C-REITs周报：东久新经济扩募上市，证监会称正稳步推进商业不动产REITs试点-20251228

Investment Rating - The investment rating for the industry is maintained as "Add" [5] Core Insights - The C-REITs market is showing signs of recovery, with notable performance in the affordable housing and industrial park sectors, while municipal water conservancy and energy infrastructure sectors have seen declines [2][11] - The total market capitalization of listed REITs is approximately 215.53 billion yuan, with an average market cap of about 2.8 billion yuan per REIT [2][11] - The report highlights three main investment strategies: focusing on policy-driven themes, recognizing the market's acknowledgment of the benefits of affordable housing, and monitoring the expansion of REITs alongside new issuances [3] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 1.56% this week, closing at 1014.8 points, while the CSI REITs closing index rose by 1.39% to 783.9 points [1][9] - Year-to-date, the CSI REITs total return index has risen by 4.85%, while the closing index has decreased by 0.72% [1][9] C-REITs Secondary Market Performance - The secondary market for C-REITs has shown a recovery trend, with 67 out of 78 listed REITs experiencing price increases this week, averaging a weekly gain of 1.61% [2][11] - The best-performing sectors this week include warehousing logistics, industrial parks, and affordable housing, while municipal water conservancy and energy infrastructure sectors faced declines [2][11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (10.8%), Huaxia China Communications Construction REIT (10%), and E Fund Guangkai Industrial Park REIT (8.8%) [3] - Price-to-NAV ratios range from 0.7 to 1.7, with the highest being Huaxia Anbo Warehousing REIT, Zhongjin Xiamen Anju REIT, and Jiashi Wumei Consumption REIT, all at 1.7 [3]