周报：美国制造业PMI重回扩张区间，国内REITS市场热度持续

Economic Indicators - The US Markit Manufacturing PMI for January recorded at 50.1, indicating a return to the expansion zone, surpassing expectations and previous values[1] - The US Services PMI preliminary value was 52.8, significantly below expectations, suggesting a slowdown in the services sector[1] Market Reactions - Following Trump's inauguration on January 20, 2025, the market's tension eased, leading to a decline in the US Dollar Index, which closed at 107.48 after peaking above 110[2] - The Chinese Yuan appreciated significantly against the US Dollar, closing at 7.2412, an increase of 872 basis points from the previous week[2] REITs Market Performance - The CSI REITs Index increased by 2.09% and the CSI REITs Total Return Index rose by 2.27%, outperforming the Shanghai Composite Index, which gained only 0.33%[3] - The Consumer Infrastructure sector showed remarkable performance, with an average increase of 9.23% across seven products, leading all sectors[3] Liquidity and Trading Activity - Total market turnover reached 4.027 billion Yuan, up 16.96% from the previous week, with an average turnover rate of 1.10%[4] - The liquidity indicators showed marginal improvement in sectors such as Warehousing Logistics and Consumer Infrastructure, while sectors like Energy Infrastructure experienced a decline in liquidity[4] REITs Issuance and Market Trends - As of January 25, 2025, three new REITs were pending listing, and two REITs were officially listed on January 24, achieving premium issuance[4] - The REITs market has seen significant expansion since 2024, with a notable increase in issuance and a shift towards a normalized issuance phase[9]