PACIFIC SECURITIES(SH:601099) Tai Ping Yang Zheng Quan·2025-09-29 06:43Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, the REITs index declined slightly, with the CSI REITs Index and CSI REITs Total Return Index falling by 0.82% and 0.65% respectively compared to last week. The trading volume of the public REITs market decreased. In terms of asset types, the indices of equity - type public REITs and franchise - type public REITs fell by 1.48% and 0.70% respectively. Only energy infrastructure and ecological environmental protection REITs rose slightly, while consumer infrastructure REITs had the highest decline. Three public REITs were approved on the same day this week, and 16 public REITs have been issued this year, with a total scale exceeding 30 billion yuan. There are 22 REITs funds waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [5][42][43] Group 3: Summary by Directory 1. Secondary Market: Slight Decline in the Public REITs Market This Week - The public REITs market declined slightly. As of September 26, 2025, the CSI REITs Index fell 0.82% to 831.45 compared to last week, and the CSI REITs Total Return Index was 1064.42, down 0.65% from last week [11] - The trading volume of the REITs market decreased. The total trading volume this week was 388 million shares, a 26.65% week - on - week decline, and the trading amount was 1.86 billion yuan, a 20.51% week - on - week decline. The interval turnover rate this week was 1.63%, compared with 2.30% last week [12] - The indices of equity - type public REITs and franchise - type public REITs both declined, by 1.48% and 0.70% respectively. Among equity - type REITs, consumer infrastructure, affordable rental housing, industrial park infrastructure, new infrastructure, and warehousing and logistics REITs fell by 3.20%, 1.68%, 1.64%, 0.94%, and 0.51% respectively. Among franchise - type REITs, water conservancy facilities, municipal facilities, and transportation infrastructure REITs fell by 1.47%, 1.41%, and 1.11% respectively, while energy infrastructure and ecological environmental protection REITs rose by 0.31% and 0.17% respectively [16][20] - The trading volume and turnover rate of most types of public REITs declined. The trading volume of consumer infrastructure, water conservancy facilities, affordable rental housing, warehousing and logistics, industrial park infrastructure, ecological environmental protection, and new infrastructure REITs decreased by 55.53%, 44.07%, 37.47%, 24.52%, 19.18%, 11.18%, and 4.58% respectively. The trading volume of transportation infrastructure and energy infrastructure REITs increased by 5.85% and 1.46% respectively. The daily average turnover rate of most types of REITs declined [22][24] - Most public REITs products declined. Among the 74 public REITs, 8 rose, 65 fell, and 1 remained flat. The top gainers were CITIC Construction Investment State Power Investment New Energy REIT, CICC Liandong Science and Technology Innovation Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly gains of 1.0%, 0.7%, and 0.6% respectively. The top losers were E Fund Shenzhen Expressway REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT, with weekly declines of 4.2%, 4.0%, and 4.0% respectively [26] 2. Primary Market: 22 Public REITs Funds Waiting to be Listed - Since 2025, 16 public REITs have been issued. As of September 26, 2025, a total of 75 public REITs have been issued, with a total issuance scale of 196.7 billion yuan. In 2024, 29 REITs were issued, with a total scale of 64.6 billion yuan. In 2025, 16 public REITs have been issued, and 1 was newly issued in September [32] - There are 22 public REITs funds waiting to be listed. Among them, 11 are for initial offerings and 11 are for expansion. In terms of project status, 11 have passed, 6 have been feedbacked, 3 have been questioned, and 2 have been accepted. In terms of types, among industrial REITs, there are 6 industrial park REITs, 2 consumer infrastructure REITs, 4 warehousing and logistics REITs, and 4 affordable rental housing REITs. Among franchise - type REITs, there are 3 energy REITs, 1 transportation REIT, and 1 ecological environmental protection REIT [34] 3. Public REITs Policies and Market Dynamics - Shandong Province's first clean energy equity consolidation - type REITs were successfully issued, with a priority issuance scale of 485 million yuan and an issuance interest rate of 3.70%. After the successful issuance, Shuidi Group became the second Shandong provincial - owned enterprise and the fourth local provincial - owned enterprise nationwide to successfully issue such products [38][39] - Three public REITs, including China Overseas Commercial, Ambo Logistics, and Shenyang Software Park, were approved on the same day. On September 23, the review status of China AMC China Overseas Commercial Asset Closed - end Infrastructure Securities Investment Fund and China AMC Ambo Warehousing Logistics Closed - end Infrastructure Securities Investment Fund was updated to "registration effective", and the China Securities Regulatory Commission approved the registration of CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund. After the approval of these three products, the total number of domestic public REITs listed and approved since 2025 has risen to about 50 [40] - E Fund Huawai Farmers' Market REIT announced its second dividend in 2025, with a dividend of 0.531 yuan per 10 shares. The income distribution benchmark date was set on June 30, 2025, and the distributable amount reached 26.5672 million yuan, with a dividend ratio of 99.94% [41] 4. Investment Suggestions - This week, the REITs index declined slightly, and the trading volume of the public REITs market decreased. Only energy infrastructure and ecological environmental protection REITs rose slightly, while consumer infrastructure REITs had the highest decline. Three public REITs were approved on the same day this week, and 16 public REITs have been issued this year, with a total scale exceeding 30 billion yuan. There are 22 REITs funds waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [5][42][43]