点击注册小程序 从单只REIT层面来看，排除本周上市的华夏安博仓储REIT后，有2只REITs上涨，有75只REITs下跌。涨跌 幅方面，本周有所上涨的分别是华安外高桥REIT和博时津开产园REIT。 成交规模及换手率：本周公募REITs成交规模为23.0亿元，水利设施类REITs区间日均换手率领先其他。已 上市的78只REITs周内总成交额为23.0亿元，周内区间日均换手率均值为0.51%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、二级市场 2025年12月15日-2025年12月19日（以下简称"本周"），我国已上市公募REITs二级市场价格整体呈现逐日 持续下跌的态势：加权REITs指数的本周回报率为-2.74%。与其他主流大类资产相比，回报率由高至低排 序分别为：可转债 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - From November 3 to November 7, 2025, the REITs weighted index fell 0.49% to 97.40 points. The performance of major asset classes from high to low was convertible bonds > crude oil > stocks > pure bonds > REITs > gold. Property - type REITs fell 0.75% and franchise - type REITs rose 0.11%. [2] - As of November 7, 2025, there were 9 REITs products still in the exchange acceptance stage and 3 in the approved - to - be - listed state. [4] Group 3: Summary by Directory Secondary Market Price - Volume Performance - **Overall Secondary Market Performance**: The REITs weighted index fell 0.49% this week. Property - type REITs fell 0.75% to 110.46, and franchise - type REITs rose 0.11% to 82.68. Different industry - type REITs had varied performances. [2] - **Property - Type REITs**: The top five in terms of increase were Huaxia JINMAO Commercial REIT (4.42%), Guotai Haitong Dongjiu New Economy REIT (1.83%), Huitianfu Shanghai Real Estate Rental Housing REIT (1.81%), Huaxia First - Outlets REIT (1.52%), and Huitianfu Jiuzhoutong Pharmaceutical REIT (1.17%). High - turnover ones included Huaxia Zhonghai Commercial REIT (21.52%), etc. [2][11] - **Franchise - Type REITs**: The top five in terms of increase were Zheshang Shanghai - Hangzhou - Ningbo REIT (2.37%), Guotai Haitong Jinan Energy Heating REIT (2.25%), China Merchants Highway REIT (2.03%), Huaxia Huadian Clean Energy REIT (1.53%), and Huaxia China Communications Construction REIT (1.27%). High - turnover ones included Huaxia TBEA New Energy REIT (5.59%), etc. [2][13] - **Block Trading**: There were 5 block trading days this week, with the highest turnover on Monday at 72.2788 million yuan. The top five in terms of block trading turnover were Southern Runze Technology Data Center REIT, etc., with average discount/premium rates of 0.41%, etc. [20] Secondary Market Valuation Situation - **Property - Type REITs**: As of Friday, the top three in terms of internal rate of return (IRR) were E Fund Guangzhou Open Industrial Park REIT (8.38%), CICC Hubei KT Guanggong REIT (8.04%), and Huaxia Hefei High - tech REIT (7.33%). REITs with low P/NAV quantiles were E Fund Guangzhou Open Industrial Park REIT, etc. [3][25] - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.75%), Ping An Guangzhou Guanghe REIT (9.31%), and CICC Anhui Expressway REIT (7.60%). REITs with low P/NAV quantiles were Huaxia Yuexiu REIT, etc. [3][28] Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20 this week. Different types of REITs had different correlation coefficients with major asset classes. [29][30] Primary Market Tracking - As of November 7, 2025, there were 9 REITs in the exchange acceptance stage and 3 in the approved - to - be - listed state, including Huaxia Anbo Warehouse Logistics REIT, etc. [4][33]