公募REITs周报（2025.07.21-2025.07.27）：公募REITs市场震荡下跌，创金合信首农产业园REIT上市-20250727

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the public offering REITs market fluctuated and declined, but the trading volume increased. The indexes of property - type and franchise - type public offering REITs both decreased, with only the park infrastructure - type REITs showing a slight increase and the municipal facilities - type having the highest decline. - As of July 25, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. 14 new public offering REITs have been issued in 2025, and 4 were newly issued in July 2025, with a total scale of 12.5 billion yuan. Additionally, 26 public offering REITs funds are waiting to be listed. - The market is expected to continue to expand, and its activity is expected to further increase. In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [2][4][35]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public Offering REITs Market Fluctuated and Declined - Index Performance: As of July 25, 2025, the China Securities REITs Index decreased by 1.79% to 860.11 compared with last week, and the China Securities REITs Total Return Index decreased by 1.56% to 1087.36. The indexes of property - type and franchise - type public offering REITs decreased by 1.48% and 2.23% respectively. Among property - type public offering REITs, only park infrastructure - type REITs increased by 3.72%, while others declined, with the municipal facilities - type, water conservancy facilities - type, and other types having different degrees of decline [9][14]. - Trading Volume and Turnover: The total trading volume of the REITs market this week was 741 million shares, a 31.85% increase from last week, and the trading amount was 3.348 billion yuan, a 35.11% increase. The turnover rate of the REITs market this week was 3.62%, compared with 2.77% last week. The trading amounts and turnover rates of most types of public offering REITs increased [10]. - Individual Product Performance: Among the 69 public offering REITs (excluding the 1 newly listed this week), 9 rose and 59 fell. The top gainers included Boshi Jinkai Science and Industry Park REIT, China Merchants Science and Technology Incubator REIT, etc., while the top losers included CITIC Construction Investment Mingyang Smart New Energy REIT, ICBC Inner Mongolia Energy Clean Energy REIT, etc [22]. 3.2 Primary Market: 26 Public Offering REITs Funds are Waiting to be Listed - Issuance Situation: As of July 25, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. In 2024, 29 REITs were issued, with a total scale of 64.6 billion yuan. In 2025, 14 public offering REITs have been issued, and 4 were newly issued in July 2025, with a total scale of 12.5 billion yuan [27]. - Upcoming Listings: There are 26 public offering REITs funds waiting to be listed, including 15 for initial offerings and 11 for expansion and fundraising. In terms of project status, 10 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been declared [29]. 3.3 Public Offering REITs Policies and Market Dynamics - Dividend: E Fund Shenzhen Expressway REIT made its first dividend in 2025, with a distribution of 1.937 yuan per 10 shares. The available distribution amount of this public offering REITs was 58.1293 million yuan, and the proposed distribution amount was 58.11 million yuan, accounting for 99.97% of the available distribution amount as of March 31, 2025 [33]. - New Listing: On July 22, the first follow - on issuance infrastructure - type REITs in Inner Mongolia was successfully launched, with a scale of 2.992 billion yuan [34]. 3.4 Investment Suggestions - Market Trend: This week, the REITs index fluctuated and declined, and the trading amount of the public offering REITs market increased. The indexes of property - type and franchise - type public offering REITs decreased, with only park infrastructure - type REITs showing a slight increase and municipal facilities - type having the highest decline. - Market Outlook: This Friday, the first infrastructure REIT project of Shounong Food Group, the CICGAM Shounong Industrial Park REIT, was listed. 14 public offering REITs have been established this year, with a total scale of over 25 billion yuan. Additionally, 26 REITs funds are waiting to be listed, and the market is expected to continue to expand, with its activity expected to further increase. - Investment Value: In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [4][35][36].