本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，近一周场内成交贴水最少，净值相对稳健且回撤可控，可参考下表（本 轮债市调整自2025年8月8日起算）： REITs市场日度跟踪显示，今日中证REITs全收益指数收于1077.87点，较前一交易日小幅上涨0.08%。全市场73只REITs中，共有32只REITs 收盘价下跌、38只上涨、3只持平。分板块来看，除数据中心下跌（-0.3%）以外，其余板块均上涨，市政环保板块涨幅最大，为0.57%。全 市场成交额为6.03亿元，环比有所下滑。各版块成交额排序为：产业园（1.24亿）>高速公路（1.17亿）>保租房（0.81亿）>能源（0.8亿）> 仓储物流（0.72亿）>消费（0.68亿）>数据中心（0.37亿）>市政环保（0.23亿）。标的层面，日涨幅排前三的标的依次为：华泰江苏交控 REIT、国泰君安济南能源供热REIT、中金联东科创REIT；换手率排前三的标的依次为：华夏华电清洁能源REIT、华泰南京建邺REIT、华 泰宝湾物流REIT。 （数据来源：WIND资讯） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 代码 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 21 年 月 日 房地产 本年中证 REITs 全收益指数涨幅为 14.12%。截至 7.18，本年中证 REITs （收盘）指数涨幅为 10.92%，中证 REITs 全收益指数涨幅为 14.12%。 本年沪深 300/恒生/中债十年期国债/房地产（申万）/恒生地产建筑业/高 速公路（申万）指数分别上涨 3.14%/上涨 23.76%/下跌 0.02%/下跌 3.58%/上涨 14.68%/下跌 5.18%。其中恒生指数本年涨幅最高，REITs 全 收益指数排行第 3。 C-REITs 周报——指数震荡，首批数据中心 REITs 认购火爆 REITs 指数表现 REITs 二级市场表现 本周 C-REITs 二级市场整体呈现高位震荡行情。截至 7.18，已上市 REITs 总市值约 2045.9 亿元，平均单只 REIT 市值约 30 亿元。本周已上市 REITs 中 40 支上涨、28 支下跌，周均涨幅为 0.06%；其中招商科创孵化器 REIT、 华夏金茂商业 REIT 涨幅靠前。板块来看，本周产业园区、消费基础设施 板块 REITs ...

1. Report Industry Investment Rating There is no information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The issuance volume of REITs this week was the same as the same period last year, and considering the 23 REITs under review or awaiting listing, the scale of REITs this year still has strong support. The approval of the first - batch of data center REITs and the launch of the Yulong Snow Mountain cultural and tourism REITs will enrich the market asset types. The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, indicating that the enthusiasm for primary - market subscription of REITs has reached a new high. [1] - In the primary market, the number of REITs issued in 2025 was the same as last year, but the issuance scale decreased by 40.7% year - on - year. In the secondary market, the CSI REITs Total Return Index continued to rise this week, with the affordable housing sector being the most active. [3] 3. Summary According to the Directory 3.1 Primary Market: One Newly Issued Park REIT and One Newly Issued Consumption REIT - As of June 20, 2025, a total of 68 REITs have been issued, with a total issuance scale of 177.3 billion yuan, a total market value of 206.6 billion yuan, and a circulating market value of 95.1 billion yuan. Among them, there are 45 property - type REITs and 23 franchise - type REITs. [10] - In 2025, 9 REITs have been successfully issued (6 in Q1, 1 in April, and 2 in June), with the same number as last year but a 40.7% year - on - year decrease in issuance scale to 14.03 billion yuan. This week, 5 first - issuance public REITs made new progress, including the establishment of CICC Yizhuang Industrial Park REIT and CICC China Green Development Commercial REIT, with a total issuance scale of 2.684 billion yuan. There was no new progress in expansion and fundraising this week. [3] - Currently, in the approval process, there are 13 first - issuance REITs declared on the exchange, 6 with inquiries and feedback, 1 passing the review, and 3 registered and awaiting listing with the CSRC. For expansion and fundraising, there are 10 declared on the exchange, 4 with inquiries and feedback, and 4 passing the review. [3] 3.2 Secondary Market: The Uptrend Continued This Week, with the Affordable Housing Sector Being the Most Active 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1124.63 points, up 0.88%, outperforming the CSI 300 by 1.33 percentage points and the CSI Dividend by 1.29 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 16.20%, outperforming the CSI 300/CSI Dividend by 18.44/19.56 percentage points. [3] - By project attribute, property - type REITs rose 2.42% this week, while franchise - type REITs fell 0.22%. By asset type, the affordable housing (+4.65%), water service (+4.16%), warehousing and logistics (+3.74%), and park (+1.78%) sectors performed well. Among individual bonds, 49 rose and 17 fell. [3] 3.2.2 Liquidity: The Affordable Housing Sector Was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, down 3.12 BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.62%/0.58%, up 1.27 BP and down 5.43 BP from last week respectively. The trading volumes within the week were 443 million and 148 million shares, up 2.10% and down 8.56% week - on - week respectively. The affordable housing sector had the highest activity. [3] 3.2.3 Valuation: The Energy Sector Had a High Valuation - From the perspective of ChinaBond valuation yields, the property - type/franchise - type REITs were 3.73%/3.75% respectively. The warehousing and logistics (5.00%), park (4.81%), and transportation (4.80%) sectors ranked among the top three. [3] 3.3 This Week's Important News and Announcements - On June 18, the CSRC Chairman Wu Qing stated at the Lujiazui Forum that the first two data center REITs in the country would be approved for registration, and support for technology companies to use new assets such as intellectual property and data assets for asset securitization and REITs financing would continue. [1] - On June 16, Lijiang Tourism Investment announced the launch of the Yulong Snow Mountain cultural and tourism REITs project, with an expected issuance scale of no less than 2.5 billion yuan. [29] - The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, setting a new record. [29] - There were also a series of important announcements from various REITs, including operation data announcements, expansion and fundraising announcements, dividend announcements, and changes in fund usage announcements. [30][32]