20230415-德邦证券-周观REITs2023年4月第2周_REITs市场继续下行_流动性环比下降_21页_1mb

Market performance for REITs this week showed a decline, with China Aviation First Steel Green Energy REIT (152%) leading gains and funds like China AMCI Zhongguancun Park REIT (-616%) leading losses. Key indices fell: the China REITs Index dropped 19.2%, REITs Total Index declined 13.9%, Operating Rights REITs Index decreased 15.1%, and Property Rights REITs Index fell 12.0%. REITs underperformed benchmark indices such as CSI 300 by 0.63 percentage points, CSI Bond Index by 1.55 points, and Nanhua Commodity Index by 0.87 points. Top gainers included infrastructure REITs in logistics and energy, while top losers were in office parks and utilities. Aggregate trading volume was 513.485 billion yuan, down 9.1% from the previous week.

Correlation analysis revealed low links between REITs indices and major markets. Long-term correlations (250-day) were weak with CSI 300, CSI Bond Index, and Nanhua Commodity Index. High internal correlations were seen between industrial parks and logistics REITs. Short-term (20-day) correlations showed strong ties in specific sectors like ecosystem environmental protection REITs, with coefficients varying by category.

Liquidity indicators showed a decline: average 5-day trading volume for all REITs fell 9.1%, with traffic infrastructure REITs dominating in activity. Turnover rate decreased 20.0%, and sub-sector performance varied widely, with traffic REITs leading in volume but overall trends indicating reduced market engagement.