行业周报：东北首单公募REIT获批，消费REITs单月表现优异-20250928

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Viewpoints - The approval of the first public REIT in Northeast China and the strong performance of consumption REITs in the past month indicate a positive trend in the market. The REITs market is expected to benefit from the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds, enhancing the cost-effectiveness of allocations in this sector [5]. Summary by Sections Market Overview - In the 39th week of 2025, the CSI REITs closing index was 831.45, up 6% year-on-year but down 0.83% month-on-month. The CSI REITs total return index was 1064.42, up 12.63% year-on-year but down 0.65% month-on-month. Year-to-date, the CSI REITs closing index has increased by 9.92%, while the CSI 300 index has risen by 32.61%, resulting in an excess return of -22.7% [7][16][20]. Weekly Tracking - The trading volume of the REITs market reached 388 million units, a year-on-year decrease of 16.92%, with a transaction value of 1.86 billion yuan, down 1.06% year-on-year. The turnover rate for the period was 1.63%, down 1.54 percentage points year-on-year [25][30]. Sector Performance - In the 39th week, the weekly performance of various REIT sectors showed declines: affordable housing down 1.49%, environmental down 0.09%, highway down 1.73%, industrial park down 0.65%, warehousing and logistics down 0.43%, energy down 0.60%, and consumption down 1.43%. However, the monthly performance showed consumption REITs with a cumulative increase of 1.56% [35][50].