基金市场双周报：REITs市场跟踪双周报：REITs申报政策发布，二级市场小幅震荡-20250917

Issuance Market - The issuance of the Huaxia Kaide Commercial REIT has been completed, with an expected scale of 2.29 billion yuan and an average allocation ratio of 0.29%. A total of 15 REITs have been issued this year, a decrease of 6.25% compared to the same period last year, with a total issuance scale of 31.26 billion yuan, down 15.61% year-on-year. Property REITs have shown significant advantages in both quantity and scale compared to operating rights REITs [1][7][8] - The average allocation ratio for REITs issued this year is low, at only 0.50%, with an average first-day increase of 27.63% [7][8] Secondary Market - The CICC Vipshop Outlet REIT was listed on September 12, 2025, with a first-day increase of 26.81%. Currently, there are 74 REIT products in the market, with a total scale of 220.745 billion yuan, where property REITs lead significantly over operating rights REITs [2][14] - The REIT market experienced a slight decline of 0.23% this period, lagging behind the stock market. The overall increase in the REIT market this year is 13.61%, which is lower than major stock indices but better than the CSI Dividend Index. Property REITs have increased by 16.94% this year, while operating rights REITs have risen by 10.15% [2][15] Dividend Situation - The number of dividends in the REIT market doubled compared to the previous period, with a significant increase of 237% in dividend amounts. The total dividends for 2025 are close to 6.943 billion yuan, with a dividend yield of 4.01%, slightly lower than the CSI Dividend Index [3][30] - Property REITs have a dividend yield of 3.18%, significantly lower than the 5.01% yield of operating rights REITs. The high dividend ratio of different types of REITs is attributed to the mandatory dividend nature of REITs [3][31] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.46, slightly lower than the previous period, but significantly higher than the CSI 300 and CSI Dividend Index. The valuation for affordable housing REITs is relatively high, while the industrial park REITs have the lowest valuation among all asset types [4][37] - The internal rate of return for water conservancy facility REITs is the highest among operating rights REITs, followed by ecological environmental REITs, while clean energy and toll road REITs rank lower [4]