公募REITs周度跟踪：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 content. 2. Report's Core View - This week, REITs quarterly reports for Q4 2025 were released, and the market showed a positive performance. Data center and consumer sectors led the gains, with equity REITs outperforming concession - based REITs. Overall, REITs' revenue, net profit, and distributable amount had different year - on - year and quarter - on - quarter changes. [5] - For the first time, 5 REITs projects were terminated at the exchange stage. These projects failed to submit responses after receiving exchange feedback, indicating the exchange's enhanced refined management of REITs project applications. [5] - The CSI REITs Total Return Index rose by 2.17%, outperforming the CSI 300 by 2.79 percentage points and the CSI Dividend by 0.02 percentage points. In terms of different attributes and asset types, there were also different performance trends. [5] 3. Summary According to the Directory 3.1 First - level Market - There were no new progress in the initial offering and expansion of REITs this week. [4][5][9] 3.2 Second - level Market 3.2.1 Market Review - The CSI REITs Total Return Index rose by 2.17%. Equity REITs rose by 3.06%, and concession - based REITs rose by 1.63%. Data center (+5.87%), consumer (+4.17%), warehousing and logistics (+3.15%), and environmental protection and water utilities (+2.70%) sectors performed well. [5][19][24] 3.2.2 Liquidity - The turnover rate and trading volume of REITs both increased. The average daily turnover rates of equity and concession - based REITs were 0.72% and 0.46% respectively, up 23.99 and 8.88 basis points from last week. The trading volumes were 7.47 billion and 1.54 billion shares respectively, with a week - on - week increase of 49.90% and 23.79%. [24][25][26] 3.2.3 Valuation - The yields of equity and concession - based REITs according to ChinaBond valuation were 3.70% and 4.93% respectively. The transportation (6.03%), warehousing and logistics (5.29%), and park (4.39%) sectors had relatively high valuations. [28][29][30] 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - From January 18th to 23rd, there were a series of news about REITs, including the attempt to issue scenic area REITs in Huixian, the tender for consulting services of infrastructure REITs of Chengde Thermal Power Group, the termination of some REITs applications, and the start of some REITs project tenders. [34] 3.3.2 Important Announcements - There were announcements about the lifting of the restricted - sale period, operating data, quarterly reports, and dividend distributions of multiple REITs. For example, the strategic placement shares of E Fund Huawi Market REIT will be lifted on January 26th, and many REITs released their Q4 2025 quarterly reports. [35][36][43]