Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index decreased by 1.18% this week, while the Shanghai Composite Index fell by 2.87% and the CSI 500 Index dropped by 4.52% [6][19] - The overall market for REITs remains active, with a trading volume of 2.95 billion yuan, reflecting a 10.6% increase [9] - The report highlights the strong allocation attributes of REITs in the long term, suggesting investors pay attention to sector rotation and expansion opportunities [9] Industry Overview - The industry consists of 64 listed companies with a total market capitalization of 187.144 billion yuan and a circulating market value of 85.819 billion yuan [2] - The report notes significant events, including dividend announcements from multiple REITs and the initiation of inquiries for new REITs [12][18] Market Performance - The report details the performance of various indices, indicating that the REITs index has a correlation of 0.27 with the Shanghai Composite Index and 0.33 with the CSI 500 Index [19] - The report also mentions that 40 REITs experienced price increases while 24 saw declines, with the largest gain being 6.45% for the Huaxia Beijing Affordable Housing REIT [23] Trading Activity - The report indicates an increase in trading activity for REITs, with a daily average turnover rate of 0.7%, up by 0.1 percentage points [9] - Specific sectors such as ecological protection and rental housing showed significant trading increases, with the ecological protection sector up by 48.6% [9] Project Approval Progress - The report outlines the approval status of various REIT projects, indicating that some are in the inquiry stage while others have received feedback [18]

Market Performance - The overall REITs market declined this week, with the CSI REITs total return index falling by 1.18% from April 7 to April 11, 2025[2] - The total REITs index decreased by 0.48%, while the property REITs index dropped by 0.78%[2] - The leading performer was the Huaxia Beijing Affordable Housing REIT, which increased by 3.67%[2] Liquidity - The total trading volume of REITs this week was 590 million CNY, a decrease of 11.0% compared to the previous week[3] - The trading volume for property and operating rights REITs was 332 million CNY and 258 million CNY, reflecting changes of -14.7% and -5.6% respectively[3] - The largest category by trading volume was transportation infrastructure REITs, accounting for 28.2% of total trading volume[3] Asset Class Comparison - The REITs total index outperformed the CSI 300 index by 2.40 percentage points but underperformed the CSI All Bond index by 0.81 percentage points[2] - Compared to the Nanhua Commodity Index, the REITs total index outperformed by 4.63 percentage points[2] Risk Factors - Future operational conditions of REITs' underlying assets are uncertain, and projected cash flows in the offering documents may not accurately reflect actual performance[3]

REITs 年报拆解：从经营底盘到配置风向 20250410 2025-04-11 摘要 • 保障房、先进制造业设施及消费基础设施 REITs 受益于政策支持和消费回 升预期，表现出较强韧性，而稳定付费终端项目如整租项目和市政类政府 付费项目对分红投资者尤为重要。 • 2025 年市场基本面受内外部扰动影响，内部关注内需政策，外部关注关 税。仓储物流板块风险敞口较大，策略上偏好保障房及消费预期相关板块， 并关注错杀的优质券种如京东整租模式。 • 2024 年产业园板块承压，一线城市以价换量保出租率，二线城市压力更 大。仓储物流市场处于周期调整，市场化租赁项目受行业波动影响大，关 联方租赁项目波动小，已上市仓储物流 REITs 表现优于整体市场。 • 中国消费基础设施进入存量竞争，零售物业控制率下降，租金下滑。已上 市消费 REITs 经营韧性较强，通过业态调整、资产改造和营销活动提升项 目人气和稳定业绩。 • 2024 年重点城市住房市场需求稳定，保租房供给增加，租赁市场竞争加 剧，租金下降。已上市保租房 REITs 经营稳定，受益于政策支持和差异化 竞争优势。 Q&A 2024 年宏观经济不复苏阶段，哪些项 ...

New IPOs - In March 2025, 14 new stocks were issued in the A-share market, raising a total of 7.9 billion yuan, a month-on-month increase of 104.6%[6] - The average fundraising rate for new stocks was 85%, up 6 percentage points from the previous month[7] - The average first-day increase for new stocks was 227%, with a 2 billion yuan allocation yielding a profit of 1.468 million yuan[45] REITs - In March 2025, there were 2 REITs issued, with an average of 93 institutions participating in the offline inquiry, resulting in an average subscription multiple of 128.8 times, a record high since 2024[2] - The average pricing level for REITs rose to the 78th percentile of the inquiry range, an increase of 14 percentage points month-on-month[2] - The first-day average increase for REITs was 27.3% in the first quarter of 2025, with no instances of "zero break" on the first day of listing[2] Market Trends - The average initial PE ratio for new stocks in March 2025 was 21 times, a month-on-month increase of 22%, with a 46% discount compared to comparable companies[16] - The number of offline inquiry participants increased, with the average number of participants for the Sci-Tech Innovation Board and the Growth Enterprise Market reaching 5,767 and 6,530, respectively, both hitting new highs for the year[21] Risk Factors - Potential risks include changes in the pace of IPO reviews, adjustments to issuance systems, fluctuations in investor participation, and the quality and quantity of declared projects[2]