【固收】二级市场价格有所下跌，多只REITs产品等待上市 ——REITs周度观察（20251117-1121）（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 182.16 and a weekly return of -1.02% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: pure bonds > gold > REITs > crude oil > US stocks > A-shares > convertible bonds [4] - Both property and concession REITs saw price declines in the secondary market, while water conservancy REITs had the highest increase [4] - The top three performing underlying asset types for the week were water conservancy, ecological protection, and transportation infrastructure [4] Individual REIT Performance - There were 9 REITs that increased in value, while 68 experienced declines during the week [4] - The top three REITs by increase were Zhongjin Yizhuang Industrial Park REIT, Ping An Ningbo Transportation REIT, and Huaxia Nanjing Highway REIT [4] - The total trading volume for public REITs was 2.38 billion yuan, with a daily average turnover rate of 0.56% [4] Trading Activity - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Huatai Jiangsu Traffic Control REIT [5] - The top three REITs by trading value were Huaxia Fund Huazhong REIT, Huatai Jiangsu Traffic Control REIT, and Southern Runze Technology Data Center REIT [5] - The total net inflow for the week was 17.32 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were consumer infrastructure, new infrastructure, and transportation infrastructure REITs [5] Bulk Trading - The total amount of bulk trading for the week was 368.22 million yuan, showing a decrease from the previous week [5] - There were five trading days with bulk transactions, with the highest single-day transaction occurring on November 21, totaling 168.55 million yuan [5] - The top three REITs by bulk trading value were Zhaoshang Highway REIT, Huaxia Fund Huazhong REIT, and Bank of China Zhongwai Logistics REIT [5] Primary Market - No new REIT products were listed during the week [6] - The status of two REIT projects was updated [6]