2025 年 10 月 9 日 二级市场价格整体持续回调，资产类型有望得到大幅扩围 总量研究 ——REITs 月度观察（20250901-20250930） 价格走势：2025 年 9 月 1 日-2025 年 9 月 30 日（以下简称"本月"），我国已 上市公募 REITs 的二级市场价格整体呈现波动下行的趋势。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>美股>A 股>可转债>纯债>原油>REITs。 从项目属性来看，产权类 REITs 和特许经营权类 REITs 的二级市场价格走势于 本月呈现分化：产权类 REITs 有所上涨，而特许经营权类 REITs 有所下跌。从 底层资产类型来看，本月能源类 REITs 涨幅最大。本月，各底层资产类型的 REITs 产品涨跌互现（上市满一个月的新型基础设施类 REITs 已被纳入统计），其中， 回报率表现较好的底层资产类别为能源类、新型基础设施类和生态环保类。从单 只 REIT 层面来看，本月有 15 只 REITs 上涨，有 60 只 REITs 下跌。涨跌幅方面， 涨幅排名前三的分别是中金联东科创 REIT、红土创新盐田港 REIT 和广发成都高 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (2025/09/15 - 2025/09/19), the weighted index of REITs decreased by 0.14% to 100.42 points. The performance of major asset classes from high to low was: crude oil > pure bonds > gold > REITs > stocks > convertible bonds. [2] - In terms of the nature of underlying asset projects, property - type REITs rose 0.13% to 113.97, while concession - type REITs fell 0.46% to 84.48. From the perspective of industry types, the weekly performance from high to low was: data centers > warehousing and logistics > industrial parks > consumer - type > energy - type > rental housing for affordable housing > highways > ecological and environmental protection. [2] 3. Summary According to Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Market Performance**: The weighted index of REITs decreased by 0.14% this week. The performance of major asset classes varied, with crude oil having the highest return at 2.09% and convertible bonds having the lowest return at - 1.55%. [2] - **Performance by Project Nature**: Property - type REITs rose 0.13%, and concession - type REITs fell 0.46%. [2] - **Performance by Industry Type**: Data centers had the highest return of 1.32%, while ecological and environmental protection had the lowest return of - 2.00%. [2] - **Top - Performing REITs**: In property - type REITs, the top five in terms of increase were Huaxia Fund China Resources Youchao REIT (2.20%), CICC Yizhuang Industrial Park REIT (1.54%), Huaxia Joy City Commercial REIT (1.43%), Southern Runze Technology Data Center REIT (1.41%), and AVIC Yishang Warehousing and Logistics REIT (1.37%). In concession - type REITs, the top five were China Merchants Expressway REIT (1.89%), E Fund Shenzhen Expressway REIT (1.57%), Ping An Ningbo Jiaotou REIT (1.40%), AVIC Jingneng Photovoltaic REIT (1.15%), and Yin Hua Shaoxing Raw Water and Water Conservancy REIT (0.87%). [3] - **Turnover Rate**: Among property - type REITs, CICC Vipshop Outlets REIT, Hua'an Waigaoqiao REIT, Southern Wanguo Data Center REIT, CICC Hubei KeTou Optics Valley REIT, and China Merchants Fund Shekou Rental Housing REIT had relatively high turnover rates. Among concession - type REITs, Huatai Jiangsu Jiaokong REIT, Guojin China Railway Construction REIT, Fuguo First - Created Water Service REIT, Huaxia Huadian Clean Energy REIT, and Huaxia Tebian Electric New Energy REIT had relatively high turnover rates. [3] 3.2 Secondary Market Valuation Situation - **Property - type REITs**: The top three in terms of internal rate of return (IRR) were CICC Hubei KeTou Optics Valley REIT (7.70%), Boshi Shekou Industrial Park REIT (6.69%), and Huaxia HeDa High - tech REIT (6.61%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were E Fund Guangkai Industrial Park REIT, CICC China Green Development Commercial REIT, and Huitianfu Shanghai Real Estate Rental Housing REIT. [4][23] - **Concession - type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.65%), Ping An Guangzhou Guanghe REIT (8.96%), and ICBC Hebei Expressway REIT (6.18%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were Huaxia Yuexiu REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT. [4] 3.3 Market Correlation Statistics - **Correlation between REITs and Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index at 0.20, followed by CSI 300 at 0.18, ChiNext Index at 0.11, small - and - medium - cap stocks at 0.16, CSI Convertible Bond Index at 0.17, CSI All - Bond Index at 0.07, gold at 0.04, and crude oil index at 0.09. [27] - **Correlation of Different Types of REITs with Major Asset Classes**: Different types of REITs had different correlations with major asset classes. For example, industrial park - type REITs had a relatively high correlation with the Shanghai Composite Index at 0.21, while rental housing for affordable housing - type REITs had a correlation coefficient of 0.00 with the Shanghai Composite Index. [28] 3.4 Primary Market Tracking As of September 19, 2025, there were 11 REITs products still in the exchange acceptance stage and 1 REIT in the state of having passed the review and waiting for listing. [5][31]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 to July 25, 2025, the REITs weighted index fell 1.94% to 101.89 points, with the performance of major asset classes ranked as stocks > convertible bonds > gold > pure bonds > crude oil > REITs. By underlying asset nature, property - type REITs fell 1.72% and concession - type REITs fell 2.19%. By industry type, industrial park - type REITs had the best performance and rental - housing - type REITs had the worst performance [2]. - This week, the top three gainers among REITs were Bosera Jinkai Industrial Park REIT (8.49%), China Merchants Science and Technology Innovation REIT (3.79%), and Huatai Jiangsu Expressway REIT (2.20%). In terms of trading volume, Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT led. In terms of turnover rate, China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high rates [3]. - In terms of valuation, many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT [4]. Summary by Related Catalogs Secondary Market Performance - **Overall Market Performance**: The REITs weighted index declined, and different types of REITs (by underlying assets and industries) showed varying degrees of decline. The performance ranking of different industry - type REITs was industrial park - type > warehousing and logistics - type > expressway - type > consumer - type > ecological and environmental protection - type > energy - type > rental - housing - type [2]. - **Individual REIT Performance**: The top three gainers were Bosera Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT. Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT had high trading volumes. China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high turnover rates [3]. - **Fund Flow and Block Trading**: The top three REITs with net inflows of main funds were China Asset Management Shenzhen International REIT, Red Soil Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT. The top three industries in terms of trading volume were industrial park infrastructure, transportation infrastructure, and consumer infrastructure. The top three in terms of average daily turnover rate were industrial park infrastructure, ecological and environmental protection, and municipal facilities. In block trading, Tuesday had the highest trading volume of 50.1225 million yuan. The top three REITs in block trading turnover were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Mingyang Smart New Energy REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles (showing undervaluation) were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT. The top three in expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Ping An Ningbo Transportation REIT [4][19]. - **IRR**: As of Friday, the top three REITs in internal rate of return (IRR) were China Asset Management China Communications Construction REIT (11.16%), Ping An Guangzhou Guanghe REIT (10.92%), and CICC Anhui Expressway REIT (8.54%) [20]. Market Correlation Statistics - **Correlation with Major Assets**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.20), ChiNext Index (0.12), small - and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.05), gold (0.04), and crude oil index (0.09) [25]. - **Correlation by Industry Type**: Different industry - type REITs had different correlation coefficients with major assets. For example, industrial park - type REITs had a relatively high correlation with stocks, while rental - housing - type and consumer - type REITs had a relatively low or negative correlation with stocks [27]. Primary Market Tracking As of July 25, 2025, there were 12 REIT products in the exchange acceptance stage and 3 in the approved - to - be - listed stage. This week, China Aerospace Rainbow Consumer REIT was declared, with Tianhong Digital Commerce Co., Ltd. as the original equity holder [5].

Group 1 - The total number of REITs in the market has reached 68, with a market value of 204.7 billion yuan, making it the largest in Asia [1] - Smaller fund companies are leveraging REITs to gain competitive advantages, with notable entries such as Chuangjin Hexin Fund and Changcheng Fund [1] - The data shows that smaller fund companies have varying degrees of involvement in REITs, with CITIC Construction Investment Fund leading in management scale at 8.378 billion yuan [1] Group 2 - For smaller public funds, entering the REITs market is a strategic choice to overcome traditional competitive barriers, as they struggle to compete with larger firms in active equity [2] - The potential scale of China's REITs market is estimated to reach trillions, representing 3%-5% of GDP, indicating significant growth opportunities [2] - Industry insiders suggest that the rapid development of the public REITs market presents a new avenue for smaller fund companies to establish their unique characteristics [2]

Core Viewpoint - REITs have become an important strategy for many small and medium-sized public funds seeking differentiated competition in the market [1][2]. Group 1: Market Dynamics - Many small and medium-sized public funds are actively expanding in the REITs sector despite facing strong competition from leading public funds with established brands and distribution channels [2][3]. - Several small public funds have made significant moves in the REITs business this year, with some securing multiple projects and others preparing for their first deals [2][4]. Group 2: Competitive Advantages - Small public funds are showing remarkable activity in the REITs space, with funds like Hongtu Innovation Fund securing two REITs projects, including Hongtu Innovation Yantian Port REIT and Hongtu Innovation Shenzhen Anju REIT [5]. - Notably, smaller public funds like Zhongjin Fund and Zhongxin Jiantou Fund have established a competitive edge in the REITs market, surpassing their own industry status and scale [5][6]. Group 3: Shareholder Influence - Small public funds with strong industrial capital shareholders are seizing opportunities in the REITs market [7][8]. - For instance, Changcheng Fund is preparing to enter the REITs market, with a project involving Huaneng International and its subsidiary [9]. Group 4: Future Outlook - The REITs market is expected to expand in terms of asset types, driven by increasing investor demand and policy support, leading to a rapid development of the market [10][11]. - The domestic REITs market is relatively new compared to its overseas counterparts, but it is anticipated to grow significantly due to the abundance of quality assets from China's infrastructure development [11].

Group 1 - The core viewpoint of the article highlights the growth and performance of public REITs in China, with a total of 65 products and a combined issuance scale of 173.03 billion yuan as of April 30, 2025 [3] - The largest issuance scale among the underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 27.06 billion yuan [3] - As of April 30, 2025, there are 24 REITs awaiting listing, including 13 new REITs and 11 REITs pending expansion [3] Group 2 - In the secondary market, the weighted REITs index closed at 134.98 with a monthly return of 0.65%, showing a fluctuating trend [4] - The performance of REITs is ranked lower compared to other major asset classes, with the order being gold, pure bonds, US stocks, REITs, convertible bonds, A-shares, and crude oil [4] - The top three performing underlying asset types for the month are affordable housing, consumer, and water conservancy facilities [4] Group 3 - The total trading volume of public REITs decreased slightly compared to the previous month, with a total transaction amount of 12.35 billion yuan and an average daily turnover rate of 0.8% [5] - The top three REITs by transaction volume are Southern SF Logistics REIT, Hongtu Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT [5] - The total net inflow of main funds reached 27.73 million yuan, indicating a significant increase in market trading enthusiasm compared to the previous month [5] Group 4 - The total amount of block trades increased compared to the previous month, with 21 block trading days and a total transaction amount of 2.17 billion yuan [6] - The highest single-day block trade amount was 54.14 million yuan on April 8, 2025 [6] - The top three REITs by block trade amount are E Fund Deep Highway REIT, Huaxia Huaren Commercial REIT, and CICC Prologis REIT [6]

Core Viewpoint - The public REITs market experienced a downward trend last week, with overall trading activity declining, while the affordable housing REITs continued to perform well [1][2]. Market Performance - The CSI REITs index fell by 1.36% to 856.7 points, and the CSI REITs total return index decreased by 1.18% to 1065.4 points [2]. - Among the 64 publicly listed REITs, only 24 saw an increase in value, a decrease from the previous week [2]. - The top-performing REITs included Huaxia Beijing Affordable Housing REIT, Huaxia Joy City Commercial REIT, and Yinhua Shaoxing Raw Water REIT, with weekly gains of 3.67%, 3.19%, and 2.61% respectively [2][4]. Sector Analysis - The affordable housing sector showed resilience, with a weekly increase of 0.27%, while other sectors like industrial parks and logistics saw declines of 2.14% and 2.96% respectively [2][8]. - The trading volume for REITs decreased to 590 million yuan, down 11% from the previous week, with specific declines in property and operating rights trading [7][8]. New Issuances - The first rental housing public REIT in Jiangsu, Huatai Suzhou Hengtai Rental Housing REIT, announced its pricing range between 2.270 yuan and 2.774 yuan per share [1][9]. - As of April 11, a total of 65 public REITs have been issued, with a combined issuance scale of 173.1 billion yuan [1]. Future Outlook - Analysts predict that the REITs market may maintain narrow fluctuations in the coming weeks due to limited new information, with a focus on stable sectors like affordable housing and water resources [10].