——公募REITs月报：REITs监管标准提升，一月全资产类型上涨-20260209

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - In January 2026, the primary - market REITs products were all of the first - issue type, with consumer infrastructure having the most applications. The secondary - market REITs index rose, and market activity increased. All sectors showed an upward trend, with water conservancy facilities having the largest increase. The turnover rate of new infrastructure was the highest, and the trading volume of park infrastructure was the largest. The valuation yield of equity - type REITs was still lower than that of concession - type REITs [4]. - The concentrated withdrawal of REITs applications in January 2026 may mark that the Chinese REITs market is moving from a concept - driven speculation stage to a value - dominated mature cycle [41][42]. 3. Summary According to the Directory 3.1 Primary - Market Issuance Dynamics - As of January 30, 2026, no new public REITs products were issued in the year, 3 less than the same period in 2025. In the past three months, all applications were first - issue types. There were 10 REITs products in the accepted state, 3 in the in - inquiry state, and 4 with exchange feedback. Consumer infrastructure had the most applications (7), followed by park infrastructure and transportation infrastructure (3 each), energy infrastructure (2), and affordable rental housing and municipal facilities (1 each) [9]. - In January 2026, 14 REITs projects had their exchange review status updated, including details such as project names, asset types, review status, original equity holders, and estimated values [10][11][12]. 3.2 Secondary - Market Review and Analysis 3.2.1 Market Scale - As of January 30, 2026, the total market value of public REITs in the whole market was 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month. The total circulating market value increased to 124.705 billion yuan, with a monthly increase of 3.766 billion yuan. The trading volume in January was 3.118 billion shares, an increase of 0.652 billion shares from the previous month, indicating increased market trading activity [28]. 3.2.2 Price Changes and Volatility - In January 2026, the CSI REITs Total Return Index closed up 4.22%, and the CSI REITs (Closing) Index closed up 3.98%, outperforming the Dividend Index (up 3.32%), the CSI 300 Index (up 1.65%), and the ChinaBond New Composite Wealth Index (up 0.39%), but underperforming the CSI Convertible Bond Index (up 5.82%) [29]. - The volatility of the CSI REITs Total Return Index in January was 0.40%, higher than that of the ChinaBond New Composite Wealth Index (0.05%) but lower than that of the CSI 300 Index (0.72%), the Dividend Index (0.83%), and the CSI Convertible Bond Index (0.92%) [31]. - By project attribute, the weighted average monthly price change of concession - type REITs was 3.45%, underperforming equity - type REITs (5.72%). By underlying asset type, all sectors rose, with water conservancy facilities leading with a 9.70% increase, followed by new infrastructure (+8.41%) [32]. - At the individual bond level, 8 REITs had a monthly increase of over 10% in January 2026, with Hua'an Bailian Consumer REIT leading with a 17.43% increase, while 2 REITs had a decline of over 1%, namely Huaxia Nanjing Expressway REIT (down 1.46%) and E Fund Guangzhou Development Zone High - tech Industrial Park REIT (down 3.17%) [38]. 3.2.3 Secondary - Market News - In January 2026, 5 REITs products withdrew their application documents, including those related to Vanke's Wanke Logistics REITs. This was related to Vanke's capital pressure and the improvement of regulatory review standards. This may mark the Chinese REITs market moving into a value - dominated mature cycle [41][42]. 3.2.4 Turnover Rate and Valuation - In terms of monthly trading volume in January 2026, park infrastructure - type REITs ranked first with 920 million shares, followed by warehousing and logistics (564 million shares), consumer (532 million shares), etc. In terms of monthly average daily turnover rate, the new infrastructure sector led with 1.14% [43]. - As of January 30, 2026, the average cash distribution rate of equity - type REITs was 4.67% (7.90% for energy infrastructure was the highest), and that of concession - type REITs was 8.19% (9.44% for transportation infrastructure was the highest). The ChinaBond REITs valuation yield (IRR) of concession - type REITs (4.83%) was higher than that of equity - type REITs (3.80%). The CSI REITs to ABS valuation ratio of equity - type REITs (1.28) was higher than that of concession - type REITs (1.08) [44].