行业周报：REITs市场单周各板块均有所回调，发行市场保持活跃-20251221

Investment Rating - The industry investment rating is maintained as "Positive" [2][5] Core Views - The REITs market experienced a weekly pullback across all sectors, but the issuance market remains active. The China Securities REITs (closing) index was 773.15, down 1.66% year-on-year and down 3.06% month-on-month. The China Securities REITs total return index was 999.19, up 5.09% year-on-year but down 2.85% month-on-month. The trading volume for the REITs market reached 521 million shares, a year-on-year decrease of 30.99%, with a transaction value of 2.302 billion yuan, down 20.73% year-on-year [5][7][28]. Summary by Sections Market Review - The China Securities REITs (closing) index decreased by 3.06% month-on-month, with a year-to-date increase of 2.21%. The index has underperformed the CSI 300 index, which has increased by 33.14%, resulting in an excess return of -30.93% [16][21]. Weekly Tracking - The REITs market trading volume for the week was 521 million shares, down 30.99% year-on-year, and the transaction value was 2.302 billion yuan, down 20.73% year-on-year. The turnover rate for the week was 1.95%, a decrease of 2.66 percentage points year-on-year [28][32]. Sector Performance - Weekly performance for various REITs sectors showed declines: affordable housing REITs down 4.31%, environmental REITs down 0.96%, highway REITs down 5.20%, industrial park REITs down 1.62%, warehousing and logistics REITs down 1.40%, energy REITs down 3.13%, and consumer REITs down 2.02%. Monthly performance also reflected declines across these sectors [39][56]. Issuance Tracking - There are currently 14 REITs funds awaiting listing, with the issuance market remaining active. Notable applications include the Huatai Sanxia Clean Energy REIT and the E Fund Guangxi Beitou Highway REIT [8][60].