公募REITs周报（第25期）：指数小幅回调，扩募进程加速-20250713

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the China Securities REITs Index closed down. The performance of property - type REITs was weaker than that of franchise - type REITs, with average weekly price changes of - 1.8% and - 0.9% respectively. Among all types of REITs in the market, ecological and environmental protection, warehousing, and energy - type REITs had the smallest declines [1]. - As of July 11, 2025, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 70BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return (IRR) of franchise - type REITs and the 10 - year Treasury bond yield was 186BP [1]. - Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, and Harvest JD Logistics REIT announced an expansion plan, gradually reflecting the "asset listing platform" function of public REITs [1]. Summary by Related Catalogs Market Trends Secondary Market Trends - As of July 11, 2025, the closing price of the China Securities REITs (closing) Index was 876.64 points, with a weekly change of - 0.96%, performing worse than the CSI Convertible Bond Index (+0.76%), the CSI 300 Index (+0.82%), and the CSI All - Bond Index (-0.05%). Since the beginning of the year, the ranking of the price changes of major indices was: China Securities REITs (+11.0%) > CSI Convertible Bonds (+8.8%) > CSI 300 (+2.0%) > CSI All - Bond (+1.3%) [2][8]. - As of July 11, 2025, the one - year return rate of the China Securities REITs Index was 12.0%, 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 All - 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 All - Bond Index. The total market value of REITs decreased to 205.2 billion yuan on July 11, a decrease of 2.7 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.60%, a decrease of 0.14 percentage points from the previous week [2][14]. - All types of REITs closed down. From the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 0.9% respectively. From the perspective of different project types, the three project types with the smallest average declines were ecological and environmental protection (-0.4%), warehousing and logistics (-0.5%), and energy infrastructure (-0.5%). The top three REITs in terms of weekly price increases were Harvest JD Logistics REIT (+4.25%), CICC China Greentown Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) [1][3][18]. - In terms of trading activity, ecological and environmental protection - type REITs were the most active this week, and transportation - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, and its trading volume accounted for 4.2% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6% during the period, and its trading volume accounted for 23.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CICC China Greentown Commercial REIT (24.65 million yuan), Huaxia China Resources Commercial REIT (14.98 million yuan), and CITIC Construction Investment SPIC New Energy REIT (10.45 million yuan) [4]. Primary Market Issuance - As of July 11, 2025, there was 1 REIT product in the declared stage, 2 in the accepted stage, 7 in the feedback stage, 7 passed and waiting to be listed, and 5 first - issued products that had passed and were already listed on the exchange [26]. Valuation Tracking - From the perspective of bond characteristics, as of July 11, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [28]. - From the perspective of equity characteristics, the valuation of REITs was judged through relative net value premium rate, IRR, and P/FFO. Different project types had different relative net value premium rates, P/FFO, IRR, and annualized dividend rates [28][29]. Industry News - On July 4, Wuxi Xishan Huaneng Group issued a tender announcement for the selection of a fund manager for infrastructure public REITs, with a contract estimated price of 2.54 million yuan, officially launching the process of green and low - carbon asset securitization [35]. - On July 8, Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, planning to acquire three community - type shopping centers, with a total construction area of approximately 300,000 square meters [35]. - On July 8, Harvest JD Logistics REIT announced an expansion plan, planning to raise funds through targeted or public means to acquire two projects, with a total construction area of approximately 253,000 square meters [35]. - On July 10, Lijiang Tourism Development Investment Group Co., Ltd. announced the winning bids for the selection of a financial advisor for the original equity holder and the selection of a fund manager and plan manager for a cultural and tourism infrastructure public REITs project. The project planned to use Yulong Snow Mountain as the underlying asset, with a planned issuance scale of no less than 2.5 billion yuan [35].