2025年公募REITs市场9月报：跌势企稳收敛，估值支撑渐显-20250928

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The weakening of the diversion effect of large - scale assets has helped REITs stabilize, and the valuation has回调 to the historical center. The net subscription yield of REITs offline in 2025 is 3.45%. In the second half of September, 10 REITs announced dividend plans, and 1 REIT will be lifted from the restricted - sale period after the holiday. The discount rate of the initial offering valuation of REITs has narrowed, and the cultural and tourism category led in the bidding this month [3][5][36]. 3. Summary According to the Directory 3.1 Diversion Effect Weakens to Help REITs Stabilize, Valuation回调 to Historical Center - Market Performance: In September 2025, the CSI REITs index fell 1.82%, with the decline narrowing compared to August. The diversion effect of large - scale assets weakened, and the asset shortage narrative continued. All types of REITs indexes fell, but the decline generally narrowed. The energy sector had the shallowest decline, and the decline of rental housing and consumer sectors narrowed significantly. The daily average turnover rate of Shanghai and Shenzhen REITs was 0.43%, halved compared to the beginning of the year [3][9][14]. - Yield and Valuation: As of September 26, 2025, the dividend yield of equity - type REITs was 3.96%, with a spread of 2.08% against the 10 - year Treasury yield and - 0.67% against the dividend yield of high - dividend stocks. Except for the consumer category, the percentile of the dividend yield (TTM) of each asset type increased compared to the end of August. The valuations of equity - type and concession - type REITs both回调 to around the 50% historical percentile. The latest IRR of each asset increased compared to the end of August [26][30][31]. 3.2 Three REITs Launched Offerings in September, and the Offline Subscription Yield in 2025 was 3.45% - New Offerings: In September 2025, 3 REITs were under offline inquiry, with a total estimated issuance scale of 5.12 billion yuan. As of September 26, there were 74 listed REITs in Shanghai and Shenzhen, with a total market value of 219 billion yuan [40]. - Offline Subscription Yield: Since 2025, excluding extreme values, the offline subscription income of REITs in 0.5 - billion - yuan/1 - billion - yuan cash accounts totaled 1.7234 million/3.4468 million yuan, with an offline subscription yield of 3.45% [45]. 3.3 Ten REITs Announced Dividend Plans in the Second Half of the Month, and One REIT will be Lifted from the Restricted - Sale Period after the Holiday - Dividend Plans: In the second half of September 2025, 10 REITs announced dividend plans, including华安张江产业园REIT,平安宁波交投REIT, etc. [50]. - Restricted - Sale Period Lifting:部分战略配售份额 of华夏合肥高新产园REIT will be lifted from the restricted - sale period on October 10, 2025, with 35 million shares to be lifted [48]. 3.4 The Discount Rate of REITs' Initial Offering Valuation Narrowed, and the Cultural and Tourism Category Led in the Bidding this Month - Pending and Under - Review Projects: As of September 26, 2025, 3 REITs were registered but not issued, and 11 were under review at the exchange. A new public - utility initial offering project was accepted this month [55]. - Valuation Update: The latest valuations of the underlying assets of 3 newly registered REITs did not change compared to the feedback reply drafts. The discount rates of the initial offering valuations of the latest 3 initial offerings all narrowed [60][61]. - Bidding and Proposed Application Update: In the second half of September 2025, the bidding information of 3 REITs was updated, involving 2 cultural and tourism projects. Yunnan Stone Forest Tourism Group Co., Ltd. and Chengdu Dujiangyan Investment Development Group Co., Ltd. planned to issue REITs for their cultural and tourism assets [65][68].