公募REITs周度跟踪：市场开门红，三单项目集中获问询-20260110

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The REITs market achieved a "four - consecutive - positive" start in 2026, with all sectors rising. Data centers and industrial parks led the gains. Three new REITs projects received inquiries from the exchange, and the first local government - guided REITs theme fund was established. Meanwhile, the China Aviation Jingneng Photovoltaic REIT successfully completed its expansion offering, achieving a breakthrough in the "photovoltaic + hydropower" asset mix [3]. - As of January 9, 2026, 20 REITs were successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Four new public offering REITs made progress this week [3]. 3. Summary by Directory 3.1 Primary Market: Four Newly - Issued Public Offering REITs Made Progress - Since 2025, 20 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, 1 in November, and 1 in December), with an issuance scale of 40.3 billion yuan [3]. - This week, four newly - issued public offering REITs made progress: three REITs (Ping An Xi'an High - tech Industrial Park REIT, AVIC Zhonghe Energy REIT, and Dongfanghong Tunnel Expressway REIT) declared in November 2025 entered the exchange inquiry stage, and AVIC Beijing Changbao Rental Housing REIT was accepted. Currently, there are 14 declared REITs, 2 that have been inquired and responded, 1 that has passed the review, and 1 that has been registered and is pending listing. In terms of expansion, 3 have been declared [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 1.89% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1028.93 points, up 1.89%, underperforming the CSI 300 by 0.90 percentage points and outperforming the CSI Dividend by 0.28 percentage points. Since the beginning of 2025, it has risen 6.31%, underperforming the CSI 300 by 14.63 percentage points and outperforming the CSI Dividend by 6.11 percentage points [3]. - By project attribute, equity - type REITs rose 2.50% this week, and concession - type REITs rose 1.77%. By asset type, data centers (+4.42%), consumption (+3.18%), industrial parks (+3.16%), and warehousing logistics (+2.26%) sectors performed well. Among individual bonds, 74 rose and 4 fell. E Fund Huawei Farmers' Market REIT (+7.92%), China Merchants Science and Technology REIT (+7.72%), and GF Chengdu High - tech Investment Industrial Park REIT (+6.79%) led the gains, while China Asset Management Nanjing Traffic Expressway REIT (- 0.65%), China Asset Management China Resources Youchao REIT (- 0.30%), and Guotai Haitong Urban Investment Kuanting Rental Housing REIT (- 0.08%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover and Trading Volume Increased - The average daily turnover rates of equity - type/concession - type REITs this week were 0.65%/0.50%, up 26.05/8.68 basis points from last week. The trading volumes during the week were 667 million/168 million shares, with a week - on - week increase of 67.53%/20.90%. The data center sector was the most active [3]. 3.2.3 Valuation: The Valuation of the Rental Housing Sector was Relatively High - According to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 3.93%/4.92% respectively. The transportation (6.10%), warehousing logistics (5.48%), and industrial park (4.64%) sectors ranked in the top three [3]. 3.3 This Week's Important News and Announcements - On January 5, 2026, the first local government - guided REITs theme fund, "Yuanxin Jishi (Xiamen) REITs Investment Fund", was established in Xiamen, with a target scale of 5.5 billion yuan and a term of 10 years, mainly investing in listed REITs projects [35]. - On January 5, 2026, nine departments including the Ministry of Commerce issued a notice on promoting green consumption, proposing to explore the establishment of a green consumption infrastructure project library and support eligible projects to issue REITs in the infrastructure field [35]. - On January 7, 2026, the winning candidates for the public offering REITs project of Jinjiang Hotel were announced, with a bid price of 5 million yuan for issuance - stage fees and 0.2% for ongoing fees [35]. - On January 9, 2026, the expansion offering of AVIC Jingneng Photovoltaic REIT was successfully completed, raising a total of 2.922 billion yuan. It was the first expansion of a clean energy - themed public offering REIT in China and the first project with a "photovoltaic + hydropower" asset mix [35]. - Multiple REITs released their operating data on January 9, 2026, including information such as occupancy rates, rental prices, and rent collection rates [36][37][38].