C-REITs周报：二级震荡，商务部等九部门支持社区商业等发行REITs-20250921

Investment Rating - The report maintains a rating of "Increase" for the industry [6] Core Views - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting investment opportunities [4] - The report emphasizes three main investment strategies: focusing on policy-driven projects with recovery potential, recognizing the market's acknowledgment of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [4] REITs Index Performance - The CSI REITs total return index increased by 0.12% this week, while the CSI REITs closing index decreased by 0.20%, closing at 838.3 points [10] - Year-to-date, the CSI REITs total return index has risen by 10.69%, ranking fourth among various indices [2][10] REITs Secondary Market Performance - The C-REITs secondary market exhibited a volatile trend, with data center and municipal water sectors performing well, while ecological and energy infrastructure sectors saw price declines [12] - As of September 19, the total market capitalization of listed REITs is approximately 221.21 billion yuan, with an average market cap of about 3 billion yuan per REIT [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being: China Communications Construction REIT (9.6%), Ping An Guangzhou Guanghe REIT (9%), and CICC Hubei Keti Guanggu REIT (7.7%) [3] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.8, with the highest being E Fund Huawai Agricultural Market REIT at 1.8 [3]