光大证券研究·2025-12-21 23:03Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with a weighted REITs index return of -2.74% for the week of December 15-19, 2025. Compared to other major asset classes, REITs ranked lowest in return performance [4]. - Among different types of REITs, property and concession REITs both experienced declines, with property REITs returning -2.05% and concession REITs returning -3.83% [4]. - The ecological and environmental REITs had the smallest decline, while the top three performing underlying asset types were ecological and environmental, warehousing and logistics, and park REITs [4]. Individual REIT Performance - Excluding the newly listed Huaxia Anbo Warehousing REIT, only 2 REITs increased in value while 75 REITs decreased. The two REITs that saw an increase were Huaxia Waigaoqiao REIT and Bosera Tianjin Kai Industrial Park REIT [4]. - The total trading volume for public REITs was 2.3 billion yuan, with the water conservancy REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.51% [4]. Trading Activity - The top three REITs by trading volume were CICC ProLogis REIT, Huaxia China Communications Construction REIT, and Huaxia Anbo Warehousing REIT. In terms of trading value, the top three were Huaxia China Communications Construction REIT, Huaxia China Resources Commercial REIT, and Huatai Jiangsu Expressway REIT [5]. - The net inflow of capital for the week was -1.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were in the warehousing and logistics, new infrastructure, and affordable rental housing categories [5]. Bulk Trading - The total amount of bulk trading for the week reached 169.27 million yuan, which was a decrease from the previous week. There were five trading days with bulk transactions, with the highest single-day transaction occurring on December 18, 2025, amounting to 64.67 million yuan. The top three REITs by bulk trading volume were CICC Lian Dong Science and Technology REIT, CICC Hubei Science and Technology Guanggu REIT, and Huaxia China Communications Construction REIT [5]. New Listings - The Huaxia Anbo Warehousing REIT was listed on December 19, 2025, marking a new addition to the market. Additionally, the project status of two other REITs was updated during the week [6].