点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025年11月10日-2025年11月14日（以下简称"本周"），我国已上市公募REITs二级市场价格整体呈现波动 上涨的态势：加权REITs指数收于184.03，本周回报率为0.95%。与其他主流大类资产相比，回报率由高至 低排序分别为：黄金>REITs>可转债>纯债>美股>A股>原油。 从项目属性来看，本周产权类和特许经营权类REITs的二级市场价格均有所上涨。 从底层资产类型来看，本周保障房类REITs涨幅最大。本周回报率排名前三的底层资产类型分别为保障房 类、交通基础设施类和消费类。 从单只REIT层面来看，本周公募REITs涨跌互现，有56只REITs上涨，有1只REIT与上周持平，有20只 REITs下跌。涨跌幅方面，涨幅 ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend in September 2025, with relatively poor performance compared to other mainstream asset classes. However, the total net inflow of main funds increased, indicating a rise in market trading enthusiasm. Meanwhile, relevant policies in September 2025 are expected to further expand the asset types of REITs [2][17][44] 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of September 30, 2025, there were 75 publicly - offered REITs in China, with a total issuance scale of 196.62 billion yuan (excluding expansion). Among them, transportation infrastructure REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs with 31.835 billion yuan. In September 2025, two new REITs were listed: CICC Vipshop Outlet Mall REIT on September 12 with an issuance scale of 3.48 billion yuan, and Huaxia CapitaLand Commercial REIT on September 29 with an issuance scale of 2.287 billion yuan, both being of the consumption infrastructure type [11] 3.1.2 Pending - Listing Projects - As of September 30, 2025, there were 17 REITs pending listing, including 11 initial - offering REITs and 6 REITs pending expansion. In September, the project status of several REITs was updated, such as CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund being updated to "Approved" [14][15] 3.2 Secondary - Market Performance 3.2.1 Price Trends - **At the major - asset level**: From September 1 to September 30, 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend. The returns of REITs were - 1.08%, ranking behind other major asset classes. The order of returns from high to low was: gold > US stocks > A - shares > convertible bonds > pure bonds > crude oil > REITs [17] - **At the underlying - asset level**: In terms of project attributes, the secondary - market price trends of equity - type REITs and franchise - type REITs diverged in September. Equity - type REITs rose, with a return of 0.54%, while franchise - type REITs fell, with a return of - 0.77%. Among different underlying - asset types, energy - type REITs had the largest increase, and the underlying - asset categories with better returns were energy, new infrastructure, and ecological and environmental protection, with returns of 1.09%, 0.05%, and - 0.52% respectively [21][22] - **At the single - REIT level**: In September, 15 REITs rose and 60 REITs fell. The top three in terms of increase were CICC Liandong Science and Technology Innovation REIT, Hongtu Innovation Yantian Port REIT, and GF Chengdu High - tech Investment Industrial Park REIT, with increases of 3.87%, 2.33%, and 1.73% respectively. The top three in terms of decline were Huatai Jiangsu Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with declines of 8.16%, 7%, and 6.69% respectively [25] 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: In September, the trading volume of publicly - offered REITs decreased compared to the previous month. New infrastructure - type REITs led in the average daily turnover rate. The total trading volume of 75 listed REITs in September was 10.95 billion yuan, and the average daily turnover rate was 0.58%. The top three in terms of trading volume were consumption infrastructure, transportation infrastructure, and park infrastructure, with trading volumes of 2.36 billion, 2.16 billion, and 1.61 billion yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and consumption infrastructure, with rates of 1.09%, 0.87%, and 0.73% respectively [28] - **At the single - REIT level**: In terms of trading volume, the top three in September were CICC Vipshop Outlet Mall REIT, Bosera Shekou Industrial Park REIT, and Huaxia CapitaLand Commercial REIT, with trading volumes of 166 million, 84 million, and 78 million shares respectively. In terms of trading amount, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Southern Runze Technology Data Center REIT, with trading amounts of 729 million, 509 million, and 415 million yuan respectively. In terms of turnover rate, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Huatai Jiangsu Expressway REIT, with turnover rates of 55.41%, 48.89%, and 30.07% respectively [30] 3.2.3 Main - Fund Inflow and Block - Trading Situation - **Main - fund inflow situation**: In September, the total net inflow of main funds reached 87.51 million yuan, and the market trading enthusiasm increased compared to the previous month. At the underlying - asset level, the top three underlying - asset types in terms of net inflow of main funds were consumption infrastructure, new infrastructure, and park infrastructure, with net inflows of 56.13 million, 49.8 million, and 18.58 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Capital Outlets REIT, with net inflows of 51.33 million, 27.05 million, and 20.03 million yuan respectively [33] - **Block - trading situation**: In September, the total block - trading volume was 1.31 billion yuan, a decrease compared to the previous month. There were block trades on 20 trading days in September. The block - trading volume on September 8 was the highest in the month, reaching 233.35 million yuan. At the single - REIT level, the top three in terms of block - trading volume were Huaxia Shenzhen International REIT, Huaxia Capital Outlets REIT, and CICC Yinli Consumption REIT, with trading volumes of 242.86 million, 168.81 million, and 104.31 million yuan respectively, and corresponding average discount/premium rates of - 0.52%, + 0.12%, and + 0.20% respectively [39] 3.3 Relevant Policies - In September 2025, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the 15 - Minute Convenient Living Circle in Cities", proposing to give priority to supporting the issuance of infrastructure - related real - estate investment trusts (REITs) for consumption infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets. The General Office of the National Development and Reform Commission issued the "Notice on Further Improving the Regular Declaration and Recommendation of Real - Estate Investment Trusts (REITs) in the Infrastructure Sector", which proposed to accelerate the declaration of projects with mature asset types, increase the organization of projects with large potential issuance space, actively promote the issuance of projects with new asset types, and optimize the expansion mechanism [44][45]