公募REITs周速览：七连涨之后的回调

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (June 23 - 27, 2025), the CSI REITs Total Return Index closed at 1,109.13 points, down 1.38% weekly, ending seven consecutive weeks of gains since April 30, 2025. The CSI REITs (Closing) Index closed at 880.90 points, down 1.46% weekly. After the listing of two new projects, the total market capitalization of the REITs market still decreased by 0.24% month - on - month, and all asset - class sectors pulled back [1][8]. - From the perspective of major asset classes, REITs fell across the board this week, while the equity market and convertible bonds rose, and gold performed poorly [1][8]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price: All categories pulled back, and the transportation sector declined for two consecutive weeks - All seven REITs sectors fell this week. The transportation facilities sector led the decline with a 2.22% drop after a 1.1% decline last week. Only CICC Shandong Expressway REIT recorded a positive growth of 0.47%, and the road asset operation situation still showed obvious differentiation. The energy sector had the smallest decline, mainly driven by the rise of CITIC Construction Investment State Power Investment New Energy and AVIC Jingneng Photovoltaic REIT [2][15]. - At the individual bond level, CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT, which were officially listed on June 26 and 27, 2025, respectively, both had a 30% increase on the first day, and Yizhuang Industrial Park also hit the 10% daily limit on the next day. Other REITs with price increases this week were Guotai Junan Lingang Innovation Industrial Park REIT, Huaxia Huarun Commercial REIT, etc., and the relevant original equity holders all had strong asset operation capabilities [20]. 3.1.2 Liquidity: The turnover rates of municipal environmental protection and rental housing still led - The overall market trading this week showed no significant change compared with last week. The average daily trading volume was 579 million yuan, the average daily trading volume was 120 million shares, and the average daily turnover rate was 0.61%, with month - on - month increases of 1.80%, 1.41%, and 0 pct respectively [2][24]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.16%), rental housing (0.88%), and energy facilities (0.64%). At the individual bond level, the top three in trading activity this week were CICC Yizhuang Industrial Park REIT, Guotai Junan Jinan Energy Heating REIT, and Huatai Suzhou Hengtai Rental Housing REIT [27][29]. - Five projects will be unblocked in July. The impact of the large - scale transaction method on prices remains to be observed [2][32]. 3.1.3 Valuation: After the pull - back, the ChinaBond valuation yields of all projects increased - The across - the - board decline of REITs this week led to a valuation adjustment of the sector. From the perspective of ChinaBond valuation yields, the transportation (5.38%), warehousing and logistics (4.96%), and industrial park (4.90%) sectors were at the forefront, and the project valuations showed obvious differentiation, with individual bonds having room for exploration [2][36]. 3.2 Primary Market 3.2.1 Initial Offering: China Overseas Land & Investment applied for a consumer REIT - On June 24, 2025, the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption" pointed out that financial products and financing models suitable for the characteristics of capital demand should be explored and innovated around key areas of consumer infrastructure construction, and support the issuance of REITs for eligible consumer infrastructure [44]. - On June 26, China Overseas Land & Investment announced that it planned to independently list the "China Overseas Foshan Nanhai Yingyue Lake Ringyu City" shopping center project on the Shenzhen Stock Exchange in the form of a public REIT, with a planned fundraising of 1.355 billion yuan, and China Overseas Land & Investment would subscribe for about 20% of the fund shares [3][44]. - As of June 27, 2025, there were about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale was expected to exceed 220 billion yuan [44]. 3.2.2 Other Key News This Week - Ping An Ningbo Transportation Investment REIT plans to hold an investor open - day event from 10:00 - 16:00 on July 3, 2025 [54]. - On June 24, the Guojin Asset Management - Happy Valley Hold - type Real Estate Asset - Backed Special Plan was approved, with a proposed issuance scale of 670 million yuan. Happy Valley is a retail business of China Resources Vanguard [3][54].