房地产行业：24年10月REITs月报：REITs纳入互换便利，Q3业绩环比回升

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - In October, REITs were included in the swap convenience, and Guangzhou is building a real estate asset management ecosystem. The People's Bank of China and the China Securities Regulatory Commission issued a notice on October 18, allowing public REITs to be used as collateral for swap convenience, which helps institutional investors to supplement funds using their REITs holdings. Guangzhou's measures aim to create platforms for private fund share trading, asset information, and management services, enhancing the integration of capital and real estate assets [3][19][20]. - The C-REITs comprehensive return index slightly decreased by 0.50% in October, while market trading activity rebounded. As of October 31, the total number of listed C-REITs reached 47, with a total scale of 126.33 billion yuan, an increase of 1.03% from the previous month. The total trading volume in October was 1.859 billion shares, a 22.66% increase [3][35][41]. - The overall performance in Q3 2024 improved compared to the previous quarter but was still lower than the same period in 2023. The income for 41 REITs in Q3 2024 was 3.546 billion yuan, a quarter-on-quarter increase of 8.52% but a year-on-year decrease of 8.35%. The distributable amount was 2.190 billion yuan, up 37.01% quarter-on-quarter but down 16.03% year-on-year [3][35]. Summary by Sections Policy Review and Market Outlook - The policy review in October highlighted the promotion of private capital participation in major infrastructure projects and the issuance of infrastructure REITs. The focus was on environmental infrastructure, with support for compliant REITs issuance [19][20][21]. Market Overview - The C-REITs market reached a total scale of 126.33 billion yuan as of October 31, with a circulating market value of 61.229 billion yuan, reflecting a 1.10% increase. The market saw the issuance of two new projects totaling 2.582 billion yuan in October [35][41]. Performance Review - The C-REITs market showed a rebound in trading activity, with a total trading volume of 1.859 billion shares in October, marking a 22.66% increase. The performance of C-REITs was stronger than the stock index but weaker than the bond index [3][35].