建材、建筑及基建公募REITs周报（5月31日-6月6日）：周专题：公募REITs市值首破2000亿-20250609

Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Communications Construction, and China Chemical [35][36]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market's growth, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][19]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with several companies rated as "Buy" or "Overweight" based on their projected performance [35][36]. - Companies such as Honglu Steel Structure and China Communications Construction are highlighted for their potential growth due to favorable market conditions [35][36]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, noting significant fluctuations in stock prices among key players [48][49]. - Specific companies such as Sichuan Jinding and Zhongheng Design have shown notable weekly gains, while others like Tianan New Materials have experienced declines [48][49].