C-REITs 周报——二级延续上行，理性看待市场热度

Investment Rating - The report indicates a positive outlook for the C-REITs market, suggesting investment opportunities in the context of a low interest rate environment expected by 2025 [5]. Core Insights - The C-REITs market has shown resilience with the C-REITs total return index increasing by 1.20% in the week ending May 23, 2025, outperforming other indices [1][10]. - Year-to-date, the C-REITs total return index has risen by 12.59%, indicating strong performance compared to other market indices [2][10]. - The report highlights that transportation infrastructure and logistics sectors are performing particularly well, while the ecological and environmental sectors have seen slight pullbacks [3][12]. Summary by Sections REITs Index Performance - The C-REITs total return index closed at 1089.7 points, with a weekly increase of 1.20% [1][10]. - Year-to-date performance shows a 12.59% increase in the total return index, while the C-REITs closing index has risen by 10.08% [2][10]. Secondary Market Performance - The secondary market for C-REITs has experienced an upward trend, with a total market capitalization of approximately 196.34 billion yuan and an average market cap of about 3 billion yuan per REIT [3][12]. - A total of 46 REITs increased in value while 18 declined, with an average weekly increase of 1.49% [3][12]. Trading Activity - The logistics sector has shown the highest trading activity, with an average daily trading volume of 2.021 million shares and a turnover rate of 0.9% [4][12]. - The top three REITs by turnover rate include 华夏特变电工新能源 REIT, 国泰君安临港创新产业园 REIT, and 招商基金公路高速公路 REIT [4]. Valuation Performance - The internal rate of return (IRR) for the top-performing REITs includes 华夏中国交建 REIT at 11.1%, 平安广州广河 REIT at 10.7%, and 中金安徽交控 REIT at 8.3% [5]. - The price-to-net asset value (P/NAV) ratio for leading REITs ranges from 0.7 to 1.8, with 中金厦门安居 REIT and 嘉实中国电建清洁能源 REIT both at 1.8 [5].