Market Overview - The secondary market for publicly listed REITs in China experienced an overall price correction, with the weighted REITs index closing at 142.35 and a weekly return rate of -1.26%. Compared to other major asset classes, the return rates ranked as follows: convertible bonds > A-shares > crude oil > gold > US stocks > pure bonds > REITs [2] REITs Performance - Both property rights and franchise REITs showed a downward trend in the secondary market, with franchise REITs experiencing a smaller decline [3] - Energy REITs had the smallest decline among underlying asset types, with the top three performing asset types being energy, ecological environment, and warehousing logistics [4] Individual REITs Analysis - Among publicly offered REITs, there were 8 that increased in value while 60 decreased. The top three gainers were: - Harvest Jingdong Warehousing Infrastructure REIT - CICC China Green Development Commercial REIT - Southern SF Logistics REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 2.75 billion, with ecological environment REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.71% [6] Individual REITs Trading Activity - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huaxia Beijing Affordable Housing REIT - Harvest Jingdong Warehousing Infrastructure REIT - The top three REITs by trading amount were: - Huaxia Beijing Affordable Housing REIT - Huaxia China Resources Commercial REIT - CICC Anhui Transportation Control REIT [7] Net Inflow and Block Trading - The total net inflow for the week was 74.83 million, indicating a decrease in market trading enthusiasm. The top three asset types for net inflow were consumer infrastructure, energy infrastructure, and affordable rental housing. The top three REITs by net inflow were: - CICC China Green Development Commercial REIT - Huaxia China Resources Commercial REIT - CITIC Construction Investment National Electric Power New Energy REIT [8] - The total amount of block trading reached 628.09 million, with Thursday (July 10, 2025) seeing the highest single-day block trading amount of 201.42 million. The top three REITs by block trading amount were: - Huaxia China Resources Commercial REIT - Huaxia Beijing Affordable Housing REIT - Huaxia Deep International REIT [8] Primary Market - No new REIT products were launched during the week [9] - The status of the "Huaxia China Nuclear Clean Energy Closed-end Infrastructure Securities Investment Fund" project was updated to "feedback received" [10]
【固收】二级市场价格明显回调，市场交投热情环比减少——REITs周度观察（20250707-20250711）（张旭/秦方好）
光大证券研究·2025-07-12 13:27