REITs 周度观察（20251215-20251219）：二级市场价格跌幅较大，市场交投热情环比下降-20251220

Report Industry Investment Rating - No information provided regarding the report industry investment rating Core Viewpoints of the Report - From December 15 to December 19, 2025, the secondary - market prices of China's listed public REITs showed a continuous daily decline. The weighted REITs index had a weekly return of - 2.74%. Compared with other mainstream asset classes, REITs had relatively poor performance [1][11]. - Both property - right and franchise - based REITs declined, with returns of - 2.05% and - 3.83% respectively. All types of REITs by underlying asset type declined, with the ecological and environmental protection - type REITs having the smallest decline [16][17]. - After excluding the newly - listed Huaxia Anbo Warehouse REIT, 2 REITs rose and 75 declined in the secondary market. The trading volume, turnover, and net inflow of main funds of REITs showed differentiation [20][25][28]. - In the primary market, Huaxia Anbo Warehouse REIT was listed on December 19, 2025, and the project status of 2 REIT products was updated [4] Summary by Relevant Catalogs Secondary Market Price Trends - At the major asset level: The secondary - market prices of China's listed public REITs declined continuously. The weekly returns of the CSI REITs (closing) and CSI REITs total return indexes were - 3.06% and - 2.85% respectively, and the weighted REITs index had a return of - 2.74%. Among major asset classes, the return ranking from high to low was convertible bonds > gold > US stocks > pure bonds > A - shares > crude oil > REITs [11]. - At the underlying asset level: Property - right and franchise - based REITs both declined, with returns of - 2.05% and - 3.83% respectively. By underlying asset type, ecological and environmental protection - type REITs had the smallest decline, and the top three in terms of return were ecological and environmental protection, warehousing and logistics, and industrial park types, with returns of - 0.94%, - 1.52%, and - 1.82% respectively [16][17]. - At the single - REIT level: After excluding the newly - listed Huaxia Anbo Warehouse REIT, 2 REITs rose and 75 declined. The rising REITs were Huaan Waigaoqiao REIT and Boshi Jinkai Industrial Park REIT, with increases of 1.34% and 0.08% respectively. The top three in terms of decline were Huaxia Yuexiu Expressway REIT, Huatai Jiangsu Expressway REIT, and CICC Shandong Expressway REIT, with declines of 7.1%, 6.9%, and 6.5% respectively [20]. Trading Volume and Turnover Rate - At the underlying asset level: The total trading volume of public REITs this week was 2.3 billion yuan, and the water conservancy facilities - type REITs had the highest average daily turnover rate during the period. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and warehousing and logistics types, with trading volumes of 597 million, 372 million, and 357 million yuan respectively. The top three in terms of average daily turnover rate were water conservancy facilities, new - type infrastructure, and warehousing and logistics types, with rates of 0.89%, 0.68%, and 0.67% respectively [23]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were CICC Puluosi REIT, Huaxia China Communications Construction REIT, and Huaxia Anbo Warehouse REIT, with trading volumes of 24 million, 20 million, and 16 million shares respectively. The top three in terms of trading amount were Huaxia China Communications Construction REIT, Huaxia China Resources Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 104 million, 99 million, and 88 million yuan respectively. The top three in terms of turnover rate were Huaxia Anbo Warehouse REIT, CITIC Construction Shenyang International Software Park REIT, and Huatai Nanjing Jianye REIT, with turnover rates of 13.02%, 8.52%, and 5.61% respectively [25]. Net Inflow of Main Funds and Block Trading - Net inflow of main funds: The total net inflow of main funds this week was - 1.39 million yuan, indicating a decline in market trading enthusiasm compared with last week. By underlying asset type, the top three in terms of net inflow of main funds were warehousing and logistics, new - type infrastructure, and affordable rental housing types, with net inflows of 6.38 million, 6.29 million, and 5.06 million yuan respectively. At the single - REIT level, the top three in terms of net inflow of main funds were Southern Runze Technology Data Center REIT, Huatai Jiangsu Expressway REIT, and China Merchants Expressway REIT, with net inflows of 7.45 million, 6.71 million, and 4.22 million yuan respectively [28]. - Block trading: The total block - trading amount this week reached 169.27 million yuan, a decrease compared with last week. There were block - trading transactions on 5 trading days, with the highest single - day block - trading amount on December 18, 2025, reaching 64.67 million yuan. The top three in terms of block - trading amount were CICC Liandong Science and Technology Innovation REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia China Communications Construction REIT, with amounts of 39.17 million, 24.78 million, and 20 million yuan respectively, and corresponding average discount/premium rates of 0.06%, - 2.20%, and - 3.23% respectively [30]. Primary Market Listed Projects - As of December 19, 2025, the number of China's public REIT products reached 78, with a total issuance scale of 201.749 billion yuan. By underlying asset type, the transportation infrastructure - type had the largest issuance scale, reaching 68.771 billion yuan, followed by the industrial park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan. - This week, Huaxia Anbo Warehouse REIT was listed on December 19, 2025, with an issuance scale of 2.448 billion yuan and an underlying asset type of warehousing and logistics [34]. Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there are 20 REITs in the to - be - listed state, including 14 initial - offering REITs and 6 to - be - expanded - offering REITs. - This week, the project status of Huatai Three Gorges Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and that of E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received" [40][41].