2025 年 11 月 17 日-2025 年 11 月 21 日（以下简称"本周"），我国已上市公 募 REITs 二级市场价格整体呈现波动下跌的态势：加权 REITs 指数收于 182.16， 本周回报率为-1.02%。与其他主流大类资产相比，回报率由高至低排序分别为： 纯债>黄金>REITs>原油>美股>A 股>可转债。 总量研究 二级市场价格有所下跌，多只 REITs 产品等待上市 ——REITs 周度观察（20251117-20251121） 要点 1、 二级市场 2025 年 11 月 22 日 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所下 跌。 从底层资产类型来看，本周水利设施类 REITs 涨幅最大。本周回报率排名前三的 底层资产类型分别为水利设施类、生态环保类和交通基础设施类。 从单只 REIT 层面来看，本周公募 REITs 涨跌互现，有 9 只 REITs 上涨，有 68 只 REITs 下跌。涨跌幅方面，涨幅排名前三的分别是中金亦庄产业园 REIT、平 安宁波交投 REIT 和华夏南京交通高速公路 REIT。 成交规模及换手率：本周公募 REITs 成交 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Overview - As of the 45th week of 2025, the CSI REITs (closing) index was 811.48, up 4.84% year-on-year but down 0.42% month-on-month. The CSI REITs total return index was 1041.51, up 11.67% year-on-year but down 0.4% month-on-month [5][18] - Year-to-date, the CSI REITs (closing) index has increased by 7.28%, while the CSI 300 index has risen by 36.36%, resulting in an excess return of -29.09% [14][18] Trading Volume and Market Activity - The trading volume of the REITs market reached 733 million units, a year-on-year increase of 16.91%, with a transaction value of 2.877 billion yuan, up 18.93% year-on-year. The turnover rate for the period was 2.96%, down 1.08% year-on-year [25][27] - Over the past 30 days, the total trading volume in the REITs market was 3.458 billion units, a year-on-year decrease of 17.87%, with a total transaction value of 15.051 billion yuan, down 20.3% year-on-year [30][34] Sector Performance - In the 45th week of 2025, the weekly performance of various REIT sectors was as follows: affordable housing -0.98%, environmental +0.74%, highways +0.09%, industrial parks -1.09%, warehousing and logistics -1.62%, energy -0.51%, and consumption +1.19%. Monthly performance showed similar trends [35][49] - The consumption REITs sector saw a monthly increase of 2.08% [35] Upcoming Listings - There are currently 10 REITs funds awaiting listing, indicating an active issuance market [6]

Investment Rating - The report does not provide a specific investment rating for the public REITs industry [1]. Core Insights - The REITs index experienced a decline of 0.40% this week, while the Shanghai and Shenzhen 300 index rose by 0.82% [19]. - The total market capitalization of the industry is approximately 217.1 billion yuan, with a circulating market value of about 110.9 billion yuan [1]. - The trading volume for the week was 25.9 billion yuan, reflecting a decrease of 6.3% compared to the previous week [7]. - The report highlights the correlation of REITs with various indices, showing a correlation of 0.16 with ten-year government bonds and 0.37 with the Shanghai and Shenzhen 300 index [21]. Summary by Sections Market Overview - The report notes significant events in the market, including the listing of the CITIC Construction Shenyang International Software Park REIT on November 6, which had a trading volume of 77.57 million yuan and a turnover rate of 23.74% [10][11]. - Other notable events include the holding of meetings by various REITs to discuss performance and future strategies [10]. Trading Performance - The report indicates that 32 REITs saw price increases, 2 remained stable, and 43 experienced declines, with an overall decrease of 0.40% in the REITs market [23]. - The largest gain was recorded by Huaxia Jinmao Commercial REIT, which increased by 4.42%, while the largest decline was by GF Chengdu Gaotou REIT, which fell by 9.44% [23]. Investment Recommendations - The report suggests that the overall economic stability remains unchanged, and REITs are expected to have strong allocation attributes in the long term. Investors are encouraged to pay attention to sector rotation and expansion opportunities [7].

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints of the Report - No clear overall core viewpoints are presented in the report. It mainly presents detailed data on the performance, valuation, correlation, and primary - market tracking of various REITs. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - The report details the price - volume performance of multiple REITs, including listing date, issue price, first - day return, cumulative return, trading volume, turnover rate, weekly return, and year - to - date return. For example, the Red Clay Innovation Yantian Port REIT had an issue price of 2.3 yuan, a first - day return of 2.91%, and a cumulative return of 15.89% as of the report date [10]. 3.2 Secondary Market Valuation - It shows the valuation indicators of different REITs, such as P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025. For instance, the Red Clay Innovation Yantian Port REIT had a dynamic P/FFO of 18.69, a P/NAV of 1.03, and an expected cash distribution rate of 4.37% in 2025 [21]. 3.3 Market Correlation Statistics - The report presents the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20 [29]. 3.4 Primary Market Tracking - It lists several REITs in different stages (to be listed, feedback received, application accepted, and application submitted), along with their project nature, type, original equity holders, underlying projects, and project valuations. For example, the CITIC Construction Investment Shenyang International Software Park REIT is a property - type industrial park REIT to be listed, with a project valuation of 11.84 billion yuan [31].

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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]

Market Overview - The secondary market for publicly listed REITs in China experienced a slight decline, with the weighted REITs index closing at 184.79 and a weekly return rate of -0.77% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Oil > A-shares > Convertible Bonds > Pure Bonds > US Stocks > REITs [4] Project Attributes - Both property rights and franchise REITs saw a decrease in secondary market prices, while only energy-related REITs experienced an increase [5] - The top three performing underlying asset types in terms of return rates were energy, ecological and environmental protection, and warehousing and logistics [5] - Among the publicly offered REITs, there were 10 that increased in value, 1 that remained stable, and 63 that decreased [5] - The top three REITs by increase in value were Bosera Tian Kai Industrial Park REIT, CITIC Construction National Electric Power New Energy REIT, and CICC Lian Dong Science and Technology REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 1.86 billion yuan, with new infrastructure REITs leading in average daily turnover rate [5] - The average daily turnover rate for all listed REITs was 0.45% [5] - The top three REITs by trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT; the top three by trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Traffic Control REIT [5] Net Inflow and Block Trading - The total net inflow of main funds was 26.88 million yuan, indicating a decrease in market trading enthusiasm [6] - The top three REITs by net inflow were Park Infrastructure, New Infrastructure, and Consumer Basic Social REITs [6] - The total amount of block trading reached 42.11 million yuan, which was lower than the previous week [7] - The highest single-day block trading amount was 14.34 million yuan on September 25, 2025 [7] - The top three REITs by block trading amount were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and CITIC Construction Mingyang Intelligent New Energy REIT [7] Primary Market - No new REIT products were launched during the week [8] - Three REIT projects had their status updated [9]

Core Viewpoint - Historical trends suggest a positive outlook for investors, indicating potential growth opportunities in the market [1] Group 1 - The article implies that past performance can serve as a reliable indicator for future investment success [1]

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Insights - The REITs market is experiencing significant growth, with the market trading volume reaching 806 million shares, a year-on-year increase of 46.81%, and the trading value reaching 3.614 billion yuan, a year-on-year increase of 68.64% [3][26][28] - The Central Enterprise Natural Gas Power Public REIT has successfully listed, marking a significant step in revitalizing quality clean energy assets and innovating financing models [4][12] - The REITs sector is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Review - The CSI REITs closing index for the 31st week of 2025 is 870.82, up 6.76% year-on-year and up 1.25% month-on-month [5][14] - The CSI REITs total return index is 1100.9, up 16.53% year-on-year and up 1.25% month-on-month [19] Weekly Performance - Weekly performance for various REITs sectors shows: affordable housing +3.87%, environmental +0.65%, highway +0.14%, industrial park -0.02%, warehousing and logistics +1.45%, energy +1.62%, and consumption +3.98% [36] Primary Tracking - There are currently 13 REITs funds awaiting listing, indicating a vibrant issuance market [6][31]