证券研究报告 | 行业周报 gszqdatemark 2025 09 28 年 月 日 房地产 C-REITs 周报——指数回调，新增三单 REITs 注册生效 REITs 指数表现 本周数据中心板块交易活跃度最高。已上市 REITs 本周日均成交量 104.9 万股，日均换手率 0.4%。分板块来看，本周数据中心板块交易最活跃； 数据上本周仓储物流/产业园区/保障房/交通基础设施/能源基础设施/生 态环保/消费基础设施/水利设施/数据中心 REITs 板块换手率分别为 0.4%/0.3%/0.4%/0.4%/0.7%/0.8%/0.3%/0.2%/1.1%。 REITs 估值表现 本周已上市 REITs 中债 IRR（内部收益率）持续分化。其中位列前三的 REITs 分别是华夏中国交建 REIT（9.7%）、平安广州广河 REIT（9.1%）、 中金湖北科投光谷 REIT（7.8%）。P/NAV 位于 0.7-1.8 区间，其中位列前 三的 REITs 分别是易方达华威农贸市场 REIT（1.8）、嘉实中国电建清洁 能源 REIT（1.8）、嘉实物美消费 REIT（1.7）。 投资建议：看好 2025 年低 ...

Investment Rating - The report maintains a rating of "Increase" for the industry [6] Core Views - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting investment opportunities [4] - The report emphasizes three main investment strategies: focusing on policy-driven projects with recovery potential, recognizing the market's acknowledgment of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [4] REITs Index Performance - The CSI REITs total return index increased by 0.12% this week, while the CSI REITs closing index decreased by 0.20%, closing at 838.3 points [10] - Year-to-date, the CSI REITs total return index has risen by 10.69%, ranking fourth among various indices [2][10] REITs Secondary Market Performance - The C-REITs secondary market exhibited a volatile trend, with data center and municipal water sectors performing well, while ecological and energy infrastructure sectors saw price declines [12] - As of September 19, the total market capitalization of listed REITs is approximately 221.21 billion yuan, with an average market cap of about 3 billion yuan per REIT [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being: China Communications Construction REIT (9.6%), Ping An Guangzhou Guanghe REIT (9%), and CICC Hubei Keti Guanggu REIT (7.7%) [3] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.8, with the highest being E Fund Huawai Agricultural Market REIT at 1.8 [3]

Investment Rating - The report maintains an "Overweight" rating for the C-REITs sector, indicating a positive outlook for investment opportunities in this area [6]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting favorable allocation opportunities. The report suggests three main investment strategies: focusing on policy-driven themes with resilient and undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to original equity holders with ample asset reserves for future growth [4][6]. Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.78% this week, closing at 1070 points, while the CSI REITs index fell by 0.84% to 840 points. In comparison, the Shanghai Composite Index rose by 1.38% and the real estate sector (Shenwan) saw a significant increase of 5.98% [10][11]. Year-to-Date Performance - As of September 12, the CSI REITs total return index has increased by 10.56% year-to-date, while the CSI REITs index has risen by 6.39%. The Hang Seng Index has shown the highest growth at 31.55% this year [2][10]. Secondary Market Performance - The C-REITs secondary market experienced a general pullback this week, with a total market capitalization of approximately 221.46 billion yuan and an average market value of about 3 billion yuan per REIT. Among the listed REITs, 12 increased in value while 61 decreased, resulting in an average weekly decline of 0.95% [3][12]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Huaxia China Communications REIT at 9.7%, Ping An Guangzhou Guanghe REIT at 8.7%, and CICC Hubei Keti Guanggu REIT at 7.7%. The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with Huaxia China Communications REIT having a lower P/NAV of 0.7 [3][12]. Investment Recommendations - The report emphasizes the importance of focusing on resilient and high-quality undervalued projects, particularly in high-energy cities, and suggests that the logistics and factory leasing demand improvements present significant opportunities. It also notes that while weak-cycle assets have been recognized by the market, current prices reflect market expectations, necessitating a strategic approach to timing and asset selection [4][6].

Investment Rating - The report maintains a rating of "Accumulate" for the REITs sector [8] Core Viewpoints - The C-REITs market is expected to benefit from a low interest rate environment in 2025, presenting investment opportunities. The current investment strategy focuses on three main lines: 1) Emphasizing policy themes and the recovery potential of quality undervalued projects, particularly in high-energy cities and logistics sectors; 2) Recognizing the market's acceptance of weak-cycle assets, while suggesting a timing strategy based on asset resilience and market prices; 3) Monitoring the expansion of REITs alongside new issuances, focusing on original rights holders with ample asset reserves and quality projects [6] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 1.74% this week, closing at 1062.1 points, while the CSI REITs closing index decreased by 1.87%, closing at 838 points. The CSI 300 index had the highest increase this week at 4.18% [1][13] REITs Secondary Market Performance - The C-REITs secondary market showed an overall pullback, with data center and transportation sectors experiencing smaller declines compared to larger drops in affordable housing and municipal water sectors. As of August 22, the total market capitalization of listed REITs was approximately 215.68 billion yuan, with an average market cap of about 3 billion yuan per REIT [3][15] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed continued differentiation, with the top three being Huaxia China Communications REIT (9.6%), Ping An Guangzhou Guanghe REIT (8.9%), and CICC Hubei Keti Guanggu REIT (7.5%). The price-to-net asset value (P/NAV) ratio ranged from 0.7 to 1.7, with the top three being CICC Xiamen Yifangda Huawei Agricultural Market REIT, Jiashi Wumei Consumption REIT, and CICC Xiamen Anju REIT, all at 1.7 [5][6] REITs Trading Volume Performance - The data center sector had the highest trading activity this week, with an average daily trading volume of 2.282 million shares and an average turnover rate of 0.9%. The turnover rates for various sectors were as follows: warehousing logistics (0.8%), industrial parks (0.9%), affordable housing (1.2%), and transportation infrastructure (0.6%) [4][18]

Core Viewpoint - The public REITs market has shown strong performance since 2025, with the CSI REITs Total Return Index increasing by 12.54% year-to-date, driven by consumer and affordable rental housing REITs, which rose by 34.01% and 20.84% respectively [1][3] Market Performance - As of May 30, the REITs market has completed 66 initial public offerings, raising a total of 174.39 billion yuan, with an additional 4 REITs completing expansions, raising 5.064 billion yuan, leading to a total market capitalization of nearly 200 billion yuan [1][3] Investment Trends - Consumer infrastructure REITs have benefited from expectations of retail consumption recovery, achieving a year-to-date increase of 34.01%, while affordable rental housing REITs have shown a 20.84% increase due to strong policy support and stable cash flows [3] - The core investment forces in the market include original equity holders, insurance funds, and brokerage proprietary trading, collectively holding over 60% of REITs [3] Investment Themes - The current public REITs market is focused on three main themes: "dividends," "unlocking," and "expansion," with increased dividend frequency creating "yield-seeking" trading opportunities, while unlocking restrictions provide low-entry windows for medium to long-term funds [3][4] Future Outlook - With ongoing improvements in regulations and liquidity mechanisms, REITs are transitioning from a "policy-driven phase" to a "market-driven allocation phase," with stable cash flows and strong policy support making sectors like consumer and affordable housing attractive to investors [4] - Industry experts anticipate that REITs will establish a new asset allocation paradigm characterized by "stable returns and low volatility," further solidifying their importance in the "fixed income plus" era [4]