REITs周度观察（20260309-20260313）：二级市场价格延续下跌态势，多只REITs产品等待上市-20260314

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From March 9 to March 13, 2026, the secondary - market prices of listed public REITs in China continued to decline. The returns of property - type and franchise - type REITs decreased, while municipal facilities REITs had the largest increase. The trading volume, turnover rate, and net inflow of main funds in the REITs market showed different characteristics, and the primary - market had no new REITs listed but one project status was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - At the large - asset level: The secondary - market prices of listed public REITs continued to decline. The closing prices of CSI REITs and CSI REITs Total Return Index were 786.17 and 1023.15 respectively, with weekly returns of - 0.46% and - 0.43%. The weekly return of the weighted REITs index was - 0.4% [11]. - At the underlying - asset level: Both property - type and franchise - type REITs' secondary - market prices declined, with returns of - 0.53% and - 0.18% respectively. Among underlying - asset types, municipal facilities REITs had the largest increase, with the top three return - ranked underlying - asset types being municipal facilities, new infrastructure, and ecological environmental protection, with returns of 1.45%, 0.74%, and 0.01% respectively [13][18]. - At the single - REIT level: There were 31 REITs rising, 1 flat, and 47 falling. The top three in terms of increase were Huitianfu Jiuzhoutong Pharmaceutical REIT, Guotai Junan Jinan Energy Heating REIT, and Southern Runze Technology Data Center REIT, with increases of 1.86%, 1.45%, and 1.43% respectively. The top three in terms of decline were Jiashi JD Warehouse Infrastructure REIT, Boshi Jinkai Industrial Park REIT, and Boshi Shekou Industrial Park REIT, with declines of 5.6%, 5.17%, and 3.89% respectively [19]. 3.1.2 Trading Volume and Turnover Rate - At the underlying - asset level: The trading volume of public REITs this week was 2.22 billion yuan. New infrastructure REITs led in the average daily turnover rate. The total trading volume of 79 listed REITs was 2.22 billion yuan, and the average daily turnover rate was 0.44%. The top three in terms of trading volume were transportation infrastructure, warehousing and logistics, and consumer infrastructure, with trading volumes of 502 million, 364 million, and 337 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, warehousing and logistics, and water conservancy facilities, with rates of 0.93%, 0.53%, and 0.51% respectively [22]. - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were AVIC Yishang Warehouse Logistics REIT, Jiashi JD Warehouse Infrastructure REIT, and China Asset Management Huaren Youchao REIT, with trading volumes of 240 million, 200 million, and 170 million shares respectively. The top three in terms of trading amount were Huatai Jiangsu Jiaokong REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Jiaokong REIT, with trading amounts of 89 million, 81 million, and 72 million yuan respectively. The top three in terms of turnover rate were BOC Sinotrans Warehouse Logistics REIT, Southern Wanguo Data Center REIT, and Jiashi JD Warehouse Infrastructure REIT, with rates of 6.93%, 6.19%, and 6.17% respectively [23]. 3.1.3 Net Inflow of Main Funds and Block Trades - Net inflow of main funds: The total net inflow of main funds this week was 9.28 million yuan, and the market trading enthusiasm increased compared with the previous period. Among different underlying - asset REITs, the top three in terms of net inflow were consumer infrastructure, affordable rental housing, and transportation infrastructure, with net inflows of 17.16 million, 8.8 million, and 6.29 million yuan respectively. Among single REITs, the top three in terms of net inflow were China Asset Management Joy City Commercial REIT, Huitianfu Jiuzhoutong Pharmaceutical REIT, and China Asset Management Yuexiu Expressway REIT, with net inflows of 8.04 million, 5.13 million, and 5 million yuan respectively [26]. - Block trades: The total block - trade amount this week reached 924 million yuan, an increase compared with the previous period. There were block - trade transactions on 5 trading days, and the total block - trade amount was 924 million yuan. The block - trade amount on Wednesday (March 11, 2026) was the highest in the period, reaching 278.22 million yuan. Among single REITs, the top three in terms of block - trade amount were Ping An Ningbo Jiaotou REIT, China Asset Management Huaren Commercial REIT, and CICC Hubei Ketou Optics Valley REIT, with amounts of 222.95 million, 154.51 million, and 146.15 million yuan respectively, and corresponding average discount/premium rates of - 0.54%, - 0.28%, and + 0.47% respectively [28]. 3.2 Primary Market 3.2.1 Listed Projects - As of March 13, 2026, there were 79 public REITs products in China, with a total issuance scale of 205.039 billion yuan. Among underlying - asset types, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs with an issuance scale of 32.933 billion yuan. No new REITs were listed this week [32][34]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 31 REITs in the to - be - listed state, including 29 initial - offering REITs and 2 to - be - expanded REITs. One REIT product's project status was updated this week [37][38].