公募REITs周报（第50期）：指数小幅回调，换手率走弱-20260118

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs market experienced a slight correction overall, with the China Securities REITs Index down 0.4% for the week. The sector performance was differentiated, with ecological and environmental protection, consumer, and industrial park REITs rising against the market. From the comparison of the weekly price changes of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index > CSI 300 Index. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [1]. Summary by Relevant Catalogs Secondary Market Trends - As of January 16, 2026, the closing price of the CSI REITs (closing) Index was 790.22 points, with a weekly price change of - 0.4% from January 12 to January 16, 2026. It performed worse than the CSI Convertible Bond Index (+1.1%) and the CSI Aggregate Bond Index (+0.2%), but better than the CSI 300 Index (-0.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond Index (+25.3%) > CSI 300 Index (+20.3%) > CSI Aggregate Bond Index (+0.7%) > CSI REITs Index (+0.1%) [2][6]. - In the past year, the return of the CSI REITs Index was - 2.9%, and the volatility was 7.5%. The return was lower than that of the CSI Convertible Bond Index, CSI 300 Index, and CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs on January 16 was 222.5 billion yuan, a decrease of 900 million yuan from the previous week; the average daily turnover rate for the whole week was 0.45%, a decrease of 0.15 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly price changes of equity REITs and concession - based REITs were - 0.2% and - 0.7% respectively. In terms of different project types, the sectors showed differentiated price changes, with ecological and environmental protection, consumer, and industrial park REITs leading the gains. The top three REITs in terms of weekly price increase were Jiashi Wumart Consumer REIT (+3.59%), Huatai - PineBridge Shanghai Real Estate Rental REIT (+3.15%), and Huaxia Hefei High - tech REIT (+2.24%) [3][15][20]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 18.7% of the total trading volume of REITs. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (72.27 million yuan), Southern Runze Technology Data Center REIT (47.84 million yuan), and CICC Anhui Expressway REIT (34.64 million yuan) [3][22][23]. Primary Market Issuance - From the beginning of the year to January 16, 2026, there was 1 REIT product in the exchange at the "accepted" stage, 1 at the "inquiry" stage, and 3 at the "feedback" stage [25]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs was 5.99% as of January 16. From the equity perspective, the valuation of REITs is judged through relative net value premium rate, IRR, and P/FFO. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [26][27][28]. Industry News - On January 15, the China Securities Regulatory Commission held the 2026 system work meeting, stating that it would promote the high - quality development, structural adjustment, and volume expansion of the bond market, and ensure the smooth implementation of the pilot program for commercial real estate REITs. This marks the expansion of China's public - offering REITs market to all asset types, which will further enhance the inclusiveness of the capital market and the quality and efficiency of serving the real economy [4][34]. - On January 15, the additional issuance shares of AVIC Jingneng Photovoltaic REIT were listed on the Shanghai Stock Exchange. The underlying assets of this additional issuance were the Sujiahekou and Songshanhekou hydropower station projects and supporting reservoirs indirectly held by Jingneng International, a subsidiary of Jingneng Group. The total installed capacity was 483 megawatts. The number of additional issuance fund shares was 300.88 million, with a total raised capital of 2.92215 billion yuan and an issue price of 9.712 yuan per share. The successful listing of the additional issuance shares achieved a strategic upgrade of the underlying assets from single - photovoltaic to a "photovoltaic + hydropower" composite green energy portfolio. As the first "mixed - asset additional issuance" project in the market, it successfully attracted long - term institutional funds, significantly increasing the fund size, liquidity, and return level [4][34].