20251116-国盛证券-房地产开发C-REITs周报_二级市场修复_第二单保障房REIT扩募提速_11页_901kb

报告摘要

This week, the CSI REITs full yield index rose by 0.86%.
Year-to-date, the CSI REITs full yield index has increased by 8.53%, indicating recovery in the REITs market.
Key comparison indices: Shanghai 300 declined 1.08%, Hang Seng Index rose 1.26%, and the stock index of the Hong Kong property and construction sector showed strong growth.

REITs markets showed a repair trend, with outperforming segments: housing preservation and transportation infrastructure REITs yielded positive gains, while data center REITs retreated slightly.
Total market capitalization of listed REITs is approximately 222.47 billion yuan, with an average REIT value of about 2.9 billion yuan.
Weekly performance: 56 REITs advanced, with a median weekly return of 0.84%. Notable performers include Zhongjin Linkedong Technology Park REIT and Zhongshanjiaogroup Expressway REIT.
Sector-wise returns varied, with warehouse/logistics, industrial parks, and housing preservation showing the best performance.

Bond equivalent yields (IRR) are diversified, with top performers like Huaxia CCCC REIT at 9.6%.
Price-to-net asset value (P/NAV) ranges from 0.7 to 1.8, with high values in some REITs (e.g., 1.8) and low values in others (e.g., 0.7 for Huaxia CCCC REIT).

Focus on three main strategies: 1) Policy-driven opportunities in high-tier cities and project management, 2) Underserved REITs as long-term holdings, and 3) Expansion listings for projects with high potential.
REITs are favored in low-interest environments, offering stable income.

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