公募REITs周度跟踪：指数延续调整，产权REITs走弱-20260307

1. Report Industry Investment Rating - Not 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. The data center sector had a significant callback after two consecutive weeks of gains, and the property REITs weakened for two weeks after the Spring Festival, with the spread to the 10Y Treasury bond widening to 191BP, reaching the 55% quantile since 2024, indicating an increase in cost - effectiveness [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 closed at 1027.62 points, down 0.79%, outperforming the CSI 300 by 0.28 percentage points but underperforming the CSI Dividend by 1.37 percentage points [2]. 3. Summary by Directory 3.1 First - level Market: 9 First - issue Public REITs Made New Progress - As of 2026/3/6, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, 4 newly applied REITs last week were accepted, and 5 new commercial real - estate REITs entered the exchange inquiry stage. Currently, there are 31 first - issue REITs in the approval process, with 1 having been inquired and responded; and 4 expansion - offering REITs, with 1 having been inquired and responded [2][15]. - The proposed fundraising scale of commercial real - estate REITs has reached 44.4 billion yuan, and 5 new ones entered the inquiry stage this week. The two new applications last week, namely, the ChinaAMC Shoukai REIT, plans to raise 1.042 billion yuan with a predicted distribution rate of 5.72% in 2026, and the GF Xincheng Wuyue REIT plans to raise 1.625 billion yuan with a predicted distribution rate of 5.59% in 2026 [2]. 3.2 Second - level Market: The Index Closed Lower This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.79% - This week, the CSI REITs Total Return Index closed at 1027.62 points, down 0.79%, outperforming the CSI 300 by 0.28 percentage points but underperforming the CSI Dividend by 1.37 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 1.76%, outperforming the CSI 300 by 1.10 percentage points but underperforming the CSI Dividend by 4.72 percentage points [2]. - By project attribute, property - type REITs fell 1.44% this week, and franchise - type REITs fell 0.10%. By asset type, the energy (+0.48%), environmental protection and water services (+0.30%), transportation (-0.47%), and park (-0.99%) sectors performed better [2]. - Among individual bonds, 18 rose and 59 fell this week. The top three were CSC SPIC New Energy REIT (+2.18%), Huaxia Nanjing Traffic Expressway REIT (+1.89%), and China Merchants Expressway REIT (+1.87%), while the bottom three were CICC Anhui Expressway REIT (-4.41%), China Merchants Science and Technology REIT (-4.32%), and Southern Runze Technology Data Center REIT (-3.73%) [2]. 3.2.2 Liquidity: The Turnover Rate and Trading Volume of Franchise - type REITs both Increased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.40%, a change of - 1.50/+12.15BP compared to last week. The trading volumes this week were 395 million/134 million shares, a week - on - week increase of +21.80%/+80.19%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.97%/4.87% respectively. The transportation (5.99%), warehousing and logistics (5.54%), and park (4.77%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - News: The 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 announced plans to issue a commercial real - estate REITs with Changrong Building as the underlying asset; the China Securities Regulatory Commission Chairman Wu Qing stated that during the 15th Five - Year Plan period, efforts will be made to strengthen the construction of the bond, REITs, and asset - securitization markets; the Shenzhen Stock Exchange plans to expand the securities code range for commercial real - estate REITs [36]. - Announcements: Operating data of multiple REITs including Ping An Guangzhou - Jiaotong Expressway REIT, CICC Shandong Expressway REIT, etc. were released; the strategic placement shares of Guotai Haitong Lingang Innovation Industrial Park REIT were unlocked; the China - Bank Sino - Sinotrans Warehousing and Logistics REIT announced its first dividend in 2026 [36][38].