Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the public REITs market fluctuated. The trading volume of the REITs market increased, and the indices of equity - type and concession - type public REITs showed differentiation. Most public REITs products rose. There are 24 public REITs funds waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [2][5][38] Summary by Directory 1. Secondary Market: This Week, the Public REITs Market Fluctuated - Index Performance: As of October 31, 2025, the China Securities REITs Index fell 0.14% from last week to 814.9, while the China Securities REITs Total Return Index rose 0.16% from last week to 1045.73 [10] - Trading Volume and Turnover: The total trading volume of the REITs market this week was 784 million shares, a 24.44% week - on - week increase, and the trading amount was 3.303 billion yuan, a 21.48% week - on - week increase. The market's interval turnover rate was 3.19%, compared with 2.59% last week [11] - Index Differentiation by Asset Type: The equity - type public REITs index rose 1.82%, and the concession - type public REITs index fell 0.13%. Among equity - type REITs, new infrastructure, affordable rental housing, and consumer infrastructure REITs rose 3.13%, 2.09%, and 1.99% respectively, while warehousing and logistics, and park infrastructure REITs fell 0.24% and 0.21% respectively. Among concession - type public REITs, municipal facilities, water conservancy facilities, and ecological and environmental protection REITs rose 2.38%, 0.60%, and 0.50% respectively, while transportation infrastructure and energy infrastructure REITs fell 0.34% and 0.12% respectively [13][17] - Trading Volume and Turnover Rate by Type: Most types of public REITs saw an increase in trading volume. The trading volume of municipal facilities, consumer infrastructure, new infrastructure, ecological and environmental protection, warehousing and logistics, affordable rental housing, park infrastructure, and transportation infrastructure REITs increased by 308.33%, 50.47%, 44.41%, 36.98%, 30.76%, 28.78%, 27.26%, and 0.58% respectively week - on - week. The trading volume of water conservancy facilities and energy infrastructure REITs decreased by 24.11% and 19.17% respectively. In terms of turnover rate, the daily average turnover rates of new infrastructure and affordable rental housing REITs were greater than 1. The daily average turnover rates of most types of REITs increased, while those of water conservancy facilities and energy infrastructure REITs decreased [21] - Single - Target Performance: Among the 76 public REITs (excluding the newly listed Huaxia Zhonghai Commercial Asset REIT), 48 rose and 27 fell. The top gainers were Chuangjin Hexin Shounong REIT, Southern Wanguo Data Center REIT, and CICC Yinli Consumer Infrastructure REIT, with weekly gains of 4.2%, 4.1%, and 3.9% respectively. The top losers were Huaxia Hefei High - tech Industrial Park REIT, China Merchants Science and Technology Incubator REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with weekly losses of 7.8%, 4.7%, and 4.2% respectively [22] 2. Primary Market: 24 Public REITs Funds are Waiting to be Listed - Issuance in 2025: As of October 31, 2025, a total of 77 public REITs have been issued, with a total issuance scale of 198.1 billion yuan. In 2024, 29 REITs were issued, with a total scale of 64.6 billion yuan. Since 2025, 18 public REITs have been issued, and 2 new public REITs were issued in October 2025 [28] - Pending Listings: As of October 31, 2025, there are 24 public REITs funds waiting to be listed, including 11 initial offerings and 13 follow - on offerings. In terms of project status, 11 have passed, 6 have been feedbacked, 4 have been questioned, 2 have been accepted, and 1 has been declared. By type, among industrial REITs, there are 6 park - type REITs, 2 consumer infrastructure REITs, 4 warehousing and logistics REITs, and 5 affordable rental housing REITs; among concession - type REITs, there are 3 energy - type REITs, 2 transportation - type REITs, and 1 ecological and environmental protection REIT [30] 3. Public REITs Policies and Market Dynamics - Policy Support for Commercial Real Estate REITs: On October 29, the General Offices of 5 departments including the Ministry of Commerce issued the "Urban Commercial Quality Improvement Action Plan", which supports eligible commercial real estate projects to issue REITs [33] - Approval of Huaxia Fund China Resources Youchao REIT's Follow - on Offering: On October 29, the status of Huaxia Fund China Resources Youchao Rental Housing Closed - end Infrastructure Securities Investment Fund on the Shanghai Stock Exchange was updated to "approved" [35] - Tianjin's Support for REITs in High - tech and Innovation Parks: On October 31, 11 departments in Tianjin issued a notice on the "Special Plan for Financial Innovation Services for Scientific and Technological Innovation and Industrial Innovation", which supports high - tech and strategic emerging industry enterprises to issue bonds for financing and supports the issuance of REITs in new infrastructure and eligible science and technology innovation industrial parks [36] 4. Investment Suggestions - Index and Market Performance: This week, the REITs index fluctuated. The China Securities REITs Index fell 0.14% from last week, and the China Securities REITs Total Return Index rose 0.06% from last week. The trading amount in the public REITs market increased. By asset type, the equity - type public REITs index rose 1.82%, and the concession - type public REITs index fell 0.13%, with new infrastructure REITs having the highest increase and transportation infrastructure REITs having the highest decrease [37] - Market Expansion and Investment Value: This Wednesday, Huaxia Fund China Resources Youchao REIT's follow - on offering application was approved by the Shanghai Stock Exchange. This Friday, Huaxia Zhonghai Commercial REIT was listed. Since this year, 18 public REITs have been issued, with a total scale of over 30 billion yuan. In addition, 24 REITs funds are waiting to be listed, and the market is expected to continue to expand. In the context of asset shortage, public REITs have high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [38]
公募REITs周报（2025.10.27-2025.11.02）：公募REITs市场震荡波动，华夏中海商业REIT上市-20251102
Tai Ping Yang Zheng Quan·2025-11-02 14:46