公募REITs周报（第24期）：指数小幅攀升，生态环保板块领涨市场-20250706

Report Industry Investment Rating No relevant content provided. Core Views of the Report - This week, the China Securities REITs Index closed up. The performance of property - type REITs was weaker than that of franchise - type REITs, with average weekly price changes of +0.9% and +1.1% respectively. The weekly price change ranking of major indices is: CSI 300 > CSI Convertible Bond Index > CSI REITs Index > CSI Aggregate Bond Index. The average daily turnover rate of REITs throughout the week increased slightly compared to the previous week. REITs of different types in the entire market showed differentiated price changes, with ecological and environmental protection, consumption, and transportation - type REITs leading the gains [1]. - As of July 4, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property - type REITs is 106 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield is 206 basis points [1]. - The infrastructure REIT project of Qingcheng Mountain - Dujiangyan Scenic Area has determined its fund manager. AVIC Fund Management Co., Ltd. won the bid, which opens a market - based financing channel for high - quality cultural and tourism assets [1][4]. Summary by Related Catalogs Market Trends - As of July 4, 2025, the closing price of the CSI REITs (closing) Index was 887.01 points, with a weekly price change of +0.69%, performing weaker than the CSI Convertible Bond Index (+1.21%), the CSI 300 Index (+1.54%), and the CSI Aggregate Bond Index (+0.14%). Since the beginning of the year, the price change ranking of major indices is: CSI REITs (+12.3%) > CSI Convertible Bond (+7.9%) > CSI Aggregate Bond (+1.3%) > CSI 300 (+1.2%) [2][8]. - As of July 4, 2025, the one - year return rate of the CSI REITs Index was 12.7%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs increased to 207.9 billion yuan on July 4, an increase of 1.8 billion yuan from the previous week. The average daily turnover rate throughout the week was 0.74%, an increase of 0.12 percentage points from the previous week [2][14]. - Ecological and environmental protection, consumption, and transportation - type REITs led the gains. The average weekly price changes of property - type REITs and franchise - type REITs were +0.9% and +1.1% respectively. Among different project - type REITs, the three project types with the largest average price increases were ecological and environmental protection (+2.3%), consumption (+1.9%), and transportation (+1.3%). The top three REITs in terms of weekly price increases were CICC China Greentown Commercial REIT (+6.50%), E Fund Huayi Market REIT (+5.25%), and China Southern Asset Management Nanjing Expressway REIT (+3.91%) [1][3][19]. - Ecological and environmental protection - type REITs had the highest trading activity this week, while consumption - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.2% during the period, and its trading volume accounted for 6.1% of the total REIT trading volume. The latter had an average daily turnover rate of 1.3%, and its trading volume accounted for 21.6% of the total REIT trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC China Greentown Commercial REIT (56.27 million yuan), AVIC Shougang Green Energy REIT (36.34 million yuan), and CICC Yizhuang Industrial Park REIT (19.9 million yuan) [3][25][26]. Primary Market Issuance - As of July 4, 2025, there was 1 REIT product in the declared stage on the exchange, 3 in the accepted stage, 6 in the feedback - received stage, 7 that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [28]. Valuation Tracking - From the perspective of bond characteristics, as of July 4, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [30]. - As of July 4, 2025, the dividend yield of property - type REITs was 106 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 206 basis points [1][31]. Industry News - On June 30, the Shenzhen Stock Exchange showed that the Huaxia Anbo Warehouse Logistics Closed - end Infrastructure REIT was "accepted". The underlying assets of this project are 44 modern logistics centers in 24 core cities across the country, with an operating area of approximately 5.3 million square meters [37]. - On July 2, the book - building of the Southern Runze Technology Data Center REIT was completed, with a final subscription multiple of up to 167.06 times. It will be officially launched for public investors on July 14, with a price of 4.5 yuan per share and a total issuance scale of 1 billion shares, expected to raise approximately 4.5 billion yuan [37]. - On July 3, the evaluation results of the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REIT project were announced. AVIC Fund Management Co., Ltd. won the bid to serve as the fund manager. The underlying assets of this project are the AAAAA - level national tourist scenic area Qingcheng Mountain - Dujiangyan, which received 11.7215 million tourists and achieved ticket revenue of 602 million yuan in 2024 [4][37].