光大证券研究·2025-12-14 00:03Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.06 and a weekly return of -0.23% [3] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > A-shares > Pure Bonds > REITs > Convertible Bonds > US Stocks > Crude Oil [3] - There was a divergence in price movements between property-type REITs, which saw an increase, and concession-type REITs, which experienced a decline [3] - Municipal facility REITs had the highest increase in returns, with the top three asset types being municipal facilities, water conservancy facilities, and new infrastructure [3] Individual REIT Performance - A total of 34 REITs increased in value, 2 remained stable, and 41 decreased in value during the week [3] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT [3] - The total trading volume for public REITs was 2.15 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.45% [3] Trading Activity - The top three REITs by trading volume were Huaxia China Communications Construction REIT, CICC ProLogis REIT, and Harvest JD Warehouse Infrastructure REIT [4] - The total net inflow for the week was 3.06 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [4] - The top three REITs by net inflow were new infrastructure, transportation infrastructure, and warehousing logistics [4] Bulk Trading - The total amount of bulk trading reached 23.5 million yuan, showing a decline from the previous week [4] - There were three trading days with bulk transactions, with the highest single-day transaction occurring on December 8, 2025, at 9.99 million yuan [4] - The top three REITs by bulk trading volume were GF Chengdu Gaotou Industrial Park REIT, Huaxia Huaren Commercial REIT, and Southern SF Logistics REIT [4] Primary Market - No new REIT products were listed during the week [5] - The project status of two REIT products was updated [5]