公募REITs周度跟踪（2025.12.1-2025.12.5）：新版行业清单出炉，基础设施REITs再扩围！-20251206

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report - This week, the bond market adjusted significantly, and the REITs market was under pressure. It only briefly recovered on Wednesday, and declined for the remaining four trading days, with significantly reduced liquidity. All sectors fell, except for the data center sector, which rose against the trend. The data center assets still have great potential due to the continuous fermentation of the computing power concept [3]. - The policy has continued to make breakthroughs. The National Development and Reform Commission has included sports stadiums, business - tourism - culture - sports - health commercial complexes, hotels, commercial office facilities, and urban renewal facilities in the scope of infrastructure REITs projects. The CSRC emphasized the steady development of REITs during the 15th Five - Year Plan, injecting confidence into the industry [3]. 3. Summary According to the Directory 3.1 Primary Market - This week, 1 new public offering of a public REITs made progress: Ping An Xi'an High - tech Industrial Park REIT has been accepted, with underlying assets in the Software New City of Xi'an High - tech Zone and an estimated value of 1.36 billion yuan. Also, 1 expansion of a public REITs made progress: Huaxia Fund China Resources Youchao REIT expanded its share offering, raising an expected total of 1.1385 billion yuan [3]. - As of December 5, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 35.8% [3]. 3.2 Secondary Market 3.2.1 Market Review - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1031.50 points, a decline of 0.85%, underperforming the CSI 300 by 2.13 percentage points and the CSI Dividend Index by 1.07 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 6.57%, underperforming the CSI 300 by 9.94 percentage points and outperforming the CSI Dividend Index by 6.99 percentage points [3]. - In terms of project attributes, equity - type REITs fell 0.64% this week, and concession - type REITs fell 1.39%. In terms of asset types, the data center (+0.44%), environmental protection and water services (-0.09%), warehousing and logistics (-0.24%), and energy (-0.26%) sectors performed well [3]. 3.2.2 Liquidity - The average daily turnover rates of equity - type and concession - type REITs this week were 0.36% and 0.33% respectively, down 14.73 and 13.65 basis points from last week. The trading volumes this week were 349 million and 112 million shares respectively, a week - on - week decrease of 28.72% and 28.99% [3][24]. - The data center sector was the most active. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity - type and concession - type REITs are 4.01% and 4.40% respectively. The warehousing and logistics (5.59%), transportation (5.32%), and park (4.85%) sectors rank among the top three [3]. 3.3 This Week's News and Important Announcements 3.3.1 News - On December 1, 2025, the National Development and Reform Commission issued the "2025 Edition of the Industry Scope List of Infrastructure Real Estate Investment Trust (REITs) Projects", including sports stadiums, business - tourism - culture - sports - health commercial complexes, four - star and above hotels, commercial office facilities, and urban renewal facilities [32]. - On December 5, 2025, CSRC Chairman Wu Qing mentioned in an article in People's Daily that REITs will be steadily developed during the 15th Five - Year Plan [32]. 3.3.2 Announcements - There were multiple announcements, including the lifting of the ban on strategic placement shares of several REITs, operation data announcements, expansion announcements, and dividend announcements [33][34].