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 - This part of the content is not provided in the text 2. Core Viewpoints of the Report - The liquidity of the REITs market continues to decline, and trading remains sluggish. The market has shown only a slight recovery this week, and the daily average turnover rate has dropped to 0.42% since mid - August, indicating weak trading sentiment [1]. - On September 19, nine departments including the Ministry of Commerce jointly issued a notice, proposing to prioritize support for consumer infrastructure projects such as community commercial complexes and neighborhood centers to issue REITs [1]. - As of September 19, 2025, 16 REITs have been successfully issued this year, with a total issuance scale of 33.65 billion yuan, a year - on - year decrease of 9.2% [1]. 3. Summary by Directory 3.1 Primary Market: One New Progress in Initial Public Offering of Public REITs - As of September 19, 2025, a total of 75 REITs have been issued, with a total issuance scale of 196.9 billion yuan, a total market value of 221.4 billion yuan, and a circulating market value of 106.3 billion yuan [11]. - This week, one new initial public offering of a public REIT, Huaxia Kaide Commercial REIT, was successfully established. There are currently 10 REITs in the initial public offering application process, 4 of which have been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For the expansion and issuance, 8 REITs have been declared, 6 have been questioned and responded, and 6 have passed the review [1][12]. 3.2 Secondary Market: Liquidity Continued to Weaken This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.12% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1071.34 points, up 0.12%, outperforming the CSI 300 by 0.57 percentage points and the CSI Dividend by 1.23 percentage points. Since the beginning of the year, it has risen 10.69%, underperforming the CSI 300 by 3.72 percentage points but outperforming the CSI Dividend by 12.71 percentage points [1]. - By project attribute, equity - based REITs rose 0.08% this week, while concession - based REITs fell 0.50%. By asset type, data centers (+1.32%), warehousing and logistics (+0.23%), parks (+0.07%), and energy (-0.03%) sectors performed well. Among individual bonds, 37 rose and 36 fell. Huaxia Fund China Resources Youchao REIT (+2.20%), China Merchants Expressway REIT (+1.89%), and E Fund Shenzhen Expressway REIT (+1.57%) led the gainers, while Huaxia Tebian Electric New Energy REIT (-6.62%), Guojin China Railway Construction Expressway REIT (-6.32%), and Fuguo First - created Water Service Closed - end REIT (-4.83%) were the top losers [1]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rates of equity - based and concession - based REITs this week were 0.42% and 0.42% respectively, down 6.64 and 4.93 basis points from last week. The trading volumes were 364 million and 117 million shares respectively, down 12.77% and 10.49% week - on - week. The data center sector was the most active [1][20]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 3.71% and 3.70% respectively. The warehousing and logistics (5.24%), transportation (4.47%), and park (4.30%) sectors rank among the top [1]. 3.3 This Week's News and Important Announcements - News: On September 17, Qianjiang Water Resources announced that its subsidiary plans to issue infrastructure public REITs with the operating assets of Shanxi Reservoir and power stations as the underlying assets. On September 19, nine departments including the Ministry of Commerce jointly issued a notice, proposing to prioritize support for consumer infrastructure projects to issue REITs and make full use of relevant policies [28]. - Announcements: Multiple REITs announced dividends, and some strategic placement shares of REITs will be lifted from restrictions. In addition, some REITs released their operating data for August 2025 [28][29][30].