公募REITs周报：二级市场收益承压，新型基础设施换手率领先-20250829

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The primary - market activity of China's REITs market was relatively active this week. As of August 22, 2025, 14 REITs products were successfully issued this year, one less than the same period last year. The secondary - market REITs index was under pressure, but market activity increased. The weekly average turnover rate rose to 0.77%, up 0.13 percentage points from the previous week. Franchise - type REITs outperformed property - type REITs, and the transportation infrastructure sector had the smallest decline. New infrastructure had the highest turnover rate, while park infrastructure had the highest trading volume. There was a continuous valuation difference between property - type and franchise - type REITs [4]. 3. Summary According to the Table of Contents 3.1 Primary - Market Issuance Dynamics - As of August 22, 2025, 14 REITs products were successfully issued this year, one less than the same period in 2024. July was a concentrated issuance month, and there were no new products launched this month. Currently, there are 2 products under inquiry, 2 accepted, 3 with exchange feedback, 3 with manager feedback, and 3 approved. There are no products under application. This week, the review status of one REIT project, "Huaxia Hubei Jiaotou Chutian Expressway Closed - end Infrastructure Securities Investment Fund", was updated to "accepted" [4][9][10]. 3.2 Secondary - Market Review and Analysis 3.2.1 Market Scale - As of August 22, 2025, the total market value of public REITs in the whole market was 215.894 billion yuan, a decrease of 3.63 billion yuan from the previous week. The total floating market value increased to 103.439 billion yuan, a weekly increase of 1.18 billion yuan. The weekly average turnover rate was 0.77%, up 0.13 percentage points from the previous week, indicating increased market trading activity [13]. 3.2.2 Price Changes and Volatility - In the week of August 22, 2025, the CSI REITs Total Return Index closed down 1.74%, underperforming the ChinaBond New Comprehensive Wealth Index (down 0.31% for the week), the Dividend Index (up 0.90% for the week), the CSI Convertible Bond Index (up 2.83% for the week), and the CSI 300 Index (up 4.18% for the week). The volatility of the CSI REITs Total Return Index was 0.90%, higher than that of the ChinaBond New Comprehensive Wealth Index (0.13%), the Dividend Index (0.41%), and the CSI Convertible Bond Index (0.35%), but lower than that of the CSI 300 Index (0.91%). Property - type REITs had a weighted average weekly price change of - 1.88%, underperforming franchise - type REITs (- 0.98%). All asset types declined this week. The affordable rental housing sector led the decline with a - 3.96% change, while the transportation infrastructure sector had the smallest decline (- 0.87%). Only 4 REITs had a weekly increase of over 1%, namely CICC Chongqing Liangjiang Industrial Park REIT (2.33%), ICBC Hebei Expressway Group Expressway REIT (2.18%), CITIC Construction Investment Mingyang Smart New Energy REIT (1.38%), and Guotai Junan Dongjiu New Economy REIT (1.36%) [14][22][25]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, park infrastructure REITs ranked first with 272 million shares, followed by affordable rental housing (129 million shares), warehousing and logistics (110 million shares), consumer infrastructure (102 million shares), transportation infrastructure (84.8 million shares), new infrastructure (69 million shares), energy infrastructure (65 million shares), and municipal environmental protection and water conservancy (30 million shares). The new infrastructure sector had the highest weekly turnover rate at 2.54%. As of August 22, 2025, the average cash distribution rate of property - type REITs was 3.89%, with park infrastructure leading at 4.20%. The average cash distribution rate of franchise - type REITs was 7.83%, with transportation infrastructure leading at 9.60%. The ChinaBond REITs valuation yield (IRR) of property - type REITs (4.09%) was higher than that of franchise - type REITs (3.27%). The PV multiplier of property - type REITs (1.28) was higher than that of franchise - type REITs (1.20) [28][29].