周观REITs：REITs市场小幅下行

Market Performance - The REITs market experienced a slight decline this week, with the CICC Chongqing Liangjiang REIT leading the gains at +4.99% [2][13] - From April 28 to April 30, 2025, the CSI REITs total return index fell by 0.10%, while the total REITs index decreased by 0.02%. The property REITs index rose by 0.23%, and the operating rights REITs index dropped by 0.45% [2][13] - In terms of major asset classes, the total REITs index outperformed the CSI 300 index by 0.41 percentage points, underperformed the CSI All Bond Index by 0.34 percentage points, and outperformed the Nanhua Commodity Index by 1.83 percentage points [2][13] Liquidity - The overall trading activity of REITs decreased this week, with a total trading volume (MA5) of 524 million yuan, down 11.1% from the previous week [3][35] - The trading volumes for property and operating rights REITs (MA5) were 288 million yuan and 236 million yuan, reflecting changes of -19.6% and +2.2% respectively [3][35] - The largest trading volume among REIT types this week was in transportation infrastructure, accounting for 25.7% of total trading volume [3][35] Valuation - As of May 4, 2025, the total issuance scale of listed REITs reached 173 billion yuan, with 65 REITs issued [7] - The report includes valuation metrics such as the REITs P/NAV and the bond yield valuation, indicating the current valuation levels compared to historical averages [41][45]