REITs周度观察：本周REITs市场震荡回调，南方顺丰物流REIT正式上市-20250426

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Report's Core View - From April 21 to April 25, 2025, the secondary - market prices of China's listed public REITs overall declined, with a weighted REITs index return of - 1.13%. Compared with other mainstream asset classes, REITs underperformed [1][11]. - The trading volume of public REITs increased week - on - week, and the average daily turnover rate of warehousing and logistics REITs led. The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm [2][32]. - The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan [3]. - Southern SF Logistics REIT was listed on April 21, 2025. The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [4]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - At the major asset level: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.13%, lower than those of US stocks (6.73%), A - shares (1.1%), convertible bonds (2.77%), etc. The return ranking from high to low was: US Treasury bonds > convertible bonds > A - shares > crude oil > pure bonds > gold > REITs [11]. - At the underlying asset level: Both equity - type and franchise - type REITs declined, with franchise - type REITs having a smaller decline. Among different underlying asset types, transportation infrastructure REITs had the highest increase this week, followed by consumer and municipal facility REITs [16][17]. - At the single - REIT level: This week, 19 REITs rose and 46 declined. The top three in terms of increase were CICC Chongqing Liangjiang REIT, E Fund Huawai Market REIT, and Hua'an Waigaoqiao REIT. After excluding the newly listed Southern SF Logistics REIT, the top three in terms of annualized volatility were CICC Chongqing Liangjiang REIT, Hua'an Bailian Consumption REIT, and China Fortune Joy City Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs increased week - on - week. The warehousing and logistics REITs had the highest average daily turnover rate. The top three in terms of trading volume were warehousing and logistics, transportation infrastructure, and industrial park infrastructure REITs. The top three in terms of average daily turnover rate were warehousing and logistics, ecological and environmental protection, and water conservancy facilities REITs [26]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern SF Logistics REIT, Soochow Sucheng Industrial Park REIT, and Harvest JD Warehousing Infrastructure REIT. The top three in terms of trading value were Southern SF Logistics REIT, CICC Anhui Expressway REIT, and Soochow Sucheng Industrial Park REIT. The top three in terms of turnover rate were Southern SF Logistics REIT, Harvest JD Warehousing Infrastructure REIT, and Huatai Nanjing Jianye REIT [29]. 3.1.3 Main Fund Inflow and Block Trade Situation - Main fund inflow situation: The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, transportation infrastructure, and consumer infrastructure REITs. The top three single REITs in terms of net inflow of main funds were Southern SF Logistics REIT, China Resources Commercial REIT, and CICC Anhui Expressway REIT [32]. - Block trade situation: The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan. The highest single - day block - trade turnover was on April 23, 2025, reaching 123.43 million yuan. The top three single REITs in terms of block - trade turnover were China Resources Commercial REIT, China Fortune Capital Outlets REIT, and China Fortune Joy City Commercial REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of April 25, 2025, the number of China's public REITs products reached 65, with a total issuance scale of 17.3026 billion yuan. Among them, transportation infrastructure REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by industrial park infrastructure REITs with an issuance scale of 2.7062 billion yuan [38]. - Southern SF Logistics REIT was listed on April 21, 2025 [39]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 23 REITs in the pipeline, including 13 initial offering REITs and 10 expansion REITs. - The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [42].