Investment Rating - The investment rating for the C-REITs sector is maintained as "Accumulate" [5] Core Views - The C-REITs market is expected to benefit from a low interest rate environment and ongoing macroeconomic recovery in 2025, presenting investment opportunities. The focus should be on timing, as the REITs have already undergone valuation recovery in 2024. Investors are advised to select individual securities based on asset resilience, secondary market prices, and P/NAV ratios [4][11] - The performance of the C-REITs secondary market has shown an upward trend, with significant gains in the consumption infrastructure and affordable housing sectors, while the ecological and environmental protection sector has seen a pullback [3][11] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 1.39% this week, closing at 1076.8 points as of May 16. The CSI REITs closing index rose by 1.24%, closing at 859 points. The Hang Seng index had the highest increase this week at 2.09%, while the REITs total return index ranked second [1][9] Year-to-Date Performance - Year-to-date, the CSI REITs total return index has increased by 11.25%, while the CSI REITs closing index has risen by 8.79%. In comparison, the Shanghai and Shenzhen 300 index has decreased by 1.16% [2][9] Secondary Market Performance - As of May 16, the total market capitalization of listed REITs is approximately 193.25 billion yuan, with an average market capitalization of about 3 billion yuan per REIT. This week, 52 REITs increased in value, while 13 decreased, with an average weekly increase of 1.84% [3][11] Valuation Performance - The internal rate of return (IRR) for listed REITs shows a range, with the top three being Huaxia China Communications REIT at 11.3%, Ping An Guangzhou Guanghe REIT at 10.7%, and Zhongjin Anhui Jiaokong REIT at 9%. The P/NAV ratios are between 0.7 and 1.8, with the highest being Huaxia Beijing Affordable Housing REIT and Zhongjin Xiamen Anju REIT at 1.8 [4][11]