C-REITs周报：深交所启用商业不动产REITs代码区间，新城商业不动产REITs获受理-20260308

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The C-REITs market is experiencing a correction, with the overall market showing a decline of 1.07% this week. The total market capitalization of listed REITs is approximately 224.98 billion yuan, with an average market cap of about 2.8 billion yuan per REIT [2][11] - The report highlights the performance of various REIT sectors, noting that energy infrastructure REITs performed relatively well, while data center and logistics warehouse REITs saw significant declines [2][11] - The report emphasizes the recent approval of new commercial real estate REITs, indicating a growing interest in the sector and potential for future growth [3][12] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 0.79% this week, closing at 1027.6 points. Year-to-date, the index has increased by 1.76% [1][9] - Comparatively, the Shanghai Composite Index and other major indices also experienced declines, with the Shanghai Composite Index down by 0.93% this week [10] C-REITs Secondary Market Performance - The secondary market for C-REITs showed an overall correction, with 18 REITs rising and 59 falling. The average weekly decline was 1.07% [2][11] - Specific sectors such as energy infrastructure showed positive performance, while logistics and data center sectors faced larger declines [2][11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show differentiation, with top performers including Ping An Guangzhou Guanghe REIT at 11% and E Fund Guangkai Industrial Park REIT at 9.8% [3][12] - The price-to-net asset value (P/NAV) ratio for various REITs ranges from 0.7 to 1.8, indicating varying levels of valuation across the sector [3][12] Investment Recommendations - The report suggests focusing on high-quality, undervalued projects under policy themes, particularly in high-energy cities and professional operations that can create management premiums [3] - It also recommends considering the resilience of assets and market prices when planning investments in sectors like affordable housing, which have already been recognized for their cyclical benefits [3]