华夏中海商业REIT即将发售

Industry Dynamics - Huaxia Zhonghai Commercial REIT (Fund Code: 180607) is set to be launched for sale from October 13 to October 14, 2025, at a price of 5.281 yuan per share, with a total fundraising target of 1.5843 billion yuan. The public offering will consist of 27 million shares. During the offline inquiry phase, the REIT received inquiries from 149 institutional investors managing 1,014 allocation targets, with a total subscription amount of 23.6074 billion shares, which is 374.72 times the initial offline offering of 6.3 million shares, setting a new market record [1][7]. Primary Market - As of October 10, 2025, the total issuance scale of listed REITs has reached 196.6 billion yuan, with a total of 75 REITs issued [8]. Market Performance - In the week from October 9 to October 10, 2025, the CSI REITs Total Return Index fell by 0.26%, while the REITs Total Index decreased by 0.25%. The Property REITs Index dropped by 0.29%, and the Operating Rights REITs Index declined by 0.16%. In terms of major asset classes, the REITs Total Index outperformed the CSI 300 Index by 0.27 percentage points but underperformed the CSI All Bond Index by 0.36 percentage points and the Nanhua Commodity Index by 0.71 percentage points. On an individual security level, E Fund Guangkai Industrial Park REIT, Huatai Nanjing Jianye REIT, and Huaxia Jinyu Intelligent Manufacturing Park REIT led the gains with increases of 1.93%, 1.35%, and 1.03%, respectively. Conversely, Hongtu Shenzhen Anju REIT, CICC Vipshop Outlet REIT, and Huaxia Jinmao Commercial REIT experienced declines of -1.76%, -1.63%, and -1.63%, respectively [2][16]. Liquidity - Overall liquidity in the REITs market increased this week. The total trading volume of REITs (MA5) was 434 million yuan, up 0.4% from the previous week. The trading volumes for Property and Operating Rights REITs (MA5) were 301 million yuan and 134 million yuan, reflecting changes of 3.3% and -5.4%, respectively. Specifically, the MA5 trading volumes for various REIT categories this week were 54 million yuan for Park Infrastructure, 43 million yuan for Energy Infrastructure, 29 million yuan for Warehousing and Logistics, 34 million yuan for Affordable Rental Housing, 14 million yuan for Municipal Environmental Protection, 77 million yuan for Transportation Infrastructure, 164 million yuan for Consumer Infrastructure, and 21 million yuan for Data Center Infrastructure. The Consumer Infrastructure category accounted for 37.7% of the total trading volume [3][37]. Correlation - The correlation coefficients between the CSI REITs Index and major asset classes over different periods indicate varying relationships. For instance, the CSI REITs Index has a negative correlation with the Shanghai Stock Exchange 50 Index and the CSI 300 Index over the past 20 days, while it shows a positive correlation with the CSI All Bond Index [29][30].