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公募REITs周报(第31期):指数继续调整,各板块普跌-20250825
Guoxin Securities·2025-08-25 03:24

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index continued to adjust, dropping 1.62%. After a rapid rise at the beginning of the year, the valuation gradually returned to rationality. All types of REITs ended in the red, with the largest declines in affordable housing, water conservancy facilities, and municipal facilities REITs [1]. - As of August 22, 2025, the China Securities REITs (closing) index closed at 838.00 points, with a weekly decline of 1.9%, underperforming the CSI 300 Index (+4.2%), the CSI Convertible Bond Index (+2.8%), and the CSI Aggregate Bond Index (-0.4%). Year-to-date, the ranking of the major indices' performance is: CSI Convertible Bond (+17.9%) > CSI 300 (+11.3%) > China Securities REITs (+6.7%) > CSI Aggregate Bond (+0.4%) [2][6]. Summary by Related Catalogs Secondary Market Trends - Index Performance: The weekly change of the China Securities REITs Index was -1.9%, and the year-to-date change was +6.7%. The return rate in the past year was 4.4%, with a volatility of 7.3%. 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 decreased to 215.9 billion yuan on August 22, a decrease of 1.9 billion yuan from the previous week; the average daily turnover rate for the week was 0.77%, an increase of 0.13 percentage points from the previous week [2][10]. - REITs Performance by Attribute and Type: As of August 22, 2025, the average weekly changes of equity-based REITs and franchise-based REITs were -1.93% and -1.10% respectively. All types of REITs ended in the red, with the largest declines in affordable housing, water conservancy facilities, and municipal facilities REITs. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+2.33%), ICBC Hebei Expressway REIT (+2.18%), and CITIC Construction MingYang Smart Energy REIT (+1.38%) [3][14][19]. - Trading Activity: New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 2.5%. Industrial park REITs had the highest trading volume this week, accounting for 21.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (9.05 million yuan), Southern Wanguo Data Center REIT (8.52 million yuan), and CICC China Greentown Commercial REIT (7.74 million yuan) [3][22][23]. Primary Market Issuance - As of August 22, 2025, there were 2 REITs products in the "accepted" stage, 2 in the "inquiry" stage, 6 in the "feedback" stage, 4 that had passed and were awaiting listing, and 10 first-issue products that had passed and were listed on the exchange [26]. - On August 20, CICC Vipshop Outlet REIT announced the early end of the public offering of fund shares. The original offering period was from August 20 to August 21, 2025, but due to the enthusiastic subscription from public investors, the total subscription exceeded the public offering volume, so the subscription and payment deadline for public offering fund shares was advanced to August 20, 2025. The offering adopted both off-site and on-site subscription methods. Due to the hot subscription, the fund manager adopted the principle of full-scale proportional allocation. The unconfirmed subscription funds will be refunded to investors after the end of the offering period. The offering periods for strategic investors and offline investors remained unchanged, from August 20 to August 21, 2025. From the subscription information of newly issued REITs in the consumer sector recently, offline investors still maintained a high level of enthusiasm for subscribing to consumer REITs [4][33]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public REITs was 6.4% as of August 22, significantly higher than the current static yields of mainstream fixed-income assets. From the equity perspective, the valuation of REITs is judged through relative net asset value premium rate, IRR, and P/FFO [28]. - Different types of REITs have different valuation indicators. For example, the relative net asset value premium rate of affordable housing REITs was 46.2%, P/FFO was 36.2, IRR was 3.5%, and the annualized dividend rate was 3.0% [29]. - As of August 22, 2025, the dividend rate of equity REITs was 34 basis points higher than the average dividend rate of CSI Dividend stocks, and the spread between the average internal rate of return of franchise-based REITs and the 10-year Treasury bond yield was 209 basis points [1][31].