C-REITs周报：北京拟推动发行规模领跑，市场迈入总量突破与结构优化周期-20251019

Investment Rating - The report maintains an "Overweight" rating for the C-REITs sector [7]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [6]. - The C-REITs market has experienced a correction, with the overall market capitalization of listed REITs at approximately 217.28 billion yuan, and an average market cap of about 2.9 billion yuan per REIT [3][13]. Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 1.44% this week, closing at 1043.5 points, while the CSI REITs index decreased by 1.46%, closing at 814.7 points [1][11]. - Year-to-date, the CSI REITs total return index has increased by 7.81%, ranking fifth among various indices [2][11]. REITs Secondary Market Performance - The secondary market for C-REITs showed an overall downward trend, with only the data center sector showing positive performance. The average weekly decline across listed REITs was 1.38% [3][13]. - The total market capitalization of listed REITs is approximately 217.28 billion yuan, with 7 REITs increasing in value and 68 decreasing [3][13]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being: China Communications Construction REIT (10%), Ping An Guangzhou Guanghe REIT (9.4%), and Zhongjin Hubei Keti Guanggu REIT (8%) [5]. - Price-to-NAV ratios for REITs range from 0.7 to 1.8, with the highest being 1.8 for the China Power Construction Clean Energy REIT [5]. Investment Recommendations - The report suggests focusing on high-quality, undervalued projects that can recover under policy themes, as well as monitoring the resilience of logistics and factory leasing demand [6]. - It emphasizes the importance of asset resilience and market timing in the current pricing environment for weak-cycle assets [6].