Investment Rating - The report indicates a positive outlook for the REITs industry, particularly following the recent government initiatives to promote the issuance of infrastructure REITs and other asset-backed securities [2][8]. Core Insights - The report highlights the recent government policy aimed at enhancing market-oriented financing models to attract private capital for urban renewal projects, which includes the promotion of REITs [2][8]. - The REITs market has shown strong performance, with the total REITs index rising by 1.92% during the week of May 12 to May 16, 2025, outperforming major indices such as the Shanghai Shenzhen 300 and the China Bond Index [3][16]. - The liquidity in the REITs market has improved, with a total trading volume of 488 million yuan, reflecting a 6.4% increase from the previous week [4][36]. Industry Dynamics - The Central Committee and the State Council have issued opinions to continuously promote urban renewal actions, emphasizing the need for market-oriented investment and financing models [2][8]. Primary Market - As of May 16, 2025, the total issuance scale of listed REITs reached 173 billion yuan, with 65 products issued [9][15]. Market Performance - The report notes that the China REITs total return index increased by 1.39%, with specific REITs such as Huaxia Nanjing Expressway REIT leading the gains at 9.13% [3][16]. - The report provides comparative performance data, showing that the REITs total index outperformed the Shanghai Shenzhen 300 index by 0.81 percentage points [3][26]. Liquidity - The report indicates an increase in trading activity, with the average trading volume for REITs rising to 1.12 billion shares, a 5.0% increase from the previous week [4][36]. Valuation - The report includes valuation metrics for various REITs, indicating a range of bond yield rates and price-to-NAV ratios, which provide insights into the relative valuation of different asset types within the REITs sector [42].

策略报告 | 投资策略 两办发文提出推动 REITs 发行 证券研究报告 周观 REITs 两办发文提出推动 REITs 发行 中共中央办公厅、国务院办公厅发布《关于持续推进城市更新行动的意见》， 其中提出完善市场化投融资模式，吸引社会资本参与城市更新，推动符合条 件的项目发行基础设施领域不动产投资信托基金（REITs）、资产证券化产品、 公司信用类债券等。 市场表现方面，本周 REITs 市场上行，华夏南京高速公路 REIT（+9.13%）领 涨 本周（2025.5.12-2025.5.16），中证 REITs 全收益指数上涨 1.39%，REITs 总指 数上涨 1.92%，产权 REITs 指数上涨 2.59%，经营权 REITs 指数上涨 0.76%。大 类资产角度，REITs 总指数跑赢沪深 300 指数 0.81 个百分点，跑赢中证全债 指数 2.19 个百分点，跑赢南华商品指数 1.38 个百分点。个券层面，华夏南 京高速公路 REIT、嘉实物美消费 REIT、中金厦门安居 REIT 领涨，涨跌幅分别 为 9.13%、7.09%、6.04%。 流动性方面，本周 REITs 总体成交活跃度上升 成 ...