公募REITs周报（第12期）：保障房领涨，供给再提速-2025-04-06

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the CSI REITs index slightly declined. The performance of major indices was: CSI All - Bond > CSI REITs > CSI Convertible Bonds > CSI 300. The average daily turnover rate of CSI REITs increased slightly compared to the previous week. Affordable housing - related REITs had the highest trading activity, and affordable housing, consumption, and water conservancy REITs led the gains. The supply of public - offering REITs in the entire market accelerated again, with the successful issuance of the first "commercial - to - affordable - housing" REITs and the approval of the first affordable rental housing REITs expansion project [1]. 3. Summary by Related Catalogs 3.1 Market Trends 3.1.1 Secondary Market Trends - As of April 3, 2025, the closing price of the CSI REITs (closing) index was 868.6 points, with a slight decline of - 0.2% for the whole week (from March 31, 2025, to April 3, 2025). It performed better than the CSI 300 index (- 1.4%) and the CSI Convertible Bonds index (- 0.3%), but worse than the CSI All - Bond index (0.8%). Since the beginning of the year, the ranking of the price changes of major indices was: CSI REITs (+ 10.0%) > CSI Convertible Bonds (+ 3.3%) > CSI All - Bond (- 0.1%) > CSI 300 (- 1.9%) [2][9]. - In the past year, the return rate of the CSI REITs index was 8.6%, and the volatility was 6.9%. The return rate was lower than that of the CSI Convertible Bonds index but higher than those of the CSI 300 index and the CSI All - Bond index. The volatility was lower than those of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index. As of April 3, 2025, the total market value of REITs was 187.1 billion yuan, an increase of 2 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.83%, an increase of 0.11 percentage points from the previous week [2][14]. - Affordable housing, consumption, and water conservancy infrastructure - related REITs led the gains. As of April 3, 2025, the average weekly price change of equity - type REITs was + 0.95%, and that of concession - type REITs was + 0.4%. Among different project - type REITs, except for transportation infrastructure - related REITs, other types of REITs all rose. The three project types with the largest average increases were affordable housing (2.36%), consumption infrastructure (1.5%), and water conservancy facilities (1.39%). The top three REITs in terms of weekly price increases were Bosera Tianjin Binhai New Area Industrial Park REIT (+ 3.93%), Hongtu Innovation Shenzhen Affordable Housing REIT (+ 3.79%), and Guotai Junan Dongjiu New Economy REIT (+ 3.65%) [3][19][21]. - In terms of trading activity, affordable housing - related REITs were the most active this week, and transportation infrastructure - related REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.3% during the period, accounting for 19.9% of the total REITs trading volume. The latter had an average daily turnover rate of 0.7%, accounting for 26.7% of the total REITs trading volume. From the perspective of the capital flow of different REITs products last week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (18.35 million yuan), Huatai - PineBridge Shanghai Real Estate Rental Housing REIT (17.18 million yuan), and CICC Xiamen Affordable Housing REIT (5.34 million yuan) [4][24][25]. 3.1.2 Primary Market Issuance - As of April 3, 2025, there were 4 REITs products in the in - inquiry stage on the exchange, 5 products that had been declared, 1 product that had been accepted, 8 products that had received feedback, 6 products that had passed and were waiting to be listed, and 1 expanded product that had passed and was already listed [27]. 3.2 Valuation Tracking - REITs have both bond and equity characteristics. From the bond - characteristic perspective, under the constraint of mandatory high - dividends, the average annualized cash distribution rate of public - offering REITs as of April 3 was 6.7%, significantly higher than the static yields of current mainstream fixed - income assets. From the equity - characteristic perspective, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Currently, the dividend yield of equity - type REITs is 232 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 258 BP [29][30]. 3.3 Industry News - On March 31, the first "commercial - to - affordable - housing" REITs was successfully issued. "Huatai - PineBridge Shanghai Real Estate Rental Housing REIT" was listed on the Shanghai Stock Exchange, with a fundraising scale of 1.362 billion yuan, a total of 500 million shares, and an issue price of 2.724 yuan per share. This provided a new way for asset holders to revitalize existing assets. - On March 26, the expansion and issuance of Huaxia Beijing Affordable Housing REIT was approved, which was the first affordable rental housing REITs expansion project in China. After the expansion, the expected distribution rate of Huaxia Beijing Affordable Housing REIT will be further increased, and it will help form a positive cycle of "realizing existing assets + incremental investment" [4][38].