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【固收】二级市场价格明显修复,特许经营权类产品表现更优——REITs周度观察(20251110-251114)(张旭/秦方好)
光大证券研究· 2025-11-16 00:04
Market Overview - The secondary market for publicly listed REITs in China showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return of 0.95% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: Gold > REITs > Convertible Bonds > Pure Bonds > US Stocks > A-shares > Crude Oil [4] - Among different asset types, REITs related to affordable housing had the highest increase, with the top three asset types by return being affordable housing, transportation infrastructure, and consumer-related REITs [4] Individual REIT Performance - A total of 56 REITs experienced price increases, while 20 saw declines, with the top three gainers being Zhongjin Liandong Science and Technology REIT, Zhongjin Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT [4] - The trading volume for publicly listed REITs reached 2.84 billion yuan, with water infrastructure REITs leading in average daily turnover rate [4] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Hongtu Innovation Yantian Port REIT [5] Net Inflow and Block Trading - The total net inflow for the week was -51.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [5] - The top three REITs by net inflow were in the categories of consumer infrastructure, water infrastructure, and affordable rental housing [5] - Total block trading reached 1.01 billion yuan, with the highest single-day block trading occurring on November 12, 2025, at 300.82 million yuan [5] Primary Market - No new REIT products were listed this week, and there were no updates on project statuses [6]