REITs 周度观察（20251110-20251114）：二级市场价格明显修复，特许经营权类产品表现更优-20251115

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints - From November 10 to November 14, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return rate of 0.95%. Among mainstream asset classes, REITs ranked second in terms of return rate after gold [1][11]. - In terms of project attributes, both property - right and franchise - type REITs saw price increases this week. In terms of underlying asset types, affordable housing - type REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.84 billion yuan, and the water conservancy facilities - type REITs led in the average daily turnover rate during the period. The total net inflow of main funds was - 51.39 million yuan, indicating a decrease in market trading enthusiasm compared to last week [2][31]. - This week, there were no new REITs products listed, and no project status was updated [4][39][43]. Summary by Related Catalogs Secondary Market Price Trends - At the large - scale asset level: The secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 818.17 and 1050.45 respectively, with weekly return rates of 0.82% and 0.86%. The weighted REITs index closed at 184.03, with a weekly return rate of 0.95%. Among mainstream asset classes, the return rate ranking from high to low was: gold > REITs > convertible bonds > pure bonds > US stocks > A - shares > crude oil [11]. - At the underlying asset level: Both property - right and franchise - type REITs' secondary - market prices increased. The weighted index of property - right REITs closed at 155.98, with a return rate of 0.86%; the weighted index of franchise - type REITs closed at 131.53, with a return rate of 1.29%. In terms of underlying asset types, affordable housing - type REITs had the largest increase, and the top three in terms of return rate were affordable housing - type, transportation infrastructure - type, and consumer - type REITs, with weighted indexes closing at 139.6, 101.28, and 173.54 respectively, and return rates of 1.57%, 1.55%, and 1.17% [16][18]. - At the single - REIT level: This week, public REITs showed mixed performance, with 56 rising, 1 remaining flat compared to last week, and 20 falling. The top three in terms of increase were CICC Liandong Science and Technology Innovation REIT, CICC Shandong Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT, with increases of 6.24%, 5.18%, and 4.1% respectively. The top three in terms of decrease were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and Huaxia Heda High - tech REIT, with decreases of 6.58%, 5.21%, and 2.34% respectively [23]. Transaction Volume and Turnover Rate - At the underlying asset level: The transaction volume of public REITs this week was 2.84 billion yuan, and the water conservancy facilities - type REITs led in the average daily turnover rate during the period. The total turnover of the 77 listed REITs this week was 2.84 billion yuan, and the average daily turnover rate during the period was 0.67%. In terms of turnover, the top three in terms of underlying asset types were park infrastructure, transportation infrastructure, and consumer infrastructure, with turnovers of 6.24, 5.15, and 4.05 billion yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new - type infrastructure, and park infrastructure, with turnover rates of 1.46%, 1.04%, and 0.73% respectively [24]. - At the single - REIT level: This week, the performance of single - REIT transaction volume and turnover rate continued to be differentiated. The top three in terms of trading volume were Huaxia Hefei High - tech REIT, Huaxia Fund China Resources Youchao REIT, and Hongtu Innovation Yantian Port REIT, with trading volumes of 0.73, 0.29, and 0.23 billion shares respectively. In terms of turnover, the top three were Huaxia Hefei High - tech REIT, Huaxia Fund China Resources Youchao REIT, and CICC Anhui Expressway REIT [27]. Main Fund Inflow and Block Trading - Main fund inflow situation: The total net inflow of main funds this week was - 51.39 million yuan, and the market trading enthusiasm decreased compared to last week. In terms of different underlying asset REITs, the top three in terms of net inflow of main funds during the week were consumer infrastructure, water conservancy facilities, and affordable rental housing. In terms of single - REIT, the top three were Yin Hua Shaoxing Raw Water Water Conservancy REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Overseas Commercial REIT [31]. - Block trading situation: The total block trading volume this week reached 1.01086 billion yuan, an increase compared to last week. There were block trading transactions on 5 trading days this week, with a total block trading turnover of 1.01086 billion yuan. The block trading turnover on Wednesday (November 12, 2025) was the highest during the period, reaching 300.82 million yuan. In terms of single - REIT, the top three in terms of block trading turnover were CITIC Construction Investment State Power Investment New Energy REIT, CICC Anhui Expressway REIT, and Huaxia China Communications Construction REIT [32]. Primary Market Listed Projects - As of November 14, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, reaching 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan [38]. - This week, there were no new REITs products listed [39]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 17 REITs in the to - be - listed state, including 10 first - issuance REITs and 7 to - be - expanded REITs [42]. - This week, no project status was updated [43].