周观REITs：招商科创REIT上市

Core Insights - The report highlights the listing of the招商科创 REIT on the Shanghai Stock Exchange on December 31, 2024, with a total of 300 million shares issued at a price of 3.2 yuan per share, raising a total of 960 million yuan [1][7]. - The underlying assets of the招商科创 REIT consist of three incubator physical spaces located in Yangpu District, Shanghai, with a total construction area of approximately 74,600 square meters, generating a total revenue of 67.9752 million yuan in 2023 [1][7]. Market Performance - The REITs market experienced an upward trend, with the 中证 REITs index rising by 2.36% and the total REITs index increasing by 3.28% during the week of December 30, 2024, to January 3, 2025 [2][16]. - The total REITs index outperformed the 沪深 300 index by 8.45 percentage points and the 中证全债 index by 2.60 percentage points [2][16]. Liquidity - The total trading volume of REITs increased, with a total transaction amount (MA5) of 694 million yuan, representing a week-on-week increase of 36.3% [3][54]. - The transaction amounts for property and operating rights REITs were 388 million yuan and 306 million yuan, respectively, with week-on-week changes of 46.9% and 24.9% [3][54]. - The largest transaction type was交通基础设施 REITs, accounting for 29.3% of the total transaction amount [3][54]. Industry Dynamics - As of January 3, 2025, the total issuance scale of listed REITs reached 160.9 billion yuan, with 58 REITs issued [9]. - The report notes the registration of 易方达华威市场 REIT on December 31, 2024, with a total of 500 million shares at a price of 3.027 yuan per share, set to raise funds from January 6 to 7, 2025 [7][9]. Correlation - The report indicates that the 中证 REITs index has a correlation of 0.11 with the 沪深 300 index, 0.08 with the 中证全债 index, and -0.03 with the 南华商品 index over the past 250 days [47][48]. - The highest internal correlation among REITs is between the仓储物流 REITs index and the产业园区 REITs index, with a correlation coefficient of 0.8 over the past 250 days [47][49].