房地产行业：两单REITs变更回收资金投向

Industry Overview - The REITs index fell by 0.01% this week, with operating rights REITs up 0.36% and property rights REITs down 0.53% [1] - The total market capitalization of the industry is 141.029 billion yuan, with a circulating market capitalization of 64.223 billion yuan [2] - REITs trading activity increased this week, with a weekly trading volume of 2.51 billion yuan (+43.4%) and a daily turnover rate of 0.8% (+0.2pct) [6] Market Performance - The CSI 300 index fell by 3.29%, the CSI 500 index fell by 4.79%, and the CSI All Bond Index rose by 0.14% this week [1] - REITs have shown a correlation of -0.14 with 10-year government bonds, -0.31 with 1-year government bonds, and 0.47 with convertible bonds since listing [1] - REITs have a correlation of 0.41 with the CSI 300 and 0.36 with the CSI 500 since listing [1] Key Events - CITIC Construction Investment Mingyang REIT and Huaxia Jinmao Commercial REIT announced changes in the use of recovered funds [1] - Five REITs, including Penghua Shenzhen Energy, announced fund income distribution [1] - Guojin China Railway Construction REIT released October operating data, showing a 3.03% month-on-month increase in daily traffic and a 22.63% month-on-month decrease in toll revenue [1] Investment Opportunities - Recent primary issuance has accelerated, with asset expansion and expansion bringing certain investment opportunities [6] - Investors are advised to pay attention to opportunities brought by improvements in the macro environment, policy environment, and infrastructure asset operations [6] Sector Performance - Highway REITs saw a trading volume of 820 million yuan (+78.4%) and a daily turnover rate of 0.8% (+0.4pct) [6] - Clean energy REITs had a trading volume of 440 million yuan (+75.8%) and a daily turnover rate of 1.0% (+0.4pct) [6] - Industrial park REITs recorded a trading volume of 520 million yuan (+36.3%) and a daily turnover rate of 0.8% (+0.2pct) [6] Valuation and Yields - The valuation yield of REITs this week ranged from 2.71% to 12.05%, with Huaxia China Communications Construction REIT having the highest yield at 12.05% [56] - P/NAV ratios ranged from 0.56 to 1.31, with Zhonghang Shougang Green Energy REIT and Harvest China Power Construction REIT having the highest P/NAV at 1.31 [56] Project Approvals - Currently, 23 REITs (including expansions) are in the approval and issuance stage, including 8 industrial park REITs, 3 energy REITs, and 5 logistics REITs [60] - Notable projects include Huaxia Huirun Youchao REIT (expansion) and Guojun Lingang Industrial Park REIT (expansion), which have been accepted and declared respectively [60]