Shenwan Hongyuan Securities·2025-09-27 13:11Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints - The REITs market had an overall correction this week, with all eight major sectors closing down, and liquidity continued to decline. The current (weekly) average daily turnover rate has dropped to 0.3% - 0.4%, hitting a new low for the year. However, there was a window for the registration of first - issue projects before the National Day, with three public REITs registering for effect on September 23. Among them, CITIC Construction Investment Shenyang International Software Park REIT will conduct price inquiries and set prices next week, and China Asset Management CNOOC Commercial REIT has completed price inquiries this week and will set prices next week. Both will be officially issued on the 13th after the holiday. In addition, China Asset Management CapitaLand Commercial REIT will be officially listed on the Shanghai Stock Exchange on September 29 [2]. Summary by Directory 1. Primary Market: Three First - Issue Public REITs Made New Progress - As of September 26, 2025, 16 public REITs have been successfully issued this year, with an issuance scale of 33.66 billion yuan, a year - on - year decrease of 12.4%. This week, three first - issue public REITs made new progress: Huaxia Anbo Warehouse Logistics REIT and CITIC Construction Investment Shenyang International Software Park REIT (the first public REIT in Northeast China) were registered for effect, and Huaxia CNOOC Commercial REIT completed price inquiries. Currently, in the approval process, there are 10 first - issue REITs declared, 3 having been questioned and responded, 3 having passed the review, and 3 registered for effect and awaiting listing; for expansion and issuance, 8 have been declared, 6 have been questioned and responded, and 6 have passed the review [3]. 2. Secondary Market: Liquidity Continued to Weaken This Week 2.1 Market Review: The CSI REITs Total Return Index Fell by 0.65% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1064.42 points, a decline of 0.65%, underperforming the CSI 300 by 1.71 percentage points and the CSI Dividend by 0.39 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 9.97%, underperforming the CSI 300 by 5.66 percentage points and outperforming the CSI Dividend by 12.24 percentage points. In terms of project attributes, property - type REITs fell by 0.97% and franchise - type REITs fell by 1.07%. In terms of asset types, the energy (- 0.24%), warehouse logistics (- 0.46%), environmental protection and water services (- 0.49%), and park (- 0.64%) sectors performed better. Among individual securities, 8 rose and 65 fell. CITIC Construction Investment SPIC New Energy REIT (+ 0.98%), CICC Liandong Innovation REIT (+ 0.71%), and AVIC Jingneng Photovoltaic REIT (+ 0.65%) ranked in the top three, while E Fund Shenzhen Expressway REIT (- 4.15%), CITIC Construction Investment Mingyang Smart Energy New Energy REIT (- 4.03%), and Ping An Ningbo Transportation Investment REIT (- 4.02%) ranked in the bottom three [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.30%/0.40%, down 11.86/2.39 basis points from last week. The trading volumes within the week were 276 million/112 million shares, a week - on - week decrease of 24.24%/3.64%. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.78%/3.86% respectively. The warehouse logistics (5.29%), transportation (4.70%), and park (4.34%) sectors ranked in the top three [3]. 3. This Week's News and Important Announcements - On September 22, 2025, the Shenzhen Stock Exchange approved two public REITs products: Huaxia CNOOC Commercial Asset REIT and Huaxia Anbo Warehouse Logistics REIT. On September 23, the first public REIT in Northeast China, CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, was approved by the CSRC. There were also various operation data announcements and dividend announcements for multiple REITs [35][36]