KAIYUAN SECURITIES·2025-04-27 10:23Investment Rating - The industry investment rating is maintained as "Positive" [2][4]. Core Insights - The first equity-type asset-backed securities (ABS) have been successfully issued, indicating a vibrant issuance market [5][13]. - The market for REITs is expected to continue to perform well due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds, enhancing the cost-effectiveness of allocations in this sector [4][6]. Market Overview - As of the 17th week of 2025, the CSI REITs index closed at 858.24, up 6.62% year-on-year but down 0.53% month-on-month. The CSI REITs total return index stood at 1058.94, up 11.55% year-on-year but down 1.43% month-on-month [6][21]. - The trading volume in the REITs market reached 677 million units, a year-on-year increase of 23.32%, with a transaction value of 2.947 billion yuan, up 39.67% year-on-year [28][34]. Sector Performance - Weekly and monthly performance of various REITs sectors showed fluctuations: - Affordable housing REITs decreased by 2.15% weekly but increased by 3.44% monthly - Environmental, highway, industrial park, warehousing logistics, energy, and consumer REITs also experienced declines [40][57]. - The performance of the REITs market indicates a mixed trend, with some sectors showing resilience while others face challenges [40][58]. Upcoming Developments - There are currently 13 REITs funds awaiting listing, indicating ongoing activity in the issuance market [7][40].