周观REITs：南方顺丰物流REIT上市

Group 1: Listing and Fundraising - Southern SF Logistics REIT successfully listed on April 21, 2025, on the Shenzhen Stock Exchange, raising a total of CNY 3.29 billion[8] - The offline subscription multiple reached 53.52 times, while the public subscription multiple was 381.58 times[8] Group 2: Market Performance - During the week of April 21-25, 2025, the Southern SF Logistics REIT led the market with a gain of 13.10%, while the CSI REITs total return index fell by 1.43%[3] - The REITs total index underperformed the CSI 300 index by 1.52 percentage points and the CSI All Bond index by 1.09 percentage points[3] Group 3: Liquidity and Trading Volume - The total trading volume of REITs for the week was CNY 589 million, an increase of 3.4% from the previous week[4] - The largest trading volume among REIT types was in the warehousing and logistics category, accounting for 25.2% of total trading volume[4] Group 4: Risk Factors - Future operational conditions of REITs' underlying assets are uncertain, and projected cash flows may not accurately reflect actual performance[46] - The fundraising process may not proceed as expected, posing additional risks to investors[46]