二级市场价格小幅下跌，能源类REITs表现相对较优：REITs周度观察（20250922-20250926）-20250927

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From September 22 to September 26, 2025, the secondary - market prices of China's listed public REITs declined slightly compared to the previous week. Among mainstream asset classes, REITs had a relatively lower return rate. Only energy - type REITs showed an increase in price, while other types generally declined. The trading volume, turnover rate, and net inflow of institutional funds also showed different trends among different underlying asset types and individual REITs. There were no new REIT products listed in the primary market this week, but the status of 3 REIT projects was updated [1][11]. 3. Summary According to the Table of Contents 3.1 Secondary Market 3.1.1 Price Trends - At the large - scale asset level: China's listed public REITs had a negative return rate of - 0.77% this week. Compared with other mainstream asset classes, the return rate ranking from high to low was: gold > crude oil > A - shares > convertible bonds > pure bonds > US stocks > REITs [11]. - At the underlying asset level: Both equity - type and franchise - type REITs' secondary - market prices declined. The weighted index of equity - type REITs was 157.26 with a return rate of - 0.89%, and that of franchise - type REITs was 118.06 with a return rate of - 0.59%. Among different underlying asset types, only energy - type REITs rose, with a return rate of 0.03%. The top three underlying asset types in terms of return rate were energy, ecological and environmental protection, and warehousing and logistics, with weighted indices of 153.78, 124.00, and 124.86 respectively, and return rates of 0.03%, - 0.08%, and - 0.46% [17][19]. - At the single - REIT level: Among the 74 REITs, 10 rose, 1 remained unchanged, and 63 declined. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, CSC Guodian New Energy REIT, and CICC Liandong Science and Technology Innovation REIT, with increases of 1.64%, 0.98%, and 0.71% respectively. The top three in terms of decline were CICC Chongqing Liangjiang REIT, Huaxia Joy City Commercial REIT, and Jiashi Wumei Consumption REIT, with declines of 3.95%, 2.99%, and 2.7% respectively [24]. 3.1.2 Transaction Volume and Turnover Rate - At the underlying asset level: The total trading volume of public REITs this week was 1.86 billion yuan, and the average daily turnover rate of new infrastructure - type REITs was the highest. The top three in terms of trading volume were transportation infrastructure, energy infrastructure, and park infrastructure, with trading volumes of 488 million, 299 million, and 274 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and energy infrastructure, with rates of 1.08%, 0.79%, and 0.52% respectively [25]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT, with trading volumes of 160 million, 150 million, and 140 million shares respectively. The top three in terms of trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Expressway REIT, with trading amounts of 124 million, 94 million, and 81 million yuan respectively. The top three in terms of turnover rate were Huatai Jiangsu Expressway REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT, with rates of 6.84%, 6.46%, and 6.34% respectively [28]. 3.1.3 Main Force Net Inflow and Block Trading - Main force net inflow situation: The total net inflow of the main force this week was 26.88 million yuan, indicating a decline in market trading enthusiasm. At the underlying asset level, the top three in terms of net inflow were park infrastructure, new infrastructure, and consumption infrastructure, with net inflows of 15.51 million, 10.59 million, and 7.95 million yuan respectively. At the single - REIT level, the top three were Chuangjin Hexin Shounong REIT, Southern Runze Technology Data Center REIT, and Huaxia Huarun Commercial REIT, with net inflows of 14.67 million, 10.93 million, and 8.37 million yuan respectively [32]. - Block trading situation: The total block trading amount this week was 42.11 million yuan, a decrease compared to the previous week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on September 25, 2025, reaching 14.34 million yuan. The top three in terms of block trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and CSC Mingyang Smart New Energy REIT, with trading amounts of 17.99 million, 7.81 million, and 7.01 million yuan respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of September 26, 2025, there were 74 public REIT products in China, with a total issuance scale of 19.4332 billion yuan. Among them, transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.1835 billion yuan. There were no new REIT products listed this week [37][38]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 12 initial - offering REITs and 5 to - be - expanded REITs. This week, the project status of Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund, CSC Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, and Huaxia Anbo Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund was updated to "approved" [41][42].