今年上半年高歌猛进的REITs，下半年突然掉头向下，二级市场价格指数自高点回撤近8%，一级市场也 逐渐降温。在多位受访人士看来，这是估值回归、资金偏好变化、解禁潮等多重因素导致的结果。然 而，压力中也蕴藏转机，市场的短期调整正在有效挤出泡沫，促使投资逻辑回归本源，未来投资的主逻 辑将更聚焦底层资产的真实质量，推动市场迈向更理性、更成熟的发展新阶段。 公募REITs二级市场持续承压 Choice数据显示，中证REITs全收益指数从2024年12月触及925.46的低点后，便开启一轮强势反弹，到 今年6月达到1124.91的高点，其间涨幅达21.55%，成为表现较为亮眼的资产类别之一。但进入下半年， 市场调头向下步入震荡走低通道，截至11月24日，中证REITs全收益指数自前期高点回撤近8%。 晨星中国基金研究中心高级分析师李一鸣对上海证券报记者表示，公募REITs二级市场行情先扬后抑， 前半段上涨行情的主要动力缘于低利率背景下的配置需求爆发，10年期国债收益率、LPR等连续下调， 具备4%至6%现金分派率和强制分红机制的公募REITs成为资金"避风港"。首批数据中心项目REITs的落 地则进一步推升了市场热度。 ...

投资逐渐回归理性 有机构称，展望2026年，公募REITs项目经营仍将波动与分化。二级市场方面，作为高股息含权资产的 公募REITs仍具备较好的配置价值，在基本面未有明显变化条件下，利率、资金配置需求以及事件因素 或仍主导市场。机构建议关注基本面有韧性、高景气度或短期有改善预期的项目，如数据中心、消费、 保租房及部分高速等，把握估值回调后逢低吸纳机会 ◎记者 聂林浩 REITs行情"先扬后抑" 打新策略的收益效应也有所减弱。以最新上市的中信建投沈阳国际软件园REIT为例，其在上市首日盘 中一度破发，每份额的开盘价为3.661元，盘中曾跌至3.59元，截至收盘才回升至3.66元。截至11月20 日，每份额的收盘价为3.588元，仍在开盘价以下。10月末上市的华夏中海商业REIT在上市首日的涨幅 仅为3.29%，华夏凯德商业REIT于9月29日上市，首日涨幅为12.63%。 据统计，截至11月21日，今年以来上市的19只公募REITs中，除上述3只产品外，其余16只在上市首日 录得涨停或涨幅超20%。 二级市场的降温也导致投资者情绪趋于谨慎，部分资金开始转向更具性价比的资产类别。同时，产业园 区类REITs受区域 ...

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48%. Compared to other major asset classes, the return rates ranked from high to low are convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [4] - There was a divergence in price movements between property-type REITs, which saw a decline, and concession-type REITs, which experienced an increase [4] - Among underlying asset types, municipal facility REITs had the highest increase in value, with the top three performing asset types being municipal facilities, ecological protection, and consumer-related [4] Trading Activity - The total trading volume for publicly listed REITs was 2.88 billion yuan, with a weekly average turnover rate of 0.63%. The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Dongwu Suyuan Industrial REIT [5] - The net inflow of capital was 38.36 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were consumer infrastructure, park infrastructure, and new infrastructure [5] Block Trading - The total amount of block trading reached 240.26 million yuan, showing a decline from the previous week. The highest single-day block trading amount was 72.28 million yuan on November 3, 2025. The top three REITs by block trading volume were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and Huatai Baowan Logistics REIT [6] New Listings - The CITIC Construction Investment Shenyang International Software Park REIT was listed on November 6, 2025, focusing on park infrastructure [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Overview - As of the 45th week of 2025, the CSI REITs (closing) index was 811.48, up 4.84% year-on-year but down 0.42% month-on-month. The CSI REITs total return index was 1041.51, up 11.67% year-on-year but down 0.4% month-on-month [5][18] - Year-to-date, the CSI REITs (closing) index has increased by 7.28%, while the CSI 300 index has risen by 36.36%, resulting in an excess return of -29.09% [14][18] Trading Volume and Market Activity - The trading volume of the REITs market reached 733 million units, a year-on-year increase of 16.91%, with a transaction value of 2.877 billion yuan, up 18.93% year-on-year. The turnover rate for the period was 2.96%, down 1.08% year-on-year [25][27] - Over the past 30 days, the total trading volume in the REITs market was 3.458 billion units, a year-on-year decrease of 17.87%, with a total transaction value of 15.051 billion yuan, down 20.3% year-on-year [30][34] Sector Performance - In the 45th week of 2025, the weekly performance of various REIT sectors was as follows: affordable housing -0.98%, environmental +0.74%, highways +0.09%, industrial parks -1.09%, warehousing and logistics -1.62%, energy -0.51%, and consumption +1.19%. Monthly performance showed similar trends [35][49] - The consumption REITs sector saw a monthly increase of 2.08% [35] Upcoming Listings - There are currently 10 REITs funds awaiting listing, indicating an active issuance market [6]

Group 1: Industry Dynamics - The CITIC Construction Investment Shenyang International Software Park REIT (Fund Code: 508029) was listed on the Shanghai Stock Exchange on November 6, 2025, attracting market attention due to its high-quality underlying assets and stable operational capabilities. The REIT includes 13 industrial buildings located in the core sci-tech area of Hunnan District, Shenyang, with a total property area of 201,200 square meters, primarily focused on R&D office infrastructure, and has been operational for over 5 years, entering a stable operational phase [1][7]. Group 2: Primary Market - As of November 7, 2025, the total issuance scale of listed REITs reached 199.3 billion yuan, with a total of 77 REITs issued [8]. Group 3: Market Performance - In the week from November 3 to November 7, 2025, the CSI REITs total return index fell by 0.40%, while the total REITs index decreased by 0.93%. The property REITs index dropped by 1.41%, and the operating rights REITs index saw a slight increase of 0.07%. The total REITs index underperformed the CSI 300 index by 1.75 percentage points [2][16][25]. Group 4: Liquidity - The overall trading activity of REITs decreased this week, with the total trading volume (MA5) at 575 million yuan, a 12.9% decrease from the previous week. The trading volumes for property and operating rights REITs (MA5) were 396 million yuan and 180 million yuan, respectively, reflecting changes of -16.7% and -3.1% from the previous week. The largest category by trading volume this week was park infrastructure REITs, accounting for 23.8% of the total [3][37].

Core Viewpoint - The successful listing of the CITIC Construction Investment Shenyang International Software Park REIT marks a significant milestone for infrastructure financing reform in Northeast China, aiming to boost the region's digital economy and support its revitalization efforts [1][3]. Group 1: Fund Overview - The CITIC Construction Investment Shenyang International Software Park REIT is the first public REIT successfully issued and listed in Northeast China, with a total of 300 million fund shares and raised capital amounting to 1.098 billion yuan [3]. - The REIT includes 13 industrial buildings located in the core innovation area of Shenyang, with a total property area of 201,200 square meters, primarily focused on research and office operations [3]. Group 2: Operational Strength - The underlying assets of the REIT have been in stable operation for over five years, supported by a management team with over 20 years of experience in industrial park construction and operation [3]. - The REIT aims to attract more quality digital economy enterprises to Shenyang, contributing to the city's goal of becoming "Northeast China's digital capital" and supporting the high-quality development of the regional economy [3].

Core Insights - The launch of the CITIC Construction Investment Shenyang International Software Park REIT marks a significant step in China's public REITs market, supporting the national regional development strategy and the revitalization of Northeast China [1][2] Group 1: REIT Overview - The CITIC Construction Investment Shenyang International Software Park REIT is the first public REIT in China to implement the Northeast revitalization strategy, officially listed on the Shanghai Stock Exchange on November 6 [1] - The underlying assets of the REIT are located in Hunnan District, Shenyang, comprising 13 industrial buildings with a total ownership area of approximately 201,200 square meters, primarily focused on research and office operations [1] - The project has been operational for over five years, demonstrating stable operational capabilities and asset resilience, with a weighted average occupancy rate of around 84% over the past three years [1] Group 2: Market Response and Implications - The REIT received significant attention from the capital market during its issuance, with an offline subscription oversubscription rate of 83 times, indicating strong investor confidence in the asset quality and future revenue prospects [1][2] - As the 77th public REIT in the market, its introduction enriches the regional layout of industrial park assets within China's public REITs market and provides a standardized, market-oriented investment channel for capital market participation in Northeast revitalization [2] - The successful implementation of this product exemplifies the potential of private enterprises in infrastructure construction and operation, enhancing confidence among various market participants in the economic development of Northeast China [2]

Core Points - The announcement states that the CITIC Construction Investment Shenyang International Software Park REIT will be listed for trading on November 6 [1] - As of October 30, the total number of shares for the fund is 300 million [1] - Institutional investors hold 287 million shares in the market, accounting for 95.65% of the total shares [1] - The top ten holders of market shares include major institutions such as Guosen Securities, Guotai Junan Securities, CITIC Securities, CITIC Construction Investment Securities, and Dongwu Life Insurance [1]

Group 1: Public Fund Developments - The Jiashi Growth Sharing Mixed Fund ended its fundraising early on October 24, raising approximately 30 billion yuan, making it one of the largest actively managed equity funds recently [2] - The Huatai Bairui Yingtai Stable 3-Month Holding Mixed FOF was announced to have completed its fundraising in just one day, with over 5.5 billion yuan raised, marking it as the fifth "one-day fundraising" FOF product this year [3] - The China Europe Value Navigation Mixed Fund raised nearly 20 billion yuan in just one day, indicating a strong market demand for actively managed equity funds [9] Group 2: Private Fund Growth - The number of private funds with over 10 billion yuan in assets has reached 100, an increase of 4 from the previous month, with quantitative private funds leading in numbers [5][6] - Among the newly added private funds, two are subjective strategies, one is quantitative, and one is mixed strategy, reflecting a diverse investment approach [6] Group 3: Market Trends and Performance - The performance of public funds has been strong, with some funds reporting significant increases in scale and profits, such as the Yongying Technology Smart Selection Fund, which saw a nearly 10-fold increase in scale and a profit of 4.7 billion yuan in the third quarter [4] - The macro strategy has gained traction among private funds, with an average return of 24.54% in the first three quarters of the year, indicating a growing interest in this investment approach [20] Group 4: Asset Management and Investment Strategies - The asset management industry is witnessing a shift towards diversified asset allocation strategies, particularly in the context of a low-interest-rate environment and increasing market volatility [3] - The fourth quarter investment strategies suggest a focus on technology growth sectors and high-dividend blue-chip stocks, with a cautious outlook on market valuations [17]

Group 1 - Public funds have seen significant fundraising activity, with a new fund from Jiashi Fund raising approximately 30 billion yuan in a short period, marking it as one of the largest actively managed equity funds recently [2] - The FOF product from Huatai Baichuan Fund was able to complete its fundraising in just one day, raising around 55 billion yuan, indicating a strong demand for multi-asset investment strategies in the current low-interest environment [3] - The performance of top-performing fund managers has attracted market attention, with some funds reporting profits of nearly 195% year-to-date, leading to substantial increases in fund sizes [4] Group 2 - The number of private equity funds with over 100 billion yuan in assets has reached 100, with a notable increase in quantitative and subjective strategies dominating the market [5][6] - The market for public fund fixed increases has seen a revival, with total subscriptions exceeding 315 billion yuan, a 50% increase compared to the same period last year, driven by rising market sentiment [9] - The ETF market continues to expand, with significant growth in both the Shanghai and Shenzhen stock exchanges, indicating strong investor interest and participation [13] Group 3 - Public REITs have attracted over 200 billion yuan in subscriptions, showcasing the high demand for this investment vehicle [11] - The latest quarterly reports from public funds reveal a shift in investment strategies, with a focus on sectors like AI and renewable energy, reflecting current market trends [12][17] - Private equity funds have reported an average return of nearly 25% this year, with a growing interest in macro strategies as a means to diversify investment sources [18]