房地产行业C-REITs周报：二级行情震荡，消费基础设施表现较优

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Viewpoints - The C-REITs secondary market is experiencing fluctuations, with consumer infrastructure performing relatively well compared to other sectors [3][13] - The report highlights the potential investment opportunities in the REITs market due to a favorable low interest rate environment expected in 2025 and ongoing macroeconomic recovery [5] REITs Index Performance - The CSI REITs total return index decreased by 0.10% this week, closing at 1057.9 points, while the CSI REITs closing index fell by 0.12% to 846 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 9.30%, ranking second among various indices [2][11] REITs Secondary Market Performance - As of May 2, the total market capitalization of listed REITs is approximately 189.57 billion, with an average market cap of about 2.9 billion per REIT [3][13] - In the past week, 34 REITs increased in value while 31 decreased, with an average weekly decline of 0.08% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being China Communications Construction REIT at 11.4%, Ping An Guangzhou Guanghe REIT at 10.9%, and China International Capital Corporation Anhui Transportation REIT at 8.8% [5] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being 1.8 for the China Power Construction Clean Energy REIT [5]