二级市场表现领先，REITs总市值首破两千亿

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, one REIT started the inquiry process and one new REIT was declared. As of June 6, 2025, there was 1 declared, 2 accepted, 1 under inquiry, 7 with feedback, and 5 approved and awaiting listing. A total of 6 projects had their review status updated this week [4][11]. - The secondary - market REITs index outperformed, with the total market value exceeding 200 billion yuan for the first time. The CSI REITs Total Return Index rose 1.58%, better than the Dividend Index, ChinaBond New Composite Wealth Index, CSI 300 Index, and CSI Convertible Bond Index. The total market value reached 202.074 billion yuan, up 3.867 billion yuan from the previous week. The daily average turnover rate was 0.48%, down from 0.56% last week [4]. - Transportation infrastructure REITs took the top three spots in individual bond gains. Concession - type REITs had a weighted average weekly increase of 2.74%, better than the 0.92% of property - type REITs. The transportation infrastructure sector led with a 3.38% weighted average weekly increase, while the affordable rental housing infrastructure had the smallest increase of 0.03% [4]. - Municipal environmental protection and water conservancy had the highest turnover rate, and industrial park infrastructure had the highest trading volume. The municipal environmental protection and water conservancy sector led with a 0.68% weekly turnover rate, and industrial park infrastructure REITs had a weekly trading volume of 175 million shares [4]. - The internal rate of return (IRR) of concession - type REITs decreased rapidly. As of June 6, 2025, the average cash distribution rate of property - type REITs was 3.84%, with the consumer infrastructure at 4.33% leading. The average cash distribution rate of concession - type REITs was 8.06%, with municipal facilities at 12.38% leading. The ChinaBond REITs valuation yield (IRR) of property - type REITs (4.08%) was higher than that of concession - type REITs (3.34%), and the PV multiplier of concession - type REITs (1.26) was lower than that of property - type REITs (1.30) [4]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of June 6, 2025, 7 public REITs products were successfully issued this year, 2 fewer than the same period last year. January was the month with the most issuances, with 3 products established [9]. - As of June 6, 2025, there was 1 REIT product in the declared stage, 2 in the accepted stage, 1 under inquiry, 7 with feedback, and 5 approved and awaiting listing [9]. - This week, 6 projects had their review status updated, including 1 starting the inquiry process and 1 newly declared [11]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale and Liquidity - As of June 6, 2025, the total market value of public REITs in the whole market reached 202.074 billion yuan, up 3.867 billion yuan from the previous week, exceeding 200 billion yuan for the first time. The total circulating market value increased to 93.58 billion yuan, up 1.542 billion yuan weekly. The daily average turnover rate was 0.48%, down 0.08 percentage points from the previous week, indicating a slight decline in market trading activity [13]. 3.2.2 Index Performance - As of the week of June 6, 2025, the CSI REITs Total Return Index rose 1.58%, leading the Dividend Index (0.08%), ChinaBond New Composite Wealth Index (0.13%), CSI 300 Index (0.88%), and CSI Convertible Bond Index (1.08%). The volatility of the CSI 300 Index this week was 1.08%, higher than that of other indices [15]. 3.2.3 Sector Performance - By project attribute, concession - type REITs had a weighted average weekly increase of 2.74%, better than the 0.92% of property - type REITs. By underlying asset type, the transportation infrastructure sector led with a 3.38% weighted average weekly increase, followed by the municipal environmental protection and water conservancy sector with a 1.68% increase. The affordable rental housing infrastructure had the smallest increase of 0.03% [21]. 3.2.4 Individual Bond Performance - At the individual bond level, the top four projects with a weekly increase of over 5% were all from the transportation infrastructure and energy infrastructure sectors. There were also several REITs projects with a weekly increase of over 4% [24]. 3.2.5 Trading Volume and Turnover Rate - In terms of weekly trading volume, industrial park infrastructure REITs ranked first with 175 million shares, followed by transportation infrastructure, warehousing and logistics, etc. In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 0.68%, followed by industrial park infrastructure [27]. 3.2.6 Valuation Level - As of June 6, 2025, the average cash distribution rate of property - type REITs was 3.84%, with consumer infrastructure at 4.33% leading. The average cash distribution rate of concession - type REITs was 8.06%, with municipal facilities at 12.38% leading. The ChinaBond REITs valuation yield (IRR) of property - type REITs (4.08%) was higher than that of concession - type REITs (3.34%), and the PV multiplier of concession - type REITs (1.26) was lower than that of property - type REITs (1.30) [28].