2026年公募REITs市场1月半月报：产业园以价换量显效，消费25Q4租金普涨-20260119

Group 1: Report Title and General Information - Report Title: "产业园以价换量显效，消费25Q4租金普涨——2026年公募REITs市场1月半月报" [1] - Report Date: January 19, 2026 [2] Group 2: Industry Investment Rating - Not provided in the given content Group 3: Core Views - 16 Shenzhen Stock Exchange REITs released their H2 2025 operating data, showing different trends in various sectors such as rental housing, industrial parks, consumption, warehousing logistics, and IDC [3]. - In the first half of January 2026, the overall REITs market showed signs of recovery, with an increase in both volume and price for equity - type REITs, except for a slight decline in rental housing REITs [3]. - The spread between REITs and long - term bonds narrowed, while the spread between REITs and dividend stocks widened. The valuations of equity and concession - type REITs were polarized [3]. - There was no new issuance in the primary market in the first half of January 2026, but two REITs' expansion shares were listed. Some strategic placement shares of two REITs will be lifted in the second half of January [3][73][78]. Group 4: Summary by Directory 1. Market Performance - Asset Performance: In the first half of January 2026, major asset classes strengthened. The CSI REITs Total Return Index rose 1.5%, with a slight correction in the second week. Equity - type REITs, especially IDC, industrial parks, and consumption, performed well, while rental housing REITs declined slightly, and energy and transportation only had a small increase [3][9]. - Liquidity: The turnover rate of the REITs market continued to recover to 0.53% (a 0.18 - percentage - point increase compared to the same period in December 2025), but the liquidity of energy and transportation remained low [3]. - Dividend Yield and Spread: As of January 15, 2026, the dividend yield of equity - type REITs was 4.40%, and that of concession - type REITs was 9.16%. The spread between equity - type REITs and the 10 - year Treasury bond yield was 2.56% (at the 55% quantile), and the spread with the CSI Dividend Index widened [3]. - Valuation: The P/NAV of equity - type REITs was 1.25X (at the 75% quantile), and the P/FFO of concession - type REITs was 12.07X (at the 22% quantile). The IRR of both equity and concession - type REITs decreased compared to the previous period [37][42][49]. 2. Operating Data of Different Sectors - Rental Housing: The commercial leasing progress of rental housing REITs was generally below expectations. For example, the rental rate of Shenzhen Anju's commercial facilities declined, while the rental rate of some residential projects increased and some decreased [3][54]. - Industrial Parks: The strategy of "trading price for volume" continued, with a significant reduction in rent and a remarkable effect on inventory clearance. The rental rates of many industrial park REITs increased significantly by the end of December [3][57]. - Consumption: The rent of commercial properties increased significantly in Q4 2025, and the rental rates fluctuated within a normal range [3][61]. - Warehousing Logistics: The effect of "trading price for volume" varied among projects. Some projects were affected by the diversion of surrounding competitors [3][65]. - IDC: The hosting fee of Runze IDC remained unchanged, and the racking rate increased in Q4 2025 [3][66]. 3. Market News - Primary Market: There was no new issuance in the first half of January 2026, but the expansion shares of China Asset Management's China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were listed [73]. - Queuing Projects: No new projects were submitted for review in the first half of January 2026. Shanxi Securities Jinzhong Public Utilities Heating REIT was under the second - round inquiry, 3 projects were under the first - round inquiry, and AVIC Beijing Changbao Rental Housing REIT was accepted [86]. - Important Announcements: Some strategic placement shares of AVIC Yishang Warehousing Logistics REIT and E Fund Huayi Market REIT will be lifted on January 24 and January 26, respectively. The original equity holders' share - increasing plans of Dongwu Suyuan Industrial REIT and E Fund Guangkai Industrial Park REIT have expired, and they promised not to reduce their holdings within 6 months [78][82].