公募REITs周报：REITs指数延续涨势，产权类本周走强-20250616

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The primary market has updates on two project statuses, with the secondary - market REITs index leading and market activity picking up. - The guaranteed rental housing sector leads the gains, and there are differences in trading volume and turnover rate among different sectors. - The valuation differences between equity - type and franchise - type REITs persist. [3] 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of June 13, 2025, 7 products have been successfully issued in the public REITs market this year, 2 less than the same period last year. There are currently no products in the declared stage, 2 in the accepted stage, 1 in the in - query stage, 8 in the feedback stage, and 5 that have passed the review and are waiting for listing. - This week, the review status of two projects has been updated: one from declared to accepted, and the other from accepted to feedback. [3][8][9] 3.2 Secondary Market Review and Analysis - Market Scale and Liquidity: As of June 13, 2025, the total market value of public REITs has risen to 204.081 billion yuan, an increase of 2.007 billion yuan from the previous week. The total circulating market value has also increased to 95.089 billion yuan, with a weekly increase of 1.509 billion yuan. The average daily turnover rate this week is 0.61%, up from 0.48% last week, indicating a slight increase in market trading activity. - Index Performance: The CSI REITs Total Return Index rose 0.69% this week, outperforming the Dividend Index (- 0.52%), the ChinaBond - New Composite Wealth Index (0.18%), the CSI 300 Index (- 0.25%), and the CSI Convertible Bond Index (- 0.02%). The volatility of the CSI REITs Total Return Index is 0.23%, lower than that of the Dividend Index (0.41%) and the CSI 300 Index (0.60%), and higher than that of the ChinaBond - New Composite Wealth Index (0.03%). - Sector Performance: By project attribute, equity - type REITs had a weighted average weekly increase of 0.95%, better than the 0.42% of franchise - type REITs. By underlying asset type, the guaranteed rental housing sector led with a weighted average weekly increase of 1.54%, followed by the municipal environmental protection and water conservancy sector with a 1.02% increase. The energy infrastructure sector had the smallest increase at 0.06%. - Individual Bond Performance: Huaxia Fund CR Land Youchao REIT (4.32%) and Hua'an Bailian Consumption REIT (4.19%) led the gains. - Trading Volume and Turnover Rate: In terms of weekly trading volume, the park infrastructure sector ranked first with 193 million shares, followed by transportation infrastructure (108 million shares), guaranteed rental housing (99 million shares), etc. In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.01%, followed by the guaranteed rental housing sector (0.81%). - Valuation Level: As of June 13, 2025, the average cash distribution rate of equity - type REITs is 3.78%, with the consumer infrastructure sector leading at 4.26%. The average cash distribution rate of franchise - type REITs is 8.05%, with the municipal facilities sector leading at 12.21%. The Zhongzhai REITs valuation yield (IRR) of equity - type REITs (4.02%) is higher than that of franchise - type REITs (3.23%), and the PV multiplier of franchise - type REITs (1.27) is lower than that of equity - type REITs (1.31). [3][11][14][19][23][25]