REITs周度观察（20251208-20251212）：二级市场价格继续下跌，市场交投热情环比下降-20251213

1. Report Industry Investment Rating - No industry investment rating is provided in the content 2. Core View of the Report - From December 8 to December 12, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. Compared with other mainstream asset classes, REITs ranked fourth in terms of return [1][11]. - The price trends of equity - based and concession - based REITs diverged this week, with equity - based REITs rising and concession - based REITs falling. Among different underlying asset types, municipal facilities REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The overall market trading enthusiasm decreased compared with last week [2][24]. - There were no new REIT products listed on the primary market this week, but the project status of 2 REIT products was updated [4] 3. Summary According to the Directory Secondary Market Price Trends - At the major asset level: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 797.54 and 1028.5 respectively, with weekly returns of - 0.45% and - 0.29%. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. The return ranking from high to low was: gold > A - shares > pure bonds > REITs > convertible bonds > US stocks > crude oil [11]. - At the underlying asset level: The price trends of equity - based and concession - based REITs diverged. Equity - based REITs rose with a weighted index of 153.42 and a return of 0.03%, while concession - based REITs fell with a weighted index of 127.01 and a return of - 0.76%. Among different underlying asset types, municipal facilities REITs had the largest increase, followed by water conservancy facilities and new infrastructure - type REITs, with returns of 2.09%, 1.09% and 0.94% respectively [16][17]. - At the single - REIT level: Among the 77 REITs, 34 rose, 2 were flat, and 41 fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 7.33%, 5.07% and 5.06% respectively. The top three in terms of decline were Huaxia Nanjing Traffic Expressway REIT, Zheshang HuHangYong REIT, and CICC Liandong Kechuang REIT, with declines of 5.44%, 4.71% and 2.08% respectively [1][23]. Transaction Volume and Turnover Rate - At the underlying asset level: The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The average daily turnover rate of all listed REITs during the week was 0.45%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, park infrastructure, and consumer infrastructure, with trading volumes of 555 million, 368 million, and 350 million yuan respectively. In terms of turnover rate, the top three were new infrastructure, ecological and environmental protection, and municipal facilities, with turnover rates of 0.87%, 0.52% and 0.49% respectively [24]. - At the single - REIT level: The performance of single - REIT trading volume and turnover rate continued to diverge. In terms of trading volume, the top three were Huaxia China Expressway REIT, CICC Puluosi REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 19 million, 19 million, and 16 million shares respectively. In terms of transaction amount, the top three were Huaxia China Resources Commercial REIT, Huaxia China Expressway REIT, and Zheshang HuHangYong REIT, with transaction amounts of 123 million, 104 million, and 92 million yuan respectively. In terms of turnover rate, the top three were CICC Chongqing Liangjiang REIT, CITIC Construction Shenyang International Software Park REIT, and China Merchants Science and Technology REIT, with turnover rates of 7.76%, 7.36% and 4.88% respectively [27]. Main Force Net Inflow and Block Trade Situation - Main force net inflow situation: The total net inflow of the main force this week was 3.06 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow during the week were new infrastructure, transportation infrastructure, and warehousing and logistics, with net inflows of 6.09 million, 3.95 million, and 3.09 million yuan respectively. Among single - REITs, the top three in terms of net inflow were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Expressway REIT, with net inflows of 8.32 million, 5.7 million, and 3.91 million yuan respectively [30]. - Block trade situation: The total block - trade amount this week reached 23.5 million yuan, a decrease compared with last week. There were block - trade transactions on 3 trading days, with a total block - trade amount of 23.5 million yuan. The block - trade transaction amount on Monday (December 8, 2025) was the highest during the period, at 9.99 million yuan. Among single - REITs, the top three in terms of block - trade transaction amount were GF Chengdu Gaotou Industrial Park REIT, Huaxia China Resources Commercial REIT, and Southern SF Logistics REIT, with transaction amounts of 9.99 million, 7.15 million, and 6.36 million yuan respectively, and corresponding average discount - premium rates of - 1.04%, - 0.71% and - 0.33% respectively [32]. Primary Market Listed Projects - As of December 12, 2025, the number of China's public REIT products reached 77, with a total issuance scale of 199.301 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, at 68.771 billion yuan, followed by park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan [36]. - No new REIT products were listed this week [38]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 21 REITs in the to - be - listed state, including 14 initial - offering REITs and 7 to - be - expanded REITs. This week, the project status of Boshi Shandong TieTou Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and the project status of Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "approved" [41].