REITs行业周报：各类别REITs资产全线上涨，保障房REITs表现持续强劲

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - All categories of REITs assets have seen an increase, with affordable housing REITs performing strongly. The CSI REITs index closed at 781.69, up 7.57% year-on-year and 2.48% month-on-month. The CSI REITs total return index reached 951.43, up 15.67% year-on-year and 2.59% month-on-month. The trading volume for the REITs market reached 807 million shares, a year-on-year increase of 39.62%, with a transaction value of 2.988 billion yuan, up 50.99% year-on-year. The turnover rate for the period was 5.13%, down 3.75% year-on-year. The report suggests that under the downward pressure on bond market interest rates, the "asset shortage" logic will continue to play out, making REITs a high-dividend, low-risk asset with good investment opportunities [4][6][34]. Summary by Sections Market Overview - The CSI REITs index increased by 2.48% month-on-month, with a year-to-date increase of 3.34%. The CSI 300 index increased by 14.63% during the same period, resulting in an excess return of -11.29% [20]. - The CSI REITs total return index rose by 2.59% month-on-month, with a year-to-date increase of 10.4%, while the CSI 300 index also increased by 14.63%, leading to an excess return of -4.23% [27]. Trading Activity - The REITs market trading volume reached 807 million shares, a year-on-year increase of 39.62%, with a transaction value of 2.988 billion yuan, up 50.99% year-on-year. The turnover rate was 5.13%, down 3.75% year-on-year [34]. - Over the past 30 days, the total trading volume in the REITs market reached 3.348 billion shares, a year-on-year increase of 16.33%, with a total transaction value of 13.036 billion yuan, up 12.48% year-on-year [38]. Sector Performance - In the 50th week of 2024, the weekly and monthly performance of various REITs categories was as follows: affordable housing REITs +6.94% weekly and +7.77% monthly, environmental REITs +3.21% weekly and +5.35% monthly, highway REITs +1.05% weekly and -0.85% monthly, industrial park REITs +2.28% weekly and -0.03% monthly, warehousing and logistics REITs +2.93% weekly and +1.00% monthly, energy REITs +3.82% weekly and +5.04% monthly, and consumer REITs +5.18% weekly and +4.96% monthly [42][55].