公募基础设施REITs周报-20250818

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From August 11 to August 15, 2025, the weighted index of REITs decreased by 1.52% to 101.68 points. The performance of major asset classes from high to low was stocks > convertible bonds > crude oil > pure bonds > REITs > gold. Among REITs, equity - type REITs fell 1.57% to 115.01, and concession - type REITs fell 1.45% to 85.90. By industry type, the weekly performance from high to low was consumer - type > warehousing and logistics > highways > energy > industrial parks > ecological and environmental protection > affordable rental housing [2]. - In terms of secondary - market performance, the top three REITs in terms of weekly gains were Southern Wanquan Data Center REIT (5.59%), Southern Runze Technology Data Center REIT (4.26%), and China Resources Commercial REIT (0.62%). In terms of trading volume, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT had the highest trading volumes, with 0.83 billion shares, 0.74 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Inner Mongolia Energy Clean Energy REIT had the highest turnover rates, at 34.47%, 24.71%, and 10.46% respectively [3][11]. - In terms of secondary - market valuation, as of August 15, 2025, the top three products in terms of internal rate of return (IRR) were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT, with corresponding IRRs of 11.43%, 11.37%, and 8.98% respectively. In terms of the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. In terms of the P/NAV indicator, the top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT. In terms of expected cash distribution rate, the top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [3][16][17]. - As of August 15, 2025, there were 11 REIT products still in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Market - wide performance: The weighted index of REITs decreased by 1.52% this week. Equity - type and concession - type REITs both declined, and there were varying degrees of decline in different industry types [2]. - Individual - product performance: The top three REITs in terms of gains, trading volume, and turnover rate were as mentioned above [3][11]. 3.2 Secondary - market Valuation Situation - IRR: The top three REITs in terms of internal rate of return were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT [3][18]. - P/FFO: Many REITs had a dynamic P/FFO lower than the industry average [3][16][17]. - P/NAV: The top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT [3]. - Expected cash distribution rate: The top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [17]. 3.3 Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.21 this week. The correlation coefficients with other major asset classes were also provided, such as 0.19 with the CSI 300, 0.12 with the ChiNext Index, etc. Different types of REITs (equity - type, concession - type, etc.) also had different correlation coefficients with major asset classes [21][23]. 3.4 Primary - market Tracking - As of August 15, 2025, there were 11 REIT products in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4].