公募REITs周度跟踪（2025.07.14-2025.07.18）：板块走势分化，交投延续回落-20250719

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Three regions issued documents to support REITs issuance, and two data center REITs completed fundraising. This week, 4 highway, 1 energy, and 1 industrial park REITs released semi - annual operating data, with performance declining for all but 2 highway REITs [2]. - As of July 18, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.84 billion yuan, a year - on - year increase of 2.0%. This week, 7 new - issue and 1 expansion - issue REITs made progress [3]. - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. The index has risen 14.12% year - to - date, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. Summary by Directory 1. Primary Market: New Issuance of 2 Data Center REITs - As of July 18, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan and a total market value of 204.6 billion yuan. Among them, there are 49 equity - type and 24 franchise - type REITs [11]. - This week, 7 new - issue REITs made progress, including 2 data center REITs that completed fundraising. One expansion - issue REIT, the AVIC Jingneng Photovoltaic REIT, submitted a response to feedback [3][12][14]. 2. Secondary Market: This Week, the Sector's Market Performance was Differentiated, and Liquidity Continued to Decline 2.1 Market Review: The CSI REITs Total Return Index Rose 0.06% - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. Year - to - date, it has risen 14.12%, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. - By project attribute, equity - type REITs rose 0.22% this week, while franchise - type REITs fell 1.07%. By asset type, the consumer (+0.41%), affordable housing (+0.23%), ecological environmental protection (+0.21%), and industrial park (-0.04%) sectors performed well [3]. - Among individual bonds, 39 rose and 29 fell. The top three were China Merchants Science and Technology Innovation REIT (+3.05%), China Huarong JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%); the bottom three were Ping An Ningbo Transportation REIT (-5.38%), CITIC Construction Investment MingYang Smart Energy REIT (-2.15%), and China Huarong Tebian Electric New Energy REIT (-2.04%) [3]. 2.2 Liquidity: The Ecological Environmental Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, a decrease of 0.70 BP from last week. The average daily turnover rates of equity - type/franchise - type REITs were 0.58%/0.48%, a decrease of 4.50/3.59 BP from last week. The trading volumes during the week were 432 million and 130 million shares respectively, a week - on - week decrease of 6.53%/6.99% [3][22]. - The ecological environmental protection sector had the highest activity level [22]. 2.3 Valuation: The Energy Sector had a Higher Valuation - The yields of equity - type/franchise - type REITs based on ChinaBond valuations were 3.89%/4.22%. The transportation (5.44%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked in the top three [3][29]. 3. This Week's News and Important Announcements News - On July 10, 2025, the Kunshan government proposed in a draft policy that enterprises conducting refinancing through REITs would receive a 0.5‰ reward based on the raised funds, with a maximum annual reward of 2 million yuan per enterprise [33]. - On July 15, 2025, the governments of Guangxi and Heilongjiang issued documents supporting the issuance of REITs in fields such as artificial intelligence, digital, tourism, and 4A - level and above ice - snow tourism scenic areas [2][33]. Important Announcements - Two new - issue REITs completed fundraising, and their public subscription multiples were 457 and 318 times respectively, indicating strong market response [2]. - Multiple REITs released operating data, dividend announcements, and share - unlocking notices [34][35].