REITs 周度观察（20260119-20260123）：REITs 二级市场价格上涨，多个项目状态更新至中止-20260124

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - From January 19 to January 23, 2026, the secondary - market prices of China's listed public REITs showed an upward trend. The returns of REITs ranked third among major asset classes, behind gold and convertible bonds. The returns of property - type REITs were higher than those of franchise - type REITs, and new infrastructure - type REITs had the largest increase among underlying asset types. The trading volume, turnover rate, and net inflow of main funds in the REITs market increased compared with the previous week, and the total amount of block trades also increased. There were no new REITs listed in the primary market this week, and the status of 5 REITs projects was updated [1][11]. 3. Summary by Directory 3.1 Secondary Market 3.1.1 Price Trends - At the major asset level: The secondary - market prices of China's listed public REITs showed an upward trend. The China Securities REITs (closing) and China Securities REITs Total Return Index closed at 806.72 and 1047.51 respectively, with weekly returns of 2.09% and 2.17%. The weighted REITs index had a weekly return of 2.52%. Among major asset classes, the return ranking from high to low was: gold > convertible bonds > REITs > A - shares > crude oil > pure bonds > US stocks [11]. - At the underlying asset level: Both property - type and franchise - type REITs' secondary - market prices increased. The return of property - type REITs was 3.05%, and that of franchise - type REITs was 1.63%. New infrastructure - type REITs had the largest increase, with the top three underlying asset types in terms of return being new infrastructure, municipal facilities, and consumer - related, with returns of 5.88%, 4.85%, and 4.17% respectively [17][19]. - At the single - REIT level: 68 REITs rose and 10 fell. The top three in terms of increase were CICC Chongqing Liangjiang REIT, Huaan Bailian Consumer REIT, and Huatai Baowan Logistics REIT, with increases of 10.3%, 9.97%, and 7.27% respectively. The top three in terms of decrease were Huaan Zhangjiang Industrial Park REIT, Harvest China Power Construction Clean Energy REIT, and CITIC Construction Mingyang Smart New Energy REIT, with decreases of 2.88%, 1.54%, and 0.99% respectively. The top three in terms of annualized volatility were Huaan Bailian Consumer REIT, Southern Runze Technology Data Center REIT, and Huatai Baowan Logistics REIT, with annualized volatilities of 35.88%, 25.99%, and 24.65% respectively [22]. 3.1.2 Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 3.89 billion yuan. New infrastructure - type REITs led in the average daily turnover rate during the period. The total trading volume of 78 listed REITs was 3.89 billion yuan, and the average daily turnover rate during the period was 0.80%. In terms of trading volume, the top three REIT asset types were consumer infrastructure, park infrastructure, and transportation infrastructure, with trading volumes of 942 million, 730 million, and 611 million yuan respectively. In terms of turnover rate, the top three REIT asset types were new infrastructure, water conservancy facilities, and municipal facilities, with average daily turnover rates of 1.44%, 0.91%, and 0.89% respectively [24]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Boshi Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 360 million, 340 million, and 310 million shares respectively. In terms of trading value, the top three were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading values of 297 million, 128 million, and 113 million yuan respectively. In terms of turnover rate, the top three were CITIC Construction Shenyang International Software Park REIT, Huaxia Jinyu Zhizao Factory REIT, and AVIC Yishang Warehouse Logistics REIT, with turnover rates of 14.27%, 9.89%, and 9.45% respectively [27]. 3.1.3 Net Inflow of Main Funds and Block Trade Situation - Net inflow of main funds: The total net inflow of main funds this week was 168.7 million yuan, and the market trading enthusiasm increased compared with the previous week. At the underlying asset level, the top three REITs in terms of net inflow of main funds were consumer infrastructure, transportation infrastructure, and energy infrastructure, with net inflows of 90.43 million, 47.71 million, and 20.55 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow of main funds were Huaxia China Resources Commercial REIT, Guojin China Railway Construction REIT, and Huaxia Joy City Commercial REIT, with net inflows of 37.43 million, 36.26 million, and 18.75 million yuan respectively [30]. - Block trade situation: The total block trade amount this week reached 821 million yuan, an increase compared with the previous week. There were block trades on 5 trading days this week, with a total block trade value of 821 million yuan. The block trade value on Monday (January 19, 2026) was the highest during the period, reaching 236.09 million yuan. At the single - REIT level, the top three REITs in terms of block trade value were CITIC Construction State Power Investment New Energy REIT, Penghua Shenzhen Energy REIT, and Guojin China Railway Construction REIT, with trading values of 185.04 million, 145.72 million, and 112.48 million yuan respectively, and corresponding average discount/premium rates of 0.00%, - 0.47%, and + 0.20% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of January 23, 2026, there were 78 public REITs products in China, with a total issuance scale of 201.749 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 32.933 billion yuan. There were no new REITs listed this week [35]. 3.2.2 Projects to be Listed - According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 14 REITs in the state of being to be listed, including 12 initial - offering REITs and 2 REITs to be expanded. In addition, 5 REITs were in the "suspended" state. This week, the project statuses of Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund (initial offering), Chuangjinhexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering), Harvest First - created Water Service Closed - end Infrastructure Securities Investment Fund (expansion), Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund (initial offering), and Jianxin Jianrongjiayuan Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) were updated to "suspended" [39].