行业周报：全国首单产业园持有型ABS落地，发行市场保持活跃-20250817

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Insights - The REITs market remains active with the successful issuance of the first industrial park holding-type ABS in China, indicating a growing interest in this asset class [5][6]. - The market performance shows a mixed trend, with the CSI REITs index experiencing a year-on-year increase of 6.24% but a week-on-week decrease of 1.62% [5][7]. - The trading volume in the REITs market reached 690 million units, a year-on-year increase of 40.24%, while the transaction amount reached 3.266 billion yuan, up 67.06% year-on-year [5][29]. Market Review - The CSI REITs closing index for the 33rd week of 2025 was 853.96, reflecting a year-on-year increase of 6.24% and a week-on-week decrease of 1.62% [7][17]. - The CSI REITs total return index was 1080.91, with a year-on-year increase of 11.48% and a week-on-week decrease of 1.49% [22]. - Cumulative performance from the beginning of 2024 shows the CSI REITs index has increased by 12.89%, while the CSI 300 index has increased by 22.48%, resulting in a cumulative excess return of -9.59% [17][22]. Sector Performance - Weekly performance for various REIT sectors showed declines: affordable housing (-3.39%), environmental protection (-1.16%), highways (-1.18%), industrial parks (-1.75%), warehousing and logistics (-1.00%), energy (-1.78%), and consumer REITs (-0.98%) [39][56]. - Monthly performance for the same sectors indicated a mixed trend, with industrial parks down 3.93% and consumer REITs up 0.82% [39]. Upcoming Listings - There are currently 11 REITs funds awaiting listing, indicating continued activity in the issuance market [8].