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公募REITs周报(第29期):指数回调,数据中心REITs上市-20250811
Guoxin Securities·2025-08-11 06:41
  1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index pulled back. The average weekly price changes of property - based REITs and franchise - based REITs were - 0.45% and - 0.03% respectively. Among different types of REITs, warehousing logistics, ecological environmental protection, and energy - related REITs led the gains. The new infrastructure REITs had the highest trading activity. Two data center public offering REITs were officially listed, marking the expansion of the underlying assets of public offering REITs [1][3][4]. - As of August 8, 2025, the closing price of the China Securities REITs (closing) Index was 867.98 points, with a weekly change of - 0.33%. Year - to - date, the China Securities Convertible Bond Index had the highest increase at + 12.8%, followed by the China Securities REITs Index at + 9.9%. The total market value of REITs rose to 221.2 billion yuan on August 8, and the average daily turnover rate was 0.76%, a decrease of 0.01 percentage points from the previous week [2]. - The annualized cash distribution rate of public offering REITs was 5.8% as of August 8, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 19BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury bond yield was 213BP [1]. 3. Summaries According to Relevant Catalogs Secondary Market Trends - The weekly price change rankings of major indices were: China Securities Convertible Bond Index > CSI 300 Index > China Securities All - Bond Index > China Securities REITs Index. The China Securities REITs Index had a weekly change of - 0.33%, underperforming the other three indices. Year - to - date, the ranking of major indices' price changes was the same as above [2][7]. - In the past year, the return rate of the China Securities REITs Index was 6.7%, with a volatility of 7.0%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index. Its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2]. - The total market value of REITs increased to 221.2 billion yuan on August 8, up 8.1 billion yuan from the previous week. The average daily turnover rate was 0.76%, down 0.01 percentage points from the previous week [2]. Performance of Different Types of REITs - Property - based REITs and franchise - based REITs had average weekly price changes of - 0.45% and - 0.03% respectively. Among different project - type REITs, warehousing logistics (+ 0.9%), ecological environmental protection (+ 0.5%), and energy - related (+ 0.3%) had the highest average increases [3]. - The top three REITs in terms of weekly price increase were Huatai Baowan Logistics REIT (+ 4.31%), ICBC Mengneng Clean Energy REIT (+ 3.55%), and Huaxia Nanjing Transportation Expressway REIT (+ 3.38%) [3][4]. - Due to the listing of two new infrastructure REITs (Southern Vanda Data Center REIT and Southern Runze Technology Data Center REIT), new infrastructure REITs had the highest daily turnover rate this week, with an average daily turnover rate of 26.1%. Their trading volume accounted for 18.7% of the total REITs trading volume [4][21][22]. Primary Market Issuance - As of August 8, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquiry" stage, 5 in the "feedback" stage, 4 passed and waiting for listing, and 10 first - issued products that had passed and were listed [25]. Valuation Tracking - From the perspective of bond characteristics, as of August 1, the average annualized cash distribution rate of public offering REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO were used to evaluate REITs' valuations [27]. - As of August 8, 2025, the dividend yield of property REITs was 19BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury bond yield was 213BP [1]. Industry News - On August 8, two data center public offering REITs were officially listed. Southern Runze Technology Data Center REIT was listed on the Shenzhen Stock Exchange, with an issuance of 1 billion shares and a fundraising of 4.5 billion yuan. Southern Vanda Data Center REIT was listed on the Shanghai Stock Exchange, with a total issuance of 800 million shares and a fundraising of 2.4 billion yuan. Their listing marked the expansion of the underlying assets of public offering REITs and provided an innovative example for the data center industry to expand financing channels through asset securitization [5][32].