REITs 周度观察（20251117-20251121）：二级市场价格有所下跌，多只 REITs 产品等待上市-20251122

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From November 17 to November 21, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The trading volume and main - force capital inflow increased compared to the previous week, and there were 2 REITs with updated project status in the primary market [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - At the large - scale asset level: The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The weighted REITs index closed at 182.16, with a weekly return of - 1.02%. Among mainstream large - scale assets, the return ranking from high to low was: pure bonds > gold > REITs > crude oil > US stocks > A - shares > convertible bonds [11]. - At the underlying asset level: Both the secondary - market prices of property - right and franchise - right REITs declined. The weighted index of property - right REITs closed at 154.26, with a return of - 1.11%; the weighted index of franchise - right REITs closed at 130.06, with a return of - 1.12%. In terms of underlying asset types, water - conservancy facilities REITs had the largest increase, and the top three in terms of weekly return were water - conservancy facilities, ecological and environmental protection, and transportation infrastructure [16][18]. - At the single - REIT level: This week, public REITs showed mixed performance, with 9 rising and 68 falling. The top three in terms of increase were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou REIT, and Huaxia Nanjing Transportation Expressway REIT; the top three in terms of decrease were CICC Chongqing Liangjiang REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and China Merchants Expressway REIT [23]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 2.38 billion yuan, and the new - type infrastructure REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure; the top three in terms of average daily turnover rate were new - type infrastructure, water - conservancy facilities, and affordable rental housing [25]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaxia Hefei High - tech REIT, Huaxia Fund CR Land Youchao REIT, and Huatai Jiangsu Jiaokong REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huatai Jiangsu Jiaokong REIT, and Southern Runze Technology Data Center REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, Huaxia Zhonghai Commercial REIT, and Huaxia Hefei High - tech REIT [28]. 3.1.3 Main - Force Inflow and Block - Trade Situation - Main - force inflow situation: The total main - force inflow this week was 17.32 million yuan, and the market trading enthusiasm increased compared to the previous week. The top three in terms of main - force inflow among different underlying asset REITs were consumer infrastructure, new - type infrastructure, and transportation infrastructure. The top three single REITs in terms of main - force inflow were Huatai Jiangsu Jiaokong REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Runze Technology Data Center REIT [31]. - Block - trade situation: The total block - trade volume this week reached 368.22 million yuan, a decrease compared to the previous week. There were block - trade transactions on 5 trading days, and the block - trade turnover on November 21, 2025, was the highest within the period. The top three single REITs in terms of block - trade turnover were China Merchants Expressway REIT, Huaxia Fund CR Land Youchao REIT, and BOC Sinotrans Warehouse Logistics REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects As of November 21, 2025, there were 77 public REITs in China, with a total issuance scale of 199.301 billion yuan. Among them, transportation infrastructure had the largest issuance scale at 68.771 billion yuan, followed by park infrastructure REITs at 32.933 billion yuan. No new REITs were listed this week [37][39]. 3.2.2 Pending - Listing Projects There were 18 REITs in a pending - listing state, including 11 initial - offering REITs and 7 pending - expansion REITs. This week, the project status of Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received", and the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared" [42].