三单首发项目注册生效：公募REITs周度跟踪（2025.09.22-2025.09.26）-20250927

Report Industry Investment Rating No information provided in the given documents. Core Viewpoints of the Report - The REITs market experienced an overall correction this week, with all eight major sectors closing lower, 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. - Despite the market correction, there was a window for the registration of initial projects before the National Day. Three public REITs were registered and became effective on September 23. - As of September 26, 2025, 16 REITs have been successfully issued this year, with a total issuance scale of 33.66 billion yuan, a year - on - year decrease of 12.4%. [1] Summary by Directory 1. Primary Market - A total of 3 initial public REITs made new progress. Among them, CITIC Construction Investment Shenyang International Software Park REIT will conduct price inquiries and set prices next week, and Huaxia CNOOC Commercial REIT completed price inquiries this week and will set prices next week. Both will be officially issued on the 13th after the holiday. Additionally, Huaxia CapitaLand Commercial REIT will be officially listed on the Shanghai Stock Exchange on September 29. [1][4] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1064.42 points, a decline of 0.65%, underperforming the CSI 300 by 1.71 percentage points and the CSI Dividend Index by 0.39 percentage points. - In terms of project attributes, equity - type REITs fell by 0.97%, and concession - based REITs fell by 1.07%. In terms of asset types, the energy (-0.24%), warehousing and logistics (-0.46%), environmental protection and water services (-0.49%), and park (-0.64%) sectors performed relatively well. [1][14] 2.2 Liquidity - The average daily turnover rates of equity - type and concession - based REITs this week were 0.30% and 0.40% respectively, down 11.86BP and 2.39BP from last week. The trading volumes during the week were 276 million and 112 million shares respectively, a week - on - week decrease of 24.24% and 3.64%. The data center sector was the most active. [1][22] 2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity - type and concession - based REITs were 3.78% and 3.86% respectively. The warehousing and logistics (5.29%), transportation (4.70%), and park (4.34%) sectors ranked among the top. The affordable housing sector had a relatively high valuation. [1][24] 3. This Week's News and Important Announcements - On September 22, the Shenzhen Stock Exchange approved two public REITs projects: Huaxia CNOOC Commercial Asset REIT and Huaxia Anbo Warehousing and Logistics REIT. - On September 23, the China Securities Regulatory Commission approved the registration of CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, the first public REIT in Northeast China. - There were also a series of important announcements regarding the operation data and dividends of various REITs. [30][31]