公募REITs周报(第28期):指数止跌回升,消费类领涨-20250803
Guoxin Securities·2025-08-03 14:47
- Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index closed up, with the performance of property - type REITs stronger than that of concession - type REITs. The average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. All types of REITs in the market closed up, with consumer, municipal facilities, and water conservancy facilities leading the gains [1]. - As of August 1, 2025, the annualized cash distribution rate of public - offering REITs averaged 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 147BP lower than the average dividend yield of CSI dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield was 216BP [1][32]. 3. Summary by Related Catalogs Secondary Market Trends - As of August 1, 2025, the closing price of the China Securities REITs (closing) Index was 870.82 points, with a weekly change of +1.25%, outperforming the CSI Convertible Bond Index (-1.37%), the CSI 300 Index (-1.75%), and the CSI All - Bond Index (+0.19%). Year - to - date, the China Securities Convertible Bond Index (+10.3%) was equal to the China Securities REITs Index (+10.3%), both outperforming the CSI 300 Index (+3.1%) and the CSI All - Bond Index (+1.0%) [2][7]. - In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.2%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 213.1 billion yuan on August 1, an increase of 8.3 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.77%, up 0.04 percentage points from the previous week [2][13]. - All types of REITs closed up. From the perspective of different project attributes, the average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. From the perspective of different project types, the three project types with the largest average price increases were consumer (+4.0%), municipal facilities (+3.9%), and water conservancy facilities (+3.7%). The top three REITs in terms of weekly price increase were Huaxia Capital First - Outlets REIT (+6.86%), ICBC Mongolia Energy Clean Energy REIT (+6.75%), and Huaxia Capital China Resources Commercial REIT (+5.77%) [1][3][18]. - In terms of different project types, the warehousing and logistics sector had the highest daily turnover rate during the period, and the industrial park sector had the highest proportion of trading volume this week. The average daily turnover rate of the warehousing and logistics sector was 1.4%, and the trading volume of the industrial park sector accounted for 21.8% of the total REITs trading volume [3][25]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital Huadian Clean Energy REIT (72.57 million yuan), BOC Sinotrans Warehousing and Logistics REIT (51.89 million yuan), and Penghua Shenzhen Energy REIT (6.7 million yuan) [3][25]. Primary Market Issuance - As of August 1, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquired" stage, 6 in the "feedback" stage, 5 in the "approved and pending listing" stage, and 8 first - issue products that had been approved and listed on the exchanges [27]. Valuation Tracking - From the perspective of bond characteristics, the annualized cash distribution rate of public - offering REITs averaged 5.9% as of August 1, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, the valuation of REITs was judged through relative net - value premium rate, IRR, and P/FFO [29]. - As of August 1, 2025, the relative net - value premium rates, P/FFO, IRR, and annualized dividend rates varied among different project types of REITs. For example, the relative net - value premium rate of affordable rental housing was 59.9%, with a P/FFO of 39.6, an IRR of 3.1%, and an annualized dividend rate of 2.8% [30]. - The dividend yield of property REITs was compared with the CSI dividend stock dividend yield, and the internal rate of return of concession - type REITs was compared with the ten - year Treasury yield. As of August 1, 2025, the dividend yield of property REITs was 147BP lower than the average dividend yield of CSI dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield was 216BP [32]. Industry News - On August 1, the first central - state - owned enterprise gas REIT, Huaxia Capital Huadian Clean Energy REIT, was listed on the Shanghai Stock Exchange. The underlying asset is the Hangzhou Huadian Jiangdong Natural Gas Cogeneration Project. The planned fundraising scale is 1.895 billion yuan, and the expected distribution rates for 2025 and 2026 are 5.66% and 5.37% respectively. It is the 71st infrastructure public - offering REIT in China, setting a benchmark for central enterprises to revitalize high - quality clean energy assets and for green finance innovation in investment and financing models [4][34].