房地产开发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

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 capitalization of listed REITs at approximately 224.98 billion yuan and 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 REITs saw significant declines [2][11] - The report emphasizes the recent approval of the New City Wuyue commercial real estate REIT, which aims to raise 1.625 billion yuan, indicating a growing interest in commercial real estate REITs [3][12] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 0.79% this week, closing at 789.8 points, while the total return index for CSI REITs also decreased by 0.79%, closing at 1027.6 points [1][9] - Year-to-date, the CSI REITs total return index has increased by 1.76% [1][9] C-REITs Secondary Market Performance - The secondary market for C-REITs showed an overall decline, with 18 REITs rising and 59 falling, resulting in an average weekly decline of 1.07% [2][11] - Specific sector performance indicated that the logistics and data center REITs experienced the largest declines, with respective weekly changes of -1.85% and -3.58% [2][11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11%), E Fund Guangkai Industrial Park REIT (9.8%), and Huaxia China Communications Construction REIT (9.6%) [3][12] - The price-to-net asset value (P/NAV) ratio for REITs ranged from 0.7 to 1.8, with the highest being Jiashi Wumart Consumption REIT and Huaxia Anbo Warehouse REIT, both at 1.8 [3][12] Investment Recommendations - The report suggests three main investment strategies: 1. Focus on high-quality undervalued projects under policy themes, particularly in high-energy cities [3][12] 2. Consider the timing for investing in low-cycle assets like affordable housing, which have already been recognized by the market [3][12] 3. Monitor the expansion of REITs alongside new issuances, particularly those with ample asset reserves and quality projects [3][12]