公募REITs周报（第41期）：先扬后抑，分化加剧-20251109

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs sector showed a volatile and weak trend with a narrowing year - to - date index increase. There was significant differentiation in performance among different asset types. The municipal facilities, consumer infrastructure, and transportation infrastructure sectors performed relatively well. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.8% and + 0.4% respectively. In terms of the weekly price changes of major indices, CSI Convertible Bond Index > CSI 300 Index > CSI All - Bond Index > CSI REITs Index. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower 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 ten - year Treasury yield was 240BP [1]. Summary by Related Catalogs Secondary Market Trends - The CSI REITs Index had a weekly price change of - 0.4% and a year - to - date price change of + 2.8%. As of November 7, 2025, it closed at 811.48 points. The index's performance was weaker than that of the CSI Convertible Bond Index (+ 0.90%), CSI 300 Index (+ 0.80%), and CSI All - Bond Index (+ 0.05%) this week. Year - to - date, the price change rankings of major indices were: CSI 300 Index (+ 18.9%) > CSI Convertible Bond Index (+ 18.0%) > CSI REITs Index (+ 2.8%) > CSI All - Bond Index (+ 0.8%). In the past year, the CSI REITs Index had a return rate of 5.3% and a volatility of 7.5%. The total market value of REITs remained at 220.6 billion yuan on November 7, and the average daily turnover rate was 0.59%, a 0.05 - percentage - point decrease from the previous week [2][6][7]. - Most sectors closed up, with the municipal facilities, consumer infrastructure, and transportation infrastructure sectors leading the gains. The top three REITs in terms of weekly price increase were Huaxia JINMAO Commercial REIT (+ 4.42%), Zheshang Hu杭Yong REIT (+ 2.37%), and Guotai Haitong Jinan Energy Heating REIT (+ 2.25%). New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 0.9%. Park infrastructure REITs had the highest trading volume share this week, accounting for 23.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (25 million yuan), Huaxia Huarun Commercial REIT (9.68 million yuan), and Huaxia Fund Huarun Youchao REIT (6.73 million yuan) [3]. Primary Market Issuance - From the beginning of the year to November 7, 2025, there were 2 REITs products in the "accepted" stage, 0 in the "declared" stage, 4 in the "inquired" stage, 7 in the "feedback" stage, 10 in the "passed and pending listing" stage, and 7 newly listed products [22]. Valuation Tracking - REITs have both bond and equity characteristics. As of November 7, the average annualized cash distribution rate of public - offering REITs was 6.08%. Different valuation indicators were used from the bond and equity perspectives. There were significant differences between equity - type and franchise - type REITs. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower 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 ten - year Treasury yield was 240BP [24][27]. Industry News - The first public - offering REIT in Northeast China was successfully listed on the Shanghai Stock Exchange. On November 6, CITIC Construction Investment Shenyang International Software Park REIT was listed. The underlying assets of the fund are 13 R & D office buildings in Shenyang International Software Park. The initial offering of fund shares was 300 million, raising a total of 1.098 billion yuan [4][29].