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【固收】二级市场价格整体持续回调，资产类型有望得到大幅扩围——REITs月度观察（20250901-0930）（张旭/秦方好）
光大证券研究·2025-10-09 23:08

Group 1: Primary Market - As of September 30, 2025, the number of public REITs in China reached 75, with a total issuance scale of 196.62 billion yuan (excluding expansions) [4] - Among the underlying asset types, transportation infrastructure REITs had the largest issuance scale at 68.77 billion yuan, followed by park infrastructure REITs at 31.83 billion yuan [4] - There are currently 17 REITs awaiting listing, including 11 for initial issuance and 6 for expansion [4] Group 2: Secondary Market Performance - From September 1 to September 30, 2025, the secondary market prices of listed public REITs showed a downward trend, with returns ranked from high to low as follows: gold > US stocks > A-shares > convertible bonds > pure bonds > crude oil > REITs [5] - Price trends varied by project attributes, with property REITs experiencing an increase while concession REITs saw a decline; energy REITs had the highest increase among underlying asset types [5] - A total of 15 REITs increased in price while 60 decreased; the top three performing REITs were Zhongjin Liandong Kechuang REIT, Hongtu Innovation Yantian Port REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Group 3: Trading Volume and Turnover Rate - The trading volume of public REITs decreased compared to the previous month, with new infrastructure REITs leading in average daily turnover rate; the total trading volume for the month was 10.95 billion yuan, with an average daily turnover rate of 0.58% [6] - The top three REITs by trading volume were Zhongjin Vipshop Outlet REIT, Bosera Shekou Industrial Park REIT, and Huaxia Kaide Commercial REIT [6] Group 4: Net Inflow and Block Trading - The total net inflow for the month reached 87.51 million yuan, indicating increased market trading enthusiasm compared to the previous month; the top three asset types for net inflow were consumer infrastructure, new infrastructure, and park infrastructure [7] - The total amount of block trading for the month was 1.31 billion yuan, showing a decrease from the previous month; the highest single-day block trading amount was 233.35 million yuan on September 8, 2025 [7]