公募REITs周度跟踪（2026.01.19-2026.01.23）：四季报出炉，5单REITs申报终止-20260124

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - This week, REITs quarterly reports were released, and the market showed a positive performance. The data center and consumer sectors led the gains, with equity REITs outperforming concession - based REITs. The overall revenue, net profit, and other indicators of REITs in Q4 2025 showed different trends, and there were also significant differences in performance among different sectors [4]. - This week, for the first time, REITs projects were terminated at the exchange stage. The exchange is strengthening the refined management of REITs project applications, indicating a clear orientation towards promoting the high - quality and standardized development of the market [4]. - The CSI REITs Total Return Index rose this week, outperforming the CSI 300 and CSI Dividend Index. In terms of liquidity, the turnover rate and trading volume of both equity and concession - based REITs increased. In terms of valuation, the guarantee housing sector has a relatively high valuation [4]. 3. Summary According to the Directory 3.1 Primary Market - There was no progress in new initial offerings and expansion of REITs this week. There are currently several projects in different stages of the application process, including those in the second - round inquiry, accepted, and in - progress stages [7][15][16]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index (932047.CSI) closed at 1047.51 points, up 2.17%, outperforming the CSI 300 by 2.79 percentage points and the CSI Dividend by 0.02 percentage points. Equity REITs rose 3.06%, and concession - based REITs rose 1.63%. In terms of asset types, the data center (+5.87%), consumer (+4.17%), warehousing and logistics (+3.15%), and environmental protection and water services (+2.70%) sectors performed well [4]. 3.2.2 Liquidity - The average daily turnover rates of equity and concession - based REITs this week were 0.72% and 0.46% respectively, an increase of 23.99 and 8.88 basis points compared to last week. The trading volumes were 7.47 and 1.54 billion shares respectively, a week - on - week increase of 49.90% and 23.79%. The data center sector was the most active [4][24]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity and concession - based REITs are 3.70% and 4.93% respectively. The transportation (6.03%), warehousing and logistics (5.29%), and park (4.39%) sectors rank among the top three [4]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - Multiple REITs - related events occurred this week, including the intention to issue scenic - area REITs in Huixian, the tender for consulting services for the public offering REITs of Chengde Thermal Power Group, the termination of the public offering REITs application by Goldwind Science & Technology, and the launch of the public offering REITs application by Maoye Commercial [31]. 3.3.2 Important Announcements - There were announcements of strategic placement share unlocks, operating data, quarterly reports, and dividend distributions for multiple REITs. The quarterly reports showed the operating conditions of various REITs in Q4 2025, including revenue, rental rates, and traffic volume [32][33][34][35][36][37][38][39][40][41].