房地产行业研究周报：本周两单REITs申报

Investment Rating - The report maintains an "Overweight" rating for the REITs industry [1] Core Insights - The REITs market has shown resilience with 31 out of 44 listed REITs experiencing price increases, resulting in an overall rise of 0.97% for the week. The highest gain was 4.52% for the Guojun Lingang Industrial Park REIT, while the largest decline was 5.56% for the E Fund Guangkai Industrial Park REIT [4][17] - The total market capitalization of the REITs industry is approximately 1236.03 billion yuan, with a circulating market value of 603.21 billion yuan [2] - Recent policy support and economic stimulus have positively impacted the stock market, creating a favorable environment for REITs, which are expected to benefit from improved macroeconomic conditions and infrastructure asset operations [5] Market Performance - The REITs market saw a trading volume of 16.3 billion yuan this week, marking a 52.6% increase. Notable segments included highways at 4.8 billion yuan (+50.2%) and ecological protection at 1.0 billion yuan (+93.2%) [27] - The performance of major indices was strong, with the CSI 300 index rising by 15.70% and the CSI 500 index by 15.63% during the same period [14][17] Key Events - The E Fund Guangkai Industrial Park REIT was listed on the Shenzhen Stock Exchange on September 23, 2024, with a closing increase of 0.04% [7] - Several REITs have recently filed for public offerings, including the Southern SF Warehousing Logistics REIT and the E Fund Huawai Agricultural Market REIT [4][7] - The Huaxia Hefei High-tech REIT plans to expand its fundraising and acquire new infrastructure projects [7][9] Valuation Metrics - The estimated yield for various REITs ranges from 2.84% to 12.19%, with the highest yield reported for Huaxia China Communications REIT at 12.19% [29] - The P/NAV ratios for REITs vary between 0.55 and 1.42, indicating a diverse valuation landscape within the industry [29]