REITs 月月谈：政策红利仍在延续，关注年末配置窗口 20251210 摘要 证监会加速商业不动产 REITs 发行，提升规模供给，吸引更多市场化主 体参与，长期配置价值凸显，经济回升时有望带来超额收益。 商办类资产中，零售型业态最稳定，写字楼和酒店顺周期性强。类一线 城市商办物业优于产业园，但租金和出租率承压，酒店波动大，适合高 风险偏好投资者。 公募 REITs 市场 10 月、11 月连续下跌，但跌幅收窄。高速公路、消费 和保租房板块表现相对较好，市政环保、数据中心回调，能源仓储产业 园跌幅较大。 未来关注多空博弈及跨年配置节奏，政策端对资产和资金呵护预计持续， 建议关注基本面稳健的数据中心、消费、保租房及部分高速公路项目， 逢低吸筹。 当前交易逻辑仍为类固收，建议逐步吸筹基本面过关且估值合理的券种， 关注底层资产与运营管理人的组合，警惕非市场化条款带来的波动风险。 Q&A 商办类资产在当前市场中的表现如何？ 商办类资产，包括综合体验、写字楼和酒店等业态，其稳定性和韧性有所不同。 零售型业态被认为是最稳定的，而写字楼和酒店则具有更强的顺周期性。类一 新项目集中于商办领域，零售型业态相对稳定，写字楼和酒 ...

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs market has shown a significant recovery in trading volume, with a notable increase in the inquiry premium rate for Anbo Storage REIT returning to 10% [1] - The overall market sentiment remains stable, with a focus on the potential for long-term investment opportunities in REITs due to low bond yields and improving fundamentals in infrastructure asset operations [9][19] - The REITs index experienced a decline of 0.68% this week, contrasting with gains in major stock indices such as the Shanghai Composite and CSI 300 [19][23] Industry Overview - The industry comprises 75 listed companies with a total market capitalization of 2125.35 billion and a circulating market value of 1089.48 billion [2] - The trading volume for the week reached 24.9 billion, reflecting a 38.9% increase, with daily turnover rates averaging 0.5% [43] - The REITs market has shown varying performance across different sectors, with significant increases in trading volumes for storage logistics and clean energy sectors [43] Market Performance - The REITs index's correlation with various bond indices and stock indices indicates a mixed relationship, with a correlation of 0.15 with ten-year government bonds and 0.36 with the CSI 300 [21] - The report highlights that 20 REITs saw price increases, while 53 experienced declines, with the largest gain being 1.79% and the largest loss at 6.87% [23] - The report notes that the REITs market is influenced by macroeconomic conditions, policy environments, and the performance of underlying infrastructure assets [9][19] Trading Activity - The report details specific trading volumes for various sectors, with highway REITs at 5.2 billion (+31.7%) and storage logistics at 2.7 billion (+50.8%) [43] - The inquiry for the upcoming Anbo Storage REIT is set between 5.103 yuan and 6.235 yuan per share, with a total of 400 million shares planned for issuance [12][13] Valuation Metrics - The report provides valuation metrics indicating that the estimated yield for certain REITs ranges from -0.81% to 9.93%, with the highest yield observed in Huaxia China Communications at 9.93% [45] - The P/NAV ratio for the REITs is reported to be between 0.71 and 1.80, with the highest P/NAV being 1.80 for Jiashe China Electric Construction [45]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [1]. Core Insights - The REITs index experienced a slight decline of 0.33% this week, while the broader market indices such as the Shanghai Composite and CSI 500 saw increases of 1.23% and 1.78%, respectively [4][16]. - Newly listed data center REITs, namely Southern Wanguo and Southern Runze, both saw significant gains of 30% on their debut [6][20]. - The overall trading volume for REITs this week was 3.67 billion yuan, reflecting a 1.5% increase compared to the previous week [6]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 221.233 billion yuan and a circulating market value of 103.698 billion yuan [1]. - The report highlights that 23 REITs increased in value, 1 remained stable, and 49 declined, indicating a mixed performance across the sector [20]. Key Events - Significant events include the listing of Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT on August 8, both achieving a 30% increase in their first trading day [9][14]. - Other notable updates include the registration effectiveness of various REIT projects and announcements regarding expansions and new acquisitions in the infrastructure sector [9][12]. Trading Performance - The trading volume for different REIT categories varied, with data-related REITs showing a remarkable increase of 100% in trading volume, while other categories like industrial parks and warehousing logistics saw declines [6][20]. - The report indicates that the correlation of REITs with various bond indices and stock indices varies, with a correlation of 0.33 with the Shanghai Composite and 0.37 with the CSI 500 [16].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2]. Core Insights - The total market capitalization of the REITs industry has surpassed 200 billion yuan, reaching 2020.74 billion yuan, with 66 listed companies [2]. - The REITs index increased by 1.58% this week, with operational rights REITs rising by 3.74% and property rights REITs by 0.01% [12][16]. - The report highlights a significant increase in issuance pace, with several REITs launching and experiencing high subscription rates [6][9]. Market Performance Summary - The REITs index performance this week shows a 1.58% increase, outperforming the Shanghai Composite Index, which rose by 0.88%, and the CSI 500 Index, which increased by 1.60% [12][16]. - The trading volume for the week was 20.9 billion yuan, a decrease of 12.1%, with daily turnover rates averaging 0.4% [35]. - Specific sectors within REITs showed varied performance, with highway REITs seeing a 19.9% increase in trading volume, while clean energy REITs experienced a 40.3% decline [35]. Key Events - The issuance price for the CICC Yizhuang Industrial Park REIT was set at 2.720 yuan per share, with a total of 400 million shares available, and an initial subscription rate of 265.76 times [6][9]. - The Huaxia Special Transformer New Energy REIT saw a cumulative increase of 50.63% before a temporary suspension of trading [6][9]. - The report notes ongoing inquiries and feedback from exchanges regarding various REITs, indicating active regulatory engagement [6][9]. Valuation Situation - The estimated yield for various REITs ranges from -2.47% to 10.52%, with the highest yield observed in the Huaxia China Communications REIT at 10.52% [41]. - The Price-to-NAV (P/NAV) ratio for REITs varies between 0.77 and 1.79, indicating differing valuations across the sector [41].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 1.43% this week, while the Shanghai and Shenzhen 300 index rose by 0.38% and the CSI 500 index increased by 1.20% [6][24] - The report highlights the correlation of REITs with various indices, showing a correlation of -0.08 with 10-year government bonds and 0.27 with the Shanghai and Shenzhen 300 index [6] - Recent market activities include the listing of the Southern SF Logistics REIT, which saw a first-day increase of 13.53% [8][12] Summary by Sections Market Dynamics - 62 REITs, including the Jia Shi JD Warehouse Infrastructure REIT, released their first-quarter announcements this week [12] - 12 REITs, such as the E Fund Deep Expressway REIT, announced dividend distributions [12] - The report notes various REITs' operational data releases and investor activities, including the Guangfa Chengdu High Investment Industrial Park REIT [8][12] Market Performance - The trading volume for REITs increased to 2.95 billion yuan, reflecting a 3.4% rise, with an average daily turnover rate of 0.7% [9] - Specific sectors showed varied performance, with highway REITs trading at 710 million yuan (+1.5%) and ecological environmental REITs at 12 million yuan (-21.8%) [9] Investment Recommendations - The report suggests that the overall economic stability remains unchanged, and REITs possess strong allocation attributes in the long term [9] - Investors are encouraged to pay attention to sector rotation and expansion opportunities, as well as improvements in macroeconomic and policy environments [9]