基金市场双周报：REITs市场跟踪双周报：三只REITs首发获批，二级市场小幅震荡-20250930

Issuance Market - The report highlights the establishment of Huaxia Kaide Commercial REIT with a total issuance scale of 2.287 billion yuan and an average allocation ratio of 0.29%. A total of 16 REITs have been issued this year, representing a decrease of 5.88% in quantity and a decrease of 12.65% in total issuance scale compared to the same period last year, amounting to 33.548 billion yuan [1][7][10] - The report indicates that compared to franchise REITs, property REITs have a significant advantage in both quantity and scale this year, accounting for approximately 88% of the total issuance [7][10] Secondary Market - Currently, there are 75 REIT products in the market with a total scale of 221.253 billion yuan. Property REITs lead the market, with a scale of 130.744 billion yuan, while franchise REITs have a scale of 90.509 billion yuan, showing a gap of over 40 billion yuan [2][17] - The REIT market experienced a slight decline of 0.69% in this period, trailing behind major stock indices. Year-to-date, the overall increase in the REIT market is 12.83%, which is lower than major stock indices but better than the CSI Dividend Index [2][18] Dividend Situation - In this period, 17 REITs distributed dividends totaling 1.302 billion yuan, marking a 44% increase compared to the previous period. The total dividends for the REIT market in 2025 amount to 8.245 billion yuan, with a dividend yield of 4.53%, which is on par with the CSI Dividend Index [3][30][34] - Franchise REITs have a higher dividend yield of 5.92% compared to property REITs, which have a yield of 3.41%. The report notes that franchise REITs have consistently outperformed property REITs in terms of both dividend amount and yield [3][30][34] Investment Value Analysis - The latest valuation for all property REITs is 26.19, slightly lower than the previous period, indicating a higher valuation compared to major stock indices. The report notes that the valuation for affordable housing REITs is relatively high, while industrial park REITs have the lowest valuation [4][38] - The report also highlights that the dividend yield for property REITs, based on actual dividends over the past year, is 3.85%, which is significantly higher than stock indices. The dividend yield calculated based on available distributable amounts is 4.03%, with industrial park REITs showing the highest yield at 4.50% [4][38][39]