房地产行业：24年5月REITs月报：政策端增加优质资产供给，行情平稳

Investment Rating - The report maintains a "Buy" rating for the real estate industry [1]. Core Insights - The report highlights that May saw a significant number of policies related to REITs, focusing on enhancing the quality of infrastructure, including highways, affordable housing, and renewable energy projects [3][11]. - The C-REITs market experienced a decline in both comprehensive income index and trading activity in May, with a total market size of C-REITs reaching 104.76 billion yuan, a decrease of 1.28% from the previous month [4][20]. - The report indicates that the overall market performance of C-REITs was stable, with a distribution rate of 6.97% as of the end of May, reflecting a 10 percentage point increase [4]. Policy Overview and Market Outlook - In May, the central government announced support for digital transformation in transportation infrastructure, aiming for 85% of busy national highways to undergo upgrades within three years [11][12]. - Local governments, such as in Hubei and Guangdong, have implemented policies to increase the supply of affordable housing by allowing state-owned enterprises to purchase unsold residential properties [11][12]. - The report notes that as of May 31, there were 36 listed C-REITs with no new issuances during the month, indicating a stagnant market environment [20][23]. Market Review - The C-REITs comprehensive income index fell by 1.09% in May, outperforming the Shanghai Composite Index, which declined by 2.32% [31]. - The average daily turnover rate for C-REITs was 0.74%, a decrease of 0.28 percentage points from April, with total trading volume dropping to 1.942 billion shares, a decline of 15.21% [33]. - The report identifies that the real estate sector, particularly industrial parks and logistics, showed resilience with positive growth, while the concession rights sector faced declines [4][31]. C-REITs Market Dynamics - As of the end of May, the total market size of C-REITs was 104.76 billion yuan, with a circulating market value of 51.21 billion yuan, both reflecting a downward trend [20][23]. - The report outlines that there are currently 17 projects under review by the exchanges, with a total scale of 30.09 billion yuan, indicating potential future growth in the C-REITs market [15][17].