公募REITs周报（第52期）：数震荡上行，首批商业不动产REITs已申报-20260201

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, REITs fluctuated upwards, outperforming major stock and bond indices. The China Securities REITs Index rose 0.8% this week, with water conservancy, energy, and transportation REITs leading the gains, while data center REITs, which had significant previous gains, adjusted significantly. The order of weekly price changes of major indices was: China Securities REITs > CSI 300 > China Securities All - Bond > China Securities Convertible Bonds [1]. - As of January 30, 2026, the dividend yield of equity - type REITs was 60BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury bond yield was 326BP [1]. - The first 8 commercial real - estate REITs applications were accepted by the Shanghai Stock Exchange, indicating a key expansion of China's public REITs market from the infrastructure sector to the commercial real - estate sector [1]. 3. Summary by Directory 3.1 Secondary Market Trends - Index Performance: As of January 30, 2026, the closing price of the China Securities REITs (closing) Index was 809.56 points, with a weekly change of 0.8%, outperforming the China Securities Convertible Bonds Index (-2.6%), the China Securities All - Bond Index (0.0%), and the CSI 300 Index (0.1%). Year - to - date, the order of price changes of major indices was: China Securities Convertible Bonds (+5.8%) > China Securities REITs (+4.4%) > CSI 300 (+1.7%) > China Securities All - Bond (+0.4%). In the past year, the return rate of the China Securities REITs Index was -2.8%, with a volatility of 7.5%. Its return rate was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities All - Bond Index [2][6][8]. - Market Capitalization and Turnover: The total market capitalization of REITs on January 30 was 228.7 billion yuan, an increase of 700 million yuan from the previous week. The average daily turnover rate for the whole week was 0.60%, a decrease of 0.16 percentage points from the previous week [2][8]. - REITs Performance by Type: As of January 23, 2026, the average weekly price changes of equity - type REITs and concession - type REITs were 0.3% and 0.8% respectively. Among different project - type REITs, water conservancy, energy, and transportation REITs led the gains. The top three REITs in terms of weekly price increase were Boshi Jinkai Industrial Park REIT (+4.94%), ICBC Inner Mongolia Energy Clean Energy REIT (+4.64%), and Huaxia China Overseas Commercial REIT (+4.52%) [3][15][19]. - Trading Activity: In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.065%; park infrastructure REITs had the highest trading volume share this week, accounting for 20.251% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were Huaxia China Resources Commercial REIT (38.6 million yuan), CICC Yizhuang Industrial Park REIT (15.9 million yuan), and CICC Yinli Consumption REIT (14.46 million yuan) [3][22][23]. 3.2 Primary Market Issuance - From January 1 to January 30, 2026, there were 3 REITs products in the in - inquiry stage, 3 in the feedback stage, and 8 in the application stage on the exchange. Among them, 8 commercial real - estate REITs were officially applied [25]. 3.3 Valuation Tracking - Valuation Indicators: REITs have both bond and equity characteristics. From the bond perspective, the annualized cash distribution rate is concerned. As of January 30, the average annualized cash distribution rate of public REITs was 6.11%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [27]. - Valuation by Project Type: Different project - type REITs have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs was 42.40%, with a P/FFO of 38.43, an IRR of 3.50%, and an annualized dividend rate of 2.76% [28]. - Comparison with Benchmarks: Equity - type REITs' dividend yield was 60BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury bond yield was 316BP as of January 30, 2026 [30]. 3.4 Industry News - The first 8 commercial real - estate REITs applications were accepted by the Shanghai Stock Exchange. On January 29, 3 commercial real - estate REITs were applied and accepted; on January 30, 5 more were applied. This marks a key expansion of China's public REITs market from the infrastructure sector to the commercial real - estate sector [4][32].