公募REITs周报（第15期）：REITS小幅回调，消费类逆势收涨-20250428

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given reports. 2. Core Viewpoints - With the release of Q1 performance, the pricing of REITs this week gradually returned to fundamentals. Consumption and affordable housing REITs showed stable performance and strong resilience. The CSI REITs Index slightly declined this week and underperformed major stock and bond indices. Except for consumption REITs, all other types of REITs closed down. As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1]. - The performance of public - offering REITs in the first quarter of 2025 showed a differentiated trend. Generally, consumption and affordable housing REITs performed stably with strong resilience; industrial parks and warehousing logistics REITs faced certain operational pressures, and there were obvious internal differentiations in the energy and public utilities sectors [4]. 3. Summary by Related Catalogs 3.1 Market Trends - Index Performance: As of April 25, 2025, the CSI REITs (closing) index closed at 847.0 points, with a weekly decline of 1.8% from April 21 - 25, 2025, underperforming the CSI 300 Index (0.4%), the CSI Convertible Bond Index (0.9%), and the CSI Aggregate Bond Index (-0.1%). Year - to - date, the CSI REITs Index rose 7.3%, outperforming the CSI Convertible Bond Index (+1.8%), the CSI Aggregate Bond Index (+0.3%), and the CSI 300 Index (-3.8%). In the past year, the return of the CSI REITs Index was 4.5%, with a volatility of 6.9%. Its return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index, and its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][8][10]. - Market Capitalization and Turnover: The total market capitalization of REITs rose to 189.5 billion yuan on April 25, an increase of 1.4 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.03 percentage points from the previous week [2][10]. - Performance by REIT Type: Except for the consumption sector, other types of REITs had a slight decline. As of April 25, 2025, the average weekly decline of property - type REITs and franchise - type REITs was 1.1% and 0.7% respectively. Among specific REITs, the top three in terms of weekly gains were CICC Chongqing Liangjiang REIT (+6.35%), E Fund Huawai Market REIT (+4.26%), and Huaan Waigaoqiao REIT (+2.51%) [3][15][19]. - Trading Activity: Warehousing logistics REITs were the most actively traded this week, with an average daily turnover rate of 1.8% and an trading volume accounting for 25.2% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern SF Logistics REIT (107.85 million yuan), China AMC China Resources Commercial REIT (14.45 million yuan), and CICC Anhui Expressway REIT (12.35 million yuan) [3][20][23]. 3.2 Primary Market Issuance As of April 25, 2025, there were 2 REIT products in the in - inquiry stage, 1 in the accepted stage, 6 in the feedback stage, 3 passed and waiting for listing, and 2 first - issued products that had passed and were listed on the exchanges [25]. 3.3 Valuation Tracking - Cash Distribution Rate: As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1][27]. - Valuation Indicators: Different types of REITs had different relative net - value premium/discount rates, P/FFO, IRR, and annualized dividend rates. Property - type REITs focused on dividend yield, while franchise - type REITs focused on internal rate of return. As of April 25, 2025, the dividend yield of property REITs was 383 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 259 BP [27][30][31]. 3.4 Industry News - On April 21, "Southern SF Logistics REIT", an infrastructure public - offering REIT under SF Holding, was officially listed on the Shenzhen Stock Exchange. Its initial offering price was 3.290 yuan per share, the opening price on the first - listing day was 3.8 yuan, and the closing price was 3.7 yuan, with a full - day increase of 13.53%, a turnover rate of 22.55%, and a trading volume of 251 million yuan. The effective subscription multiple of public investors was 381.58 times [37].