C-REITs周报：指数回调，新增三单REITs注册生效-20250928

Investment Rating - The report maintains a cautious outlook on the C-REITs sector, indicating a "C" rating for investment [1] Core Views - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting allocation opportunities. However, the report suggests that the valuation recovery has already occurred since 2024, leading to three main investment strategies: focusing on policy themes with resilient and undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original rights holders with ample asset reserves for future growth [5] REITs Index Performance - The CSI REITs total return index decreased by 0.65% this week, closing at 1064.4 points, while the CSI REITs (closing) index fell by 0.82% to 831.4 points. Year-to-date, the CSI REITs total return index has increased by 9.97% [1][2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed an overall decline, with a total market capitalization of approximately 218.76 billion yuan and an average market value of about 3 billion yuan per REIT. Out of the listed REITs, 10 increased in value while 63 decreased, resulting in an average weekly decline of 0.87% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show divergence, with the top three being Huaxia China Communications REIT (9.7%), Ping An Guangzhou Guanghe REIT (9.1%), and CICC Hubei Keti Guanggu REIT (7.8%). The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being E Fund Huawi Agricultural Market REIT at 1.8 [4] Trading Activity - The data center sector exhibited the highest trading activity, with an average daily trading volume of 1.049 million shares and an average turnover rate of 0.4%. The trading volume for various sectors showed varying levels of activity, with the data center sector leading [3][16]