公募REITs周报（第19期）：经营权类表现更优，优质仓储资产加速入市-20250601

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - This week, the China Securities REITs Index declined slightly. Concession - type REITs outperformed property - type REITs, with average weekly price changes of - 0.3% and + 0.6% respectively. The order of weekly price changes of major indices is: China Securities Convertible Bond Index > China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index. The average daily turnover rate of REITs decreased slightly compared to the previous week. Energy, transportation, and consumer - type REITs in the entire market rose, while water conservancy and park - type REITs fell. As of May 30, the average annualized cash distribution rate of public - offering REITs was 6.0%, higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 313 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury bond yield was 212 basis points [1]. 3. Summary by Directory Market Trends - Overall Index Performance: As of May 30, 2025, the closing price of the China Securities REITs (closing) Index was 868.35 points, with a weekly change of - 0.1%, outperforming the CSI 300 Index (- 1.1%) but underperforming the China Securities Convertible Bond Index (+ 0.2%) and the China Securities All - Bond Index (- 0.01%). Since the beginning of the year, the order of price changes of major indices is: China Securities REITs Index (+ 10.0%) > China Securities Convertible Bond Index (+ 3.6%) > China Securities All - Bond Index (+ 0.5%) > CSI 300 Index (- 2.4%). The return rate of the China Securities REITs Index in the past year was 9.1%, with a volatility of 6.9%. The return rate was higher than that of the CSI 300 Index, the China Securities Convertible Bond Index, and the China Securities All - Bond Index, and the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index. The total market value of REITs decreased to 198.2 billion yuan on May 30, a decrease of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.56%, a decrease of 0.15 percentage points from the previous week [2]. - Differentiated Performance of Different Types of REITs: - By Project Attribute: The average weekly price changes of property - type REITs and concession - type REITs were - 0.3% and + 0.6% respectively [1][3]. - By Project Type: The weekly price changes were differentiated. The top three project types with the largest average increases were energy (1.0%), transportation (0.5%), and consumer - type (0.1%). The top three REITs in terms of weekly gains were Huaxia TBEA New Energy REIT (+ 4.26%), ICBC Mengneng Clean Energy REIT (+ 4.04%), and Huaxia JINMAO Commercial REIT (+ 3.59%) [3]. - Trading Activity: Affordable housing REITs had the highest trading activity. The affordable housing - type had an average daily turnover rate of 0.9% during the period, accounting for 14.9% of the total REITs trading volume. The transportation infrastructure - type had an average daily turnover rate of 0.5%, accounting for 25.2% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CICC Anhui Expressway REIT (7.48 million yuan), Guotai Junan Lingang Innovation Industrial Park REIT (6.82 million yuan), and Huatai Jiangsu Expressway REIT (5.31 million yuan) [3]. Primary Market Issuance As of May 30, 2025, there was 1 REIT product in the declared stage, 1 in the in - inquiry stage, 1 in the accepted stage, 7 in the feedback stage, 5 in the passed - and - awaiting - listing stage, and 3 first - issued products that had passed and were listed on the exchange [24]. Valuation Tracking - Bond - like Aspect: As of May 30, the average annualized cash distribution rate of public - offering REITs was 6.0%, significantly higher than the current static yields of mainstream fixed - income assets [26]. - Equity - like Aspect: The valuation of REITs is judged through relative net - value premium/discount rate, IRR, and P/FFO. The relative net - value premium/discount rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks. IRR is the internal rate of return calculated using the discounted cash - flow method. P/FFO is the current price divided by the cash flow generated from operations. Different project types have different valuation indicators. Additionally, as of May 30, 2025, the dividend yield of property - type REITs was 313 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury bond yield was 212 basis points [26][27]. Industry News - CICC Yizhuang Industrial Park REIT launched the price - inquiry process. The initial strategic placement of fund shares was 280 million, accounting for 70% of the total issued shares. The original equity holder or its affiliated party under the same control planned to subscribe for 100 million shares, accounting for 25% of the total issued shares, and other strategic investors planned to subscribe for 180 million shares, accounting for 45% of the total issued shares. The initial number of fund shares for offline sales was 84 million, accounting for 21% of the total issued shares, and the initial number of fund shares for public investors' subscription was 36 million, accounting for 9% of the total issued shares. The price - inquiry period was from June 5, 2025, with an inquiry range of 2.257 - 2.758 yuan per share [33]. - On May 28, Huaneng International announced that it planned to apply for the issuance of infrastructure public - offering REITs with the Huaneng Qingdao project held by Qingdao Thermal Power as the underlying asset. In 2024, Qingdao Thermal Power achieved a power generation of 3.4 billion kilowatt - hours and a heat supply of 5.1 million gigajoules, with year - on - year increases of 6.2% and 49% respectively [33]. - On May 30, BOC Sinotrans Warehouse Logistics REIT obtained the registration approval from the CSRC and the no - objection letter from the Shanghai Stock Exchange. It is a state - owned enterprise - controlled warehouse logistics infrastructure REITs project and the 5th REITs product under the China Merchants Group. Its first - issued assets focus on important logistics nodes in the Yangtze River Delta, Beijing - Tianjin - Hebei, and Sichuan - Chongqing regions, with a total construction area of 305,400 square meters, a rental rate of 95.59%, and a project valuation of 1.097 billion yuan as of December 31, 2024 [33].