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C-REITs周报：二级走势承压，打新情绪趋冷-20251109
GOLDEN SUN SECURITIES·2025-11-09 12:16

Investment Rating - The report does not explicitly provide an investment rating for the REITs industry Core Insights - The C-REITs secondary market is under pressure, with the C-REITs total market capitalization approximately 220.6 billion yuan and an average market cap of about 2.9 billion yuan per REIT as of November 7 [3][13] - The C-REITs total return index has increased by 7.61% year-to-date, while the C-REITs closing index has risen by 2.77% [2][11] - The report highlights three main investment strategies for REITs: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original rights holders with ample asset reserves [6] Summary by Sections REITs Index Performance - The C-REITs total return index fell by 0.40% this week, closing at 1,041.5 points, while the C-REITs closing index decreased by 0.42%, closing at 811.5 points [1][11] - Year-to-date, the C-REITs total return index has increased by 7.61%, ranking fifth among various indices [2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed a downward trend, with 33 REITs rising and 42 falling this week, resulting in an average decline of 0.73% [3][13] - The best-performing sectors this week were ecological and municipal water conservancy REITs, while industrial park and logistics REITs experienced a pullback [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being 华夏中国交建 REIT (9.7%), 平安广州广河 REIT (9.3%), and 易方达广开产园 REIT (8.4%) [5] - Price-to-NAV ratios range from 0.7 to 1.8, with the lowest being 华夏中国交建 REIT at 0.7 [5] Investment Recommendations - The report suggests focusing on REITs in a low-interest-rate environment expected in 2025, emphasizing the importance of quality projects and the potential for recovery in undervalued assets [6] - It also highlights the need to consider asset resilience and market prices when planning investments [6]