公募REITs周度跟踪：中核水电REIT认购倍数续创新高-20251220

Report Title - "2025 December 20th: Subscription Multiple of CNNC Hydropower REIT Hits New High - Weekly Tracking of Publicly Offered REITs (2025.12.15 - 2025.12.19)" [1] Report Industry Investment Rating - Not provided in the content. Core Viewpoints - This week, the REITs index fell unilaterally, with transportation and affordable housing leading the decline. Newly - listed products were under pressure, but CNNC Hydropower REIT was highly sought after by funds. The asset side showed signs of expansion, and the policy side continued to support the REITs market [3]. - As of December 19, 2025, 19 REITs were successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease [3]. Summary by Directory 1. Primary Market: Three First - time Issued Publicly Offered REITs Made New Progress - This year, 19 REITs were successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, and 1 in November), with a scale of 38.8 billion yuan, down 40.0% year - on - year [3]. - This week, three first - time issued REITs made new progress: Huaxia Anbo Warehouse REIT was listed with a 10.16% drop on the first day; Huaxia CNNC Clean Energy REIT was priced at 5.015 yuan per share after inquiry, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT was under inquiry [3][13]. - One REIT for expansion made new progress: The expanded shares of Huaxia Fund CR Land Youchao REIT were listed, with the ex - right effective date on December 16 [3][14]. 2. Secondary Market: The Index Fell This Week 2.1 Market Review: The CSI REITs Total Return Index Fell 2.85% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 999.19 points, down 2.85%, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 3.24%, underperforming the CSI 300 by 12.86 percentage points and outperforming the CSI Dividend by 4.99 percentage points [3]. - By property type, equity REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, the warehouse logistics, park, data center, and consumption sectors performed better [3]. 2.2 Liquidity: The Liquidity of the Environmental Protection and Water Services Sector Increased Significantly - The average daily turnover rates of equity/concession - based REITs this week were 0.37%/0.42%, down 0.15BP/up 4.98BP compared with last week. The trading volumes during the week were 365 million/140 million shares, up 0.42%/13.47% week - on - week. The data center sector was the most active [3][26]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to ChinaBond valuation yields, the yields of equity/concession - based REITs were 4.18%/5.26%, with the transportation, warehouse logistics, and park sectors ranking top three [3]. 3. This Week's Important News and Announcements 3.1 This Week's News - On December 15, 2025, the CSRC emphasized promoting the high - quality development of the private equity fund industry, implementing the pilot of commercial real estate REITs as soon as possible, and researching and launching new key futures varieties [34]. - Also on December 15, Shanghai Jinjiang Asset Management Co., Ltd. launched the tender for the public REITs project, which may indicate the upcoming first hotel REIT [34]. - On the same day, Huatai Baowan Logistics REIT announced an expansion plan, planning to purchase four new infrastructure projects [34]. - On December 16, the National Development and Reform Commission proposed to play the role of new policy - based financial instruments, infrastructure REITs, and inclusive loans to stimulate investment vitality [34]. - On December 18, the National Development and Reform Commission proposed to continuously expand the scope of infrastructure REITs during the 15th Five - Year Plan period and support more private investment projects to be listed [34]. 3.2 Important Announcements - Multiple REITs announced dividend plans this week, including Zheshang Hu杭Yong REIT, Huatai Baowan Logistics REIT, etc. [35][36] - Some REITs announced the lifting of the ban on strategic placement shares, including China Merchants Science and Technology Innovation REIT, Huaxia Beijing Affordable Housing REIT, etc. [36] - Some REITs announced their operation data for November 2025, including Huatai Jiangsu Expressway REIT, Huaxia China Communications Construction Expressway REIT, etc. [36]