Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Overview - As of the 45th week of 2025, the CSI REITs (closing) index was 811.48, up 4.84% year-on-year but down 0.42% month-on-month. The CSI REITs total return index was 1041.51, up 11.67% year-on-year but down 0.4% month-on-month [5][18] - Year-to-date, the CSI REITs (closing) index has increased by 7.28%, while the CSI 300 index has risen by 36.36%, resulting in an excess return of -29.09% [14][18] Trading Volume and Market Activity - The trading volume of the REITs market reached 733 million units, a year-on-year increase of 16.91%, with a transaction value of 2.877 billion yuan, up 18.93% year-on-year. The turnover rate for the period was 2.96%, down 1.08% year-on-year [25][27] - Over the past 30 days, the total trading volume in the REITs market was 3.458 billion units, a year-on-year decrease of 17.87%, with a total transaction value of 15.051 billion yuan, down 20.3% year-on-year [30][34] Sector Performance - In the 45th week of 2025, the weekly performance of various REIT sectors was as follows: affordable housing -0.98%, environmental +0.74%, highways +0.09%, industrial parks -1.09%, warehousing and logistics -1.62%, energy -0.51%, and consumption +1.19%. Monthly performance showed similar trends [35][49] - The consumption REITs sector saw a monthly increase of 2.08% [35] Upcoming Listings - There are currently 10 REITs funds awaiting listing, indicating an active issuance market [6]
行业周报：中信建投沈阳国际软件园REIT上交所上市，消费REITs单周表现优异-20251109
KAIYUAN SECURITIES·2025-11-09 13:59