2025年8月中航证券REITS跟踪月报-20250911

Market Overview - As of the end of August 2025, there are 73 listed REITs with a total market capitalization of 218.757 billion CNY and a circulating market capitalization of 104.355 billion CNY, accounting for 47.70% of the total market capitalization[2][19]. - The CSI REITs Total Return Index decreased by 2.62%, and the CSI REITs (Yield) Index fell by 2.86%, underperforming the Shanghai Composite Index (+7.97%), Shenzhen Component Index (+15.32%), and ChiNext Index (+24.13%) in August[2][11]. Trading Data - In August 2025, the trading volume of the CSI REITs Total Return Index was 8.613 billion CNY, a decrease of 7.58% from July, but a year-on-year increase of 8.19%[3]. - The trading volume was 20.417 million hands, down 4.06% month-on-month and down 5.30% year-on-year[3]. Performance by REIT Type - Among ten types of REITs, the Consumer Infrastructure REITs index showed a notable performance with a monthly increase of 5.04%, while the Transportation Infrastructure REITs index decreased by 1.75%[4]. - The top-performing REITs in August included Huatai Baowan Logistics REIT (+7.34%) and Southern Wanguo Data Center REIT (+7.08%), while the worst performers were Zhongjin Hubei Keti Guanggu REIT (-8.62%) and Hongtu Innovation Shenzhen Anju REIT (-8.61%) [20]. Key Events - The first batch of data center REITs was listed on August 8, 2025, which is expected to enhance investment confidence in the digital economy and AI sectors[5]. - On August 29, the first public REIT expansion project by a state-owned enterprise in Shanghai was successfully listed, raising approximately 1.723 billion CNY[10]. Investment Strategy - The report suggests a cautious investment approach focusing on REITs with stable cash flows, particularly in the Transportation and Warehouse Logistics sectors, which are expected to provide stable income and potential for appreciation as the economy recovers[12][14].