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公募REITs周报(第25期):指数小幅回调,扩募进程加速-20250713
Guoxin Securities· 2025-07-13 11:47
Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the China Securities REITs Index closed down. The performance of property - type REITs was weaker than that of franchise - type REITs, with average weekly price changes of - 1.8% and - 0.9% respectively. Among all types of REITs in the market, ecological and environmental protection, warehousing, and energy - type REITs had the smallest declines [1]. - As of July 11, 2025, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 70BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return (IRR) of franchise - type REITs and the 10 - year Treasury bond yield was 186BP [1]. - Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, and Harvest JD Logistics REIT announced an expansion plan, gradually reflecting the "asset listing platform" function of public REITs [1]. Summary by Related Catalogs Market Trends Secondary Market Trends - As of July 11, 2025, the closing price of the China Securities REITs (closing) Index was 876.64 points, with a weekly change of - 0.96%, performing worse than the CSI Convertible Bond Index (+0.76%), the CSI 300 Index (+0.82%), and the CSI All - Bond Index (-0.05%). Since the beginning of the year, the ranking of the price changes of major indices was: China Securities REITs (+11.0%) > CSI Convertible Bonds (+8.8%) > CSI 300 (+2.0%) > CSI All - Bond (+1.3%) [2][8]. - As of July 11, 2025, the one - year return rate of the China Securities REITs Index was 12.0%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The total market value of REITs decreased to 205.2 billion yuan on July 11, a decrease of 2.7 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.60%, a decrease of 0.14 percentage points from the previous week [2][14]. - All types of REITs closed down. From the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 0.9% respectively. From the perspective of different project types, the three project types with the smallest average declines were ecological and environmental protection (-0.4%), warehousing and logistics (-0.5%), and energy infrastructure (-0.5%). The top three REITs in terms of weekly price increases were Harvest JD Logistics REIT (+4.25%), CICC China Greentown Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) [1][3][18]. - In terms of trading activity, ecological and environmental protection - type REITs were the most active this week, and transportation - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, and its trading volume accounted for 4.2% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6% during the period, and its trading volume accounted for 23.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were CICC China Greentown Commercial REIT (24.65 million yuan), Huaxia China Resources Commercial REIT (14.98 million yuan), and CITIC Construction Investment SPIC New Energy REIT (10.45 million yuan) [4]. Primary Market Issuance - As of July 11, 2025, there was 1 REIT product in the declared stage, 2 in the accepted stage, 7 in the feedback stage, 7 passed and waiting to be listed, and 5 first - issued products that had passed and were already listed on the exchange [26]. Valuation Tracking - From the perspective of bond characteristics, as of July 11, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [28]. - From the perspective of equity characteristics, the valuation of REITs was judged through relative net value premium rate, IRR, and P/FFO. Different project types had different relative net value premium rates, P/FFO, IRR, and annualized dividend rates [28][29]. Industry News - On July 4, Wuxi Xishan Huaneng Group issued a tender announcement for the selection of a fund manager for infrastructure public REITs, with a contract estimated price of 2.54 million yuan, officially launching the process of green and low - carbon asset securitization [35]. - On July 8, Huaxia China Resources Commercial REIT disclosed a secondary expansion plan, planning to acquire three community - type shopping centers, with a total construction area of approximately 300,000 square meters [35]. - On July 8, Harvest JD Logistics REIT announced an expansion plan, planning to raise funds through targeted or public means to acquire two projects, with a total construction area of approximately 253,000 square meters [35]. - On July 10, Lijiang Tourism Development Investment Group Co., Ltd. announced the winning bids for the selection of a financial advisor for the original equity holder and the selection of a fund manager and plan manager for a cultural and tourism infrastructure public REITs project. The project planned to use Yulong Snow Mountain as the underlying asset, with a planned issuance scale of no less than 2.5 billion yuan [35].
建材、建筑及基建公募REITs周报(5月31日-6月6日):周专题:公募REITs市值首破2000亿
EBSCN· 2025-06-09 10:50
Investment Rating - The report suggests a "Buy" rating for several companies including Honglu Steel Structure, China Jushi, and Puyang Refractories, among others [35]. Core Insights - The total market value of public REITs has surpassed 200 billion yuan for the first time, reaching 201.99 billion yuan as of June 5, 2025, marking a 29% increase since the end of 2024 [3][5]. - The public REITs market is experiencing a steady upward trend due to the issuance of new products and rising secondary market prices, with the market value index reaching 113.91, a 19% increase from the end of 2024 [3][5]. - The narrowing yield spread between public REITs and long-term bonds is a significant factor driving the market, with the average distribution yield for public REITs at approximately 5.82% as of June 6, 2025 [15][3]. Summary by Sections 1. Weekly Topic: Public REITs Market Value Surpasses 200 Billion Yuan - As of June 6, 2025, the public REITs market value has increased by 29% compared to the end of 2024, with new products contributing to this growth [3][5]. - The market is characterized by a rotation among different sectors, with the rental housing and consumption REIT indices showing strong performance [19][20]. 2. Major Covered Companies' Earnings Forecast and Valuation - The report includes earnings per share (EPS) forecasts for various companies, with notable mentions such as Honglu Steel Structure and China Jushi, which are expected to perform well in the coming years [35]. - The report maintains a "Buy" rating for most covered companies, indicating a positive outlook for their performance [35]. 3. Weekly Market Review - The report provides insights into the weekly performance of the construction and building materials sectors, highlighting significant price movements among key companies [48][49]. - It notes that the public REITs market has shown resilience, with various indices reflecting positive trends in the infrastructure sector [49].
公募REITs周报(第15期):REITS小幅回调,消费类逆势收涨-20250428
Guoxin Securities· 2025-04-28 09:42
1. Report Industry Investment Rating No information about the industry investment rating is provided in the given reports. 2. Core Viewpoints - With the release of Q1 performance, the pricing of REITs this week gradually returned to fundamentals. Consumption and affordable housing REITs showed stable performance and strong resilience. The CSI REITs Index slightly declined this week and underperformed major stock and bond indices. Except for consumption REITs, all other types of REITs closed down. As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1]. - The performance of public - offering REITs in the first quarter of 2025 showed a differentiated trend. Generally, consumption and affordable housing REITs performed stably with strong resilience; industrial parks and warehousing logistics REITs faced certain operational pressures, and there were obvious internal differentiations in the energy and public utilities sectors [4]. 3. Summary by Related Catalogs 3.1 Market Trends - **Index Performance**: As of April 25, 2025, the CSI REITs (closing) index closed at 847.0 points, with a weekly decline of 1.8% from April 21 - 25, 2025, underperforming the CSI 300 Index (0.4%), the CSI Convertible Bond Index (0.9%), and the CSI Aggregate Bond Index (-0.1%). Year - to - date, the CSI REITs Index rose 7.3%, outperforming the CSI Convertible Bond Index (+1.8%), the CSI Aggregate Bond Index (+0.3%), and the CSI 300 Index (-3.8%). In the past year, the return of the CSI REITs Index was 4.5%, with a volatility of 6.9%. Its return was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI Aggregate Bond Index, and its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][8][10]. - **Market Capitalization and Turnover**: The total market capitalization of REITs rose to 189.5 billion yuan on April 25, an increase of 1.4 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.03 percentage points from the previous week [2][10]. - **Performance by REIT Type**: Except for the consumption sector, other types of REITs had a slight decline. As of April 25, 2025, the average weekly decline of property - type REITs and franchise - type REITs was 1.1% and 0.7% respectively. Among specific REITs, the top three in terms of weekly gains were CICC Chongqing Liangjiang REIT (+6.35%), E Fund Huawai Market REIT (+4.26%), and Huaan Waigaoqiao REIT (+2.51%) [3][15][19]. - **Trading Activity**: Warehousing logistics REITs were the most actively traded this week, with an average daily turnover rate of 1.8% and an trading volume accounting for 25.2% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern SF Logistics REIT (107.85 million yuan), China AMC China Resources Commercial REIT (14.45 million yuan), and CICC Anhui Expressway REIT (12.35 million yuan) [3][20][23]. 3.2 Primary Market Issuance As of April 25, 2025, there were 2 REIT products in the in - inquiry stage, 1 in the accepted stage, 6 in the feedback stage, 3 passed and waiting for listing, and 2 first - issued products that had passed and were listed on the exchanges [25]. 3.3 Valuation Tracking - **Cash Distribution Rate**: As of April 25, the average annualized cash distribution rate of public - offering REITs was 7.5%, significantly higher than the current static yields of mainstream fixed - income assets [1][27]. - **Valuation Indicators**: Different types of REITs had different relative net - value premium/discount rates, P/FFO, IRR, and annualized dividend rates. Property - type REITs focused on dividend yield, while franchise - type REITs focused on internal rate of return. As of April 25, 2025, the dividend yield of property REITs was 383 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 259 BP [27][30][31]. 3.4 Industry News - On April 21, "Southern SF Logistics REIT", an infrastructure public - offering REIT under SF Holding, was officially listed on the Shenzhen Stock Exchange. Its initial offering price was 3.290 yuan per share, the opening price on the first - listing day was 3.8 yuan, and the closing price was 3.7 yuan, with a full - day increase of 13.53%, a turnover rate of 22.55%, and a trading volume of 251 million yuan. The effective subscription multiple of public investors was 381.58 times [37].