>
<td>3.7</td>
<td>1.7</td>
</tr>
<tr>
<td>CapitaLand Ascendas REIT</td>
<td>9.3</td>
<td>-31.2</td>
<td>28.0</td>
<td>5.7</td>
<td>1.2</td>
</tr>
<tr>
<td>AIMS APAC REIT</td>
<td>8.9</td>
<td>-2.8</td>
<td>2.7</td>
<td>7.3</td>
<td>1.1</td>
</tr>
<tr>
<td>OUE REIT</td>
<td>7.8</td>
<td>-1.4</td>
<td>1.5</td>
<td>7.0</td>
<td>0.5</td>
</tr>
<tr>
<td>Mapletree Pan Asia Commercial Trust</td>
<td>6.7</td>
<td>-30.8</td>
<td>17.2</td>
<td>6.4</td>
<td>0.7</td>
</tr>
<tr>
<td>Keppel DC REIT</td>
<td>5.9</td>
<td>-20.9</td>
<td>-3.9</td>
<td>4.3</td>
<td>1.5</td>
</tr>
</tbody>
</table>
</div><p><em>Source: Bloomberg, SGX, data as of 26 Jun 2025.</em></p>
<div class="lb-trans"><p><em>来源：彭博社，新加坡交易所，截至 2025 年 6 月 26 日的数据。</em></p>
</div><p>The S-REIT sector has delivered a stable performance in the first half of 2025, with the iEdge S-REIT index gaining 0.6 per cent to 1010.73 as of Jun 26, while dividends take the index total returns to 3.2 per cent for the period.</p>
<div class="lb-trans"><p>2025 年上半年，S-REIT 行业表现稳定，截至 6 月 26 日，iEdge S-REIT 指数上涨 0.6%，达到 1010.73，股息使得该指数的总回报率达到 3.2%。</p>
</div><p>More than half of the 30 constituents on the iEdge S-REIT index delivered positive total returns in the first six months of the year, with the top five performers delivering double digit total returns over the period.</p>
<div class="lb-trans"><p>在 iEdge S-REIT 指数的 30 个成分股中，超过一半在上半年实现了正的总回报，前五名表现者在此期间的总回报均为两位数。</p>
</div><p>These outperformers include Frasers Hospitality Trust (FHT), CapitaLand Integrated Commercial Trust (CICT), First REIT, Frasers Centrepoint Trust (FCT) and Parkway Life REIT, with YTD total returns ranging between 10.0 and 21.4 per cent as of Jun 26.</p>
<div class="lb-trans"><p>这些表现优异的信托包括 Frasers Hospitality Trust (FHT)、CapitaLand Integrated Commercial Trust (CICT)、First REIT、Frasers Centrepoint Trust (FCT) 和 Parkway Life REIT，截至 6 月 26 日，其年初至今总回报在 10.0% 到 21.4% 之间。</p>
</div><p>Most of the outperformers in the first half reported robust operating performance with stable occupancy and positive rental reversions.</p>
<div class="lb-trans"><p>上半年大多数表现优异的信托报告了强劲的运营表现，稳定的入住率和积极的租金回升。</p>
</div><p>FCT saw revenue and net property income (NPI) grow by 7.1 per cent and 7.3 per cent on year to S$184.4 million and S$133.7 million respectively in H1 2025. This growth was primarily driven by increased occupancy and passing rent across its portfolio of malls, and the completion of AEIs at Tampines 1. Distribution per unit (DPU) also grew 0.5 per cent to S$0.06054.</p>
<div class="lb-trans"><p>FCT 在 2025 年上半年实现了收入和净物业收入（NPI）分别增长 7.1% 和 7.3%，达到 1.844 亿新元和 1.337 亿新元。这一增长主要得益于其购物中心的入住率和租金的提升，以及 Tampines 1 的 AEI 完成。每单位分配（DPU）也增长了 0.5%，达到 0.06054 新元。</p>
</div><p>Similarly, ParkwayLife REIT has reported higher gross revenue in 1Q 2025, arising from the contribution of nursing homes acquired in Japan and France. DPU also rose 1.3 per cent to S$0.0384.</p>
<div class="lb-trans"><p>同样，ParkwayLife REIT 在 2025 年第一季度报告了更高的总收入，这得益于在日本和法国收购的护理院的贡献。DPU 也上升了 1.3%，达到 0.0384 新元。</p>
</div><p>On a like-for-like basis, CICT also saw growth in Q1 gross revenue and NPI by 1.1 per cent and 1.4 per cent respectively, and it continued to observe higher signing rents for new and renewed leases.</p>
<div class="lb-trans"><p>在同类比较中，CICT 在第一季度的总收入和 NPI 分别增长了 1.1% 和 1.4%，并继续观察到新签和续签租约的租金上升。</p>
</div><p>Meanwhile, FHT’s outperformance has come on the back of a proposed privatisation.</p>
<div class="lb-trans"><p>与此同时，FHT 的优异表现得益于其提出的私有化计划。</p>
</div><p>The REIT sector trades at compelling valuations compared to their historical average.</p>
<div class="lb-trans"><p>与历史平均水平相比，REIT 行业的估值具有吸引力。</p>
</div><p>As of end-May, the forward dividend yield for the FTSE ST REIT Index was around 6.4 per cent, representing a yield spread of nearly 4 percentage points to benchmark 10-year Singapore Government Bond yields, higher than the 10-year average.</p>
<div class="lb-trans"><p>截至 5 月底，FTSE ST REIT 指数的前瞻性股息收益率约为 6.4%，与基准 10 年期新加坡政府债券收益率的收益差接近 4 个百分点，高于 10 年平均水平。</p>
</div><p>In terms of price-to-book ratio, the sector also trades under 0.8x, below the 10-year average of 1.0x. The strongest performing S-REITs on the iEdge S-REIT index in the first half of 2025 are also among those that have the highest price-to-book ratios currently.</p>
<div class="lb-trans"><p>在市净率方面，该行业的市净率也低于 0.8 倍，低于 10 年平均的 1.0 倍。2025 年上半年 iEdge S-REIT 指数表现最强的 S-REIT 也正是当前市净率最高的那些。</p>
</div><p>The top seven performers in H1 have price-to-book ratios of between 1.0x to 1.7x, higher than the sector average.</p>
<div class="lb-trans"><p>上半年表现最好的七个信托的市净率在 1.0 倍到 1.7 倍之间，高于行业平均水平。</p>
</div><p>For the first half of 2025, retail investors were net buyers of S-REITs, with the sector receiving total net inflow of around S$400 million as of June 26.</p>
<div class="lb-trans"><p>在 2025 年上半年，零售投资者是 S-REIT 的净买家，截至 6 月 26 日，该行业的总净流入约为 4 亿新元。</p>
</div><p>Institutional investors were net sellers of S-REITs over the period, with over S$500 million in net outflows. However, several S-REITs bucked the trend and recorded net institutional inflows in H1, including CICT, FHT and ParkwayLife REIT. Institutions have also been net buying the REIT sector in recent weeks with over S$100 million in net inflows for the five sessions to Jun 26.</p>
<div class="lb-trans"><p>在此期间，机构投资者是 S-REIT 的净卖家，净流出超过 5 亿新元。然而，几只 S-REIT 逆势而上，在上半年录得净机构流入，包括 CICT、FHT 和 ParkwayLife REIT。机构在最近几周也在净买入 REIT 行业，截至 6 月 26 日的五个交易日内净流入超过 1 亿新元。</p>
</div><p>As the second half approaches, investors will be watching for the path of interest rates as well as continued operational resilience.</p>
<div class="lb-trans"><p>随着下半年的临近，投资者将关注利率的走势以及持续的运营韧性。</p>
</div><p>While the US Federal Reserve has not cut interest rates so far in 2025, expectations are for several rate cuts to come later in the year.</p>
<div class="lb-trans"><p>尽管美国联邦储备委员会在 2025 年尚未降息，但预计今年晚些时候将会有几次降息。</p>
</div><p>In Singapore, domestic interest rates have also been falling, with the three-month compounded Singapore Overnight Rate Average (SORA) slipping from 3.0227 on Jan 2 to 2.0797 on Jun 26.</p>
<div class="lb-trans"><p>在新加坡，国内利率也在下降，三个月复合新加坡隔夜利率（SORA）从 1 月 2 日的 3.0227 降至 6 月 26 日的 2.0797。</p>
</div><p>Analysts watching the sector have noted that the decline in local borrowing rates has not triggered significant unit price movements for the sector thus far. However, investor sentiment may improve if global interest rates abroad are eventually cut.</p>
<div class="lb-trans"><p>观察该行业的分析师指出，地方借贷利率的下降尚未引发该行业单位价格的显著波动。然而，如果全球利率最终被降低，投资者情绪可能会改善。</p>
</div><p><em><strong>For more research and information on Singapore’s REIT sector, visit</strong></em> sgx.com/research-education/sectors <em><strong>for the SREITs &amp; Property Trusts Chartbook.</strong></em></p>
<div class="lb-trans"><p><em><strong>欲了解更多关于新加坡 REIT 行业的研究和信息，请访问</strong></em> sgx.com/research-education/sectors <em><strong>获取 SREITs 和物业信托图表书。</strong></em></p>
</div><p><em><strong>REIT Watch is a regular column on The Business Times,</strong></em> read <em><strong>the original version.</strong></em></p>
<div class="lb-trans"><p><em><strong>REIT 观察是《商业时报》上的定期专栏，</strong></em> 阅读 <em><strong>原版文章。</strong></em></p>
</div><p><em><strong>Enjoying this read?</strong></em></p>
<div class="lb-trans"><p><em><strong>喜欢这篇文章吗？</strong></em></p>
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REIT Watch - Best performing S-REITs post double digit total returns in H1

REIT 观察 - 表现最佳的新加坡房地产投资信托在上半年实现了两位数的总回报