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连跌3周后,REITs市场终反弹
Feng Huang Wang· 2025-08-28 08:43
Core Viewpoint - The REITs market shows signs of stabilization after three weeks of decline, with the CSI REITs Total Return Index rising by 1.49% this week, potentially ending the downward trend [1][3] Market Performance - The REITs market experienced a significant adjustment in August, with the CSI REITs Total Return Index declining by 3.53% in the first three weeks [1] - The decline was primarily driven by high market valuations and fluctuations in long-term interest rates, leading to profit-taking transactions [1][3] - The correlation between the CSI REITs Total Return Index and the China Government Bond Wealth Index reached 0.64 since the peak on June 23, indicating a strong relationship between REITs and bond yields [1] Sector Analysis - The guaranteed rental housing sector, which is highly correlated with government bond yields, led the market decline in August, with some projects, like the Zhongjin Xiamen Anju REIT, dropping over 10% [1][3] - The consumer infrastructure sector showed strong performance this week, with the Huashang Bailian Consumer REIT leading the rebound after experiencing a share lock-up release [4][6] Upcoming Events - A significant share lock-up release is expected at the end of August for several projects, including the Huashang Shichuang Aolai REIT, which will release 328 million shares, accounting for 41% of the fund's total shares [3] - The market is currently in a performance vacuum between the second and third quarter reports, with short-term influences primarily from long-term interest rate fluctuations [7]