房地产开发：C-REITs周报——二级渐暖，首批商业不动产REITs已申报受理

Investment Rating - The report maintains a rating of "Add" for the C-REITs sector [6] Core Insights - The C-REITs secondary market is showing signs of gradual recovery, with the first batch of commercial real estate REITs having been submitted for approval [3][14] - The overall market capitalization of listed REITs is approximately 228.71 billion, with an average market cap of about 2.9 billion per REIT [3][13] - The report highlights three main investment strategies: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of the benefits of affordable housing, and paying attention to the expansion of REITs alongside new issuances [4] REITs Index Performance - The CSI REITs total return index increased by 0.47% this week, closing at 1052.4 points, while the CSI REITs index rose by 0.35%, closing at 809.6 points [11][12] - Year-to-date, the CSI REITs total return index has risen by 4.22% [2][11] C-REITs Secondary Market Performance - The C-REITs secondary market experienced a volatile upward trend, with 41 REITs rising and 36 falling this week, resulting in an average weekly increase of 0.4% [3][13] - The energy and transportation sectors performed well, while data centers and logistics sectors saw a pullback [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Guangzhou Guanghe REIT (10.9%), China Communications Construction REIT (9.5%), and E Fund Guangkai Industrial Park REIT (9.2%) [4] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with the highest being 1.9 for Huaxia Anbo Warehousing REIT [4] Investment Recommendations - The report suggests focusing on high-energy city consumption growth, value reconstruction of high-speed and IDC assets, and timing investments in affordable housing based on market resilience and pricing [4]