公募REITs周度跟踪：润泽数据中心 REIT 宣布扩募-20260223

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Commercial real - estate REITs application projects have increased to 12. The REITs market showed a downward trend on 2/9, stabilized and rebounded on 2/10, with data centers and consumption leading the rise. The proposed fundraising scale of commercial real - estate REITs has reached 41.7 billion yuan. Southern Runze Technology Data Center REIT announced the start of expansion. The CSI REITs Total Return Index rose 0.41% this week, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. The liquidity of REITs decreased, with the average daily turnover rate and trading volume of both property - type and franchise - type REITs declining [3]. Summary According to the Directory 1. Primary Market: Four Newly - Issued Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, 4 newly - issued public REITs made progress. Among them, two new commercial real - estate REITs (Citic Construction Investment Shounong Commercial Real - Estate REIT and Guotai Haitong Chongbang Commercial Real - Estate REIT) have been declared and accepted. Huatai Three Gorges Clean Energy REIT has been questioned, and AVIC Beijing Changbao Rental Housing REIT has been feedbacked. Currently, there are 27 newly - issued REITs under application, 1 under question and feedback, and 4 expansion - raising REITs under application [3]. 2. Secondary Market: The Index Rose This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 0.41% - The CSI REITs Total Return Index closed at 1047.08 points, with a 0.41% increase, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. Year - to - date, it has risen 3.69%, outperforming the Shanghai - Shenzhen 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points. In terms of project attributes, property - type REITs rose 0.74% and franchise - type REITs rose 0.32%. In terms of asset types, the data center (+1.36%), consumption (+1.31%), warehousing and logistics (+0.50%), and transportation (+0.49%) sectors performed well. Among individual bonds, 60 rose and 19 fell this week [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rate of property - type/franchise - type REITs this week was 0.34%/0.31%, down 16.31/5.97 BP from last week. The trading volume this week was 363 million/103 million shares, down 32.36%/16.25% week - on - week. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yield, the property - type/franchise - type REITs were 3.73%/4.77% respectively. The affordable housing sector had a relatively high valuation [27]. 3. This Week's Important News and Announcements - On 2/9, a company planned to issue various types of REITs products, with a maximum asset evaluation of 8 billion yuan, aiming to replace high - cost short - term debt. On 2/10, the Shenzhen Stock Exchange actively promoted public REITs to help Guangdong revitalize existing assets. On 2/12, AVIC Fund changed the name of AVIC Jingneng Photovoltaic REIT, and Tianjin held a special promotion meeting for commercial real - estate REITs. On 2/13, the third - largest holder of China Merchants Science and Technology REIT reduced its shareholding to 10%. There were also announcements about the lifting of the ban on strategic placement shares of several REITs and the expansion of Southern Runze Technology Data Center REIT [30].