行业周报：稳步发展REITs和资产证券化，发行市场保持活跃-20251207

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates and the expectation of increased allocations from social security and pension funds [5][6] - The market remains active with 13 REITs funds waiting to be listed, indicating a robust issuance market [8][5] Market Overview - As of the 49th week of 2025, the CSI REITs (closing) index was 805.28, up 3.02% year-on-year but down 0.47% month-on-month; the CSI REITs total return index was 1031.5, up 11.22% year-on-year but down 0.85% month-on-month [5][21] - The trading volume of the REITs market reached 461 million shares, a year-on-year decrease of 34.14%, with a transaction value of 1.962 billion yuan, down 23.86% year-on-year [27][5] Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing down 0.51%, environmental down 0.47%, highways down 1.12%, industrial parks down 0.95%, warehousing and logistics down 0.48%, energy down 0.14%, and consumer REITs down 1.07% [38][5] - Monthly performance also reflected declines across sectors, with affordable housing down 0.25% and other sectors showing similar trends [38][5] Regulatory Developments - The National Development and Reform Commission issued a notice on the 2025 version of the industry scope list for infrastructure REITs, emphasizing that project initiators must be independent legal entities engaged in relevant business [6][14] - The China Securities Regulatory Commission is focused on deepening capital market reforms and enhancing the attractiveness and competitiveness of the capital market, which includes the steady development of REITs and asset securitization [6][14]