REITs 规模破 2000 亿，发行节奏有所加快

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2]. Core Insights - The total market capitalization of the REITs industry has surpassed 200 billion yuan, reaching 2020.74 billion yuan, with 66 listed companies [2]. - The REITs index increased by 1.58% this week, with operational rights REITs rising by 3.74% and property rights REITs by 0.01% [12][16]. - The report highlights a significant increase in issuance pace, with several REITs launching and experiencing high subscription rates [6][9]. Market Performance Summary - The REITs index performance this week shows a 1.58% increase, outperforming the Shanghai Composite Index, which rose by 0.88%, and the CSI 500 Index, which increased by 1.60% [12][16]. - The trading volume for the week was 20.9 billion yuan, a decrease of 12.1%, with daily turnover rates averaging 0.4% [35]. - Specific sectors within REITs showed varied performance, with highway REITs seeing a 19.9% increase in trading volume, while clean energy REITs experienced a 40.3% decline [35]. Key Events - The issuance price for the CICC Yizhuang Industrial Park REIT was set at 2.720 yuan per share, with a total of 400 million shares available, and an initial subscription rate of 265.76 times [6][9]. - The Huaxia Special Transformer New Energy REIT saw a cumulative increase of 50.63% before a temporary suspension of trading [6][9]. - The report notes ongoing inquiries and feedback from exchanges regarding various REITs, indicating active regulatory engagement [6][9]. Valuation Situation - The estimated yield for various REITs ranges from -2.47% to 10.52%, with the highest yield observed in the Huaxia China Communications REIT at 10.52% [41]. - The Price-to-NAV (P/NAV) ratio for REITs varies between 0.77 and 1.79, indicating differing valuations across the sector [41].