REITs周度观察（20250804-20250808）：二级市场价格有所回调，新类型REITs产品成功上市-20250809

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From August 4 to August 8, 2025, the secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The overall performance was average compared with other mainstream asset classes. The prices of both property - right and franchise - based REITs declined, with property - right REITs having a larger decline. Ecological and environmental protection REITs had the largest increase. There were also changes in trading volume, turnover rate, and capital flow, and two new REITs were listed in the primary market [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - At the large - scale asset level: The secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The returns of China's public REITs were - 0.44%, ranking behind stocks, convertible bonds, A - shares, gold, and pure bonds, but ahead of crude oil [1][11]. - At the underlying asset level: Both property - right and franchise - based REITs' secondary - market prices declined, with property - right REITs having a larger decline. Among different underlying asset types, ecological and environmental protection REITs had the largest increase, followed by energy and warehousing and logistics REITs [17][19]. - At the single - REIT level: Excluding the newly listed REITs, 21 REITs rose, 1 remained flat, and 49 declined. The top three in terms of increase were Huatai Baowan Logistics REIT, ICBC Mengneng Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT. The top three in terms of decline were Huaxia Shouchuang Outlet Mall REIT, ICBC Hebei Expressway REIT, and CICC Hubei Ketou Optics Valley REIT [23]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 3.67 billion yuan. New - type infrastructure REITs led in terms of average daily turnover rate. The top three in terms of trading volume were new - type infrastructure, transportation infrastructure, and park infrastructure REITs. The top three in terms of average daily turnover rate were new - type infrastructure, energy infrastructure, and municipal facilities REITs [27]. - 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 Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT. The same three were also the top three in terms of trading amount. In terms of turnover rate, Huaxia Huadian Clean Energy REIT, Southern Runze Technology Data Center REIT, and Southern Wanguo Data Center REIT led [28]. 3.1.3 Main Force Net Inflow and Block Trading - Main force net inflow situation: The total net inflow of the main force this week was 242.81 million yuan, indicating an increase in market trading enthusiasm. In terms of different underlying asset REITs, the top three in terms of net inflow were new - type infrastructure, energy infrastructure, and water conservancy facilities REITs. In terms of single REITs, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [32]. - Block trading situation: The total block trading amount this week reached 336.25 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with the highest single - day trading amount on August 6, 2025. The top three in terms of block trading amount were Southern Shunfeng Logistics REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Chuangjin Hexin Shounong REIT [33]. 3.2 Primary Market - Listed projects: As of August 8, 2025, there were 73 public REITs in China, with a total issuance scale of 190.852 billion yuan. This week, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed, both belonging to new - type infrastructure, with issuance scales of 4.5 billion yuan and 2.4 billion yuan respectively [36]. - Pending - listing projects: There were 17 REITs in the pending - listing state, including 11 first - issuance REITs and 6 REITs pending expansion. This week, the expansion project of "AVIC Jingneng Photovoltaic Closed - end Infrastructure Securities Investment Fund" and the first - issuance project of "CICC Vipshop Outlet Mall Closed - end Infrastructure Securities Investment Fund" were updated to "Passed" [40].