公募REITs周报(第39期)：指数止跌回暖，换手率上行-20251027

Report Industry Investment Rating No relevant content provided. Core Views - This week, the China Securities REITs Index stopped falling and rebounded, rising 0.2% for the week. The average weekly price changes of property - type REITs and franchise - type REITs were +0.1% and +0.7% respectively. In terms of the comparison of the weekly price changes of major indices: CSI 300 > CSI Convertible Bond Index > CSI REITs Index > CSI Aggregate Bond Index [1]. - Most sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains. As of October 24, 2025, the dividend yield of property REITs was 83 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 210 basis points [1]. - E Fund Guangxi Beitou Expressway REIT was officially declared. This is the first publicly - offered REIT product declared by a local enterprise in Guangxi, marking an important breakthrough in the in - depth linkage between local infrastructure and the capital market [1]. Summary by Related Catalogs Secondary Market Trends - As of October 24, 2025, the closing price of the CSI REITs (closing) Index was 816.04 points, with a weekly price change of +0.2%. It performed worse than the CSI Convertible Bond Index (+1.5%) and the CSI 300 Index (+3.2%), but better than the CSI Aggregate Bond Index (0.0%). Year - to - date, the price change rankings of major indices were: CSI 300 (+18.4%) > CSI Convertible Bond Index (+16.1%) > CSI REITs Index (+3.4%) > CSI Aggregate Bond Index (+0.4%) [2][6]. - In the past year, the return rate of the CSI REITs Index was 5.2%, with a volatility of 7.3%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index [2][11]. - The total market value of REITs rose to 218.8 billion yuan on October 24, an increase of 500 million yuan from the previous week. The average daily turnover rate for the whole week was 0.52%, an increase of 0.13 percentage points from the previous week [2][11]. Sector Performance - As of October 24, 2025, from the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were +0.1% and +0.7% respectively. From the perspective of different project types, most REIT sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains [3][16]. - The top three REITs in terms of weekly price increases were ICBC Mongolia Energy Clean Energy REIT (+4.06%), AVIC Yishang Warehouse Logistics REIT (+3.58%), and Zheshang Shanghai - Hangzhou - Ningbo REIT (+3.23%) [3][20]. - Water conservancy facilities REITs had the highest trading activity. In terms of different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 18.9% of the total REIT trading volume [3][23]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC In - City Mall Consumption REIT (10.04 million yuan), China Merchants Fund Shekou Rental Housing REIT (7.32 million yuan), and Yin Hua Shaoxing Raw Water Water Conservancy REIT (4.34 million yuan) [3][24]. Primary Market Issuance - From the beginning of the year to October 24, 2025, there were 2 REIT products in the "accepted" stage on the exchange, 1 in the "declared" stage, 1 in the "inquired" stage, 5 in the "feedback" stage, 7 products that had passed and were waiting to be listed, and 12 first - issued products that had passed and were already listed [26]. Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of publicly - offered REITs was 6.5% as of October 17. From the stock - like perspective, the valuation of REITs was judged through relative net value premium rate, IRR, and P/FFO [28]. - As of October 24, 2025, the dividend yield of property REITs was 83 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 210 basis points [31]. Industry News - E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund was officially declared. The project initiator was Guangxi Beibu Gulf Investment Group Co., Ltd., and the manager was E Fund Management Co., Ltd. Guangxi Beibu Gulf Investment Group Co., Ltd. is a large - scale wholly - state - owned enterprise directly under the People's Government of Guangxi Zhuang Autonomous Region, mainly engaged in infrastructure investment, financing, and construction such as comprehensive transportation, port logistics, and environmental protection water services [4][33].