公募REITs周速览：嘉实京东仓储REIT拟扩募

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week (June 30 - July 4, 2025), the CSI REITs Total Return Index closed at 1116.42 points, rising 0.66% weekly, rebounding after a 1.38% correction last week. The CSI REITs (Closing) Index closed at 886.60 points, rising 0.65% weekly. The total market capitalization of China's listed REITs projects reached 207.9 billion yuan this week, a 0.87% increase from the previous week [1][8]. - In terms of major asset classes, A - shares, convertible bonds, and gold and silver performed well this week. The CSI 300, CSI 500, CSI Convertible Bonds, COMEX Gold, SHFE Gold, and SHFE Silver all outperformed REITs, while the Hang Seng Tech Index performed poorly [1][8]. Group 3: Summary According to the Table of Contents 1. Secondary Market 1.1 Price: Transportation Sector Stopped Falling and Led the Rise - Only the warehousing and logistics sector among the seven REITs sectors declined this week, while other assets rebounded. The transportation facilities sector, which had the largest decline of 2.19% last week, led with a 1.16% increase this week, driven by the strong rebound of road assets in the eastern economically developed regions. The traffic volume and toll revenue of these road assets also increased significantly year - on - year [2][15]. - The decline of the warehousing and logistics sector was mainly due to a 1.45% drop in CICC Puluosi, the largest - market - cap REIT in this sector. Taikang Life Insurance reduced its holdings of CICC Puluosi by a total of 1.38112 million shares, accounting for 0.71% of the total fund shares [18]. - At the individual bond level, CICC China Greentown Commercial Asset and E Fund Huayi Market, two consumer facilities REITs, led the gainers, with increases of 6.50% and 5.25% respectively. China Southern Beijing Affordable Housing and Guotai Junan Lingang Innovation Industrial Park led the decliners, mainly due to the correction after the recent rise of the expansion concept [19]. 1.2 Liquidity: Municipal and Environmental Protection Turnover Still Led - The overall trading activity in the market increased compared with last week. The average daily trading volume was 666 million yuan, the average daily trading volume was 148 million shares, and the average daily turnover rate was 0.74%, with a month - on - month increase of 14.96%, 23.47%, and 0.13 percentage points respectively [2][23]. - By sector, the sectors with the highest average daily turnover rates this week were municipal and environmental protection (1.70%), consumer facilities (1.18%), and industrial parks (0.82%). The municipal and environmental protection sector has been highly active for three consecutive weeks [26]. - At the individual bond level, the top three in terms of trading activity this week were CICC China Greentown Commercial Asset REIT, CICC Yizhuang Industrial Park REIT, and China Southern Jinmao Commercial REIT, with average daily turnover rates of 8.7%, 8.3%, and 2.5% respectively [28]. 1.3 Valuation: Transportation, Warehousing, and Industrial Park Valuations Led - The valuation of REITs projects remained differentiated. From the perspective of ChinaBond valuation yields, the transportation (5.17%), warehousing and logistics (4.93%), and industrial park (4.60%) sectors were at the forefront, with significant differences in project valuations, indicating potential for individual bond exploration [2][35]. 2. Primary Market 2.1 Jiashi JD Warehouse REIT Plans to Expand Two Logistics Projects in Xi'an and Hefei - On July 5, Jiashi JD Warehouse Infrastructure REIT announced plans to expand two projects in Xi'an and Hefei, becoming the third warehousing and logistics REIT project to initiate expansion after Hongtu Innovation Yantian Port and CICC Puluosi. The Xi'an project has a construction area of 107,200 square meters, and the Hefei project has a construction area of 145,600 square meters [3][43][44]. 2.2 Other Important News This Week - [Cinda Shougang Green Energy REIT] Temporarily used 40 million yuan of the reserved capital expenditure historically accumulated during the infrastructure project's life cycle to pay the relevant service fees of the operation management agency and will replenish it after receiving the domestic waste disposal fee from the Municipal Urban Management Commission in July 2025 [51]. - [CITIC Construction Investment State Power Investment New Energy REIT] Released its second - quarter operating data. The power generation, on - grid power, and settlement power of the infrastructure project increased by 34.06%, 33.53%, and 36.43% year - on - year respectively. The tax - free income and gross profit margin of the project company were approximately 243 million yuan and 54.35%, increasing by 40.03% and 20.16% year - on - year respectively [51]. - [AVIC Yishang Warehouse Logistics REIT] The original equity holder, Yishang Group, was privatized in the Hong Kong stock market [51]. - [Hua'an Waigaoqiao REIT] A tenant in Block W4 - 3, Warehouse 14, terminated the lease early, and the project company signed contracts with two new tenants. The new contract rent was basically the same as the expected income of the original tenant in the same period [53]. - [Jiashi JD Warehouse Infrastructure REIT] Plans to hold an investor relations event on July 11, 2025, from 14:30 to 16:30 [53].