Core Viewpoint - The public REITs market continues to thrive, with the recent listing of Huatai Suzhou Hengtai Rental Housing REIT achieving a 30% limit-up on its first trading day, reflecting strong investor interest and market dynamics [1][2][3]. Market Performance - As of May 20, the CSI REITs Total Return Index and the CSI REITs Index have increased by 11.99% and 9.51% year-to-date, respectively, outperforming major indices such as the CSI 300 Index and the CSI Dividend Index [1]. - A total of seven new REITs have been listed this year, with five achieving a 30% limit-up on their debut [5]. Specific REIT Details - Huatai Suzhou Hengtai Rental Housing REIT's opening price was 3.554 yuan, with a trading volume of 362.87 million yuan and a turnover rate of only 0.68% [4]. - The REIT's underlying asset, the Jingying Apartment project, has an estimated asset value of 1.261 billion yuan, with projected cash distribution rates of 4.34% and 4.41% for the years 2025 and 2026, respectively [4]. Investor Interest - The total subscription amount for Huatai Suzhou Hengtai Rental Housing REIT exceeded 165.6 billion yuan, with a public investor subscription confirmation rate of only 0.1205%, marking one of the lowest allocation ratios in public REITs history [4]. Sector Analysis - The rental housing REITs sector has expanded significantly, with eight products listed as of May 21, 2023, and an average year-to-date increase of 24.7%, outperforming the overall public REITs average increase of 20.28% [6][8]. - The overall market capitalization of the rental housing REITs sector rose from 11.956 billion yuan at the end of last year to 16.235 billion yuan [8]. Future Outlook - Analysts suggest that the public REITs market may experience a narrowing of new issuance yields due to the low-risk interest rates since December 2024, despite the strong performance of rental housing REITs [5]. - There is a recommendation for investors to focus on potential buying opportunities following market corrections, particularly in the rental housing and consumer sectors, which exhibit stable performance [9].

[Table_StockNameRptType] 金融工程一 周报 新股天有为发行单价较高，首日均价涨幅 32.29% ——"打新定期跟踪"系列之二百一十二 [Table_RptDate] 报告日期：2025-04-28 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com [Table_CompanyReport] 相关报告 主要观点 ⚫ 跟踪近期打新收益率 跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主 板、科创板、创业板的股票都打中，且上市首日以市场均价卖出，忽 略锁定期的卖出限制，自 2025 起截至 2025/4/25，A 类 2 亿规模账户 打新收益率 1.27%，B 类 2 亿规模账户打新收益率 1.10%；A 类 10 亿规模账 ...