公募REITs周报：一级市场项目进展顺利，二级市场收益持续向好-20250910

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The primary - market project of public REITs is progressing smoothly, and the secondary - market returns continue to improve. The issuance of new products in the primary market has decreased compared to the same period last year, and the secondary - market REITs index has risen while market activity is under pressure [4]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of September 5, 2025, 15 public REITs products have been successfully issued this year, 2 less than the same period last year. July was a concentrated issuance month, and 0 new products were established this month. There are currently 3 REITs products in the "inquiry" state, 1 in the "accepted" state, 3 with exchange - feedback, 1 with manager - feedback, and 5 that have passed the review. There are no products in the "declared" state. One REITs project's review status was updated this week [4][9]. - The "China Aerospace Hongtu Consumer Closed - end Infrastructure Securities Investment Fund" has its review status updated to "inquiry", with a project valuation of 1.147 billion yuan and a 2025 distribution rate forecast of 3.40% [4][11]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale - As of September 5, 2025, the total market value of public REITs in the whole market is 219.167 billion yuan, an increase of 410 million yuan from the previous week. The total circulating market value has increased to 105.424 billion yuan, with a weekly increase of 1.069 billion yuan. The average daily turnover rate this week is 0.55%, a decrease of 0.09 percentage points from the previous week, indicating reduced market trading activity [13]. 3.2.2 Price Changes and Volatility - In the week of September 5, 2025, the CSI REITs Total Return Index closed up 0.47%, outperforming the ChinaBond - New Comprehensive Wealth Index (up 0.10% weekly), the Dividend Index (down 0.69% weekly), and the CSI 300 Index (down 0.81% weekly), only inferior to the CSI Convertible Bond Index (up 0.61% weekly). - The volatility of the CSI REITs Total Return Index this week is 0.42%, higher than the ChinaBond - New Comprehensive Wealth Index (0.07%) but lower than the Dividend Index (0.67%), the CSI Convertible Bond Index (1.22%), and the CSI 300 Index (1.62%) [14]. - By project attribute, the weighted average weekly price change of equity - type REITs is 0.85%, better than the 0.25% of concession - type REITs. By underlying asset type, the consumer infrastructure sector (1.49%) led the gains this week, followed by the affordable rental housing sector (1.27%) and warehousing logistics (0.58%). Only the new infrastructure sector declined, at - 0.24% [21]. - The "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan", the first domestic REITs - like product with a collective economic carrier as the underlying asset, was officially issued, with a total scale of 450 million yuan and a full - scale subscription multiple of 3.33 times, and a final coupon rate of 2.1%. - At the individual bond level, Huaxia Hefei High - tech Industrial Park REIT (3.60%) led the gains, followed by Hua'an Bailian Consumer REIT (3.41%) and Huaxia Jinyu Zhizao Factory REIT (2.95%). However, 2 REITs had declines of more than - 2%, namely Boshi Jinkai Science and Industry Park REIT (down 2.72% weekly) and Huatai Jiangsu Expressway REIT (down 2.29% weekly) [22]. 3.2.3 Turnover Rate and Valuation - In terms of weekly trading volume, industrial park infrastructure REITs ranked first with 168 million shares, followed by affordable rental housing (99 million shares), warehousing logistics (92 million shares), transportation infrastructure (77 million shares), consumer infrastructure (66.5 million shares), energy infrastructure (60 million shares), new infrastructure (35 million shares), and municipal environmental protection and water conservancy (22 million shares). In terms of weekly turnover rate, the new infrastructure sector led with 1.29% [25]. - As of September 5, 2025, the average cash distribution rate of equity - type REITs is 3.90%, with industrial park infrastructure and warehousing logistics leading at 4.14%. The average cash distribution rate of concession - type REITs is 7.77%, with transportation infrastructure leading at 9.53%. In terms of the ChinaBond REITs valuation yield (IRR), equity - type (3.92%) is higher than concession - type (3.13%). In the equity - type, warehousing logistics is the highest at 4.86%, followed by industrial park infrastructure at 4.49%. In terms of PV multiplier, equity - type (1.30) is higher than concession - type (1.22) [26].