——公募REITs月报：一级市场项目进展顺利，产业园区板块承压-20251204

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report The report analyzes the primary and secondary markets of public REITs in November 2025. In the primary market, the number of newly issued products decreased compared to the previous year, and there were multiple projects in different stages of the review process. In the secondary market, the REITs index declined, but market activity increased. There was significant differentiation in the performance of different sectors, with the industrial park sector experiencing the largest decline [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of November 30, 2025, 19 public REITs products were successfully issued this year, 5 fewer than the same period last year. One new product was established in November. There were 2 products in the declared state, 2 in the accepted state, 5 with exchange feedback, and 4 that passed the review in the past three months. Six REITs projects had their review status updated in November [3][10]. - Multiple projects, such as the AVIC China National Nuclear Corporation Energy REIT and the Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway REIT, entered different stages of the review process in November [11][13][14]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Size - As of November 30, 2025, the total market value of public REITs in the entire market was 219.885 billion yuan, a decrease of 692 million yuan from the previous month. The total circulating market value increased to 117.45 billion yuan, an increase of 7.068 billion yuan. The trading volume this month was 2.647 billion shares, an increase of 616 million shares from the previous month, indicating increased market trading activity [20]. 3.2.2 Price Changes and Volatility - In November 2025, the CSI REITs Total Return Index closed down 0.52%, and the CSI REITs (Closing) Index closed down 0.71%. It performed worse than the ChinaBond New Composite Wealth Index, the Dividend Index, and the CSI Convertible Bond Index but better than the CSI 300 Index [21]. - By project attribute, the weighted average monthly price change of franchise - type REITs was - 0.22%, outperforming the - 0.93% of property - type REITs. By underlying asset type, the transportation infrastructure sector led with a 0.56% increase, while the industrial park sector led the decline with a 2.43% monthly decrease [27]. - At the individual bond level, 20 REITs had a monthly increase of over 1%, with the Huaxia Capital First - Initiative Outlets REIT leading with a 4.75% increase. Three REITs had a decline of over 10%, including the Huatai Zijin Nanjing Jianye Industrial Park REIT with a 16.07% decline [28]. 3.2.3 Secondary Market News - In November 2025, the most significant phenomenon in the REITs secondary market was the deep adjustment of the industrial park infrastructure sector. Many projects had a monthly decline of over 10%. The decline of the Huatai Zijin Nanjing Jianye Industrial Park REIT was mainly due to the large - scale release of restricted shares and the low occupancy rate [32]. 3.2.4 Turnover and Valuation - In terms of monthly trading volume in November, industrial park infrastructure REITs ranked first with 836 million shares. In terms of average daily turnover rate, the new infrastructure sector led with 0.93% [34]. - As of November 30, 2025, the average cash distribution rate of property - type REITs was 4.65% (the energy infrastructure category was the highest at 9.50%), and that of franchise - type REITs was 8.21% (the transportation infrastructure category was the highest at 9.03%). The ChinaBond REITs valuation yield (IRR) of property - type REITs was 4.04%, lower than the 4.28% of franchise - type REITs. The PV multiplier of property - type REITs (1.25) was higher than that of franchise - type REITs (1.21) [3][35]. 3.3 Monthly Report Appendix The appendix provides a summary of the issuance dynamics of REITs in the primary market in the past three months, including the names, asset types, application types, project statuses, update dates, acceptance dates, and listing exchanges of multiple projects [41].