Group 1 - The secondary market for publicly listed REITs in China showed a trend of initial decline followed by an increase, with the weighted REITs index closing at 142.49 and a weekly return of -0.44% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: US stocks > convertible bonds > A-shares > gold > pure bonds > REITs > crude oil [4] - Among different asset types, ecological and environmental REITs had the highest increase in returns, while property and concession REITs experienced a decline, with property REITs seeing a larger drop [4] Group 2 - The trading volume and turnover rate for individual REITs showed a continued divergence, with the top three in trading volume being Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [5] - The total net inflow of major funds for the week was 24,281 million yuan, indicating an increase in market trading enthusiasm, with the top three net inflows by asset type being new infrastructure, energy infrastructure, and water conservancy facilities [6] - The total amount of block trades reached 33,625 million yuan, with the highest single-day block trade occurring on August 6, 2025, amounting to 12,542 million yuan [6] Group 3 - Two new REIT products were launched this week, and the status of two initial projects was updated [7]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - This week, the China Securities REITs Index closed up. The performance of property - type REITs was weaker than that of franchise - type REITs, with average weekly price changes of +0.9% and +1.1% respectively. The weekly price change ranking of major indices is: CSI 300 > CSI Convertible Bond Index > CSI REITs Index > CSI Aggregate Bond Index. The average daily turnover rate of REITs throughout the week increased slightly compared to the previous week. REITs of different types in the entire market showed differentiated price changes, with ecological and environmental protection, consumption, and transportation - type REITs leading the gains [1]. - As of July 4, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property - type REITs is 106 basis points 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 ten - year Treasury bond yield is 206 basis points [1]. - The infrastructure REIT project of Qingcheng Mountain - Dujiangyan Scenic Area has determined its fund manager. AVIC Fund Management Co., Ltd. won the bid, which opens a market - based financing channel for high - quality cultural and tourism assets [1][4]. Summary by Related Catalogs Market Trends - As of July 4, 2025, the closing price of the CSI REITs (closing) Index was 887.01 points, with a weekly price change of +0.69%, performing weaker than the CSI Convertible Bond Index (+1.21%), the CSI 300 Index (+1.54%), and the CSI Aggregate Bond Index (+0.14%). Since the beginning of the year, the price change ranking of major indices is: CSI REITs (+12.3%) > CSI Convertible Bond (+7.9%) > CSI Aggregate Bond (+1.3%) > CSI 300 (+1.2%) [2][8]. - As of July 4, 2025, the one - year return rate of the CSI REITs Index was 12.7%, 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 Aggregate 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 Aggregate Bond Index. The total market capitalization of REITs increased to 207.9 billion yuan on July 4, an increase of 1.8 billion yuan from the previous week. The average daily turnover rate throughout the week was 0.74%, an increase of 0.12 percentage points from the previous week [2][14]. - Ecological and environmental protection, consumption, and transportation - type REITs led the gains. The average weekly price changes of property - type REITs and franchise - type REITs were +0.9% and +1.1% respectively. Among different project - type REITs, the three project types with the largest average price increases were ecological and environmental protection (+2.3%), consumption (+1.9%), and transportation (+1.3%). The top three REITs in terms of weekly price increases were CICC China Greentown Commercial REIT (+6.50%), E Fund Huayi Market REIT (+5.25%), and China Southern Asset Management Nanjing Expressway REIT (+3.91%) [1][3][19]. - Ecological and environmental protection - type REITs had the highest trading activity this week, while consumption - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.2% during the period, and its trading volume accounted for 6.1% of the total REIT trading volume. The latter had an average daily turnover rate of 1.3%, and its trading volume accounted for 21.6% of the total REIT trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC China Greentown Commercial REIT (56.27 million yuan), AVIC Shougang Green Energy REIT (36.34 million yuan), and CICC Yizhuang Industrial Park REIT (19.9 million yuan) [3][25][26]. Primary Market Issuance - As of July 4, 2025, there was 1 REIT product in the declared stage on the exchange, 3 in the accepted stage, 6 in the feedback - received stage, 7 that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [28]. Valuation Tracking - From the perspective of bond characteristics, as of July 4, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [30]. - As of July 4, 2025, the dividend yield of property - type REITs was 106 basis points 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 ten - year Treasury bond yield was 206 basis points [1][31]. Industry News - On June 30, the Shenzhen Stock Exchange showed that the Huaxia Anbo Warehouse Logistics Closed - end Infrastructure REIT was "accepted". The underlying assets of this project are 44 modern logistics centers in 24 core cities across the country, with an operating area of approximately 5.3 million square meters [37]. - On July 2, the book - building of the Southern Runze Technology Data Center REIT was completed, with a final subscription multiple of up to 167.06 times. It will be officially launched for public investors on July 14, with a price of 4.5 yuan per share and a total issuance scale of 1 billion shares, expected to raise approximately 4.5 billion yuan [37]. - On July 3, the evaluation results of the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REIT project were announced. AVIC Fund Management Co., Ltd. won the bid to serve as the fund manager. The underlying assets of this project are the AAAAA - level national tourist scenic area Qingcheng Mountain - Dujiangyan, which received 11.7215 million tourists and achieved ticket revenue of 602 million yuan in 2024 [4][37].

Market Performance - The public REITs secondary market continued its upward trend, with the CSI REITs Index and the CSI REITs Total Return Index increasing by 1.24% and 1.39% respectively as of May 16 [1][3] - Among the 65 public REITs listed, 52 experienced a week-on-week increase, while 13 saw a decline [4][6] - The top three performing REITs were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumart Consumption REIT, and CICC Xiamen Affordable Rental Housing REIT, with increases of 9.13%, 7.09%, and 6.04% respectively [4][6] Sector Analysis - Different sectors showed varied performance, with total return indices for consumption, industrial parks, and affordable rental housing increasing by 3.15%, 2.29%, and 2.26% respectively [3] - The consumption, affordable rental housing, and logistics sectors have seen continuous gains for three weeks, indicating strong market preference for stable asset performance [3][9] Policy Developments - The Central Committee and State Council issued opinions to promote urban renewal, emphasizing the need for market-oriented financing models to attract social capital for urban renewal projects, including the issuance of REITs [2][9] - Local policies are also supporting the issuance of public REITs, with cities like Guangzhou and Fujian Province implementing measures to facilitate financing through REITs for specific sectors [9][10] Liquidity and Trading Activity - The trading volume for public REITs reached 2.442 billion yuan, with logistics REITs showing the highest average turnover rate [8] - The top three REITs by trading volume were Hongtu Innovation Yantian Port REIT, Dongwu Su Garden Industrial REIT, and Guotai Junan Dongjiu New Economy REIT [8] New Product Developments - Several public REITs have made progress in their application processes, including the launch of the Chuangjin Hexin Electronic City Industrial Park REIT and feedback received for Huaxia Kaide Commercial REIT and Bank of China Logistics REIT [2][9]

Economic Indicators - In April 2025, the new social financing scale increased by 1.16 trillion RMB, down from 5.89 trillion RMB in March, slightly below the market expectation of 1.26 trillion RMB[2] - The year-on-year growth rate of social financing stock in April was +8.7%, an increase from +0.3 percentage points in March[2] - The total amount of new RMB loans in April was only 11% of the average for the same month over the past five years, indicating weak financing demand from the real economy[2] Loan Dynamics - In April, the balance of loans from financial institutions grew by +7.2%, down from +7.4% in the previous month, continuing a downward trend since the beginning of the year[2] - Resident loans decreased by 5.216 trillion RMB in April, with medium- and long-term loans and short-term loans dropping by 1.231 trillion RMB and 4.019 trillion RMB, respectively[3] - Corporate loans increased by 6.1 trillion RMB in April, but this was a year-on-year decrease of 2.5 trillion RMB, with medium- and long-term loans only reaching 48.9% of the average for the past five years[3] Monetary Supply - The M2 growth rate in April was +8.0%, an increase of 1.0 percentage points from the previous month, while M1 growth rate was +1.5%, a decrease of 0.1 percentage points[4] - The weak performance of social financing and credit reflects insufficient internal demand, low inflation, and external tariff impacts[4] Market Performance - As of May 16, the CSI REITs index rose by +1.24%, outperforming the Shanghai Composite Index, which increased by +0.76%[10] - The average weekly liquidity indicators for nine sectors showed that seven sectors experienced positive changes, indicating improved liquidity conditions[10]

Investment Rating - The industry maintains a rating of "Increase" [5] Core Viewpoints - The C-REITs market shows a positive trend with a 1.39% increase in the C-REITs total return index for the week ending May 16, 2025, and an 11.25% increase year-to-date [1][2] - The report highlights strong performance in the consumer infrastructure and affordable housing sectors, while the ecological and environmental protection sectors experienced a pullback [3][11] - The report suggests that the low interest rate environment and ongoing macroeconomic recovery present investment opportunities in the REITs market, emphasizing the importance of timing in secondary market investments [4] Summary by Sections REITs Index Performance - The C-REITs total return index rose by 1.39% this week, closing at 1076.8 points, while the C-REITs closing index increased by 1.24%, closing at 859 points [1][9] - Year-to-date, the C-REITs total return index has increased by 11.25%, ranking second among various indices [2][9] REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 193.25 billion, with an average market cap of 3 billion per REIT [3][11] - A total of 52 REITs increased in value, with an average weekly increase of 1.84%, while 13 REITs decreased [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows a range, with the top three being 11.3% for 华夏中国交建 REIT, 10.7% for 平安广州广河 REIT, and 9% for 中金安徽交控 REIT [4] - The price-to-net asset value (P/NAV) ratio for REITs is between 0.7 and 1.8, with the highest being 1.8 for 华夏北京保障房 REIT and 中金厦门安居 REIT [4]

证券研究报告 | 行业周报 gszqdatemark 2025 05 17 年 月 日 房地产 C-REITs 周报——二级延续上行，保障房、消费持续走强 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.39%。截至 5.16，本周（5.10- 5.16，下同）中证 REITs（收盘）指数上涨 1.24%，收于 859 点；中 证 REITs 全收益指数上涨 1.39%，收于 1076.8 点。本周沪深 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） 指数上涨 1.12%/上涨 2.09%/下跌 0.53%/下跌 0.31%/下跌 0.00%/ 下跌 1.33%。其中恒生指数本周涨幅最高，REITs 全收益指数排行第 2。 本年中证 REITs 全收益指数涨幅为 11.25%。截至 5.16，本年中证 REITs（收盘）指数涨幅为 8.79%，中证 REITs 全收益指数涨幅为 11.25%。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）指数分别下跌 1.16%/上涨 16.38%/下跌 0.30%/下跌 7. ...