Workflow
【固收】二级市场价格小幅下跌，能源类REITs表现相对较优——REITs周度观察（20250922-0926）（张旭/秦方好）
光大证券研究·2025-09-28 02:22

Market Overview - The secondary market for publicly listed REITs in China experienced a slight decline, with the weighted REITs index closing at 184.79 and a weekly return rate of -0.77% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Oil > A-shares > Convertible Bonds > Pure Bonds > US Stocks > REITs [4] Project Attributes - Both property rights and franchise REITs saw a decrease in secondary market prices, while only energy-related REITs experienced an increase [5] - The top three performing underlying asset types in terms of return rates were energy, ecological and environmental protection, and warehousing and logistics [5] - Among the publicly offered REITs, there were 10 that increased in value, 1 that remained stable, and 63 that decreased [5] - The top three REITs by increase in value were Bosera Tian Kai Industrial Park REIT, CITIC Construction National Electric Power New Energy REIT, and CICC Lian Dong Science and Technology REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 1.86 billion yuan, with new infrastructure REITs leading in average daily turnover rate [5] - The average daily turnover rate for all listed REITs was 0.45% [5] - The top three REITs by trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT; the top three by trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Traffic Control REIT [5] Net Inflow and Block Trading - The total net inflow of main funds was 26.88 million yuan, indicating a decrease in market trading enthusiasm [6] - The top three REITs by net inflow were Park Infrastructure, New Infrastructure, and Consumer Basic Social REITs [6] - The total amount of block trading reached 42.11 million yuan, which was lower than the previous week [7] - The highest single-day block trading amount was 14.34 million yuan on September 25, 2025 [7] - The top three REITs by block trading amount were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and CITIC Construction Mingyang Intelligent New Energy REIT [7] Primary Market - No new REIT products were launched during the week [8] - Three REIT projects had their status updated [9]