C-REITs周报：估值修复，首单外资消费C-REIT获批-20250901

Investment Rating - The report maintains a "Buy" rating for C-REITs, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The C-REITs market is experiencing a valuation recovery, with significant interest in policy-driven themes and quality undervalued projects. The report highlights the resilience of high-energy city consumption and the recovery in logistics and factory leasing demand as key areas of focus [6]. - The C-REITs total market capitalization is approximately 218.53 billion yuan, with an average market value of about 3 billion yuan per REIT. The overall market showed a weekly average increase of 1.49% [3][13]. - The report notes that the C-REITs full return index has increased by 10.90% year-to-date, reflecting a strong performance compared to other indices [2][11]. Summary by Sections REITs Index Performance - The CSI REITs full return index rose by 1.06% this week, closing at 1073.3 points. The index has shown a year-to-date increase of 10.90% [1][2][11]. REITs Secondary Market Performance - The secondary market for C-REITs is showing signs of recovery, particularly in municipal water conservancy and consumer REITs, while energy infrastructure and ecological environmental REITs have seen smaller recoveries. A total of 65 REITs increased in value this week, with an average weekly increase of 1.49% [3][13]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Huaxia China Communications REIT (9.6%), Ping An Guangzhou Guanghe REIT (8.6%), and Zhongjin Hubei Keti Guanggu REIT (7.5%). The price-to-net asset value (P/NAV) ratio for these REITs ranges from 0.7 to 1.8 [5][6]. Investment Recommendations - The report suggests focusing on three main investment strategies: 1. Emphasizing policy themes and quality undervalued projects with recovery potential. 2. Considering the timing of investments in weak-cycle assets that have already reflected market expectations. 3. Monitoring the expansion of REITs alongside new issuances, particularly those with strong asset reserves and quality projects [6].