公募REITs周速览：消费设施、租赁住房REITs领涨

Report Summary 1. Investment Rating The provided content does not mention the investment rating of the REITs industry. 2. Core Viewpoints - This week (July 28 - August 1, 2025), the China Securities REITs Total Return Index closed at 1100.90 points, rising 1.25% weekly, and rebounding to the 1100 - point level. The market showed a volume - increasing upward trend in the second half of the week. The REITs and gold performed well as the "anti - involution" commodity market sentiment weakened, the equity sector significantly corrected, and market risk appetite cooled [1][9]. - The seven REITs sectors stopped falling and rebounded. The consumer facilities and rental housing sectors led the gains, with increases of 4.58% and 3.70% respectively. The tax new - rule on August 1, 2025, which restores the VAT on the interest income of newly - issued government bonds, marginally benefits the allocation of REITs, especially rental housing REITs [2]. - The overall trading sentiment in the market was average this week, only warming up in the second half of the week. The daily average trading volume, turnover, and turnover rate decreased compared to last week. The trading activity of each sector continued to decline, and the turnover rate of all sectors dropped below 1% [3]. - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with an estimated value of 2.9 billion yuan and a predicted 2026 cash distribution rate of 5.65% [4]. 3. Summary by Directory 3.1 Secondary Market - Price: Consumer Facilities and Rental Housing Lead the Gains - The seven REITs sectors stopped falling and rebounded. Consumer facilities and rental housing had the highest increases of 4.58% and 3.70% respectively. The consumer facilities sector had the largest decline in July, but the China Resources Commercial REIT rebounded this week. The predicted 2025 distribution rate of China Resources Commercial is between 3.4 - 3.5%. Eight rental housing REITs generally rose 2 - 4% this week [16][19]. - At the individual bond level, the top - performing REITs this week were China First - Capital Outlet, ICBC Inner Mongolia Energy Clean Energy, and China Resources Commercial, with increases of 6.86%, 6.75%, and 5.77% respectively. The new - listed Huaxia Huadian Clean Energy and BOC Sinotrans Warehouse Logistics had first - day increases of 27.47% and 19.90% respectively [21]. - Liquidity: Slightly Decreased Trading Activity - The overall trading sentiment in the market was average this week, warming up in the second half of the week. The daily average trading volume was 554 million yuan, the daily average turnover was 124 million shares, and the daily average turnover rate was 0.60%, decreasing by 4.95%, 4.51%, and 0.03 percentage points respectively compared to last week [24]. - By sector, the rental housing, municipal environmental protection, and consumer facilities sectors had the highest average daily turnover rates this week, but the turnover rates of all sectors continued to decline and dropped below 1%. At the individual bond level, the top three in trading activity were Hua'an Bailian Consumption, CICC China Greentown Commercial Asset, and CICC Yizhuang Industrial Park [28][30]. - Five projects will be unlocked in August. The market trading sentiment has declined recently, and attention should be paid to the potential trading pressure brought by the unlocking projects [33]. - Valuation: The Distribution Rates of the Park and Warehouse Sectors Remain Above 4% - This week, REITs stopped falling and rebounded, and the valuation was adjusted. From the perspective of ChinaBond valuation yield, the energy facilities sector had the largest change, dropping to 1.18%. The transportation (5.64%), warehouse logistics (4.99%), and industrial park (4.73%) sectors were at the forefront, with a large number of individual bonds and obvious valuation differentiation [37]. - From the perspective of cash distribution rate, energy - related projects still had the largest change, dropping to 8.08%. The cash distribution rates of the transportation facilities and municipal environmental protection in the franchise - right category were 8.82% and 5.39% respectively. Among the property - right projects, the industrial park (4.28%), warehouse (4.04%), and consumer (3.65%) sectors had higher distribution rates, while the average distribution rate of rental housing was only 2.67% [37]. 3.2 Primary Market - Initial Offering: CICC Vipshop Outlet REIT Passed the Shanghai Stock Exchange Review - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with a total construction area of 104,300 square meters, a total estimated value of 2.901 billion yuan, and a predicted 2026 cash distribution rate of 5.65% [43]. - As of August 1, 2025, there are about 7 - 10 potential issuance projects remaining this year. Currently, there are 2 projects that have been approved and are waiting to be listed, 1 project has passed the exchange review, 9 projects have received feedback from the exchange, and 1 project has been accepted by the exchange [43]. - Other Key News This Week - The ICBC Hebei Expressway REIT will have its first dividend in 2025, with a proposed distribution amount of 130 million yuan, accounting for 99.28% of the distributable amount. The main operating data in June 2025 showed that the monthly toll revenue was 45.7645 million yuan, a month - on - month increase of 2.34% and a year - on - year decrease of 2.75%. The average daily traffic volume was 15,200 vehicle - times, a month - on - month increase of 16.11% and a year - on - year decrease of 13.27%. The decrease in the average daily toll - paying traffic volume and toll revenue in June was mainly due to the increase in road control time caused by rainfall [49].