REITs行业周报：招商高速公路REIT正式上市，能源REITs单周表现优异

Industry Investment Rating - The report maintains a "Positive" rating for the REITs industry, citing high dividend yields and low-to-moderate risk as key factors driving its attractiveness [2][3] Core Views - The REITs market is expected to benefit from declining bond market interest rates and the "asset shortage" narrative, with increased policy support and anticipated investments from pension and social security funds [3] - The sector is seen as offering strong investment opportunities due to its high dividend payouts and relatively low risk profile [3] Market Performance - The China Securities REITs (Closing) Index stood at 769.08, down 0.63% week-over-week, while the China Securities REITs Total Return Index was at 930.93, down 0.58% week-over-week [3][7] - Year-to-date, the REITs Total Return Index has risen by 8.03%, underperforming the CSI 300 Index, which has gained 12.67% [7] - Weekly trading volume for REITs reached 627 million units, up 52.93% year-over-year, with a trading value of 2.419 billion yuan, up 58.42% year-over-year [7] Sector Performance - Energy REITs outperformed, rising 0.14% for the week and 0.64% over the past month [7] - Other sectors showed mixed performance: - Affordable housing REITs fell 0.47% for the week but rose 2.23% over the past month [7] - Environmental REITs gained 0.85% for the week but declined 1.91% over the past month [7] - Highway REITs dropped 0.42% for the week and 0.33% over the past month [7] - Industrial park REITs fell 0.59% for the week and 1.52% over the past month [7] - Logistics REITs declined 0.67% for the week and 2.41% over the past month [7] - Consumer REITs dropped 0.63% for the week but rose 1.29% over the past month [7] New Listings and Fund Activity - 23 REITs funds are awaiting listing, with the China Merchants Expressway REIT officially listed on the Shenzhen Stock Exchange at a subscription price of 6.992 yuan per unit [3][6] - Light Textile City is planning to issue consumer infrastructure REITs, with a proposed scale of 1-2 billion yuan [6] - The Guotai Junan Lingang Innovation Industrial Park REIT expansion has been accepted, and the E Fund Huwei Agricultural Market REIT has been inquired for its initial offering [3][8] Key Developments - Light Textile City announced plans to issue consumer infrastructure REITs, targeting a scale of 1-2 billion yuan [17] - The China Merchants Expressway REIT debuted on the Shenzhen Stock Exchange, with its opening price at 6.993 yuan per unit, but closed at 6.980 yuan, marking a 0.17% decline on its first trading day [17] - GF Chengdu High-Tech Industrial Park REIT disclosed its pricing announcement, with a total offering of 400 million units, divided into strategic placement, institutional placement, and public offering [17]