公募REITs周报（第20期）：REITs总市值突破2000亿元-20250608

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up, and the total market capitalization of REITs exceeded 200 billion yuan. Three public REITs made new progress, and the public REITs market continued to expand [1]. - This week, the performance of concession - based REITs was stronger than that of property - based REITs. The average weekly price changes of property - based REITs and concession - based REITs were +0.9% and +3.0% respectively [1][3][18]. - In terms of the comparison of weekly price changes of major indices, China Securities REITs > China Securities Convertible Bonds > CSI 300 > China Securities All - Bond. The average daily turnover rate of REITs throughout the week increased slightly compared with the previous week [1]. - All types of REITs in the entire market closed up, with energy, transportation, and consumer REITs having the largest increases [1][3][18]. - As of June 6, the average annualized cash distribution rate of public REITs was 5.8%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property - based REITs was 315 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 167 BP [1][29]. Summary by Related Catalogs Market Trends Secondary Market Trends - As of June 6, 2025, the closing price of the China Securities REITs (closing) Index was 881.85 points, with a weekly price change of +1.6%, outperforming the China Securities Convertible Bonds Index (+1.1%), the CSI 300 Index (+0.9%), and the China Securities All - Bond Index (+0.2%). Since the beginning of the year, the price change rankings of major indices were: China Securities REITs (+11.7%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+0.7%) > CSI 300 (-1.5%) [2][8]. - As of June 6, 2025, the one - year return rate of the China Securities REITs Index was 11.1%, and the volatility was 7.0%. The return rate was higher than those of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index; the volatility was lower than those of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities All - Bond Index. The total market capitalization of REITs rose to 202.1 billion yuan on June 6, an increase of 3.9 billion yuan from the previous week; the average daily turnover rate throughout the week was 0.60%, an increase of 0.04 percentage points from the previous week [2][13]. - Energy, transportation, and consumer REITs led the gains. From the perspective of different project attributes, the average weekly price changes of property - based REITs and concession - based REITs were +0.9% and +3.0% respectively. From the perspective of different project types, all types of REITs closed up, with the three project types with the largest average increases being energy (3.7%), transportation (3.5%), and consumer (2.4%). The top three REITs in terms of weekly price increases were China Merchants Expressway REIT (+7.96%), Huatai Jiangsu Expressway REIT (+5.90%), and Ping An Ningbo Expressway REIT (+5.84%) [3][18][22]. - Water conservancy REITs had the highest trading activity. In terms of different project types, water conservancy facilities were the most actively traded this week, and transportation infrastructure had the highest proportion of trading volume. The former had an average daily turnover rate of 1.0% during the period, and its trading volume accounted for 1.6% of the total REITs trading volume. The latter had an average daily turnover rate of 0.7% during the period, and its trading volume accounted for 34.3% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Ping An Guangzhou Expressway REIT (8.32 million yuan), China Merchants Huaxia Expressway REIT (7.44 million yuan), and Huaxia Hefei High - tech REIT (5.39 million yuan) [3][24]. Primary Market Issuance - As of June 6, 2025, there was 1 REIT product in the declared stage, 1 in the questioned stage, 2 in the accepted stage, 7 in the feedback stage, 5 passed and awaiting listing, and 3 first - issued products that had passed and were listed on the exchange [26]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is focused on. As of June 6, the average annualized cash distribution rate of public REITs was 5.8%, significantly higher than the current static yields of mainstream fixed - income assets [28]. - From the equity perspective, the relative net asset value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net asset value premium/discount rate = closing price / latest net value - 1, reflecting the relationship between the market value and 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 / cash flow generated from operations. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term perspective, valuing the distributable cash flow from the recent operating conditions of assets and judging the current investment return rate [28]. - There are obvious differences between property - based REITs and concession - based REITs in terms of asset rights, sources of income, term characteristics, and risk characteristics. For property - based REITs, the focus is on the dividend yield, while for concession - based REITs, the focus is on the internal rate of return. As of June 6, 2025, the dividend yield of property - based REITs was 315 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 167 BP [29]. Industry News - On May 30, BOC Sinotrans Warehouse Logistics REIT was registered. Its first - issue assets focus on important logistics nodes in the Yangtze River Delta, Beijing - Tianjin - Hebei, and Sichuan - Chongqing regions, with strong regional logistics demand, a stable customer base, and cargo throughput. The first - issue infrastructure assets to be invested in total 6, with a total construction area of 305,400 square meters, a leasable area of 299,700 square meters, and a leased area of 286,500 square meters, with a rental rate of 95.59%. As of December 31, 2024, the project's income - based valuation was 1.097 billion yuan [35]. - On May 30, the expansion of Guotai Junan Lingang Industrial Park REIT was officially approved by the CSRC. The underlying assets of the expansion project are the Caohejing Science and Technology Oasis Kangqiao Park in the southern part of Zhangjiang Science City, with a construction area of about 182,400 square meters and a leasable area of 104,600 square meters. The project is valued at 1.532 billion yuan [35]. - On June 3, the Shanghai Development and Reform Commission issued the "Notice on Further Strengthening Project Reserve and Promotion to Promote the Quality Improvement and Expansion of Infrastructure REITs in the City", establishing a dynamic reserve library of "willing to promote all", focusing on key infrastructure areas, sorting out high - quality assets with clear ownership, stable returns, and market - oriented operation capabilities, strengthening pre - cultivation, simplifying the evaluation process for expansion projects of the same sponsor, optimizing project review and recommendation, improving the efficiency of declaration and issuance, and enriching the supply of issuable assets [35]. - On June 3, Southern WanGuo Data REIT and Southern Runze Technology REIT completed the exchange feedback responses, adjusted the assessment base date to March 31, 2025, with the valuation reduced by about 12% compared with the initial assessment, and disclosed the energy - saving renovation plans for 2027 and 2035, adding an operation efficiency improvement path for IDC - type assets [35]. - On June 3, CICC China Greentown Commercial REIT was approved by the CSRC, further enriching the consumer infrastructure REITs landscape. The underlying asset of the project, the Lingxiu City Guihe Shopping Center, is located at the intersection of the Second Ring South Road and Yingxiongshan Road in the central district of Jinan City, Shandong Province. The latest valuation is 1.53 billion yuan [35][36].