公募REITs周度跟踪（2025.06.30-2025.07.04）：周内行情震荡回升，都江堰景区REITs中标-20250705

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The REITs expansion business rules have been further improved, and the Dujiangyan Scenic Area REITs project was successfully bid. The Shanghai Stock Exchange issued the "REITs Expansion Business Handling Guide", and the Shenzhen Stock Exchange also enabled the non - targeted expansion business function. The Huaxia Anbo Warehouse Logistics REIT's application status was updated to "accepted", and AVIC Fund won the bid for the Dujiangyan Scenic Area REITs project [4]. - In the primary market, 4 single - issue REITs made new progress this week, and the issuance scale decreased year - on - year. In the secondary market, the market rebounded with fluctuations this week, and the liquidity continued to rise [5]. 3. Summary According to the Table of Contents 3.1 Primary Market: 4 Single - Issue REITs Made New Progress - As of July 4, 2025, 10 REITs have been successfully issued this year, with a total issuance scale of 15.35 billion yuan, a year - on - year decrease of 43.8%. This week, 4 single - issue public REITs made new progress, and there was no new progress in expansion [5]. - There are currently 15 single - issue REITs under application, 5 have been queried and responded, 0 have passed the review, and 1 is registered and awaiting listing. For expansion, 10 have been applied, 4 have been queried and responded, and 3 have passed the review [5]. 3.2 Secondary Market: The Market Rebounded with Fluctuations This Week, and the Liquidity Continued to Rise 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.66% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1116.42 points, up 0.66%, underperforming the CSI 300 by 0.88 percentage points and the CSI Dividend by 1.28 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 15.35%, outperforming the CSI 300/CSI Dividend by 14.15/16.43 percentage points [5]. - By project attribute, property - type REITs rose 0.42%, and franchise - type REITs rose 1.05%. By asset type, the transportation (+1.29%), ecological environment protection (+1.08%), park (+0.83%), and energy (+0.60%) sectors performed better [5]. - Among individual bonds, 55 rose and 13 fell this week. CICC China Greentown Commercial REIT (+6.50%), E Fund Huayi Farmers' Market REIT (+5.25%), and Huaxia Nanjing Transportation Expressway REIT (+3.91%) led the gainers, while Huaxia TBEA New Energy REIT (-2.09%), Huaxia Beijing Affordable Housing REIT (-1.70%), and Guotai Junan Lingang Innovation Industrial Park REIT (-1.55%) were the biggest losers [5]. 3.2.2 Liquidity: The Ecological Environment Protection Sector Had the Highest Activity - The average daily turnover rate of CSI REITs this week was 0.62%, an increase of 3.94BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.78%/0.63%, an increase of 16.46/1.69BP from last week. The trading volumes during the week were 569 million/170 million shares, a week - on - week increase of 28.49%/9.15%. The ecological environment protection sector was the most active [5]. 3.2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/franchise - type REITs were 3.77%/3.94% respectively. The warehouse logistics (5.12%), transportation (5.09%), and park (4.70%) sectors ranked among the top three [5]. 3.3 This Week's News and Important Announcements - This Week's News: On June 27, the Shanghai Stock Exchange issued the "REITs Expansion Business Handling Guide", and the Shenzhen Stock Exchange also enabled the non - targeted expansion business function. On June 30, the application status of Huaxia Anbo Warehouse Logistics REIT was updated to "accepted". On July 4, AVIC Fund won the bid for the Dujiangyan Scenic Area REITs project [4][31]. - Important Announcements: Multiple REITs released expansion, listing, and operation data announcements, including Guotai Junan Lingang Innovation Industrial Park REIT, CICC China Greentown Commercial REIT, etc. [32]