公募 REITs 周度跟踪（2025.12.15-2025.12.19）：中核水电 REIT 认购倍数续创新高-20251220

Report Industry Investment Rating No relevant information provided. Core View of the Report - The REITs index declined unilaterally this week, with a 2.85% drop, and sectors such as transportation and affordable housing led the decline. The newly - listed Anbo Warehouse REIT broke its issue price on the first day, while the Huaxia Zhonghe Hydropower REIT was highly sought after, with an effective subscription multiple of 340.5 times, attracting over 100 billion yuan in funds. There are also signs of expansion on the asset side, and the policy environment continues to be favorable [3]. - As of December 19, 2025, 19 new REITs have been successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease. This week, 3 new issuance and 1 expansion of public REITs made progress [3]. Summary by Directory 1. Primary Market - This week, 3 new issuance public REITs made progress: Huaxia Anbo Warehouse REIT was listed, with a 10.16% drop on the first day; Huaxia Zhonghe Clean Energy REIT has been priced at 5.015 yuan per share, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT has been queried. One expansion public REIT, Huaxia Fund CR Land Youchao REIT, has its expansion shares listed [3][12][13]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 999.19 points this week, with a 2.85% decline, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. Year - to - date, the index has a 3.24% increase, underperforming the CSI 300 by 12.86 percentage points but outperforming the CSI Dividend by 4.99 percentage points. By project attribute, equity - based REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, sectors such as warehousing and logistics, parks, data centers, and consumption performed better [3]. 2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.42% respectively, with a change of - 0.15BP and + 4.98BP compared to last week. The trading volumes were 365 million and 140 million shares respectively, with a week - on - week increase of 0.42% and 13.47%. The data center sector had the highest activity, and the environmental protection and water services sector saw a significant increase in liquidity [24]. 2.3 Valuation - The affordable housing sector has a relatively high valuation. From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 4.18% and 5.26% respectively [25][27]. 3. This Week's News and Important Announcements 3.1 This Week's News - The China Securities Regulatory Commission emphasized promoting the high - quality development of the private equity fund industry, accelerating the pilot of commercial real estate REITs, and researching the launch of new key futures varieties. - Jinjiang International's subsidiary launched a tender for the fund manager, special plan manager, and financial advisor of a public REITs project. - The National Development and Reform Commission proposed to continue to expand the scope of infrastructure REITs and support more private investment projects to be listed [31]. 3.2 Important Announcements - Multiple REITs announced dividend plans, and some REITs had strategic placement shares lifted from restrictions. In addition, some REITs released their operation data, showing an increase in traffic volume and toll revenue [32][33].