公募REITs周报（2025.12.22-2025.12.28）：公募REITs市场小幅上涨，国泰海通东久新经济REIT扩募份额上市-20251229

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, the public - offering REITs market rose slightly, with an increase in trading volume. The indices of property - type and franchise - type public - offering REITs both increased. Most public - offering REIT products rose this week [2][5][11]. - As of December 26, 2025, a total of 79 public - offering REITs have been issued, with a total issuance scale of 203.374 billion yuan. 20 public - offering REITs have been issued since 2025, and there are 28 public - offering REIT funds waiting to be listed, which is expected to expand the market [32][34][42]. - In the context of the asset shortage, public - offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [5][42]. 3. Summary According to the Directory 3.1 Secondary Market: Public - Offering REITs Market Rose Slightly This Week - Index performance: As of December 26, 2025, the CSI REITs index rose 1.39% to 783.86 compared with last week, and the CSI REITs total return index was 1014.80, up 1.56% from last week [11]. - Trading volume: The total trading volume of the REITs market this week was 711 million units, a week - on - week increase of 36.47%. The trading amount was 3.135 billion yuan, a week - on - week increase of 36.19%. The interval turnover rate this week was 2.62%, compared with 1.95% last week [13]. - Sub - index performance: The indices of property - type and franchise - type public - offering REITs both rose, increasing by 1.63% and 3.23% respectively. Among property - type REITs, the sub - types such as affordable rental housing, warehousing and logistics all rose; among franchise - type REITs, municipal facilities and water conservancy facilities decreased, while energy infrastructure, transportation infrastructure, and ecological environmental protection increased [14][18]. - Trading volume and turnover of different types: The trading volumes of different types of public - offering REITs all increased, with significant increases in some types. The daily average turnover rates of some types also increased [22][23]. - Single - target performance: Most of the 78 public - offering REIT products rose, with 63 rising and 15 falling. Some products had relatively high turnover rates and trading volumes [26]. 3.2 Primary Market: 28 Public - Offering REIT Funds Waiting to Be Listed - Issuance situation: As of December 26, 2025, a total of 79 public - offering REITs have been issued, with a total issuance scale of 203.374 billion yuan. 20 public - offering REITs have been issued since 2025, and one was newly issued in November 2025, with a scale of 1.505 billion yuan [32]. - Pending listing: There are 28 public - offering REIT funds waiting to be listed, including 15 initial offerings and 13 expansions. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, 5 have been accepted, and 2 have been reported. By type, there are different numbers of projects in different sub - categories [34]. 3.3 Public - Offering REITs Policies and Market Dynamics - Dividend information: CICC Puluoshi REIT announced its fourth dividend in 2025, with a cash dividend of 0.4335 yuan per 10 shares. CITIC Construction Investment State Power Investment New Energy REIT had its first dividend, with 1.587 yuan per 10 shares [37][38][39]. - Listing information: On December 26, the additional shares of Guotai Haitong Dongjiu New Economy REIT were listed on the Shanghai Stock Exchange, with 119.3 million additional shares, an issue price of 3.582 yuan per share, and a total raised funds of 427.2 million yuan [40]. 3.4 Investment Recommendations - Market trends: This week, the REITs index rose slightly, and the trading amount of the public - offering REITs market increased. The indices of property - type and franchise - type public - offering REITs rose, with only water conservancy facilities and municipal facilities REITs falling. - Future outlook: The additional shares of Guotai Haitong Dongjiu New Economy REIT were listed this week. 20 public - offering REITs have been issued this year, with a total scale of over 30 billion yuan. 28 REIT funds are waiting to be listed, and the market is expected to continue to expand. - Investment suggestion: In the context of the asset shortage, public - offering REITs have high dividends and medium - low risks, with a relatively high allocation cost - performance [5][42].