公募REITs周速览（2025 年 12 月 15-19 日）：关注本息拆分扰动后的高速公路

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market sentiment of REITs was weak this week, with the CSI REITs Total Return Index falling 2.85% to the level at the beginning of 2025, and Huaxia Anbo Warehouse REIT breaking its issue price on the first - day of listing [1][12]. - All REITs assets fell across the board in the secondary market, with the traffic facilities sector dropping the most (-4.48%) and the warehousing and logistics sector dropping the least (-1.53%). Only 2 individual bonds rose, and the trading activity marginally increased but remained weak [1][21]. - In the primary market, the subscription multiple of Huaxia Zhonghe Clean Energy REIT reached a new high, with a net price of 5.015 yuan per share and expected to raise 1.5045 billion yuan [6][48]. 3. Summary According to Related Catalogs 3.1 Secondary Market: All Assets Fell Across the Board, and Trading Sentiment Remained Low - Overall Market Performance: The CSI REITs Total Return Index closed at 999.19 points this week, down 2.85% weekly. Huaxia Anbo Warehouse REIT broke its issue price on the first - day of listing, closing down 10.16%. The market sentiment was very weak [1][12]. - Sector Performance - Traffic Facilities: Down 4.48%, affected by the "principal - interest split" topic and year - end investment performance assessment. After the assessment disturbance, over - fallen projects may rebound. Attention should be paid to roads with stable asset operations and good peripheral road network drainage effects, such as Huatai Jiangsu Expressway, Huaxia Nanjing Traffic Expressway, and Huaxia China Communications Construction [2][24][26]. - Municipal and Environmental Protection: Down 2.43%, mainly dragged down by Jinan Energy Heating and Shaoxing Raw Water, possibly affected by the "principal - interest split" issue. Jinan Energy Heating REIT can be concerned [3][28]. - Data Center (IDC): Down 1.90%. The dynamic distribution rates of Runze Technology Data Center and Wanguo Data Center are 3.87% and 3.45% respectively, and they can be operated according to the AI computing power sector market trend [3][31]. - Rental Housing: Down 2.5%, with all 8 individual bonds falling. The sector is liquid, and after significant adjustments, it is a good trading window. The current distribution rate is 3.26%, and China Resources Youchao also has certain participation value [3][33]. - Industrial Park: Down 1.8%, with destocking pressure still existing. High - distribution - rate individual bonds need cautious judgment. Although China - Jinchongqing Liangjiang fell the most this week, it can still be concerned. There are also restricted shares unlocking in December [5][37]. - Individual Bond Performance: Only Hua'an Waigaoqiao (+1.34%) and Boshi Jinkai Industrial Park (+0.08%) rose, and the other 76 individual bonds fell [21]. - Trading Activity: The trading activity marginally increased but remained weak, with the average daily trading volume of 443 million yuan, the average daily trading volume of 101 million shares, and the average daily turnover rate of 0.37%, up 2.94%, 10.50%, and 0.01pct respectively [43]. 3.2 Primary Market: The Subscription Multiple of Huaxia Zhonghe Clean Energy REIT Reached a New High - Huaxia Zhonghe Clean Energy REIT: Completed the inquiry on December 17, 2025, with an inquiry range of 3.356 - 5.033 yuan per share, a final subscription price of 5.015 yuan per share, and expected to raise 1.5045 billion yuan. The project evaluation value is 1.253 billion yuan, with a premium rate of 20%. The subscription multiple of offline investors reached 340.47 times, setting a new high, and it will be officially issued on December 22, 2025 [6][48]. - Project Progress: As of December 19, 2025, 1 project has entered the issuance stage after inquiry, 8 projects have received feedback from the exchange, 3 projects have been accepted by the exchange, and 2 projects have been declared to the exchange [7][53][54].