公募REITs二级市场震荡上行，监管支持REITs纳入沪深港通

Market Performance - The secondary market prices of publicly listed REITs in China showed a trend of fluctuation and upward movement, with the CSI REITs Index closing at 848.41 points, up 0.28% week-on-week, and the CSI REITs Total Return Index at 1062.05 points, up 0.39% week-on-week [1][3] - Among the various asset classes, the performance ranking from highest to lowest is: convertible bonds > US stocks > A-shares > gold > REITs > pure bonds > crude oil [1] Sector Performance - The affordable housing and consumer infrastructure sectors performed particularly well, with the affordable housing sector showing the highest trading activity [1][3] - In terms of specific products, out of the 65 publicly listed REITs, 44 saw a week-on-week increase, while 21 experienced a decline. The top three gainers were Huazhang Bailian Consumer REIT (up 4.59%), ICBC Mengneng Clean Energy REIT (up 3.76%), and Guotai Junan Lingang Innovation Industrial Park REIT (up 3.53%) [1][3] Regulatory Support - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to strengthen support for multi-tiered capital market products and services, including REITs being included in the Shanghai and Shenzhen Stock Connect trading targets [2][9] - The application for the CICC Vipshop Outlets REIT has been accepted, and Guotai Junan Lingang Innovation Industrial Park REIT has responded to feedback on its expansion [2][9] Liquidity and Trading Activity - The total trading volume of the 65 publicly listed REITs was 1.77 billion yuan, with water conservancy facility REITs leading in average daily turnover rate at 0.62% [8] - The top three REITs by trading volume were Dongwu Suyuan Industrial REIT, Southern SF Logistics REIT, and Harvest JD Warehouse Infrastructure REIT [8] Future Outlook - The market anticipates further deepening of the interconnection between capital markets in mainland China and Hong Kong, following the inclusion of REITs in the Stock Connect [9] - The expansion of the Guotai Junan Lingang Innovation Industrial Park REIT has seen a valuation adjustment down by 9.5%, indicating a cautious approach in the current market environment [10]