房地产行业C-REITS周报：打新延续火热惯性二级开启震荡回调

国盛证券有限责...2025-03-03

REITs 指数表现本周中证REITs 全收益指数下跌2.90%。截至2.28，本周（2.22-2.28，下同）中证REITs(收盘)指数下跌2.92%，收于840 点；中证REITs 全收益指数下跌2.90%，收于1033.2 点。本周沪深300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下跌2.22%/下跌2.29%/下跌0.44%/上涨2.22%/上涨...

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全收益指数下跌2.90%，收于1033.2 点。本周沪深300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下跌2.22%/下跌2.29%/下跌0.44%/上涨2.22%/上涨3.89%/上涨2.21%。其中恒生地产建筑业本周涨幅最高，REITs 全收益指数排行第7。本年中证REITs 全收益指数涨幅为6.75%。截至2.28，本年中证REITs(收盘)指数涨幅为6.38%，中证REITs 全收益指数涨幅为6.75%。本年沪深300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下跌1.14%/上涨14.36%/下跌0.82%/下跌1.08%/上涨4.06%/下跌3.03%。REITs 二级市场表现本周C-REITs 二级市场整体呈现回调行情。截至2.28，已上市REITs 总市值约1783 亿元，平均单只REIT 市值约28.3 亿元。本周已上市REITs 中3 支上涨、58支下跌，周均涨幅为-3.09%；其中新上市产品汇添富九州通医药REIT 首日收盘上涨28.22%，华夏金隅智造工场REIT 亦上市首日30cm 涨停，打新延续火热惯性；此外仅华夏北京保障房REIT、嘉实中国电建清洁能源REIT 涨幅靠前。板块来看，保障房、生态环保板块REITs 回调幅度较小，仓储物流、产业园区板块REITs震荡幅度较大；本周仓储物流/产业园区/保障房/交通基础设施/能源基础设施/生态环保/消费基础设施/水利设施REITs 板块二级市场涨幅分别为-4.23%/-3.99%/-1.21%/-2.91%/-2.3%/-1.75%/-2.9%/-2.62%。本周仓储物流板块交易活跃度最高。已上市REITs 本周日均成交量323.1 万股，日均换手率1.7%。分项目来看，本周日均换手率位列前三的REITs 分别是汇添富九州通医药仓储物流REIT（18.4%）、华夏金隅智造工场REIT（8%）、工银蒙能清洁能源REIT（3.4%）。分板块来看，本周仓储物流板块交易最活跃。REITs 估值表现本周已上市REITs 中债IRR（（部收收益率）位于1.1%-11.7%区间，其中位列前三的REITs 分别是华夏中国交建REIT（（11.7%）、平安广州广河REIT（（10.8%）、中金安徽交控REIT（（ 9.8%）；部收收益率较低的有工银蒙能清洁能源REIT（（ 1.1%）。P/NAV 位于0.6-1.6 区间，其中位列前三的REITs 分别是嘉实中国电建清洁能源REIT（（1.6）、华夏北京保障房REIT（（1.5）、嘉实物美消费REIT（（1.5），P/NAV 较低的有华夏中国交建REIT（0.6）。投资建议：看好2025 年低利率环境及宏观面不断修复下REITs 市场持续升温，而介于REITs 已走过2024 年的估值修复，择时或是当前二级投资的关键。当下弱周期资产在避险情绪下受关注度仍较高，建议结合资产韧性、二级市场价格与P/NAV综合挑选个券。其次，强周期板块建议关注政策主题下的弹性及项目管理能力，收分高能级城市消费、仓储物流、产业园及高速等在出现复苏迹象后具备投资吸引力。风险提示：政策出台速度和执行力度不及预期、基础设施项目运营风险、测算误差风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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房地产行业C-REITS周报：打新延续火热惯性 二级开启震荡回调

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房地产行业C-REITS周报：打新延续火热惯性二级开启震荡回调