房地产行业：24年11月REITs月报：提高定期报告披露要求，行情平稳

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights the strengthening of REITs periodic reporting requirements as of November 29, which mandates higher disclosure standards for operational indicators and the impact of competitive projects on fund holders' rights [1][18] - The Hong Kong government has exempted REITs from stamp duty on transfers and sales, reducing transaction costs for REITs in Hong Kong [1][18] - The report notes a gradual normalization in project issuance, with an increase in the number and scale of projects submitted for approval [1][27] Summary by Sections Policy Review and Market Outlook - The report discusses the new guidelines issued by the Shanghai and Shenzhen Stock Exchanges, which require consistent disclosure of operational indicators and the impact of competitive projects on fund holders [18][22] - It also mentions local policies supporting the issuance of REITs in specific regions, such as the Suzhou Industrial Park [18][21] Market Overview - In November, the C-REITs comprehensive income index rose by 0.15%, with an average turnover rate of 0.68% [2] - The total number of listed C-REITs reached 51, with a total market size of 135.39 billion, reflecting a 7.17% increase [2] - The report indicates that the total trading volume for November was 2.2 billion units, marking a 19.40% increase [2] Project Issuance and Future Plans - In November, six projects were accepted for review, with an assessed value of 9.908 billion, including four new projects and two expansion projects [1][27] - As of November 30, there were 18 projects under review, with a total assessed value of 27.717 billion [27][29] - The report notes that the second batch of expansion projects is concentrated in the well-performing rental housing and new energy sectors, with a total expansion scale of 7.447 billion [29]