RAINBOW(SZ:002419) HUAXI Securities·2025-07-27 12:12Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 - 25, 2025, the CSI REITs Total Return Index closed at 1087.36 points, down 1.56% for the week, breaking below the 1100 - point mark, with a relatively large overall correction. The total market capitalization of the REITs market reached 204.7 billion yuan with 69 listed projects after the listing of CICC Principal Agricultural REIT [1][8]. - In terms of major asset classes, commodities and equities generally rose in July, while REITs had negative returns. Commodities performed strongly this week, with coking coal up 35%, and coke, lithium carbonate, polysilicon, soda ash, and glass up over 15%. The equity market rose between 1.5 - 3.5%, and indices such as the CSI 300, CSI 500, CSI 1000, Hang Seng Tech, and CSI Convertible Bond all outperformed REITs [1][8]. Summary by Related Catalogs Secondary Market Price: The Rental Housing Sector Had the Largest Decline - All seven REITs sectors declined this week, with rental housing having the largest decline of 3.23%. Industrial parks and warehousing logistics were relatively more resilient. Eight rental housing REITs generally fell 3 - 5%. Some previously high - performing rental housing REITs like CRIC Wanke Shenzhen Rental Housing had a decline of about 3% this week. The average cash distribution rate of rental housing is 2.76%. REITs with high distribution rates such as Shanghai Real Estate Rental Housing and Chengtou Kuanting Rental Housing can be continuously monitored [2][13]. - In the highway sector, there were still differences among projects in June. Projects in the eastern economically active regions had better year - on - year performance in traffic volume and toll revenue. Huaxia Nanjing Traffic Highway REIT had the largest decline this week, but its operation has good resilience. Projects like China Merchants Highway and CICC Anhui Expressway had good fundamentals and can be continuously monitored [2][15]. Liquidity: Trading Activity Recovered - The overall market trading was relatively active this week, with the average daily trading volume of 583 million yuan, the average daily trading volume of 129 million shares, and the average daily turnover rate of 0.63%, up 17.72%, 15.22%, and 0.08 pct respectively from the previous week [20]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.06%), rental housing (0.78%), and consumer facilities (0.73%). Most sectors' turnover rates continued to decline compared with last week, except for consumer facilities and warehousing logistics, whose turnover rates slightly increased [23]. - Five projects were lifted from lock - up in July. With a large number of projects approaching the end of their lock - up periods from the second half of 2025 to the first half of 2026, potential trading pressure from recent lock - up expirations needs to be monitored [28]. Valuation: The Overall Decline Led to Valuation Adjustment - The overall decline of REITs this week led to valuation adjustments, and the distribution rate increased slightly. In terms of ChinaBond valuation yields, the energy infrastructure sector had the largest change in yield but still had the lowest yield among all sectors. The traffic (5.69%), warehousing logistics (5.09%), and industrial park (4.81%) sectors had relatively high yields [31]. - In terms of cash distribution rates, energy - related projects still had the largest change, with the average rising to 8.28%. For concession - based projects, the principal recovery situation should be considered when looking at the cash distribution rate. Among equity - based projects, industrial parks (4.33%), warehousing (4.11%), and consumer facilities (3.79%) had relatively high distribution rates, while the average distribution rate of rental housing was only 2.76% [31]. Primary Market Initial Offering: China Aerospace Tianhong Consumer REIT Has Been Filed - On July 22, 2025, China Aerospace Tianhong Consumer Closed - end Infrastructure Securities Investment Fund was filed with the Shenzhen Stock Exchange. Tianhong Co., Ltd. has three major brands: "Tianhong", "Junshang", and "sp@ce", targeting the mid - to high - end consumer market [3][35]. - As of July 25, 2025, there were about 7 - 10 potential issuance projects remaining this year. There are 4 projects that have been approved and are waiting to be listed, 10 projects that have received feedback from the exchange, and 1 project that has been filed [35].