行业周报：华夏华润商业REIT扩募受理，发行市场保持活跃-20251019

Investment Rating - The industry investment rating is "Positive" (maintained) [1] 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 influx of social security and pension funds into the market [5][6][7] Market Overview - As of the 42nd week of 2025, the CSI REITs (closing) index was 814.73, up 4.85% year-on-year but down 1.46% month-on-month. The CSI REITs total return index was 1043.46, up 11.08% year-on-year but down 1.44% month-on-month [5][7][20] - The trading volume of the REITs market reached 467 million units, a year-on-year decrease of 9.65%, while the trading amount was 2.072 billion yuan, a year-on-year increase of 1.52% [5][26][29] Sector Performance - Weekly and monthly performance of various REITs sectors showed declines: - Affordable housing: -2.50% weekly, -4.60% monthly - Environmental: -0.34% weekly, -4.48% monthly - Expressways: -1.12% weekly, -4.07% monthly - Industrial parks: -1.00% weekly, -1.98% monthly - Warehousing and logistics: -1.45% weekly, -1.76% monthly - Energy: -0.96% weekly, -3.11% monthly - Consumer: -1.09% weekly, -3.98% monthly [5][36][52] Upcoming Listings - There are currently 11 REITs funds awaiting listing, indicating an active issuance market [8][36]