公募REITs周报（第48期）：市场先抑后扬，保障房领涨-20251228

Report Industry Investment Rating No information provided on the report industry investment rating Core Viewpoints - This week, the REITs market initially declined and then rebounded, showing an overall upward trend. The China Securities REITs Index rose by 1.4% for the week, with the affordable housing, industrial park, and warehousing and logistics sectors leading the gains [1]. - As of December 26, 2025, the dividend yield of equity - type REITs was 104 basis points 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 352 basis points [1]. Summary by Directory Secondary Market Trends - As of December 26, 2025, the closing price of the China Securities REITs (closing) Index was 783.86 points, with a weekly increase of 1.4% from December 22 to December 26, 2025. It underperformed the CSI 300 Index (+1.9%) and the CSI Convertible Bond Index (+1.6%), but outperformed the CSI All - Bond Index (+0.1%). Year - to - date, the ranking of the major indices' returns was: CSI Convertible Bond (+19.0%) > CSI 300 (+18.4%) > CSI All - Bond (+0.8%) > China Securities REITs (-0.7%) [2][6]. - In the past year, the return of the China Securities REITs Index was 0.6%, with a volatility of 7.9%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI All - 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 All - Bond Index. The total market capitalization of REITs on December 26 was 219.9 billion yuan, an increase of 5.9 billion yuan from the previous week. The average daily turnover rate for the week was 0.52%, an increase of 0.14% from the previous week [2][8]. - Most sectors closed up, with affordable housing, industrial park, and warehousing and logistics REITs leading the gains. The average weekly returns of equity - type REITs and concession - type REITs were +1.8% and +1.0% respectively. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+7.86%), China Asset Management Huaxin Runyouchao REIT (+5.99%), and Bosera Tianjin Binhai New Area Industrial Park REIT (+5.94%) [3][16][21]. - Among different project types, water conservancy facilities REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.6%. Industrial park infrastructure REITs had the highest trading volume share this week, accounting for 22.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Asset Management Huaxin Commercial REIT (44.39 million yuan), China Asset Management Anbo Warehousing REIT (22.27 million yuan), and Harvest Yum China Consumption REIT (12.84 million yuan) [3][23][24]. Primary Market Issuance - From the beginning of the year to December 26, 2025, there were 4 REITs products in the exchange at the "accepted" stage, 2 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 15 first - issued products that had passed and were listed [26]. Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of December 26, the average annualized cash distribution rate of public REITs was 6.06%. Different valuation indicators were used from the bond - like and stock - like perspectives [28]. - The relative net value premium/discount rate, IRR, and P/FFO were used to assess the valuation of REITs. Different project types had different valuation levels and annualized dividend rates. For example, the relative net value premium rate of affordable housing REITs was 39.9%, and the P/FFO was 38.6 [30]. - As of December 26, 2025, the dividend yield of equity REITs was 104 basis points 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 352 basis points [32]. Industry News - Two departments including the National Development and Reform Commission support eligible concentrated solar power projects to issue REITs. On December 23, the National Development and Reform Commission and the National Energy Administration jointly issued the "Several Opinions on Promoting the Large - scale Development of Concentrated Solar Power" [38]. - Eight departments including the People's Bank of China released news focusing on the construction of corridor infrastructure and coordinating the use of diversified financing channels such as REITs [38]. - The first Torch Industrial Park REITs was successfully declared. As shown in the public information of the Shenzhen Stock Exchange, the CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund was officially declared on December 26 [38].