2025 年 10 月 11 日 总量研究 二级市场价格持续下跌，新增一只 REITs 产品上市 ——REITs 周度观察（20250929-20251010） 要点 1、 二级市场 2025 年 9 月 29 日-2025 年 10 月 10 日（以下简称"本期"），我国已上市公 募 REITs 二级市场价格整体呈现持续下跌的态势：加权 REITs 指数收于 183.91， 本期回报率为-0.47%。与其他主流大类资产相比，回报率由高至低排序分别为： 黄金>可转债>A 股>纯债>REITs>美股>原油。 主力净流入：本期主力净流入总额为 983 万元，市场交投热情较上期有所下滑。 从不同底层资产 REITs 来看，期内主力净流入额前三的是消费基础设施类/新型 基础设施类/生态环保类；从单只 REIT 来看，期内主力净流入额前三的 REITs 是南方润泽科技数据中心 REIT/华夏华润商业 REIT/华安张江产业园 REIT。 大宗交易：本期大宗交易总额达 4310 万元，较上期有所下降。本期有 4 个交易 日有大宗交易成交，大宗交易总成交额为 4310 万元，星期四（2025 年 10 月 09 日）大宗交 ...

2025 年 10 月 9 日 二级市场价格整体持续回调，资产类型有望得到大幅扩围 总量研究 ——REITs 月度观察（20250901-20250930） 价格走势：2025 年 9 月 1 日-2025 年 9 月 30 日（以下简称"本月"），我国已 上市公募 REITs 的二级市场价格整体呈现波动下行的趋势。与其他主流大类资产 相比，回报率由高至低排序分别为：黄金>美股>A 股>可转债>纯债>原油>REITs。 从项目属性来看，产权类 REITs 和特许经营权类 REITs 的二级市场价格走势于 本月呈现分化：产权类 REITs 有所上涨，而特许经营权类 REITs 有所下跌。从 底层资产类型来看，本月能源类 REITs 涨幅最大。本月，各底层资产类型的 REITs 产品涨跌互现（上市满一个月的新型基础设施类 REITs 已被纳入统计），其中， 回报率表现较好的底层资产类别为能源类、新型基础设施类和生态环保类。从单 只 REIT 层面来看，本月有 15 只 REITs 上涨，有 60 只 REITs 下跌。涨跌幅方面， 涨幅排名前三的分别是中金联东科创 REIT、红土创新盐田港 REIT 和广发成都高 ...

2025 年 9 月 27 日 总量研究 二级市场价格小幅下跌，能源类 REITs 表现相对较优 从底层资产类型来看，本周仅能源类 REITs 有所上涨。本周回报率排名前三的底 层资产类型分别为能源类、生态环保类和仓储物流类。 从单只 REIT 层面来看，本周公募 REITs 涨跌互现，有 10 只 REITs 上涨，有 1 只与上周持平，有 63 只 REITs 下跌。涨跌幅方面，涨幅排名前三的分别是博时 津开产园 REIT、中信建投国家电投新能源 REIT 和中金联东科创 REIT。 成交规模及换手率：本周公募 REITs 成交规模为 18.6 亿元，新型基础设施类 REITs 区间日均换手率领先其他。截至本周，已上市的 74 只 REITs 周内总成交 额为 18.6 亿元，周内区间日均换手率均值为 0.45%。 从单只 REIT 层面来看，本周单只 REIT 成交规模和换手率方面表现延续分化。 成交量方面，周内成交量前三的是南方润泽科技数据中心 REIT/国金中国铁建 REIT/中金厦门安居 REIT；成交额方面，周内成交额前三的是国金中国铁建 REIT/ 南方润泽科技数据中心 REIT/中金安徽交控 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From August 4 to August 8, 2025, the secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The overall performance was average compared with other mainstream asset classes. The prices of both property - right and franchise - based REITs declined, with property - right REITs having a larger decline. Ecological and environmental protection REITs had the largest increase. There were also changes in trading volume, turnover rate, and capital flow, and two new REITs were listed in the primary market [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The returns of China's public REITs were - 0.44%, ranking behind stocks, convertible bonds, A - shares, gold, and pure bonds, but ahead of crude oil [1][11]. - **At the underlying asset level**: Both property - right and franchise - based REITs' secondary - market prices declined, with property - right REITs having a larger decline. Among different underlying asset types, ecological and environmental protection REITs had the largest increase, followed by energy and warehousing and logistics REITs [17][19]. - **At the single - REIT level**: Excluding the newly listed REITs, 21 REITs rose, 1 remained flat, and 49 declined. The top three in terms of increase were Huatai Baowan Logistics REIT, ICBC Mengneng Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT. The top three in terms of decline were Huaxia Shouchuang Outlet Mall REIT, ICBC Hebei Expressway REIT, and CICC Hubei Ketou Optics Valley REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.67 billion yuan. New - type infrastructure REITs led in terms of average daily turnover rate. The top three in terms of trading volume were new - type infrastructure, transportation infrastructure, and park infrastructure REITs. The top three in terms of average daily turnover rate were new - type infrastructure, energy infrastructure, and municipal facilities REITs [27]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT. The same three were also the top three in terms of trading amount. In terms of turnover rate, Huaxia Huadian Clean Energy REIT, Southern Runze Technology Data Center REIT, and Southern Wanguo Data Center REIT led [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 242.81 million yuan, indicating an increase in market trading enthusiasm. In terms of different underlying asset REITs, the top three in terms of net inflow were new - type infrastructure, energy infrastructure, and water conservancy facilities REITs. In terms of single REITs, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [32]. - **Block trading situation**: The total block trading amount this week reached 336.25 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with the highest single - day trading amount on August 6, 2025. The top three in terms of block trading amount were Southern Shunfeng Logistics REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Chuangjin Hexin Shounong REIT [33]. 3.2 Primary Market - **Listed projects**: As of August 8, 2025, there were 73 public REITs in China, with a total issuance scale of 190.852 billion yuan. This week, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed, both belonging to new - type infrastructure, with issuance scales of 4.5 billion yuan and 2.4 billion yuan respectively [36]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 11 first - issuance REITs and 6 REITs pending expansion. This week, the expansion project of "AVIC Jingneng Photovoltaic Closed - end Infrastructure Securities Investment Fund" and the first - issuance project of "CICC Vipshop Outlet Mall Closed - end Infrastructure Securities Investment Fund" were updated to "Passed" [40].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In July 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating trend, with a relatively average performance compared to other mainstream asset classes. The return rates of different types of REITs varied, and the trading volume and net inflow of main funds also had different characteristics [1][2]. - Policies were introduced in various regions in July 2025 to support the issuance of REITs for eligible infrastructure projects, which is expected to promote the development of the REITs market [41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Listed Projects - As of July 31, 2025, there were 70 publicly - offered REITs in China, with a total issuance scale of 182.057 billion yuan (excluding expansion). The transportation infrastructure - type REITs had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure - type at 31.835 billion yuan [11]. - In July 2025, two REITs were newly listed: CICC Jinhui First Agricultural Park REIT on July 25 with an issuance scale of 3.685 billion yuan, and BOC Sinotrans Logistics REIT on July 29 with an issuance scale of 1.311 billion yuan [11]. 3.1.2 Pending - listing Projects - As of July 31, 2025, there were 19 REITs pending listing, including 13 first - offering REITs and 6 REITs for expansion. The project status of several REITs was updated in July [14]. 3.2 Secondary - market Performance 3.2.1 Price Trend - **At the major asset level**: In July 2025, the secondary - market prices of publicly - offered REITs showed a fluctuating trend. The return rates from high to low were: crude oil > convertible bonds > A - shares > US stocks > REITs > pure bonds > gold [2]. - **At the underlying asset level**: The secondary - market prices of equity - type REITs and franchise - type REITs showed differentiation in July. Equity - type REITs rose, while franchise - type REITs fell. The consumer - type REITs had the largest increase this month, and the underlying asset types with positive returns were consumer - type and ecological environmental protection - type [20][23]. - **At the single - REIT level**: In July, publicly - offered REITs showed mixed performance, with 27 rising and 43 falling. The top three in terms of increase were China Merchants Science and Innovation REIT, Huaxia China Resources Commercial REIT, and Boshi Tianjin - Binhai New Area Industrial Park REIT [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying asset level**: In July, the trading volume of publicly - offered REITs increased compared to the previous month, and the ecological environmental protection - type REITs led in the average daily turnover rate. The total trading volume of 70 listed REITs in July was 13.91 billion yuan, and the average daily turnover rate was 0.83% [28]. - **At the single - REIT level**: In terms of trading volume, the top three were Huaxia Hefei High - tech Industrial Park REIT, CICC Jinhui First Agricultural Park REIT, and Huaxia Beijing Affordable Housing REIT; in terms of trading amount, the top three were CICC Jinhui First Agricultural Park REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia China Resources Commercial REIT; in terms of turnover rate, the top three were CICC China Greentown Commercial REIT, BOC Sinotrans Logistics REIT, and CICC Jinhui First Agricultural Park REIT [32]. 3.2.3 Main Capital Inflow and Block Trading - **Main capital inflow**: In July, the total net inflow of main funds was 197.81 million yuan, and the market trading enthusiasm declined compared to the previous month. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and ecological environmental protection. The top three single - REITs in terms of net inflow were CICC Jinhui First Agricultural Park REIT, BOC Sinotrans Logistics REIT, and AVIC Shougang Green Energy REIT [33][35]. - **Block trading**: In July, the total block - trading amount was 1.49 billion yuan, a decrease compared to the previous month. The top three single - REITs in terms of block - trading amount were Huaxia China Resources Commercial REIT, Huaxia Beijing Affordable Housing REIT, and CICC Shandong Expressway REIT [4][38]. 3.3 Relevant Policies In July 2025, governments in various regions introduced policies to support the issuance of REITs for eligible infrastructure projects, covering consumption, culture and tourism, logistics, and other fields [41][42][44].

Group 1: Secondary Market - The overall price trend of publicly listed REITs in the secondary market showed an initial increase followed by a decline, with the weighted REITs index closing at 142.5 and a weekly return rate of 0.11% [2] - Among major asset classes, the return rates ranked from high to low are: crude oil, convertible bonds, US stocks, A-shares, REITs, pure bonds, and gold [2] - By project attributes, both property and concession REITs exhibited fluctuating price trends, with property REITs increasing while concession REITs decreased [3] - The municipal facilities REITs had the highest increase in this week, with the top three asset types by return rate being municipal facilities, park, and consumer types [4] - A total of 40 REITs increased in value while 28 decreased, with the top three gainers being China Merchants Science and Technology REIT, Huaxia Jinmao Commercial REIT, and Zhongjin Hubei Keti Guanggu REIT [5] - The total transaction scale for public REITs this week was 2.48 billion, with ecological and environmental protection REITs leading in average daily turnover rate [6] - The top three REITs by transaction volume were Huaxia Hefei High-tech REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia Zhangjiang Industrial Park REIT, while the top three by transaction amount were Huaxia Beijing Affordable Housing REIT, Huaxia China Resources Commercial REIT, and Zhongjin Xiamen Anju REIT [7][8] - The total net inflow for the week was -6.1 million, indicating a decrease in market trading enthusiasm, with the top three asset types by net inflow being affordable rental housing, consumer infrastructure, and energy infrastructure [8] - The total amount of block trades reached 270.02 million, showing a decrease from the previous week, with the highest single-day block trade occurring on July 17, 2025, at 170.16 million [8] Group 2: Primary Market - No new REIT products were launched this week [9] - There were updates on the project status for four REIT products this week [10]

Market Overview - The secondary market for publicly listed REITs in China showed an upward trend during the week of June 3-6, 2025, with a weighted REITs index closing at 142.42 and a weekly return of 1.74% [2] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: crude oil, convertible bonds, gold, REITs, A-shares, US stocks, and pure bonds [2] - Among different project attributes, both property-type REITs and concession-type REITs experienced overall price increases, with concession-type REITs showing a larger increase [2] - The municipal facilities REITs had the highest increase in returns, followed by transportation infrastructure and water conservancy facilities [2] Individual REIT Performance - A total of 54 REITs increased in value while 12 decreased during the week, with the top three gainers being China Merchants Highway REIT, Huatai Jiangsu Transportation REIT, and Ping An Ningbo Transportation REIT [2] - The total trading volume for publicly offered REITs was 2.09 billion yuan, with water conservancy facilities REITs leading in average daily turnover rate [2] - The average daily turnover rate for all listed REITs was 0.67% during the week [2] Trading Activity - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Bosera Shekou Industrial Park REIT, and Huaxia China Communications Construction REIT [3] - The top three REITs by trading value were Huaxia China Communications Construction REIT, CICC Anhui Transportation REIT, and Guojin China Railway Construction REIT [3] - The total net inflow from major investors was 9.05 million yuan, indicating increased market trading enthusiasm, with the top three asset types for net inflow being transportation infrastructure, park infrastructure, and water conservancy facilities [3] Bulk Trading - The total amount of bulk trading reached 123.93 million yuan, showing an increase from the previous week, with four trading days featuring bulk transactions [3] - The highest single-day bulk trading amount was 38.25 million yuan on June 4, 2025 [3] - The top three REITs by bulk trading value were CICC Yinyi Consumption REIT, Huaxin Zhangjiang Industrial Park REIT, and CICC Shandong Expressway REIT [3] Primary Market - No new REIT products were launched during the week [5] - As of the end of the week, there were 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [5]