公募 REITs 周度跟踪（2026.03.02-2026.03.06）：指数延续调整，产权 REITs 走弱-20260307

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The REITs market continued to adjust this week, with the decline narrowing compared to last week. After two consecutive weeks of gains, the data center sector had a significant correction, still showing an oversold situation after giving back its gains. The property - type REITs have been weakening for two weeks after the Spring Festival, and the spread with the 10Y Treasury bond widened by 13BP to 191BP, at the 55% quantile since 2024, with the cost - performance ratio rising [2]. - A total of 9 first - issue public REITs made new progress this week, including 4 new applications last week being accepted and 5 new commercial real - estate REITs entering the exchange inquiry stage [2]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1027.62 points, down 0.79%, outperforming the CSI 300 by 0.28 percentage points and underperforming the CSI Dividend by 1.37 percentage points. The year - to - date gain of the CSI REITs Total Return Index is 1.76%, outperforming the CSI 300 by 1.10 percentage points and underperforming the CSI Dividend by 4.72 percentage points [2]. 3. Summary According to Relevant Catalogs 3.1 Primary Market - A total of 9 first - issue public REITs made new progress. Among them, 4 new applications last week (Guangfa Xincheng Wuyue REIT, Jiashi Shoukai REIT, Guojin Jize New Energy REIT, and Jianxin Tianjin Lingang Port REIT) have been accepted, and 5 new commercial real - estate REITs have entered the exchange inquiry stage. As of March 6, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan [2][13]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index closed down 0.79% this week. By project attribute, property - type REITs fell 1.44%, and franchise - type REITs fell 0.10%. By asset type, the energy (+0.48%) and environmental protection and water services (+0.30%) sectors performed better, while the transportation (-0.47%) and park (-0.99%) sectors were relatively weak. Among individual securities, 18 rose and 59 fell. CITIC Construction Investment State Power Investment New Energy REIT (+2.18%), Huaxia Nanjing Traffic Expressway REIT (+1.89%), and China Merchants Expressway REIT (+1.87%) led the gainers, while CICC Anhui Expressway REIT (-4.41%), China Merchants Science and Technology REIT (-4.32%), and Southern Runze Technology Data Center REIT (-3.73%) were the biggest losers [2]. 3.2.2 Liquidity - The average daily turnover rates of property - type and franchise - type REITs this week were 0.36% and 0.40% respectively, with a change of - 1.50BP and +12.15BP compared to last week. The trading volumes this week were 395 million and 134 million shares respectively, with a week - on - week increase of 21.80% and 80.19%. The data center sector had the highest activity [2][26]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type and franchise - type REITs are 3.97% and 4.87% respectively. The transportation (5.99%), warehousing and logistics (5.54%), and park (4.77%) sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - News: Changchun Heating Group launched a tender for the financial advisor and fund management unit of its public REITs project; Anhui Jiuhuashan Cultural and Health Group launched a tender for the fund manager of its infrastructure public REITs project; Tianjin Changrong Technology Group plans to use Changrong Building held by its subsidiary as the underlying asset to apply for the issuance of commercial real - estate REITs; China Securities Regulatory Commission Chairman Wu Qing said that during the 15th Five - Year Plan period, efforts will be made to strengthen the construction of the bond, REITs, and asset - securitization markets; Shenzhen Stock Exchange plans to expand the securities code range for commercial real - estate REITs [34]. - Announcements: Multiple REITs released their January 2026 operating data, including traffic volume and toll revenue; some REITs had strategic placement shares lifted from lock - up; Zhongyin Sino - Sinotrans Warehousing and Logistics REIT announced its first dividend in 2026 [34][36].