公募基础设施REITs周报-20251130

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents a weekly analysis of public - offering infrastructure REITs from November 24 to November 28, 2025, including secondary - market price - volume performance, valuation, market correlation, and primary - market tracking [1][2]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Various REITs' performance data are provided, including weekly return, year - to - date return, turnover rate, trading volume, etc. For example, in the warehousing and logistics sector, the weekly return of Hongtu Innovation Yantian Port REIT was 1.24%, and the year - to - date return was - 1.07% [9]. 3.2 Secondary - market Valuation Situation 3.2.1 Valuation of Equity - type REITs - As of this Friday, the top three products in terms of internal rate of return (IRR) are E Fund Guangzhou High - tech Industrial Park REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia HeDa High - tech REIT, with corresponding IRRs of 8.74%, 8.45%, and 7.66% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are CJGX Shounong REIT, E Fund Guangzhou High - tech Industrial Park REIT, and CICC Hubei KeTou Optics Valley REIT [19][20][21]. 3.2.2 Valuation of Concession - type REITs - As of this Friday, the top three products in terms of IRR are Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.46%, 9.45%, and 6.94% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are E Fund Shenzhen Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT [22][23][24]. 3.3 Market Correlation Statistics - At the level of the correlation coefficient between REITs and major asset classes, this week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20. The correlation coefficients between REITs and other major asset classes such as CSI 300, ChiNext Index, etc., are also provided. Different types of REITs have different correlation coefficients with major asset classes [25][26]. 3.4 Primary - market Tracking - As of November 28, 2025, there are 12 REIT products still in the exchange acceptance stage and 1 in the passed - to - be - listed state. This week, Dongfanghong Tunnel Road Expressway REIT and Ping An Xi'an High - tech Industrial Park REIT were submitted to the exchange [28][29].