公募REITs周度跟踪：发行数量追平去年同期，首批数据中心REITs获注册-20250622

1. Report Industry Investment Rating There is no information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The issuance volume of REITs this week was the same as the same period last year, and considering the 23 REITs under review or awaiting listing, the scale of REITs this year still has strong support. The approval of the first - batch of data center REITs and the launch of the Yulong Snow Mountain cultural and tourism REITs will enrich the market asset types. The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, indicating that the enthusiasm for primary - market subscription of REITs has reached a new high. [1] - In the primary market, the number of REITs issued in 2025 was the same as last year, but the issuance scale decreased by 40.7% year - on - year. In the secondary market, the CSI REITs Total Return Index continued to rise this week, with the affordable housing sector being the most active. [3] 3. Summary According to the Directory 3.1 Primary Market: One Newly Issued Park REIT and One Newly Issued Consumption REIT - As of June 20, 2025, a total of 68 REITs have been issued, with a total issuance scale of 177.3 billion yuan, a total market value of 206.6 billion yuan, and a circulating market value of 95.1 billion yuan. Among them, there are 45 property - type REITs and 23 franchise - type REITs. [10] - In 2025, 9 REITs have been successfully issued (6 in Q1, 1 in April, and 2 in June), with the same number as last year but a 40.7% year - on - year decrease in issuance scale to 14.03 billion yuan. This week, 5 first - issuance public REITs made new progress, including the establishment of CICC Yizhuang Industrial Park REIT and CICC China Green Development Commercial REIT, with a total issuance scale of 2.684 billion yuan. There was no new progress in expansion and fundraising this week. [3] - Currently, in the approval process, there are 13 first - issuance REITs declared on the exchange, 6 with inquiries and feedback, 1 passing the review, and 3 registered and awaiting listing with the CSRC. For expansion and fundraising, there are 10 declared on the exchange, 4 with inquiries and feedback, and 4 passing the review. [3] 3.2 Secondary Market: The Uptrend Continued This Week, with the Affordable Housing Sector Being the Most Active 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1124.63 points, up 0.88%, outperforming the CSI 300 by 1.33 percentage points and the CSI Dividend by 1.29 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 16.20%, outperforming the CSI 300/CSI Dividend by 18.44/19.56 percentage points. [3] - By project attribute, property - type REITs rose 2.42% this week, while franchise - type REITs fell 0.22%. By asset type, the affordable housing (+4.65%), water service (+4.16%), warehousing and logistics (+3.74%), and park (+1.78%) sectors performed well. Among individual bonds, 49 rose and 17 fell. [3] 3.2.2 Liquidity: The Affordable Housing Sector Was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, down 3.12 BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.62%/0.58%, up 1.27 BP and down 5.43 BP from last week respectively. The trading volumes within the week were 443 million and 148 million shares, up 2.10% and down 8.56% week - on - week respectively. The affordable housing sector had the highest activity. [3] 3.2.3 Valuation: The Energy Sector Had a High Valuation - From the perspective of ChinaBond valuation yields, the property - type/franchise - type REITs were 3.73%/3.75% respectively. The warehousing and logistics (5.00%), park (4.81%), and transportation (4.80%) sectors ranked among the top three. [3] 3.3 This Week's Important News and Announcements - On June 18, the CSRC Chairman Wu Qing stated at the Lujiazui Forum that the first two data center REITs in the country would be approved for registration, and support for technology companies to use new assets such as intellectual property and data assets for asset securitization and REITs financing would continue. [1] - On June 16, Lijiang Tourism Investment announced the launch of the Yulong Snow Mountain cultural and tourism REITs project, with an expected issuance scale of no less than 2.5 billion yuan. [29] - The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, setting a new record. [29] - There were also a series of important announcements from various REITs, including operation data announcements, expansion and fundraising announcements, dividend announcements, and changes in fund usage announcements. [30][32]