REITs 周度观察（20251103-20251107）：二级市场价格波动下跌，新增一只园区类 REIT 上市-20251108

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.48%. Compared with other major asset classes, REITs' performance was average. The return rate ranking from high to low was: convertible bonds > crude oil > A - shares > pure bonds > gold > REITs > US stocks. The secondary - market price trends of equity - type and franchise - type REITs diverged, and municipal facility - type REITs had the largest increase. In terms of single - REIT performance, there were 33 rising, 1 flat, and 42 falling REITs (excluding the newly - listed one). The trading volume, turnover rate, net inflow of main funds, and large - scale trading volume also showed differentiation among different REITs. In the primary market, a new REIT was listed, and the status of two REIT products was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - At the major asset level: From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The closing and total return indices of China Securities REITs and the weighted REITs index all had negative returns. Compared with other major asset classes, REITs' return rate was - 0.48%, ranking behind convertible bonds, crude oil, A - shares, etc. [11] - At the underlying asset level: The price trends of equity - type and franchise - type REITs diverged. Equity - type REITs declined with a return rate of - 0.86%, while franchise - type REITs rose with a return rate of 0.39%. Among different underlying asset types, municipal facility - type REITs had the largest increase, with a return rate of 2.25%. The top three in terms of return rate were municipal facility - type, ecological and environmental protection - type, and consumer - type REITs [17][19]. - At the single - REIT level: Excluding the newly - listed REIT, there were 33 rising, 1 flat, and 42 falling REITs. The top three in terms of increase were China AMC JINMAO Commercial REIT, Zheshang Expressway REIT, and Guotai Junan Jinan Energy Heating REIT, with increases of 4.42%, 2.37%, and 2.25% respectively. The top three in terms of decline were GF Chengdu Gaotou Industrial Park REIT, CICC Liandong Science and Technology Innovation REIT, and E Fund Guangzhou Development District High - tech Industrial Park REIT, with declines of 9.44%, 8.43%, and 7.01% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 2.88 billion yuan, and the new infrastructure - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were park infrastructure - type, transportation infrastructure - type, and affordable rental housing - type REITs, with trading volumes of 684 million, 507 million, and 442 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure - type, affordable rental housing - type, and park infrastructure - type REITs, with rates of 0.86%, 0.83%, and 0.80% respectively [25]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were China AMC Hefei High - tech REIT, China AMC CR Land Youchao REIT, and Soochow Industrial Park REIT. The top three in terms of trading amount were China AMC Hefei High - tech REIT, China AMC CCCC REIT, and China AMC CCOF Commercial REIT. The top three in terms of turnover rate were CSC Shenyang International Software Park REIT, China AMC CCOF Commercial REIT, and China AMC Hefei High - tech REIT [28]. 3.1.3 Net Inflow of Main Funds and Large - scale Trading - Net inflow of main funds: The total net inflow of main funds this week was 38.36 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow were consumer infrastructure - type, park infrastructure - type, and new infrastructure - type REITs. Among single REITs, the top three were China AMC CCOF Commercial REIT, China AMC CR Land Commercial REIT, and China AMC CR Land Youchao REIT [31]. - Large - scale trading: The total large - scale trading amount this week was 240.26 million yuan, a decrease compared with last week. There were large - scale trading transactions on 5 trading days, and the highest single - day trading amount was on November 3, 2025. The top three in terms of large - scale trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and Huatai Baowan Logistics REIT [32]. 3.2 Primary Market - Listed projects: As of October 31, 2025, there were 77 public REITs in China, with a total issuance scale of 19.9301 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by the park infrastructure - type. This week, CSC Shenyang International Software Park REIT was listed on November 6, 2025, and its asset type was park infrastructure [38][39]. - Pending - listing projects: There were 17 REITs in the pending - listing state, including 10 initial - offering REITs and 7 REITs pending for expansion. This week, the project status of "Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Feedback Received", and that of "E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Accepted" [42].