房地产行业：公募REITs可用于央行互换便利质押

Investment Rating - The report does not provide a specific investment rating for the industry [1] Core Insights - The REITs market experienced a slight overall decline of 0.55% during the week of October 14-20, with 13 REITs increasing, 1 remaining stable, and 31 declining [1][11] - Key events include the upcoming listing of the招商基金蛇口租赁住房 REIT on October 23, 2024, and the strategic placement share of中金山东高速 REIT being unlocked on October 16, 2024 [7][10] - The report highlights a strong policy support environment, with the People's Bank of China introducing a new swap facility for securities, funds, and insurance companies [1][2] Summary by Sections Market Dynamics - The REITs market saw increased trading activity with a total trading volume of 19.6 billion yuan, reflecting a 4.2% increase, and an average turnover rate of 0.6% [25] - The trading performance varied across sectors, with highway REITs showing a 6.0% increase in trading volume, while ecological and warehouse logistics REITs experienced declines of 16.0% and 20.9%, respectively [25] Industry Overview - The industry comprises 45 listed companies with a total market capitalization of 1,243.63 billion yuan and a circulating market value of 602.95 billion yuan [2] - Recent policies have positively impacted the second-hand housing transaction volume, indicating a favorable environment for REITs [2] Performance Metrics - The REITs index has shown a correlation with various market indices, with a correlation of -0.46 with ten-year government bonds and 0.40 with the沪深 300 index [11][12] - The report notes that the highest trading increase was seen in嘉实物美消费 REIT at 3.19%, while易方达广开产园 REIT had the largest decline at 2.45% [13] Valuation Insights - The valuation yield for various REITs ranges from 2.98% to 12.21%, with华夏中国交建 REIT having the highest yield at 12.21% [27] - The P/NAV ratio for REITs varies between 0.55 and 1.40, indicating differing valuations across the sector [27]