20250913-天风证券-周观REITs_国家发改委推动REITs常态化申报_13页_1mb

REITs Investment Strategy Summary

Key Policy Developments

• National Development and Reform Commission (发改委) issued通知发改办投资〔2025〕782号, promoting REITs (Real Estate Investment Trusts) regularized申报, recommending high-quality expansion to diversify markets and support 国资扩募 projects.

Market Performance Overview (Week Ending September 12, 2025)

• REITs indices saw a slight decline: Total REITs index down 0.97%. Sub-industry indices varied, with mall-focused REITs leading gains at REITs like 中金唯品会奥莱 REIT (+26.81%), contrasting with declines in logistics and infrastructure REITs.
• Correlation analysis showed modest linkages to broader market indices like沪深300 and commodities, but REITs underperformed other assets such as bonds and stocks.

Liquidity Updates

• REITs trading activity increased, with总成交额 rising to 5.78 billion yuan for the MA5 period, up 4% weekly, indicating improved market activity.

Valuation Insights

• P/NAV ratios indicate varied valuations across sectors, with higher multiples in some categories like mall REITs and lower in others, reflecting segment-specific performance and investor demand.

Risk Considerations

• The report highlights risks including uncertain future operating revenues, potential inaccuracies in cash flow projections from reporting, and possible delays in REITs development.