REITs 周度观察（20251013-20251017）：二级市场价格显著回调，市场交投热情有所下降-20251018

Report Industry Investment Rating No investment rating for the industry is provided in the report. Core Viewpoints From October 13 - 17, 2025, the secondary - market prices of publicly - listed REITs in China continued to decline, and the trading enthusiasm in the market decreased compared to the previous period. Only new infrastructure - type REITs showed an increase in price this week. There were also significant differences in trading volume, turnover, and net inflow of main funds among different underlying asset types and individual REITs [1][2]. Summary by Directory Secondary Market Price Trends - At the large - asset level: The weighted REITs index closed at 181.3, with a weekly return of - 1.42%. Compared with other mainstream large - asset classes, the return ranking from high to low was: gold > US stocks > pure bonds > REITs > A - shares > convertible bonds > crude oil [1][11]. - At the underlying - asset level: Both equity - type and franchise - type REITs' secondary - market prices declined. Only new infrastructure - type REITs rose this week. The top three underlying asset types in terms of return were new infrastructure, ecological and environmental protection, and municipal facilities [17][19]. - At the single - REIT level: Among the 75 REITs, 7 rose and 68 fell. The top three in terms of increase were China Merchants Expressway REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Harvest China Power Construction Clean Energy REIT [24]. Transaction Volume and Turnover Rate - At the underlying - asset level: The total trading volume of REITs this week was 2.07 billion yuan. The water - conservancy facilities - type REITs had the highest average daily turnover rate, with an average of 0.92%. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and affordable rental housing [26]. - At the single - REIT level: The performance of individual REITs in terms of trading volume and turnover rate continued to vary. The top three in terms of trading volume were CCB Zhongguancun REIT, CICC Xiamen Anju REIT, and China Asset Management Huarun Youchao REIT. The top three in terms of trading value were China Asset Management Kaide Commercial REIT, China Asset Management Huarun Commercial REIT, and CICC Xiamen Anju REIT [28]. Main - Fund Net Inflow and Block - Trading Situation - Main - fund net - inflow situation: The total net inflow of main funds this week was - 3.87 million yuan, indicating a decline in market trading enthusiasm. The top three underlying asset types in terms of net inflow were consumer infrastructure, affordable housing, and energy. The top three individual REITs in terms of net inflow were China Asset Management Kaide Commercial REIT, CICC Yinli Consumer REIT, and China Asset Management Huarun Youchao REIT [32]. - Block - trading situation: The total block - trading volume this week was 85.76 million yuan, an increase from the previous period. The highest single - day block - trading volume occurred on October 16, 2025, which was 34.8 million yuan. The top three individual REITs in terms of block - trading volume were Huaan Bailian Consumer REIT, Red - Earth Innovation Shenzhen Anju REIT, and AVIC Jingneng Photovoltaic REIT [33]. Primary Market Listed Projects As of October 17, 2025, there were 75 publicly - listed REITs in China, with a total issuance scale of 196.619 billion yuan. The transportation infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by the park infrastructure - type REITs with 31.835 billion yuan. No new REITs were listed this week [39][40]. Projects to be Listed There were 19 REITs in the pending - listing state, including 12 initial - offering REITs and 7 REITs for expansion. This week, the project status of E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund was updated to "declared"; the project status of China Asset Management Huarun Youchao Rental Housing Closed - end Infrastructure Securities Investment Fund (expansion) was updated to "feedback received"; the project status of China Asset Management Huarun Commercial Asset Closed - end Infrastructure Securities Investment Fund (expansion) was updated to "accepted" [43].