C-REITs周报：二级延续上行，保障房、消费持续走强

Investment Rating - The industry maintains a rating of "Increase" [5] Core Viewpoints - The C-REITs market shows a positive trend with a 1.39% increase in the C-REITs total return index for the week ending May 16, 2025, and an 11.25% increase year-to-date [1][2] - The report highlights strong performance in the consumer infrastructure and affordable housing sectors, while the ecological and environmental protection sectors experienced a pullback [3][11] - The report suggests that the low interest rate environment and ongoing macroeconomic recovery present investment opportunities in the REITs market, emphasizing the importance of timing in secondary market investments [4] Summary by Sections REITs Index Performance - The C-REITs total return index rose by 1.39% this week, closing at 1076.8 points, while the C-REITs closing index increased by 1.24%, closing at 859 points [1][9] - Year-to-date, the C-REITs total return index has increased by 11.25%, ranking second among various indices [2][9] REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 193.25 billion, with an average market cap of 3 billion per REIT [3][11] - A total of 52 REITs increased in value, with an average weekly increase of 1.84%, while 13 REITs decreased [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows a range, with the top three being 11.3% for 华夏中国交建 REIT, 10.7% for 平安广州广河 REIT, and 9% for 中金安徽交控 REIT [4] - The price-to-net asset value (P/NAV) ratio for REITs is between 0.7 and 1.8, with the highest being 1.8 for 华夏北京保障房 REIT and 中金厦门安居 REIT [4]