——公募REITs月报：一级市场项目进展顺利，二级市场收益承压-20260106

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025, the primary market for public REITs had 20 successful product launches, 9 less than the previous year. The secondary market saw a decline in the REITs index and a slight decrease in market activity. There was a significant differentiation in the performance among sectors, with the transportation infrastructure sector leading in gains and the municipal facilities sector leading in losses [4]. - The "deep - fall then leading - rise" phenomenon of certain REITs in December 2025 reflected the market's restorative trading of previously oversold high - quality assets. The lifting of the ban on restricted shares and the clear high - proportion dividend arrangements were the key drivers for the price rebound [37]. 3. Summary According to Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of December 31, 2025, the public REITs market had successfully issued 20 products, with 7 being a concentrated issuance month. In December, 1 new product was established. In the past three months, there were 3 products in the declared state, 5 in the accepted state, 2 with exchange feedback, and 2 that had passed the review. In December, 8 REITs projects had their exchange review status updated [4][9]. - Details of some projects: For example, on December 31, 2025, the initial application of CICC Xiamen Torch Industrial Park REIT was accepted, with a predicted net cash distribution rate of 5.19% in 2026; on December 30, 2025, the sponsor of Shan Zheng Jinzhong Gongtou Ruiyang Heating REIT responded to the application, with a predicted net cash distribution rate of 7.38% in 2026 [12][15]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Scale - As of December 31, 2025, the total market value of public REITs in the whole market was 218.463 billion yuan, a decrease of 1.422 billion yuan from the previous month. The total floating market value increased to 120.939 billion yuan, a monthly increase of 3.489 billion yuan. The trading volume in December was 2.466 billion shares, a decrease of 181 million shares from the previous month, indicating a decline in market trading activity [22]. 3.2.2 Price Changes and Volatility - In December 2025, the CSI REITs Total Return Index closed down 2.93%, and the CSI REITs (Closing) Index closed down 3.77%, underperforming other major indices. The volatility of the CSI REITs Total Return Index in December was 0.66% [24]. - By project attribute, the weighted average monthly price change of franchise - based REITs was - 5.09%, underperforming the - 0.72% of property - based REITs. By underlying asset type, the transportation infrastructure sector led the gains with 1.24%, while the municipal facilities sector led the losses with 11.28% [31]. - At the individual bond level, in December 2025, 8 REITs had a monthly gain of over 1%, with Huatai Zijin Nanjing Jianye Industrial Park REIT leading with a 9.13% increase; 3 REITs had a monthly loss of over 10%, with Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT leading with a 12.36% decrease [34]. 3.2.3 Secondary Market News - In December 2025, the two REITs with the largest gains were Huatai Zijin Nanjing Jianye Industrial Park REIT and CICC Chongqing Liangjiang Industrial Park REIT, which were also the two with the largest losses in November. The lifting of the ban on restricted shares and high - proportion dividend arrangements were the main reasons for the price rebound [37]. 3.2.4 Turnover Rate and Valuation - In terms of monthly trading volume in December 2025, industrial park infrastructure REITs ranked first with 605 million shares. In terms of the monthly average daily turnover rate, the new infrastructure sector led with 0.89% [39]. - In terms of valuation, as of December 31, 2025, the average cash distribution rate of property - based REITs was 4.62%, and that of franchise - based REITs was 8.83%. The IRR of franchise - based REITs (5.28%) was higher than that of property - based REITs (4.22%). The CSI REITs valuation relative to ABS valuation of property - based REITs (1.22) was higher than that of franchise - based REITs (1.05) [42].