房地产行业C-REITs周报：二级持续上行，消费及物流板块表现较优

Investment Rating - The report maintains an "Increase" rating for the C-REITs sector [5][6]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment and ongoing macroeconomic recovery in 2025, presenting investment opportunities [5]. - The report highlights that the C-REITs sector has already undergone valuation recovery in 2024, making timing crucial for secondary market investments [5]. - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a focus on asset resilience and secondary market prices [5]. REITs Index Performance - The CSI REITs total return index increased by 0.84% this week, closing at 1074.3 points as of April 18 [10][12]. - Year-to-date, the CSI REITs total return index has risen by 11.00%, ranking first among various indices [2][10]. - The report notes that the real estate (Shenwan) index had the highest weekly increase of 3.40% [10]. REITs Secondary Market Performance - The secondary market for C-REITs showed an upward trend, with a total market capitalization of approximately 188.15 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][12]. - Among the listed REITs, 52 increased in value while 12 decreased, with an average weekly increase of 1.49% [3][12]. - The best-performing sectors included consumption infrastructure and warehousing logistics, while ecological and transportation infrastructure lagged [3][12]. REITs Trading Activity - The housing security sector exhibited the highest trading activity, with an average daily trading volume of 2.032 million shares and a turnover rate of 0.8% [4][12]. - The top three REITs by turnover rate were Guotai Junan Lingang Innovation Industrial Park REIT, E Fund Shen High-Speed REIT, and Huatai Jiangsu Traffic Control REIT, each with a turnover rate of around 1.7% [4]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed a continuous trend, with the top three being Huaxia China Communications Construction REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and Zhongjin Anhui Traffic Control REIT (9%) [4][12]. - The price-to-net asset value (P/NAV) ratio for listed REITs ranged from 0.7 to 1.7, with the top three being E Fund China Electric Power Clean Energy REIT, Huaxia Beijing Housing Security REIT, and Huaxia Shichuang Outlets REIT, all at 1.7 [4].