REITs周度观察(20250616-20250620):二级市场价格走势整体强劲,交通类REITs本周有所走弱-20250621
EBSCN·2025-06-21 14:06
- Report Industry Investment Rating No information provided in the content. 2. Core View of the Report From June 16 to June 20, 2025, the secondary - market prices of listed public REITs in China showed an overall upward trend, with the weighted REITs index closing at 145 and a weekly return of 1.06%. Compared with other mainstream asset classes, REITs performed well. The price trends of different types of REITs varied, and there were also differences in trading volume, turnover rate, and capital inflow. No new REITs were listed this week, but the status of some REITs' initial projects was updated [1][11]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trend - At the large - scale asset level: The secondary - market prices of listed public REITs in China showed an upward trend. The REITs return rate was 1.06%, ranking second among mainstream asset classes after crude oil. The return rates of mainstream asset classes from high to low were: crude oil > REITs > US stocks > pure bonds > A - shares > convertible bonds > gold [11][15]. - At the underlying asset level: This week, the secondary - market prices of equity - based REITs showed an upward trend with a return of 2.15%, while those of concession - based REITs declined slightly with a return of - 0.43%. Among different underlying asset types, municipal facility - based REITs had the largest increase with a return of 8.1%, and transportation infrastructure - based REITs had the largest decline with a decline of 1.09% [17][20]. - At the single - REIT level: This week, public REITs showed mixed performance, with 49 rising and 17 falling. The top three in terms of increase were Guotai Junan Jinan Energy Heating REIT, Huaxia Fund Huarun Youchao REIT, and CICC Xiamen Anju REIT, with increases of 8.1%, 7.77%, and 7.72% respectively. The top three in terms of decline were Huaan Bailian Consumption REIT, Zheshang HuHangYong REIT, and Ping An Ningbo Jiaotou REIT, with declines of 4.59%, 3.53%, and 2% respectively [24]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 2.84 billion yuan, and the municipal facility - based REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure - based, affordable rental housing - based, and park infrastructure - based REITs, with trading volumes of 744 million, 465 million, and 449 million yuan respectively. The top three in terms of average daily turnover rate were municipal facility - based, affordable rental housing - based, and ecological environmental protection - based REITs, with rates of 1.24%, 0.96%, and 0.80% respectively [26]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaan Bailian Consumption REIT, Huaxia Hefei High - tech REIT, and Huaxia Beijing Affordable Housing REIT, with trading volumes of 260 million, 260 million, and 240 million shares respectively. The top three in terms of trading amount were CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Penghua Shenzhen Energy REIT, with trading amounts of 144 million, 138 million, and 127 million yuan respectively. The top three in terms of turnover rate were Huatai Suzhou Hengtai Rental Housing REIT, Huaan Bailian Consumption REIT, and Huaxia Shenzhen International REIT, with rates of 12.28%, 9.75%, and 8.84% respectively [29]. 3.1.3 Main Force Net Inflow and Block Trading Situation - Main force net inflow situation: The total net inflow of the main force this week was 91.186 million yuan, and the market trading enthusiasm recovered. Among different underlying asset REITs, the top three in terms of net inflow were energy infrastructure - based, transportation infrastructure - based, and warehousing and logistics - based REITs, with net inflows of 39.94 million, 26.45 million, and 13.33 million yuan respectively. The top three single - REITs in terms of net inflow were Penghua Shenzhen Energy REIT, Ping An Guangzhou Expressway REIT, and Huaxia Huarun Commercial REIT, with net inflows of 25.91 million, 22.43 million, and 15.8 million yuan respectively, and the number of consecutive inflow days was 5 days for all [32]. - Block trading situation: The total block trading amount this week reached 706.2 million yuan, a significant increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 201.54 million yuan. The block trading amount on Thursday (June 19, 2025) was the highest in the week, reaching 104.31 million yuan. The top three single - REITs in terms of block trading amount were CICC Shandong Expressway REIT, Huaan Zhangjiang Industrial Park REIT, and Guotai Junan Dongjiu New Economy REIT, with trading amounts of 103.51 million, 20.94 million, and 20.31 million yuan respectively, and the corresponding average discount - premium rates were - 1.56%, - 0.68%, and - 1.21% respectively [33]. 4. Primary Market 4.1 Listed Projects As of June 20, 2025, there were 66 public REITs in China, with a total issuance scale of 17.4393 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. 4.2 Projects to be Listed There were 28 REITs in the state of being to be listed, including 16 initial REITs and 12 REITs to be expanded. The status of the initial projects of "Chuangjin Hexin Shounong Industrial Park Closed - end Infrastructure Securities Investment Fund" and "Southern Runze Technology Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "passed", and the status of the initial projects of "Huaxia Huadian Clean Energy Closed - end Infrastructure Securities Investment Fund" and "Southern Wan Guo Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].