公募REITs周报：深交所非定向扩募业务功能落地-20250707

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the primary market, two REITs projects had their status updated, and the Shenzhen Stock Exchange officially launched the non - targeted expansion business function for REITs, promoting the standardized and diversified development of the REITs market [3]. - In the secondary market, the REITs index rose, market activity increased, with the total market value reaching 207.87 billion yuan and the daily average turnover rate at 0.74%.特许经营权类 REITs outperformed, and the transportation infrastructure sector led the gains [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of July 4, 2025, 10 public REITs products were successfully issued this year, one less than the same period last year. There were 3 products in the "accepted" state, 6 with exchange feedback, and 6 passed the review (1 completed the offering, 2 completed the inquiry, 2 started the inquiry on July 1, and 1 completed the expansion). Currently, there are no products in the "declared" and "inquired" stages [8]. - During the week from June 30 to July 4, 2025, the review status of two REITs projects was updated. The review status of the Chuangjin Hexin Electronic City Industrial Park REIT was updated to "exchange feedback received", and that of the Huaxia Anbo Warehouse Logistics REIT was updated to "accepted" [3][9]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale - As of July 4, 2025, the total market value of public REITs in the whole market increased to 207.87 billion yuan, an increase of 1.796 billion yuan from the previous week. The total circulating market value also increased to 97.233 billion yuan, with a weekly increase of 2.521 billion yuan. The daily average turnover rate this week was 0.74%, an increase of 0.13% from the previous week, indicating a slight increase in market trading activity [12]. 3.2.2 Price Changes and Volatility - In the week of July 4, 2025, the CSI REITs Total Return Index closed up 0.66%, outperforming the ChinaBond - New Composite Wealth Total Index (0.17%) but lagging behind the Dividend Index (2.08%), the CSI 300 Index (1.54%), and the CSI Convertible Bond Index (1.21%) [15]. - From the perspective of market volatility, the volatility of the CSI REITs Total Return Index this week was 0.51%, higher than that of the Dividend Index (0.47%), the CSI 300 Index (0.22%), the ChinaBond - New Composite Wealth Total Index (0.04%), and the CSI Convertible Bond Index (0.35%) [15]. - By project attribute, the weighted average weekly price change of franchise - based REITs was 0.95%, better than the 0.48% of property - based REITs. By underlying asset type, the transportation infrastructure sector led with a weighted average weekly increase of 1.11%, while the warehouse logistics sector was the only one to decline (- 0.18%) [16][18]. - At the individual bond level, the China Green Development Commercial Asset REIT led with a weekly increase of 6.50%, followed by the E Fund Huayi Farmers' Market REIT (5.25%) and the Huaxia Nanjing Expressway REIT (3.91%) [20]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, industrial park infrastructure REITs ranked first with 241 million shares, followed by consumer infrastructure (156 million shares), transportation infrastructure (93 million shares), affordable rental housing (86 million shares), warehouse logistics (80 million shares), municipal environmental protection and water conservancy (48 million shares), and energy infrastructure (36 million shares). In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.70% [23]. - As of July 4, 2025, the average cash distribution rate of property - based REITs was 3.73%, with consumer infrastructure at 4.13% leading. The average cash distribution rate of franchise - based REITs was 8.12%, with municipal facilities at 11.55% leading. In terms of the ChinaBond REITs valuation yield (IRR), property - based REITs (3.88%) were higher than franchise - based REITs (3.40%). The PV multiplier of franchise - based REITs (1.26) was lower than that of property - based REITs (1.32) [24].