挂网REITs总拟募创新高，配置上注重稳健和规避估值陷阱

Investment Rating - The report maintains a "Recommended" rating for the REITs industry [2] Core Insights - The total market capitalization of public REITs reached 225 billion yuan, with 79 listed REITs [2] - The cumulative return of the CSI REITs total return index increased by 2.6% in January-February 2026, outperforming the broader market [6][8] - The report highlights a significant increase in the potential issuance scale of commercial real estate and infrastructure REITs, totaling 65 billion yuan, exceeding the peak issuance amount of 64.6 billion yuan in 2024 [11][13] Market Review - In the secondary market, the CSI REITs total return index saw a 4.2% increase in January, attributed to a reasonable valuation reset and strong earnings reports [6][8] - The average daily trading volume for REITs was 590 million yuan, with a turnover rate of 0.49%, indicating a historical 26% percentile level [6] - The performance of various sectors showed that IDC and consumer sectors outperformed, while the rental housing sector lagged with a negative return [8][9] Primary Market Review - No new issuance or expansion projects were launched in January-February 2026, with only one REIT, Huaxia Zhongke Clean Energy REIT, listed in February [11] - The report notes that the issuance of commercial real estate REITs is expected to exceed 400 billion yuan, with a diverse range of issuers and asset types [13][18] Valuation Insights - As of February 2026, the average P/NAV for the REITs market was 1.17 times, positioned at the historical 55th percentile [6] - The report indicates that the rental housing sector's average dividend yield of 3.0% is less attractive compared to other sectors, contributing to its underperformance [8][18] Investment Recommendations - In the secondary market, the report suggests focusing on stable fundamentals and high-performance expectations for the first quarter, particularly in sectors like commercial real estate and infrastructure [6][11] - For the primary market, it emphasizes the importance of assessing project fundamentals and valuations due to current liquidity constraints [11][18]