C-REITs周报：二级市场修复，第二单保障房REIT扩募提速-20251116

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [6] Core Views - The C-REITs market is expected to present allocation opportunities in a low interest rate environment by 2025, with three main investment strategies suggested: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of weak cyclical assets, and monitoring the expansion of REITs alongside new issuances [5] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.86% this week, closing at 1050.5 points, while the CSI REITs closing index rose by 0.82% to 818.2 points [11][12] - Year-to-date, the CSI REITs total return index has risen by 8.53% [2] REITs Secondary Market Performance - The C-REITs secondary market showed signs of recovery this week, with a total market capitalization of approximately 222.47 billion yuan and an average market cap of about 2.9 billion yuan per REIT [13] - Among the listed REITs, 56 increased in value while 20 decreased, with an average weekly increase of 0.84% [13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show differentiation, with the top three being Huaxia China Communications REIT (9.6%), Ping An Guangzhou Guanghe REIT (9.3%), and E Fund Guangkai Industrial Park REIT (8.5%) [4] - Price-to-NAV ratios range from 0.7 to 1.8, with the highest being 1.8 for both Harvest Wumei Consumption REIT and E Fund Huawai Agricultural Market REIT [4] Investment Recommendations - The report suggests focusing on projects with recovery potential under policy themes, recognizing the market's acceptance of weak cyclical assets, and paying attention to original rights holders with ample asset reserves for future expansions [5]