20250405-国金证券-公募基础设施REITs周报_13页_3mb

公募基础设施REITs市场周报分析总结

二级市场表现

本期公募REITs二级市场波动明显，整体涨跌互现。根据Wind数据，REITs价格短期波动较大，市场相关性统计显示，不同类别REITs之间的相关性差异显著。具体来看，部分板块如产业园与仓储类REITs表现出较强的上涨动力，而部分次级资产类REITs波动较大，如“同辉商业REIT-SH”在过去一周下跌幅度达11%，表现相对较差。

另外，REITs的收益率表现也分化严重，个别产品较高的年化收益率已达501%，而部分产品在2025年3月底至4月初的持仓回报率下降明显，整体市场呈现结构性机会与风险并存的局面。

一级市场动态

当前公募基础设施REITs的一级市场交易主要集中在机构客户层面，数据显示，投资者对新发行产品的认购较为积极。如“华夏中证国金黄金REIT”、“鹏华前海万科REIT”等产品受到市场关注，在资金认购支持下，发行进度较快。总体来看，2025年的第一季度，一级市场REITs发行节奏加速，多个产品在价格优势和前期表现上看好，市场回暖预期依旧存在。

估值情况概况

截至2025年4月3日，电力、产业园、仓储物流等板块估值相对稳定，平均估值水平在7000点上下浮动，而部分区域性REITs估值下降较为明显，估值分化加剧了市场的波动。未来市场热点可能继续集中在基础较好的区域和板块内，如一线城市及优质仓储项目可能具备更高的抗周期性。

English Translation

Summary of Public REIT Market Development

Secondary Market Performance

The secondary market for public REITs showed significant fluctuations this week, with mixed performance. Different REIT categories exhibit varying degrees of correlation, leading to divergence in market movement. Key sector-specific REITs like logistics parks recorded substantial gains, whereas certain secondary-tier REITs, such as "Tonghui Commercial REIT (SH)," declined by 11% week-over-week, demonstrating higher volatility.

Additionally, the performance dispersion among REITs is notable: some achieved exceptionally high annualized yields of over 500%, while others recorded significant declines in holding period return from March 31 to April 3, 2025. Despite ongoing differentiation, the market presents both structural opportunities and substantial risks.

Primary Market Activity

The primary market experienced increased investor participation in new REIT offerings. Products like "Huaxia Zhongzheng Guojin Yellow River REIT" and "Phoenix Oceanfront Vanke REIT" saw strong institutional interest, leading to quicker-than-expected distribution completions. With acceleration in market issuance pace during Q1 2025, the primary market is showing signs of recovery driven by attractive pricing and prior performance.

Valuation Overview

As of March 31, 2025, valuation across sectors remains inconsistent. Utilities and logistics REITs remain relatively stable around 7,000 points, while certain region-specific REITs saw notable declines. These valuation differences suggest that future investment may focus on regions and sectors with stronger fundamentals, such as core urban assets and high-quality logistics properties capable of withstanding economic cycles.