公募REITs周报（第30期）：指数震荡回落，量价齐跌-20250817

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the release of the second - quarter reports, REITs shifted from a general upward trend to a volatile correction. The market value and average daily turnover rate of all - market REITs decreased. The weekly decline of the CSI REITs Index was 1.62%. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.57% and - 2.04% respectively. Among major indices, the performance ranking in terms of weekly price change was: CSI 300 > CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index. Except for data center REITs, other types of REITs closed down [1]. - As of August 15, 2025, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 13 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 232 basis points [1]. 3. Summaries According to Relevant Catalogs Secondary Market Trends - As of August 15, 2025, the closing price of the CSI REITs (closing) Index was 853.96 points, with a weekly decline of 1.62%. It performed worse than the CSI 300 Index (+2.31%), the CSI Convertible Bond Index (+1.60%), and the CSI Aggregate Bond Index (-0.62%). Since the beginning of the year, the ranking of major indices in terms of price change was: CSI Convertible Bond Index (+14.6%) > CSI REITs Index (+8.2%) > CSI 300 Index (+6.8%) > CSI Aggregate Bond Index (+0.8%) [2][7]. - In the past year, the return rate of the CSI REITs Index was 5.1%, and the volatility was 7.8%. 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 Aggregate 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 Aggregate Bond Index. The total market value of REITs rose to 217.8 billion yuan on August 15, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.64%, a decrease of 0.12 percentage points from the previous week [2][9]. - Only data center REITs closed up. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.57% and - 2.04% respectively. Except for new - type infrastructure (data center) REITs, other types of REITs closed down. The top three REITs in terms of weekly price increase were Southern Vanda Data Center REIT (+5.59%), Southern Runze Technology Data Center REIT (+4.26%), and Huaxia China Resources Commercial REIT (+0.62%) [3][14][16]. - New - type infrastructure REITs had the highest trading activity. The average daily turnover rate of new - type infrastructure REITs was 5.6%, and their trading volume accounted for 24.0% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (47.55 million yuan), Southern Vanda Data Center REIT (26.93 million yuan), and CITIC Construction Investment State Power Investment New Energy REIT (8.13 million yuan) [3]. Primary Market Issuance - As of August 15, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquired" stage, 6 in the "feedback received" stage, 4 in the "approved and awaiting listing" stage, and 10 first - issued products that had been listed on the exchange [23]. - China Securities Regulatory Commission approved a total of 1 billion fund units for CICC Vipshop Outlet Mall REIT. Among them, the initial strategic placement was 700 million units, the initial offline offering was 210 million units, and the initial public offering was 90 million units. Based on the issuance of 1 billion units, the raised funds would be 3.48 billion yuan. The estimated annualized distribution rate was about 4.71%. CICC Vipshop Outlet Mall REIT was an important asset operation platform for Vipshop's online - offline collaborative strategy. The underlying assets were located in Ningbo, and Vipshop had more than 20 shopping centers, providing sufficient assets for future expansion [4][30]. Valuation Tracking - From the perspective of the bond nature of REITs, due to the constraint of mandatory high dividends, the focus was on the annualized cash distribution rate. As of August 15, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [25]. - From the perspective of the equity nature, the relative net - value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. Different types of REITs had different valuation indicators. For property - type REITs, the focus was on the dividend yield, while for franchise - type REITs, the focus was on the internal rate of return. As of August 15, 2025, the dividend yield of property - type REITs was 13 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 232 basis points [25][28].