二级市场价格持续下跌，新增一只REITs产品上市：REITs周度观察（20250929-20251010）-20251011

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From September 29 to October 10, 2025, the secondary - market prices of China's listed public REITs showed a continuous downward trend. The weighted REITs index closed at 183.91, with a return rate of - 0.47% during the period. Compared with other mainstream large - category assets, REITs ranked relatively low in terms of return rate [1][11]. - The trading volume and turnover rate of public REITs showed differentiation. The consumer infrastructure - type REITs led in terms of the average daily turnover rate during the period. The total net inflow of main funds decreased, indicating a decline in market trading enthusiasm compared with the previous period. The total amount of block trades also decreased compared with the previous period [2][29][30]. - In the primary market, Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.87 billion yuan. The status of two REIT projects was updated [4]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - Large - category Asset Level: The secondary - market prices of China's listed public REITs showed a continuous downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 826.77 and 1058.71 respectively, with return rates of - 0.56% and - 0.54% during the period. The weighted REITs index closed at 183.91, with a return rate of - 0.47%. Compared with other mainstream large - category assets, the return rates from high to low were: gold > convertible bonds > A - shares > pure bonds > REITs > US stocks > crude oil [11]. - Underlying Asset Level: In terms of project attributes, the secondary - market prices of property - type and franchise - type REITs both decreased. In terms of underlying asset types, only municipal facilities - type and new infrastructure - type REITs increased. The top three underlying asset types in terms of return rate were municipal facilities, new infrastructure, and ecological environment protection, with weighted indexes of 127.98, 105.1, and 123.97 respectively, and return rates of 0.47%, 0.36%, and - 0.03% respectively [16][17]. - Single REIT Level: During the period, public REITs showed mixed performance. 17 REITs rose, 1 remained the same as the previous period, and 57 REITs fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, Hua'an Waigaoqiao REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 3%, 1.8%, and 1.01% respectively. The top three in terms of decline were China Merchants Expressway REIT, CICC Vipshop Outlet Mall REIT, and CICC Yinli Consumption REIT, with declines of 3.19%, 2.35%, and 2.02% respectively [23]. 3.1.2 Transaction Scale and Turnover Rate - Underlying Asset Level: The transaction scale of public REITs during the period was 1.78 billion yuan. The consumer infrastructure - type REITs led in terms of the average daily turnover rate during the period. The total transaction amount of the 75 listed REITs during the period was 1.78 billion yuan, and the average value of the average daily turnover rate during the period was 0.45%. In terms of transaction amount, the top three REIT asset types were consumer infrastructure, transportation infrastructure, and park infrastructure, with transaction amounts of 775 million, 294 million, and 186 million yuan respectively. In terms of turnover rate, the top three REIT asset types in terms of the average daily turnover rate during the period were consumer infrastructure, new infrastructure, and water conservancy facilities, with rates of 1.20%, 0.70%, and 0.49% respectively [24]. - Single REIT Level: The performance of single - REIT transaction scale and turnover rate continued to show differentiation. In terms of trading volume, the top three during the period were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 94 million, 17 million, and 9 million shares respectively. In terms of transaction amount, the top three were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Guojin China Railway Construction REIT, with transaction amounts of 611 million, 73 million, and 53 million yuan respectively. In terms of turnover rate, the top three were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Huadian Clean Energy REIT, with turnover rates of 58.93%, 5.67%, and 3.87% respectively [27]. 3.1.3 Main Fund Inflow and Block Trade Situation - Main Fund Inflow Situation: The total net inflow of main funds during the period was 9.83 million yuan, indicating a decline in market trading enthusiasm compared with the previous period. From the perspective of different underlying asset REITs, the top three in terms of net inflow of main funds during the period were consumer infrastructure, new infrastructure, and ecological environment protection, with net inflows of 9.76 million, 4.40 million, and 3.13 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds during the period were Southern Runze Technology Data Center REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT, with net inflows of 4.95 million, 3.32 million, and 2.53 million yuan respectively [29]. - Block Trade Situation: The total amount of block trades during the period reached 43.10 million yuan, a decrease compared with the previous period. There were block trades on 4 trading days during the period, with a total block - trade transaction amount of 43.10 million yuan. The block - trade transaction amount on Thursday (October 09, 2025) was the highest during the period, reaching 18.48 million yuan. In terms of single REITs, the top three in terms of block - trade transaction amount during the period were ICBC Hebei Expressway REIT, Huaxia Joy City Commercial REIT, and E Fund Guangzhou Development Industrial Park REIT, with transaction amounts of 27.73 million, 6.80 million, and 6.04 million yuan respectively, and corresponding average discount/premium rates of - 0.28%, - 1.78%, and - 1.93% respectively [30]. 3.2 Primary Market 3.2.1 Listed Projects - As of October 10, 2025, the number of China's public REIT products reached 75, with a total issuance scale of 196.619 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 31.835 billion yuan [34]. - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 22.87 billion yuan [4][34]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 17 REITs in the state of being to be listed, including 11 initial - offering REITs and 6 REITs to be expanded. During the period, the project status of Huaxia Hubei Jiaotou Chutian Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback provided", and the project status of Huaxia China Resources Commercial Asset Closed - end Infrastructure Securities Investment Fund (expansion) was updated to "declared" [38].