一级市场首发火热

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The secondary - market of REITs was weak this week, with the CSI REITs Total Return Index down 1.44% weekly, showing a four - week consecutive decline. However, the primary - market issuance was hot, with high subscription multiples for newly issued REITs. Attention should be paid to the investment opportunities of rental housing and projects with income distribution adjustment mechanisms [1][7]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price - Except for data centers, other seven types of REIT assets declined this week. Rental housing had the largest decline of 2.19%, and only 7 REITs rose while 68 fell. The significant correction of the rental housing sector increased its cost - effectiveness, with the current distribution rate rising to 3.23%. After the bond market stabilizes, especially the expansion - concept rental housing projects are worth attention [1][14]. - The industrial park sector fell 1.47% this week. Only 3 REITs had positive cumulative returns in the second half of 2025. Projects with income distribution adjustment mechanisms are recommended [2][20]. - In the consumer facilities sector, only the newly - listed Cade Commercial REIT rose slightly, while the rest declined. Some projects showed cost - effectiveness and their adjustment plans are worth following [2][24]. 3.1.2 Liquidity - The trading activity of REITs marginally recovered this week but remained low overall. The average daily trading volume, turnover, and turnover rate were 414 million yuan, 93 million shares, and 0.39% respectively, with环比 changes of - 6.92%, + 5.67%, and + 0.02pct [2][29]. - By sector, the top - ranked sectors in terms of average daily turnover rate were new - type facilities, rental housing, and municipal environmental protection. The turnover rate of rental housing increased the most, with a net inflow rate of 1.53%. The warehousing and logistics sector had a low turnover rate and negative net inflow rate [32]. 3.1.3 Valuation - In terms of China Bond valuation yield, warehousing and logistics, transportation facilities, and industrial parks ranked high. From the perspective of cash distribution rate, industrial parks, consumer facilities, and warehousing and logistics had relatively high distribution rates among equity - type projects. In a weak market, projects in economically developed regions with "performance guarantee clauses" should be preferred [40]. 3.2 Primary Market 3.2.1 Initial Offering - The primary - market issuance was hot. On October 13, the offline subscription multiple of China Overseas Commercial REIT reached 320.47 times, setting a new record in the whole market. On the same day, the offline and public subscription multiples of Shenyang International Software Park REIT were 83.3 and 247.5 times respectively [1]. - On October 17, E Fund Guangxi Beibu Gulf Expressway REIT was submitted to the Shanghai Stock Exchange, being the first project in Guangxi to be submitted to the exchange [2]. 3.2.2 Expansion - The expansion of China Resources Commercial REIT has been accepted, and the expansion of China Resources Youchao REIT has received feedback. The performance of Bosera Shekou Industrial Park REIT after the equal - amount replacement of external borrowings is also worthy of attention [2]. 3.2.3 Other Key News This Week - The expressway sector disclosed its September operating data. Nanjing Transportation Expressway REIT and Shenzhen Expressway REIT's revenue completion met the forecast values [19].