REITs市场跟踪双周报：REITs获批加快，二级市场表现较好-20250604

Issuance Market - Two REITs are currently being issued, with a total issuance scale of 1.7 to 2 billion yuan [1][6] - Three REIT projects have been approved this period, indicating an acceleration in issuance speed [1][6] - A total of 7 REITs have been issued this year, representing a 17% increase in quantity compared to the same period last year, although the total issuance scale has decreased by 26% to 11.3 billion yuan [1][7] Secondary Market - The market currently has 66 REIT products, with a total scale of 197.5 billion yuan, where property REITs account for over 10.39 billion yuan [2][13] - The overall REIT market has increased by 1.32% this period, outperforming major stock indices [2][13] - Year-to-date, the REIT market has risen by 14.82%, significantly ahead of stock indices, with property REITs showing a year-to-date increase of 17.17% [2][14] Dividend Situation - Seven REITs distributed dividends this period, totaling approximately 476 million yuan, with an annual dividend yield of 2.45% [3][25] - The dividend yield for property REITs is 2.19%, which is lower than that of operating rights REITs but higher than the CSI dividend index [3][25] - The total dividends for the year amount to 4.125 billion yuan, with operating rights REITs contributing 2.538 billion yuan and property REITs contributing 1.588 billion yuan [3][25][29] Investment Value Analysis - The latest valuation for all property REITs is 27.10, which is significantly higher than the CSI 300 and CSI dividend indices, but lower than the CSI 500 [4][31] - The internal rate of return for water conservancy facility REITs is the highest among operating rights REITs, followed by clean energy and ecological environmental REITs [4][35] - Property REITs have a dividend yield of 3.87% based on actual dividends over the past year, which is notably higher than stock indices [4][32]