房地产行业：24年9月REITs月报：减免REITs发行前印花税促发行

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - In September, the exemption of stamp duty on asset restructuring and transactions prior to REITs issuance reduced issuance costs, enhancing the willingness of enterprises to issue REITs [2][11] - The C-REITs comprehensive income index slightly declined in September, with a notable decrease in market trading activity [2][22] - As of September 30, the total scale of China's C-REITs market reached 1250.40 billion, with a month-on-month increase of 43.61 billion, reflecting a growth rate of 3.61% [2][22] Summary by Sections Policy Review and Market Outlook - The Ministry of Finance announced a stamp duty exemption for asset restructuring and equity transfer during the REITs issuance process, which can save up to 0.2% of the transaction price for infrastructure assets [11][12] - The National Development and Reform Commission is promoting the regular issuance of REITs to support the development of the private economy [11][12] - Local policies encourage participation from banks and insurance institutions in REITs related to affordable rental housing [11][12] Market Overview - The C-REITs market saw a total of 45 listed funds as of September 30, with a total scale of 1250.40 billion, marking a 3.61% increase from the previous month [22][26] - In September, three new REITs projects were issued, totaling 65.80 billion, contributing to market expansion [22][26] - The average turnover rate for C-REITs was 0.58%, with a total trading volume of 1.597 billion shares, reflecting a significant decrease of 31.79% month-on-month [2][22] Performance Review - The C-REITs comprehensive income index fell by 1.02% in September, indicating weaker performance compared to stock and bond indices [2][22] - All seven sub-sectors experienced declines, with the consumption sector showing the least decline at 0.18% [2][22] - The distribution rate for C-REITs increased to 6.57% by the end of September, with real estate REITs at 4.62% and operating rights REITs at 7.81% [2][22]