行业周报：华夏凯德商业REIT上市，环保REITs单周表现优异-20251012

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5]. - The market performance of various REITs categories shows mixed results, with environmental REITs performing positively in the short term [5][36]. Summary by Sections 1. Recent Developments - Huaxia Kaide Commercial REIT has successfully listed on the Shanghai Stock Exchange, raising a target of 2.2872 billion yuan with a subscription rate of 535.2 times for public investors [6][14]. - Huaxia Zhonghai Commercial REIT is set to be issued from October 13 to 14, 2025, with a target fundraising of 1.5843 billion yuan [6][14]. 2. Market Review - The CSI REITs closing index for week 41 of 2025 is 826.77, up 5.76% year-on-year but down 0.27% week-on-week [7][16]. - The CSI REITs total return index is 1058.71, up 12.09% year-on-year but down 0.26% week-on-week [21]. 3. Market Performance - The trading volume of the REITs market reached 150 million units, a year-on-year decrease of 68.88%, with a transaction value of 702 million yuan, down 64.22% year-on-year [26][31]. - The turnover rate for the period is 0.62%, a decrease of 2.63% year-on-year [26]. 4. Sector Performance - Weekly and monthly performance of various REITs categories shows environmental REITs increased by 0.17% weekly but decreased by 4.16% monthly [36]. - Other categories such as affordable housing, logistics, and energy REITs experienced declines in both weekly and monthly performance [36].