周观 REITs：交易所发布公募REITs扩募新规

Group 1: Industry Dynamics - The Shanghai Stock Exchange released new guidelines for public REITs expansion, which includes three methods: issuance to specific objects, allocation to existing fund holders, and public fundraising [1][7] - The Shenzhen Stock Exchange announced that the non-directional expansion function for REITs will officially start on June 30, allowing fund managers to handle various expansion-related tasks [1][7] Group 2: Primary Market - As of June 28, 2025, the total issuance scale of listed REITs reached 177.1 billion, with 68 funds issued [8][10] Group 3: Market Performance - For the week of June 23-27, 2025, the CSI REITs total return index fell by 1.38%, while the total REITs index decreased by 1.99% [2][18] - The total REITs index underperformed the CSI 300 index by 3.94 percentage points and the CSI All Bond index by 1.93 percentage points, but slightly outperformed the Nanhua Commodity index by 0.01 percentage points [2][18] - Individual REITs such as Zhongjin Yizhuang Industrial Park REIT, Zhongjin China Green Development Commercial REIT, and AVIC Jingneng Photovoltaic REIT led the gains with increases of 43.01%, 30.00%, and 0.95% respectively [2][18] Group 4: Liquidity - The total trading activity of REITs increased, with a total trading volume (MA5) of 579 million, up 1.8% from the previous week [3][37] - The MA5 trading volumes for property and operating rights were 325 million and 249 million respectively, with changes of 2.3% and -0.9% [3][37] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 25.9% of total trading [3][37] Group 5: Valuation - The report includes various valuation metrics and trends for REITs, indicating ongoing assessments of their market positions and performance [42]