REITs 周度观察（20260302-20260306）：二级市场价格波动下跌，市场交投热情有所下降-20260307

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - From February 2 to March 6, 2026, the secondary market prices of listed public REITs in China fluctuated and declined overall, with the returns of both the CSI REITs (Closing) and CSI REITs Total Return Index being -0.35%. Compared with other mainstream asset classes, the returns ranked from high to low are: crude oil > pure bonds > REITs > US stocks > convertible bonds > gold > A-shares. The market trading enthusiasm decreased compared to the previous period [1][11]. Group 3: Summary by Directory Secondary Market Price Trends - At the broad asset level: The secondary market prices of listed public REITs in China fluctuated and declined overall. The CSI REITs (Closing) and CSI REITs Total Return Index closed at 789.81 and 1027.62 respectively, with a weekly return of -0.35%. The weighted REITs index had a weekly return of -0.97%. Compared with other mainstream asset classes, the returns of Chinese public REITs were average this week [11]. - At the underlying asset level: Both the secondary market prices of equity - type and franchise - type REITs declined this week, with returns of -1.45% and -0.14% respectively. Among the underlying asset types, water conservancy facilities REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were water conservancy facilities, energy, and transportation infrastructure, with returns of 1.66%, 0.7%, and -0.49% respectively [15][16]. - At the single - REIT level: This week, public REITs showed mixed performance, with 18 rising, 2 remaining flat, and 59 falling. The top three in terms of increase were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia Nanjing Traffic Expressway REIT, and China Merchants Expressway REIT, with increases of 2.18%, 1.89%, and 1.87% respectively. The top three in terms of decline were CICC Anhui Expressway REIT, China Merchants Science and Technology Innovation REIT, and Southern Runze Technology Data Center REIT, with declines of 4.41%, 4.32%, and 3.73% respectively [19]. Transaction Volume and Turnover Rate - At the underlying asset level: The transaction volume of public REITs this week was 2.46 billion yuan, and the new infrastructure - type REITs led in the average daily turnover rate during the period. The total transaction volume of the 79 listed REITs during the period was 2.46 billion yuan, and the average daily turnover rate during the period was 0.51%. In terms of transaction volume, the top three REIT asset types were transportation infrastructure, consumer infrastructure, and warehousing and logistics, with transaction volumes of 525 million, 418 million, and 326 million yuan respectively. In terms of turnover rate, the top three REIT asset types in the average daily turnover rate during the period were new infrastructure, energy infrastructure, and water conservancy facilities, with rates of 1.42%, 0.54%, and 0.48% respectively [22]. - At the single - REIT level: This week, the performance of single - REIT transaction volume and turnover rate continued to be differentiated. In terms of trading volume, the top three were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with 210 million, 190 million, and 170 million shares respectively. In terms of transaction amount, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CICC Anhui Expressway REIT, with 131 million, 97 million, and 88 million yuan respectively. In terms of turnover rate, the top three were Southern Wanguo Data Center REIT, Huaxia Anbo Warehouse REIT, and CICC China Power Construction Clean Energy REIT, with rates of 8.83%, 6.75%, and 6.73% respectively [23]. Main Force Net Inflow and Block Trade Situation - Main force net inflow situation: The total net inflow of the main force this week was -50.02 million yuan, and the market trading enthusiasm decreased compared to the previous period. At the level of different underlying asset REITs, the top three in terms of net inflow during the period were consumer infrastructure, affordable rental housing, and energy infrastructure, with net inflows of 11.96 million, 11.5 million, and 5.46 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow during the period were Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, and CITIC Construction Investment Mingyang Smart New Energy REIT, with net inflows of 14.31 million, 4.58 million, and 3.07 million yuan respectively [27]. - Block trade situation: The total block trade this week reached 449 million yuan, an increase compared to the previous period. There were block trades on 4 trading days this week, with a total block trade transaction volume of 449 million yuan. The block trade transaction volume on Monday (March 2, 2026) was the highest during the period, reaching 178.9 million yuan. At the single - REIT level, the top three in terms of block trade transaction volume during the period were Chuangjin Hexin Shounong REIT, Huatai Jiangsu Expressway REIT, and E Fund Shenzhen Expressway REIT, with transaction volumes of 147.89 million, 78.51 million, and 73.96 million yuan respectively, corresponding to average discount/premium rates of 1.01%, -1.52%, and -0.17% respectively [29]. Primary Market Listed Projects - As of March 6, 2026, the number of public REITs products in China reached 79, with a total issuance scale of 20.5039 billion yuan. In terms of underlying asset types, as of March 6, 2026, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [34]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there are 30 REITs in the state of being to be listed, among which 28 are initial - offering REITs and 2 are REITs to be expanded. This week, the project status of 9 REITs products was updated [38][39].