行业周报：保障房REITs单周表现优异，发行市场保持活跃-20251228

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The REITs market is expected to continue to perform well due to the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as high-dividend, low-risk assets. The expectation of increased participation from social security and pension funds is likely to improve the cost-performance ratio of allocations in this sector, presenting good investment opportunities [5]. Market Overview - In the 52nd week of 2025, the CSI REITs (closing) index was 783.86, down 2.59% year-on-year but up 1.39% month-on-month. The CSI REITs total return index was 1014.8, up 5.3% year-on-year and up 1.56% month-on-month. Year-to-date, the CSI REITs index has increased by 3.63%, while the CSI 300 index has risen by 35.74%, resulting in an excess return of -32.11% [7][16][21]. Weekly Performance - The trading volume of the REITs market reached 711 million units, a year-on-year decrease of 20.29%. The trading amount was 3.135 billion yuan, down 11.11% year-on-year. The turnover rate for the period was 2.62%, a decrease of 2.82 percentage points year-on-year [5][28][30]. Sector Performance - In the 52nd week, the weekly performance of various REITs sectors was as follows: affordable housing REITs increased by 3.65%, while environmental, highway, industrial park, warehousing logistics, energy, and consumer REITs had weekly changes of -0.04%, +0.67%, +2.05%, +2.94%, -0.32%, and +0.32% respectively. Monthly performance showed affordable housing down by 0.83% and other sectors with varying declines [38][54]. Upcoming Listings - There are currently 15 REITs funds awaiting listing, indicating an active issuance market. Notably, the Huatai Sanxia Clean Energy REIT has had its initial application accepted, and the CICC Xiamen Torch Industrial Park REIT has been filed for its initial public offering [8].