Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased policy support and entry of social security and pension funds [4][6] - The market transaction scale for REITs has shown significant growth, with a trading volume of 541 million shares, up 58.65% year-on-year, and a transaction value of 2.381 billion yuan, up 74.69% year-on-year [4][28] Summary by Sections Market Review - The CSI REITs closing index for the 22nd week of 2025 was 868.35, up 8.85% year-on-year but down 0.1% month-on-month. Year-to-date, the index has increased by 14.79%, outperforming the CSI 300 index by 2.87% [6][16] - The CSI REITs total return index was 1090.07, up 16.77% year-on-year and up 0.03% month-on-month. Year-to-date, it has increased by 26.49%, significantly outperforming the CSI 300 index by 14.57% [21][26] Sector Performance - In the 22nd week of 2025, the weekly and monthly performance of various REIT sectors was as follows: - Affordable housing REITs: +0.18% weekly, +5.73% monthly - Environmental REITs: -0.37% weekly, -0.85% monthly - Highway REITs: -0.02% weekly, +2.21% monthly - Industrial park REITs: -1.16% weekly, +1.46% monthly - Warehousing and logistics REITs: -0.59% weekly, +5.31% monthly - Energy REITs: +0.45% weekly, +1.87% monthly - Consumer REITs: -0.16% weekly, +6.17% monthly [39][55] New Developments - Huaneng International has initiated the application for REITs, and the China Green Development Commercial REIT has been officially approved. The underlying assets for the latter include the Lingshou City Guihe Shopping Center in Jinan, Shandong, with a total construction area of 200,900 square meters [5][13]
行业周报：中金中国绿发商业REIT正式获批，保障房REITs表现持续优异-20250602
KAIYUAN SECURITIES·2025-06-02 02:24