Investment Rating - The report maintains a positive outlook on the C-REITs market, suggesting that the low interest rate environment and ongoing macroeconomic recovery will continue to support the REITs market in 2025 [5]. Core Insights - The C-REITs market is experiencing a high level of interest, particularly with the successful subscription of the first batch of data center REITs [5]. - The C-REITs total market capitalization is approximately 204.59 billion, with an average market cap of about 3 billion per REIT [12]. - The report highlights the strong performance of the industrial park and consumer infrastructure REITs, while energy and transportation infrastructure REITs have seen a pullback [12]. Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.06% this week, while the closing index decreased by 0.09%, settling at 875.8 points [10]. - Year-to-date, the CSI REITs total return index has risen by 14.12%, ranking third among various indices [2][10]. REITs Secondary Market Performance - The secondary market for C-REITs has shown high volatility, with 40 REITs rising and 28 falling this week, averaging a weekly increase of 0.06% [12]. - The best-performing sectors this week were industrial parks and consumer infrastructure, with respective increases of 0.46% and 0.45% [12]. REITs Valuation Performance - The report notes a continued divergence in the internal rate of return (IRR) among listed REITs, with the top three being Huaxia China Communications REIT (11.1%), Ping An Guangzhou Guanghe REIT (10.5%), and Zhongjin Anhui Transportation Control REIT (8.3%) [5]. - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the highest being Zhongjin Xiamen Anju REIT at 1.9 [5].