公募REITs周报（2025.11.10-2025.11.16）：公募REITs市场小幅上涨，交通基础设施类REITs表现亮眼-20251116

1. Report Industry Investment Rating The document does not provide an investment rating for the industry. 2. Core View of the Report This week, the public offering REITs market saw a slight increase, with a decrease in trading volume. Both the equity - type and franchise - type public offering REITs indices rose. There are 23 public offering REITs funds awaiting listing, and the market is expected to continue expanding. In the context of asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][4][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: Slight Increase in the Public Offering REITs Market This Week - Market Index Performance: As of November 14, 2025, the China Securities REITs Index rose 0.82% to 818.17 compared to last week, and the China Securities REITs Total Return Index was 1050.45, up 0.86% from last week [9]. - Trading Volume and Turnover: The total trading volume of the REITs market this week was 710 million shares, a 3.14% week - on - week decline, and the trading amount was 2.844 billion yuan, a 1.15% week - on - week decline. The market turnover rate was 2.83%, down from 2.96% last week [11]. - Index Performance by Asset Type: Equity - type and franchise - type public offering REITs indices rose by 0.68% and 0.31% respectively. Among them, transportation infrastructure REITs had the highest increase, and municipal facilities REITs had the highest decline [4][14]. - Trading Volume and Turnover by REITs Type: Most types of public offering REITs saw an increase in trading volume and turnover. Water conservancy facilities, new infrastructure, warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had increased trading volume, while others decreased. The daily average turnover rate of some types also changed accordingly [19][21]. - Single - Product Performance: Among the 77 public offering REITs, 56 rose, 20 fell, and 1 remained unchanged. The top - rising products included Zhongjin Shandong Hi - Speed Group Expressway REIT, etc., and the top - falling products included Huatai Zijin Nanjing Jianye Industrial Park REIT, etc. [23]. 3.2 Primary Market: 23 Public Offering REITs Funds Awaiting Listing - Issuance Situation: As of November 14, 2025, a total of 77 public offering REITs had been issued, with a total issuance scale of 198.1 billion yuan. In 2025, 18 public offering REITs were issued, 2 in October, and none in November [3][30]. - Pending Listings: There are 23 public offering REITs funds awaiting listing, including 10 for initial offerings and 13 for expansion. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, and 2 have been accepted [32]. 3.3 Public Offering REITs Policies and Market Dynamics - Xiamen Anju Group's Plan: On November 12, Xiamen Anju Group announced plans to use enterprise - bond investment projects as underlying assets for the expansion of Zhongjin Xiamen Anju REIT. The application materials have been officially accepted by the CSRC and the Shanghai Stock Exchange [35][36]. - NDRC's Recommendation: As of November 12, the National Development and Reform Commission has recommended 105 REITs projects to the CSRC, with 83 successfully listed, raising 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [37]. - Early End of Subscription for Huaxia Anbo Warehouse REIT: On November 12, Huaxia Anbo Warehouse REIT announced the early end of the public - investor subscription and proportionate allocation due to over - subscription [38]. 3.4 Investment Suggestions This week, the REITs index rose slightly, and the trading volume decreased. The market is expected to continue expanding. In the context of asset shortage, public offering REITs have high dividends and medium - low risks, with high allocation cost - performance [4][40].