C-REITS周报：华润商业REIT启动二次扩募关注龙头效益

国盛证券有限责...2025-07-14

REITs 指数表现本周中证REITs 全收益指数下跌1.12%。截至7.11，本周（7.5-7.11，下同）中证REITs(收盘)指数下跌1.12%，收于876.6 点；中证REITs 全收益指数下跌1.12%，收于1103.9 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)指数分别上涨0.82%/上涨0.93%/下跌0.18%/上涨6.12%/上涨...

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亿元。本周已上市REITs 中8 支上涨、60 支下跌，周均涨幅为-1.54%；其中嘉实京东仓储基础设施REIT、中金中国绿发商业资产REIT 涨幅靠前。数据上本周仓储物流/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-0.48%/-2.09%/-2.86%/-1.09%/-0.55%/-0.41%/-2.05%/-1.28%。本周生态环保板块交易活跃度最高。已上市REITs 本周日均成交量177.2万股，日均换手率0.8%。分项目来看，本周日均换手率位列前三的REITs分别是中金中国绿发商业资产REIT（（ 2.5%）、华夏合肥高新REIT（（ 2.1%）、华泰紫金宝湾物流仓储REIT（（2%）。分板块来看，本周生态环保板块交易最活跃；数据上本周仓储物流/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 板块换手率分别为0.8%/0.8%/0.8%/0.6%/0.7%/1.2%/0.9%/0.8%。REITs 估值表现本周已上市REITs 中债IRR（内部收益率）持续分化，其中位列前三的REITs 分别是华夏中国交建REIT（（ 11.1%）、平安广州广河REIT（（ 10.7%）、中金安徽交控REIT（（8.2%）。P/NAV 位于0.7-1.9 区间，其中位列前三的REITs 分别是中金厦门安居REIT（（ 1.9）、易方达华威农贸市场REIT（（ 1.8）、嘉实物美消费REIT（1.8），P/NAV 较低的有华夏中国交建REIT（0.7）。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，而考虑到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 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C-REITS周报：华润商业REIT启动二次扩募 关注龙头效益

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C-REITS周报：华润商业REIT启动二次扩募关注龙头效益