Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rental rate of industrial parks is under pressure, and the first consumer REITs plans a secondary expansion. The overall rental rate of industrial parks is under pressure, and Huaxia China Resources Commercial REIT plans a secondary expansion. The Beijing Municipal Government supports the issuance of REITs for eligible consumer infrastructure, and Huaxia Fund wins the bid for the fund manager of Yulong Snow Mountain Public REITs [2]. - In the primary market, as of July 11, 2025, 12 REITs have been successfully issued this year, with a total issuance scale of 20.93 billion yuan, a year - on - year decrease of 23.3%. One new REITs has made progress this week, and there is no new progress in expansion [2]. - In the secondary market, the CSI REITs Total Return Index closed at 1103.87 points this week, down 1.12%. The market has fully corrected, and liquidity has declined [2][13]. Summary According to the Directory 1. Primary Market: One Newly Issued REITs Made Progress - As of July 11, 2025, 71 REITs have been issued, with a total issuance scale of 184.2 billion yuan, a total market value of 205.2 billion yuan, and a circulating market value of 96.9 billion yuan [8]. - This week, Huaxia Zhonghe Clean Energy REIT has been feedback, and there is no new progress in expansion. Currently, there are 15 newly issued REITs under application, 6 have been inquired and feedback, 0 have passed the review, and 1 is registered and waiting for listing; 10 expansion REITs have been applied, 4 have been inquired and feedback, and 3 have passed the review [2][9][11]. 2. Secondary Market: The Market Fully Corrected This Week, and Liquidity Declined 2.1 Market Review: The CSI REITs Total Return Index Closed Down 1.12% - The CSI REITs Total Return Index (932047.CSI) closed at 1103.87 points this week, down 1.12%, underperforming the SSE 500 by 1.94 percentage points and the CSI Dividend by 1.72 percentage points. The CSI REITs Total Return Index has risen 14.05% since the beginning of the year, outperforming the SSE 500/CSI Dividend by 12.02/14.54 percentage points [2][13][15]. - By project attribute, equity - based REITs fell 1.21% this week, and concession - based REITs fell 0.69%. By asset type, energy (-0.32%), warehousing and logistics (-0.51%), consumption (-0.54%), and water services (-0.76%) sectors performed better [2][14]. - Among individual bonds, 8 rose and 60 fell this week. Harvest JD Warehousing Infrastructure REIT (+4.25%), CICC China Green Development Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) led the gainers, while Huaxia Capital Outlet Mall REIT (-5.95%), CICC Chongqing Liangjiang REIT (-4.54%), and CICC Xiamen Anju REIT (-4.44%) led the losers [2]. 2.2 Liquidity: The Environmental Protection Sector Had the Highest Activity - The average daily turnover rates of equity - based/concession - based REITs this week were 0.63%/0.51%, down 15.43/11.45 basis points from last week. The trading volumes this week were 462 million/140 million shares, down 18.88%/17.88% week - on - week. The environmental protection sector was the most active [2][20]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the CCDC valuation yield, the yields of equity - based/concession - based REITs were 3.90%/4.09% respectively. The transportation (5.31%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked among the top three [2][22][24]. 3. This Week's News and Important Announcements - News: On July 10, 2025, the Beijing Municipal Government issued the "Special Action Plan for Deepening Reforms to Boost Consumption", supporting the issuance of REITs for eligible consumer infrastructure; on the same day, Huaxia Fund won the bid for the fund manager of Yulong Snow Mountain Public REITs [29]. - Announcements: Multiple REITs released semi - annual operating data, including rental rates and rent collection rates. Some REITs had news of share unlocking, dividends, and expansion plans [29][30][31].
公募REITs周度跟踪（2025.07.07-2025.07.11）：整体有所回调，能源类相对抗跌-20250712