REITs 周度观察（20260126-20260130）：二级市场价格波动上涨，首批商业不动产 REITs 已申报-20260131

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - From January 26 to January 30, 2026, the secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The returns of REITs ranked third among major asset classes, behind only crude oil and ahead of other assets such as pure bonds, US stocks, A - shares, gold, and convertible bonds. Different types of REITs also showed varying performance in terms of price, trading volume, and net inflow of funds [1][11]. - In the primary market, no new REITs were listed this week, but the project status of 10 REITs was updated, and 8 commercial real - estate REITs were declared [4][41]. 3. Summary According to the Directory Secondary Market Price Trends - At the major asset level: The secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The China Securities REITs (closing) and the China Securities REITs Total Return Index closed at 809.56 and 1052.42 respectively, with weekly returns of 0.35% and 0.47%. The weighted REITs index had a weekly return of 0.42%. Compared with other major asset classes, the return ranking from high to low was: crude oil > REITs > pure bonds > US stocks > A - shares > gold > convertible bonds [11]. - At the underlying asset level: Both equity - type and franchise - type REITs saw price increases. The return of equity - type REITs was 0.27%, and that of franchise - type REITs was 0.68%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, with the top three return - ranking underlying asset types being water conservancy facilities, energy, and transportation infrastructure, with returns of 2.04%, 1.55%, and 0.44% respectively [16][19]. - At the single - REIT level: Among the REITs, 41 rose, 1 remained flat, and 36 fell. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, ICBC Mengneng Clean Energy REIT, and China Asset Management China Overseas Commercial REIT, with increases of 4.94%, 4.64%, and 4.52% respectively. The top three in terms of decline were E Fund Guangkai Industrial Park REIT, China Asset Management Hefei High - tech REIT, and BOC Sinotrans Warehouse Logistics REIT, with declines of 5.03%, 3.39%, and 2.68% respectively [22]. Trading Volume and Turnover Rate - At the underlying asset level: The trading volume of public REITs this week was 3.18 billion yuan. The new - type infrastructure REITs led in the average daily turnover rate during the period. The total trading volume of the 78 listed REITs was 3.18 billion yuan, and the average daily turnover rate during the period was 0.68%. In terms of trading volume, the top three REIT asset types were park infrastructure, consumer infrastructure, and transportation infrastructure, with trading volumes of 644 million yuan, 561 million yuan, and 541 million yuan respectively. In terms of turnover rate, the top three were new - type infrastructure, ecological and environmental protection, and municipal facilities, with average daily turnover rates of 1.06%, 0.80%, and 0.77% 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 China Asset Management Hefei High - tech REIT, Bosera Shekou Industrial Park REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 410 million shares, 360 million shares, and 300 million shares respectively. In terms of trading value, the top three were China Asset Management China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Harvest JD Warehouse Infrastructure REIT, with trading values of 128 million yuan, 109 million yuan, and 109 million yuan respectively. In terms of turnover rate, the top three were CICC Yizhuang Industrial Park REIT, Harvest JD Warehouse Infrastructure REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 12.23%, 8.97%, and 8.71% respectively [27]. Net Inflow of Main Funds and Block Trading - Net inflow of main funds: The total net inflow of main funds this week was 149.1 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three in terms of net inflow during the period were consumer infrastructure, park infrastructure, and energy infrastructure, with net inflows of 72.01 million yuan, 29.45 million yuan, and 19.13 million yuan respectively. At the single - REIT level, the top three in terms of net inflow were China Asset Management China Resources Commercial REIT, CICC Yizhuang Industrial Park REIT, and CICC Yinli Consumer REIT, with net inflows of 38.6 million yuan, 15.9 million yuan, and 14.47 million yuan respectively [30]. - Block trading: The total block - trading volume this week reached 366 million yuan, a decrease compared with last week. There were block - trading transactions on 5 trading days, with a total block - trading volume of 366 million yuan. The block - trading volume on Wednesday (January 28, 2026) was the highest during the period, reaching 108.06 million yuan. At the single - REIT level, the top three in terms of block - trading volume were Ping An Ningbo Jiaotou REIT, Huatai Baowan Logistics REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 180.62 million yuan, 45.8 million yuan, and 42.87 million yuan respectively, and corresponding average discount - premium rates of - 1.66%, - 2.11%, and - 0.01% respectively [33]. Primary Market Listed Projects - As of January 30, 2026, there were 78 public REIT products in China, with a total issuance scale of 201.749 billion yuan. Among them, 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. No new REIT products were listed this week [37]. Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 22 REITs in the to - be - listed state, including 20 initial - offering REITs and 2 REITs to be expanded. This week, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". In addition, 8 commercial real - estate REITs were declared [41].