公募REITs周报（第45期）：整体下跌，成交回落-20251207

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the REITs index fell 1.0% throughout the week, with average weekly price changes of -0.8% for equity - type REITs and -1.1% for franchise - type REITs. In terms of the weekly price changes of major indices, CSI 300 > CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index. As of December 5, 2025, the dividend yield of equity - type REITs was 14 BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 274 BP. After nearly five months of continuous volatile corrections, the allocation value of current REITs has been significantly enhanced [1]. Summary by Relevant Catalogs Secondary Market Trends - As of December 5, 2025, the closing price of the CSI REITs (closing) index was 801.18 points, with a price change of -1.0% for the week (December 1 - 5, 2025), performing worse than the CSI 300 index (+1.3%), the CSI Convertible Bond Index (+0.1%), and the CSI Aggregate Bond Index (-0.3%). Year - to - date, the price change rankings of major indices were: CSI 300 (+16.5%) > CSI Convertible Bond Index (+16.3%) > CSI REITs Index (+1.5%) > CSI Aggregate Bond Index (+0.4%) [2][6]. - In the past year, the return rate of the CSI REITs index was 4.9%, with a volatility of 7.5%. The return rate was lower than that of the CSI 300 index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The total market value of REITs on December 5 was 217.8 billion yuan, a decrease of 2.1 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.37%, a decrease of 0.13 percentage points from the previous week [2][8]. - Except for water conservancy facilities and new infrastructure, other types of REITs declined. In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were -0.8% and -1.1% respectively. In terms of different project types, the top three REITs in terms of weekly price increases were Huaxia Fund CR Land Youchao REIT (+2.12%), E Fund Shenzhen Expressway REIT (+1.18%), and Huatai Nanjing Jianye REIT (+1.08%) [3][12][16]. - New infrastructure REITs had the highest trading activity. New infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.6%; transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 26.2% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia CR Land Commercial REIT (9.1 million yuan), CICC Anhui Expressway REIT (6.83 million yuan), and Southern Runze Technology Data Center REIT (5.27 million yuan) [3][17][18]. Primary Market Issuance - From the beginning of the year to December 5, 2025, there were 3 REIT products in the exchange at the accepted stage, 1 at the declared stage, 2 at the in -quired stage, 5 at the feedback stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were already listed [20]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs was 6.39% as of December 5. From the equity perspective, the relative net asset value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. Different project types of REITs had different values for these indicators [22]. - Equity - type REITs and franchise - type REITs had significant differences in asset rights, income sources, term characteristics, and risk characteristics. As of December 5, 2025, the dividend yield of equity REITs was 14 BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 274 BP [25]. Industry News - China Securities Regulatory Commission Chairman Wu Qing stated that REITs should be steadily developed during the "15th Five - Year Plan" period. This indicates that REITs development will face new opportunities [4][31]. - The first urban renewal - type REITs in China was launched in Beijing Yizhuang, with a scale of 753 million yuan. The underlying assets included Borun Industrial Park and the Economic Development Zone Auto Parts Industrial Park [4][31]. - Huaxia Fund announced the expansion and issuance of Huaxia Fund CR Land Youchao REIT, which was the second approved affordable rental housing REIT expansion project in China. The expansion adopted the original holder placement method, with a placement ratio of 0.9 shares for every 1 share of the fund, and the price was set at 2.53 yuan per share, with an estimated total raised funds of 1.1385 billion yuan [4][31].