REITs周报：领展REIT租金承压，C-REITs二级走势疲软-20251124

Investment Rating - The report does not explicitly provide an investment rating for the REITs industry Core Insights - The report highlights that Link REIT's rental income is under pressure, with a negative rental adjustment rate expected in the short term for properties in Hong Kong and mainland China, leading to a slight deterioration in the operating environment before a potential rebound [1][11][13] - The C-REITs secondary market is experiencing a general pullback, with a total market capitalization of approximately 219.85 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][16] - The report suggests three main investment strategies for REITs: focusing on quality undervalued projects, considering the resilience of weak-cycle assets, and paying attention to original rights holders with ample asset reserves [5] Summary by Sections REITs Events - On November 20, Link REIT reported a total revenue of 7.02 billion HKD and a net property income of 5.18 billion HKD, reflecting a year-on-year decrease of 1.8% and 3.4% respectively [1][11] - The rental adjustment rate for retail properties in Hong Kong was reported at -6.4%, indicating ongoing challenges in the market [12] REITs Index Performance - The CSI REITs total return index fell by 0.89% this week, with the closing index at 810.2 points [14] - Year-to-date, the CSI REITs total return index has increased by 7.57% [2][14] REITs Secondary Market Performance - The secondary market for C-REITs showed a decline, with 9 REITs rising and 68 falling, resulting in an average weekly decline of 1.2% [3][16] - The logistics and industrial park REITs experienced a smaller decline compared to data center and affordable housing REITs, which saw larger pullbacks [16] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with top performers including Huaxia China Communications REIT at 9.7% and Ping An Guangzhou Guanghe REIT at 9.2% [5] - The price-to-net asset value (P/NAV) ratio for various REITs ranges from 0.7 to 1.8, indicating varying levels of valuation [5] Investment Recommendations - The report recommends focusing on high-quality, undervalued projects, particularly in high-energy cities, and considering the resilience of weak-cycle assets [5] - It also emphasizes the importance of monitoring original rights holders with strong asset reserves for future growth opportunities [5]