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行业周报：六部门联合发文支持消费基础设施发行REITs，中海正式申报公募REITs-20250629
KAIYUAN SECURITIES·2025-06-29 12:55

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [3][5] - The market transaction scale for REITs reached 599 million shares, a year-on-year increase of 20.04%, with a transaction amount of 2.895 billion yuan, up 49.92% year-on-year [25][27] - The overall performance of various REITs sectors showed mixed results, with housing REITs experiencing a weekly decline of 1.94% but a monthly increase of 5.98% [36][52] Summary by Sections 1. Policy Support - Six departments, including the People's Bank of China and the National Development and Reform Commission, jointly issued guidelines to support the issuance of REITs for eligible consumer infrastructure [4][12] - The China Green Development Commercial REIT was officially listed on the Shenzhen Stock Exchange, marking the 68th product in the public REIT market [13][14] 2. Market Review - The CSI REITs closing index was 880.9, up 11.83% year-on-year but down 1.46% month-on-month; the CSI REITs total return index was 1109.13, up 18.46% year-on-year but down 1.38% month-on-month [15][20] - Year-to-date, the CSI REITs closing index has increased by 16.45%, outperforming the CSI 300 index, which has risen by 14.3% [15][20] 3. Weekly Tracking - The weekly performance of various REIT sectors showed declines: housing (-1.94%), environmental (-0.88%), highway (-1.83%), industrial park (-1.06%), warehousing logistics (-2.37%), energy (-0.30%), and consumer REITs (-1.93%) [36][52] - The monthly performance for housing REITs was positive, with a 5.98% increase [36] 4. Market Activity - There are currently 16 REITs waiting to be listed, indicating a vibrant issuance market [6][36] - The average turnover rate over the past 30 days was 0.62%, down 10.11% year-on-year [30][34]