C-REITs周报：2025年经历牛熊切换，年末政策组合包为2026年新征程助力-20260104

Investment Rating - The report maintains an "Increase" rating for the industry [6] Core Insights - The C-REITs market is experiencing a transition between bull and bear phases, with a policy package at the end of 2025 aimed at supporting the new journey in 2026 [1] - The overall performance of the C-REITs secondary market has shown a downward trend, with specific sectors like warehousing logistics performing better compared to municipal water conservancy and affordable housing, which faced larger declines [2][12] - The report highlights the importance of policy themes and the timing of investments in high-quality, undervalued projects, particularly in high-energy cities and professional operations [5] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.49% this week, closing at 1009.8 points, while the CSI REITs index fell by 0.67% to 778.6 points [1][10] - In 2025, the CSI REITs total return index increased by 4.34%, while the CSI REITs index saw a decline of 1.39% [10] C-REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 218.46 billion yuan, with an average market value of about 2.8 billion yuan per REIT [2][12] - This week, 23 REITs increased in value while 55 decreased, resulting in an average weekly decline of 0.47% [12] 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 (10.9%), Huaxia China Communications Construction REIT (10%), and E Fund Guangkai Industrial Park REIT (8.8%) [4] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being Huaxia Anbo Warehousing REIT (1.8) and the lowest being Huaxia China Communications Construction REIT (0.7) [4] Investment Recommendations - The report suggests focusing on policy themes and timing for investments in resilient and high-quality undervalued projects, particularly in high-energy cities [5] - It also emphasizes the importance of asset resilience and market prices when considering investments in affordable housing and other weak-cycle assets [5]