公募 REITs 周速览（2026 年 2 月 24-27 日）：首批商业不动产REITs审核意见出炉

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (February 24 - 27, 2026), the CSI REITs Total Return Index closed at 1,035.8 points, with a weekly decline of 1.08% and a decline of 1.58% compared to the end of January. Trading remained sluggish, and the overall market performance was weak [2][11]. - In the primary market, the number of commercial real - estate REITs applications increased to 14, with a fast - growing trend, and exchanges have issued review opinions on 6 of them, focusing on issues such as rent growth rates, product positioning, and operational data [3]. - In the secondary market, except for the data center and transportation facilities sectors, all other sectors declined. The data center sector showed good performance, and attention can be paid to opportunities such as the expansion of data center REITs and the improvement of distribution rates. For the rental housing and industrial park sectors, although they declined, some REITs with stable fundamentals and high distribution rates are worthy of attention [5]. 3. Summary According to Relevant Catalogs Primary Market: The Number of Commercial Real - estate REITs Applications Increased to 14 - The exchanges newly accepted 2 commercial real - estate REITs this week. As of the end of February 2026, 14 commercial real - estate REITs have been applied for, with a proposed fundraising scale exceeding 41.7 billion yuan, surpassing the fundraising scale of infrastructure public REITs in 2025 [3]. - The exchanges have issued review opinions on 6 commercial real - estate REITs, with concerns including negative current rent growth rates but high - set long - term growth rates in the forecast period, differences from listed infrastructure public REITs on the same platform, and reasons for the decline in hotel operational data [3]. - For infrastructure REITs, as of February 27, 2026, there are 11 cases under inquiry and feedback and 2 cases already applied for [4]. Secondary Market: Data Center Leads the Rise, Rental Housing Leads the Decline, and Trading Sentiment is Low - This week, except for the data center (+2.01%) and transportation facilities (+0.10%) sectors, all other sectors declined. The rental housing sector had the largest decline (-2.24%), followed by the industrial park (-1.87%) and consumer facilities (-1.69%) sectors, and the warehousing and logistics sector had the smallest decline (-0.52%) [5][25]. - Only 17 individual bonds in the whole market closed up, while 62 closed down. The rental housing and industrial park sectors had all individual bonds closing down [5]. - The data center (IDC) sector performed well around the Spring Festival. Runze Technology and Wanguo rose by 2.68% and 0.74% respectively this week, with high trading activity. The distribution rates of Runze and Wanguo have dropped to 3.32% and 3.35% respectively, and attention can be paid to the opportunities after asset fluctuations [5][28]. - Southern Runze Technology Data Center REIT announced an expansion plan, and attention should be paid to the valuation of the proposed acquisition projects and the improvement of the distribution rate [31]. - The rental housing sector had the largest decline this week. Although it has good fundamentals, the price increase space is limited due to the distribution rate being close to the first - home mortgage rate. It is recommended to focus on REITs with a distribution rate of about 3.3%, such as Cathay Haitong Urban Investment Kuanting Rental Housing and Huaxia Fund China Resources Youchao [6][34]. - The industrial park sector had the second - largest decline. It is recommended to focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates, such as Jinyu Zhizao Gongchang, China Merchants Kechuang, and Chuangjin Hexin Shounong [6][36]. - The consumer infrastructure sector also had a large decline. After the adjustment, some REITs with high distribution rates, such as Hua'an Bailian Consumption, Jiashi Wumei Consumption, and CICC Yinli Consumption, are worthy of attention. Also, attention can be paid to the new - issue opportunities of commercial real - estate REITs and the adjustment opportunities of consumer infrastructure REITs [37][38].