C-REITs 周报——二级高位震荡，能源及交通板块较优

Investment Rating - The report maintains a cautious outlook on the C-REITs sector, indicating a "C" rating due to high volatility in the secondary market and mixed performance across different sectors [1][5]. Core Insights - The C-REITs secondary market is experiencing high-level fluctuations, with energy and transportation sectors showing better performance compared to industrial parks and ecological environmental sectors, which are undergoing corrections [3][12]. - The total market capitalization of listed REITs is approximately 198.21 billion, with an average market cap of about 3 billion per REIT [3][12]. - The report highlights that the C-REITs full return index has increased by 12.62% year-to-date, ranking second among major indices, while the C-REITs closing index has risen by 9.98% [2][10]. Summary by Sections REITs Index Performance - The C-REITs full return index rose by 0.03% this week, while the closing index fell by 0.10%, ending at 868.4 points [1][10]. - Year-to-date, the C-REITs full return index has increased by 12.62%, outperforming several other indices [2][10]. REITs Secondary Market Performance - The secondary market for C-REITs is characterized by high volatility, with 31 REITs rising and 35 falling this week, resulting in an average weekly change of -0.02% [3][12]. - The energy and transportation infrastructure sectors are performing well, while industrial parks and ecological environmental sectors are experiencing pullbacks [3][12]. REITs Valuation Performance - The report notes that the internal rate of return (IRR) for listed REITs varies, with the top three being 华夏中国交建 REIT (10.8%), 平安广州广河 REIT (10.6%), and 中金安徽交控 REIT (8.3%) [5][12]. - The P/NAV ratio for REITs is in the range of 0.8 to 1.8, with 华夏中国交建 REIT having a lower P/NAV of 0.8 [5][12]. Investment Recommendations - The report suggests a favorable outlook for the REITs market in 2025, driven by a low interest rate environment and ongoing macroeconomic recovery [5][12]. - It emphasizes the importance of timing in secondary market investments and recommends selecting REITs based on asset resilience, market prices, and P/NAV [5][12].