公募REITs周报（第47期）：指数承压下行，各板块普跌-20251221

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - Index Performance: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6]. - Market Capitalization and Turnover: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - Performance by Type: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - Trading Activity: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - Valuation Indicators: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - Comparison with Benchmarks: As of December 19, 2025, the dividend yield of equity REITs was 20BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].