公募REITs周报（第40期）：绩驱动涨势分化-20251102

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - With the release of the third - quarter reports, this week's REITs sector performance was related to earnings. Based on comparable data, affordable housing, ecological and environmental protection, and consumer sectors with strong performance resilience also led in weekly gains. The weekly turnover rate of REITs increased with the listing of new projects. The average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. In terms of the comparison of weekly price changes of major indices, CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300 [1]. - The CSI REITs index had a weekly price change of - 0.1% and a year - to - date price change of 3.2%. As of October 31, 2025, the closing price of the CSI REITs (closing) index was 814.90 points. The total market value of REITs rose to 220.6 billion yuan on October 31, an increase of 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. 3. Summary by Relevant Catalogs Secondary Market Trends - Index Performance Comparison: The weekly price change ranking of major indices was CSI Convertible Bonds > CSI All - Bond Index > CSI REITs > CSI 300. The CSI REITs index had a weekly price change of - 0.1%, weaker than the CSI All - Bond Index (+0.3%) and CSI Convertible Bonds Index (+0.8%), but stronger than the CSI 300 Index (- 0.4%). The year - to - date price change ranking was CSI 300 (+17.9%) > CSI Convertible Bonds (+17.0%) > CSI REITs (+3.2%) > CSI All - Bond Index (+0.7%). In the past year, the return rate of the CSI REITs index was 5.5% with a volatility of 7.4%. Its return rate was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index, and its volatility was lower than that of the CSI 300 Index and CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index [1][2][6]. - REITs Market Value and Turnover: As of October 31, 2025, the total market value of REITs increased to 220.6 billion yuan, up 2.7 billion yuan from the previous week, and the average daily turnover rate for the whole week was 0.64%, up 0.12 percentage points from the previous week [2][13]. - Sector and Individual Performance: Most REITs sectors closed up, with new infrastructure, municipal facilities, and consumer infrastructure leading in gains. From the perspective of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were +0.3% and +0.5% respectively. The top three REITs in weekly gains were CICFH Shounong REIT (+4.22%), Southern万国 Data REIT (+4.09%), and CICC Yinli Consumer Infrastructure REIT (+3.85%) [1][3][18]. - Trading Activity: New infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.3%. Consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 21.0% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (103.71 million yuan), Huaxia Fund CR Land Youchao REIT (12.33 million yuan), and Huaxia CR Land Commercial REIT (10.89 million yuan) [3][24][26]. Primary Market Issuance - As of October 31, 2025, there was 1 REIT product in the accepted stage, 1 in the declared stage, 2 in the in - queried stage, 5 in the feedback - received stage, 7 in the passed - and - waiting - for - listing stage, and 12 first - issued and listed products on the exchanges [27]. Valuation Tracking - Valuation Indicators: REITs have both bond - like and stock - like characteristics. As of October 31, the average annualized cash distribution rate of public - offering REITs was 6.4%. From the stock - like perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [29]. - Valuation Comparison by Project Type: Different project types of REITs have different valuation levels. For example, the relative net value premium rate of affordable housing REITs is 41.8%, with a P/FFO of 45.3 and an IRR of 3.5%. As of October 31, 2025, the dividend yield of equity - type REITs was 100BP 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 210BP [30][32]. Industry News - New REIT Listing: On October 31, Huaxia Zhonghai Commercial REIT was successfully listed on the Shenzhen Stock Exchange. As the first consumer REIT implemented through the acquisition and revitalization model, it provided a new model for the transformation of the commercial real estate industry from "heavy development and holding" to "light - asset operation" [4][38]. - REITs Third - Quarter Report: The third - quarter reports of REITs were released this week. Based on REIT samples with two - year consecutive data, the total revenue of REITs in the third quarter of 2025 was 3.35 billion yuan, a year - on - year decline of 5%. The year - on - year revenue changes of affordable housing, ecological and environmental protection, consumer, transportation, warehousing and logistics, industrial park, and energy sectors in the third quarter were 15%, 10%, 4%, - 3%, - 4%, - 8%, and - 17% respectively [4][38].