公募REITs周度跟踪（2025.09.15-2025.09.19）：流动性连续第四周环降-20250920

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - REITs market liquidity continues to decline, with trading remaining sluggish. The weekly market trend was flat, with only a slight recovery in the index. The secondary - market liquidity of REITs has been decreasing since mid - to - late August, and the current (weekly) average daily turnover rate has dropped to 0.42%, indicating low trading sentiment among funds [2]. - As of September 19, 2025, 16 REITs have been successfully issued this year, with a issuance scale of 33.65 billion yuan, a year - on - year decrease of 9.2%. One new public offering REIT, Huaxia Kaide Commercial REIT, was established this week [2]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1071.34 points, up 0.12%, outperforming the Shanghai - Shenzhen 300 by 0.57 percentage points and the CSI Dividend by 1.23 percentage points. The CSI REITs Total Return Index has risen 10.69% since the beginning of the year, underperforming the Shanghai - Shenzhen 300 by 3.72 percentage points but outperforming the CSI Dividend by 12.71 percentage points [2]. 3. Summary According to the Table of Contents 3.1 Primary Market - One new public offering REIT has made progress, which is Huaxia Kaide Commercial REIT. As of September 19, 2025, there are 10 REITs in the application process for initial offerings, 4 of which have been questioned and responded, 1 has passed the review, and 1 is registered and effective but not yet listed. For the expansion and issuance, 8 REITs have been declared, 6 have been questioned and responded, and 6 have passed the review [2][14]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index rose 0.12%. By project attribute, property - type REITs rose 0.08%, while franchise - type REITs fell 0.50%. By asset type, the data center, warehousing and logistics, park, and energy sectors performed well [2]. 3.2.2 Liquidity - The average daily turnover rate of property - type/franchise - type REITs this week was 0.42%/0.42%, down 6.64/4.93 BP from last week. The trading volume this week was 364 million/117 million shares, a week - on - week decrease of 12.77%/10.49%. The data center sector had the highest activity [2]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, property - type/franchise - type REITs are 3.71%/3.70% respectively. The warehousing and logistics, transportation, and park sectors rank among the top three [2]. 3.3 This Week's News and Important Announcements - On September 17, Qianjiang Water Resources announced that its subsidiary, Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd., plans to issue infrastructure public offering REITs with operating assets such as Shanxi Reservoir and power stations as underlying assets. - On September 19, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the Construction of 15 - Minute Convenient Living Circles in Cities", proposing to give priority to supporting the issuance of REITs for consumer infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets that ensure people's livelihoods [32]. - There are also a series of announcements including dividends,解禁 announcements, and operating data announcements for multiple REITs [32][33][34].