C-REITs周报：指数震荡，数据中心REITs上市首日双涨停-20250810

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with a focus on policy themes and quality undervalued projects [3] - The report highlights the performance of the C-REITs index, which has seen a year-to-date increase of 13.37% as of August 8, 2025 [2][10] - The report identifies three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs with strong asset reserves [3] REITs Index Performance - The CSI REITs total return index decreased by 0.33% this week, closing at 1097.3 points [1][10] - Year-to-date, the CSI REITs index has increased by 9.93% [2][10] - The report notes that the Hang Seng real estate and construction index had the highest weekly increase of 2.60% [1][10] REITs Secondary Market Performance - The secondary market for C-REITs showed a volatile correction, with a total market capitalization of approximately 220.87 billion yuan and an average market value of about 3 billion yuan per REIT [12] - Among the listed REITs, 21 increased in value while 49 decreased, with an average weekly decline of 0.31% [12] - The report highlights strong performance in the warehousing and logistics sector, while the consumer infrastructure and affordable housing sectors experienced declines [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.3%), Huaxia China Communications Construction REIT (11.2%), and CICC Anhui Transportation Control REIT (8.6%) [3] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Huaxia China Communications Construction REIT having a notably low P/NAV of 0.7 [3] Trading Volume Performance - The average daily trading volume for listed REITs was 3.864 million shares, with an average turnover rate of 0.9% [12][16] - The report indicates that the energy infrastructure sector had the highest trading activity this week [12]