【固收】二级市场价格波动下跌，新增一只园区类REIT上市 ——REITs周度观察（20251103-1107）（张旭/秦方好）

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48%. Compared to other major asset classes, the return rates ranked from high to low are convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [4] - There was a divergence in price movements between property-type REITs, which saw a decline, and concession-type REITs, which experienced an increase [4] - Among underlying asset types, municipal facility REITs had the highest increase in value, with the top three performing asset types being municipal facilities, ecological protection, and consumer-related [4] Trading Activity - The total trading volume for publicly listed REITs was 2.88 billion yuan, with a weekly average turnover rate of 0.63%. The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Dongwu Suyuan Industrial REIT [5] - The net inflow of capital was 38.36 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were consumer infrastructure, park infrastructure, and new infrastructure [5] Block Trading - The total amount of block trading reached 240.26 million yuan, showing a decline from the previous week. The highest single-day block trading amount was 72.28 million yuan on November 3, 2025. The top three REITs by block trading volume were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and Huatai Baowan Logistics REIT [6] New Listings - The CITIC Construction Investment Shenyang International Software Park REIT was listed on November 6, 2025, focusing on park infrastructure [7]