EBSCN·2025-05-20 07:50Investment Rating - The report suggests a "Buy" rating for several companies, including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [2][14]. Core Insights - The report highlights that the 65 public REITs listed have shown an average increase of 7.23% on their first trading day, with the highest increase in rental housing REITs at 18.6% and the lowest in transportation infrastructure REITs at 1.7% [2][4]. - It emphasizes the importance of the difference between the risk-free rate on the assessment benchmark date and the listing date in determining the listing price increase potential of new REITs [2][4]. - The report notes that since December 2024, the overall risk-free rate has remained low, and as this rate difference narrows, the expected returns from new public REITs are likely to decrease unless there are significant changes in the operational fundamentals of the listed products [2][4]. Summary by Sections 1. Weekly Topic: Analysis of Public REITs Listing Increase Potential - The report discusses the performance of public REITs on their first trading day, with a focus on the factors influencing their price movements [2][4]. - It provides a detailed table of various REITs, their listing dates, underlying asset types, and their respective price changes on the first day [4][10]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings forecasts and valuations for several companies, indicating expected EPS and P/E ratios for 2025 to 2027, along with investment ratings [14][15]. - Companies such as Hainan Huatie and Puyang Refractories are highlighted with specific EPS and P/E projections, reinforcing their investment appeal [14][15]. 3. Weekly Market Review - The report reviews the weekly performance of the construction and building materials sectors, providing insights into the top gainers and losers within these industries [18][24]. - It includes graphical representations of the weekly performance of various sub-sectors, showcasing the overall market trends [19][22]. 4. Total Data Tracking - The report tracks total data relevant to the construction and building materials sectors, providing a comprehensive overview of market dynamics [18][24]. 5. High-Frequency Data Tracking - The report includes high-frequency data tracking to monitor real-time market movements and trends within the industry [18][24].