房地产行业C-REITs周报：一季报业绩多数承压，二级行情震荡回调

Investment Rating - The report maintains an "Accumulate" rating for the C-REITs sector [6] Core Views - The C-REITs market is expected to present investment opportunities in a low interest rate environment by 2025, with macroeconomic conditions gradually improving. However, timing is crucial for secondary market investments as the sector has already undergone valuation recovery in 2024 [5] - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a need to select individual securities based on asset resilience, secondary market prices, and P/NAV ratios [5] - Strong-cycle sectors should focus on policy themes and project management capabilities, particularly in high-energy cities where consumption, logistics, industrial parks, and highways show signs of recovery [5] REITs Index Performance - The CSI REITs total return index decreased by 1.43% this week, closing at 1058.9 points, while the CSI REITs index fell by 1.83%, closing at 847 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 9.41%, ranking second among various indices, while the CSI REITs index has risen by 7.27% [2][11] REITs Secondary Market Performance - The C-REITs secondary market experienced an overall pullback this week, with only the consumption infrastructure sector performing relatively well. The energy infrastructure and industrial park sectors saw significant declines [3][13] - As of April 25, the total market capitalization of listed REITs is approximately 189.51 billion, with an average market cap of about 2.9 billion per REIT. Out of the listed REITs, 19 increased in value while 46 decreased, resulting in an average weekly decline of 0.98% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows continued differentiation, with the top three being Huaxia China Communications REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and CICC Anhui Transportation Control REIT (8.9%) [5] - The P/NAV ratio for REITs ranges from 0.7 to 1.8, with the highest being Jiashi China Power Construction Clean Energy REIT (1.8), Huaxia Beijing Affordable Housing REIT (1.7), and Huaxia Shouchuang Outlets REIT (1.7) [5]