GF SECURITIES·2025-05-13 14:07Investment Rating - The industry rating is "Buy" [4] Core Insights - The report highlights the continuous promotion of REITs inclusion in the Shanghai-Hong Kong Stock Connect, aiming to expand the market [4][12] - As of April 30, 2025, the total number of C-REITs listed reached 65, with a total scale of 189.57 billion yuan, reflecting a month-on-month increase of 3.53 billion yuan, or 1.90% [21][29] - The C-REITs market is experiencing a recovery in trading volume and market value, with the overall market performance being stronger than stocks and bonds [21][29] Summary by Sections 1. Policy Review and Market Outlook - The report discusses the recent policies supporting the expansion of REITs, including the inclusion of REITs in the Shanghai-Hong Kong Stock Connect and the promotion of infrastructure REITs [12][14] - Local governments are also emphasizing support for various sectors, including private, water conservancy, logistics, consumption, and cultural tourism in issuing REITs [13][14] 2. Market Review - The C-REITs market size reached 189.57 billion yuan as of April 30, 2025, with a month-on-month increase of 3.53 billion yuan [21][29] - The trading volume in April was 2.845 billion shares, reflecting a decrease of 10.54% compared to the previous month [21] - The overall market performance in April showed a 1.35% increase in the C-REITs comprehensive income index, with the real estate sector's comprehensive income rising by 2.40% [21] 3. Key Company Valuation and Financial Analysis - The report provides a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [5] - For instance, Vanke A has a target price of 7.64 yuan per share, while China Overseas Development has a target price of 16.55 Hong Kong dollars per share [5]