公募REITs周报（第38期）：公募REITs再现千亿资金抢筹-20251020

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index declined by 1.5%. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.6% and - 0.9% respectively. Most sectors ended in the red, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. As of October 17, 2025, the dividend yield of property REITs was 76BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 216BP. Two public REITs, Huaxia Zhonghai Commercial REIT and CITIC Construction Shenyang International Software Park REIT, announced their issuance results, with a total subscription amount exceeding 200 billion yuan [1]. Summary by Related Catalogs Secondary Market Trends - Index Performance: As of October 17, 2025, the closing price of the China Securities REITs Index was 814.73 points, with a weekly decline of 1.5%. It performed worse than the China Securities All - Bond Index (+0.3%) but better than the China Securities Convertible Bond Index (-2.4%) and the CSI 300 Index (-2.2%). Year - to - date, the performance order of major indices was: CSI 300 (+14.7%) > China Securities Convertible Bond (+14.4%) > China Securities REITs (+3.2%) > China Securities All - Bond (+0.4%). In the past year, the return rate of the China Securities REITs Index was 4.4% with a volatility of 7.2%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][6][7]. - Market Capitalization and Turnover: On October 17, the total market capitalization of REITs decreased to 217.4 billion yuan, a decrease of 2.9 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.08 percentage points from the previous week [2][7]. - Sector Performance: Most REIT sectors ended in the red, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. The top three weekly gainers were China Merchants Expressway REIT (+1.65%), Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+0.99%), and Harvest China Power Construction Clean Energy REIT (+0.71%) [1][3][14]. - Trading Activity: New infrastructure REITs had the highest average daily turnover rate of 2.3%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 18.8% of the total REIT trading volume. The top three REITs with the largest net inflows of main funds were Huaxia Kaide Commercial REIT (7.49 million yuan), CICC Yinli Consumption REIT (5.11 million yuan), and Huaxia Fund China Resources Youchao REIT (4.2 million yuan) [3][20][21]. Primary Market Issuance - As of October 19, 2025, there were 2 REIT products in the "accepted" stage, 1 in the "declared" stage, 1 in the "inquired" stage, 5 in the "feedback" stage, 7 in the "passed and awaiting listing" stage, and 12 first - issued products that had passed and been listed on the exchange [23]. - Issuance Results: On October 16, Huaxia Zhonghai Commercial REIT announced that the confirmation ratios of valid subscription applications for public investors and offline investors were 0.2763% and 0.3120% respectively, corresponding to effective subscription multiples of 361.9 times and 320.5 times. The total subscription amount before ratio allocation was approximately 159.33 billion yuan. On the same day, the subscription confirmation ratio results of CITIC Construction Shenyang International Software Park REIT were released. The total effective subscription amount before ratio allocation was approximately 44.434 billion yuan. The combined subscription amount of the two public REITs exceeded 200 billion yuan [4][34]. Valuation Tracking - Valuation Metrics: REITs have both bond - like and stock - like characteristics. As of October 17, the average annualized cash distribution rate of public REITs was 6.6%. From the stock - like perspective, valuation is judged by relative net value premium rate, IRR, and P/FFO. Different project types of REITs have different valuation levels and annualized dividend rates [25]. - Comparison with Benchmarks: As of October 17, 2025, the dividend yield of property REITs was 76BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 216BP [1][28]. Industry News - Huaxia Zhonghai Commercial REIT's issuance results showed strong investor interest, with a high subscription multiple. CITIC Construction Shenyang International Software Park REIT, as the first successful public REIT project in Northeast China, set a new benchmark for the region to revitalize existing assets and activate the digital economy [34].