Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that local policies are actively supporting the issuance of public REITs products, with consumer REITs showing sustained excellent performance. The market is expected to continue benefiting from the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as a high-dividend, low-to-medium risk asset [3][4][5]. Market Overview - As of the 20th week of 2025, the CSI REITs (closing) index stood at 858.96, reflecting a year-on-year increase of 7.51% and a quarter-on-quarter increase of 1.24%. The CSI REITs total return index reached 1076.78, with a year-on-year increase of 14.3% and a quarter-on-quarter increase of 1.39% [5][19]. - Year-to-date, the CSI REITs (closing) index has increased by 13.55%, outperforming the CSI 300 index, which has risen by 13.35%, resulting in an excess return of +0.21% [14]. - The total trading volume in the REITs market reached 562 million shares, a year-on-year increase of 24.34%, while the total transaction value was 2.442 billion yuan, up 30.17% year-on-year [26][31]. Sector Performance - In the 20th week of 2025, the weekly and monthly performance of various REITs sectors was as follows: - Affordable housing: +2.27% (weekly), +3.25% (monthly) - Environmental: -0.32% (weekly), -1.00% (monthly) - Highways: +0.63% (weekly), -0.23% (monthly) - Industrial parks: +2.24% (weekly), -4.36% (monthly) - Warehousing and logistics: +2.65% (weekly), +3.35% (monthly) - Energy: -0.42% (weekly), -3.17% (monthly) - Consumer: +4.34% (weekly), +5.37% (monthly) [37][54]. Active Market Tracking - There are currently 15 REITs funds awaiting listing, indicating a vibrant issuance market. Recent applications include the CICC Jinhe Electronic City Industrial Park REIT and the Huaxia Kaide Commercial REIT [6][12].
行业周报：地方政策积极支持公募REITs产品发行，消费REITs表现持续优异-20250518
KAIYUAN SECURITIES·2025-05-18 14:23