C-REITs周报：政策利好提振情绪，二级市场修复REITs指数表现-20260111

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - The C-REITs market has shown positive sentiment due to favorable policies, with the C-REITs total return index rising by 1.89% this week [1][9] - The total market capitalization of listed REITs is approximately 223.34 billion yuan, with an average market cap of about 2.9 billion yuan per REIT [2][11] - The report identifies three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acceptance of weak-cycle assets like affordable housing, and monitoring the expansion of REITs alongside new issuances [3] Summary by Sections REITs Index Performance - The C-REITs total return index increased by 1.89%, closing at 1028.9 points, while the C-REITs index rose by 1.86%, closing at 793 points [1][9] - Year-to-date, the C-REITs total return index has also increased by 1.89% [1][9] C-REITs Secondary Market Performance - The secondary market for C-REITs has experienced an overall upward trend, with 72 out of 78 listed REITs rising, averaging a weekly increase of 2.52% [2][11] - The best-performing sectors include municipal water conservancy and data centers, while affordable housing and ecological protection sectors saw smaller gains [2][11] 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 (9.6%), and E Fund Guangkai Industrial Park REIT (8.5%) [3] - 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 China Communications Construction REIT (0.7) [3]