REITs周度观察（20250728-20250801）：二级市场价格有所回暖，新增两只REITs产品上市-20250802

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - From July 28 to August 1, 2025, the secondary - market prices of China's listed public REITs showed an overall upward trend, with a weighted REITs index return of 2.2%. Compared with other mainstream asset classes, REITs ranked second in terms of return [1][11]. - This week, two new REITs were listed, and the status of two first - offering projects was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - At the major asset level: The secondary - market prices of listed public REITs in China showed an upward trend. The weighted REITs index closed at 143.13 with a return of 2.2%. The return ranking from high to low was: crude oil > REITs > gold > pure bonds > convertible bonds > A - shares > US stocks [1][11]. - At the underlying asset level: Both property - right and franchise - right REITs showed a fluctuating upward trend, with property - right REITs having a larger increase. Among the underlying asset types, consumer - related REITs had the largest increase, and the top three in terms of return were consumer - related, municipal facilities, and water conservancy facilities [16][18]. - At the single - REIT level: After excluding the newly listed REITs this week, 57 REITs rose and 12 fell. The top three in terms of increase were China Merchants Shekou Industrial Zone REIT, Industrial and Commercial Bank of Inner Mongolia Energy Clean Energy REIT, and China Resources Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The total trading volume of public REITs this week was 3.61 billion yuan. Warehouse logistics REITs led in terms of daily average turnover rate. The top three in terms of trading volume were park infrastructure, warehouse logistics, and transportation infrastructure; the top three in terms of daily average turnover rate were warehouse logistics, park infrastructure, and energy infrastructure [26]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Bank of China Sinotrans Warehouse Logistics REIT, CICC Jinhua Agricultural REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of trading amount were CICC Jinhua Agricultural REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of turnover rate were Bank of China Sinotrans Warehouse Logistics REIT, Huaxia Huadian Clean Energy REIT, and CICC Jinhua Agricultural REIT [27]. 3.1.3 Main Capital Inflow and Block Trading - Main capital inflow situation: The total main capital inflow this week was 30.86 million yuan, and the market trading enthusiasm decreased. The underlying asset types with positive main capital inflow were energy infrastructure and warehouse logistics. The top three REITs in terms of main capital inflow were Huaxia Huadian Clean Energy REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Penghua Shenzhen Energy REIT [31]. - Block trading situation: The total block trading amount this week reached 205.55 million yuan, an increase compared with last week. There were block trading transactions on five trading days this week, and the highest single - day block trading amount was on August 1, 2025. The top three REITs in terms of block trading amount were CICC Jinhua Agricultural REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Industrial and Commercial Bank of Hebei Expressway REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of August 1, 2025, the number of public REITs products in China reached 71, with a total issuance scale of 183.952 billion yuan. Transportation infrastructure had the largest issuance scale, followed by park infrastructure [36]. - This week, Bank of China Sinotrans Warehouse Logistics REIT was listed on July 29, 2025, with an asset type of warehouse logistics and an issuance scale of 1.311 billion yuan; Huaxia Huadian Clean Energy REIT was listed on August 1, 2025, with an asset type of energy infrastructure and an issuance scale of 1.895 billion yuan [36]. 3.2.2 Pending - Listing Projects - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 24 REITs in the pending - listing state, including 13 first - offering REITs and 11 REITs pending expansion [40]. - This week, the status of the first - offering project of "China International Capital Corporation Vipshop Outlets Closed - end Infrastructure Securities Investment Fund" was updated to "approved", and the status of the first - offering project of "China Aerospace Hong Consumer Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].