关注“公租房与保租房并轨”

1. Report Industry Investment Rating - No information provided on industry investment rating. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1023.2 points this week, down 0.43% week - on - week and 2.78% from the end of January. The trading volume remained sluggish, with the average daily turnover rate hovering around 0.36%, lower than the 60 - day average of 0.45%. As of March 13, the total market value of 79 listed REITs was 224.1 billion yuan, with a week - on - week decrease of 0.41%, and the circulating market value was 123.9 billion yuan [11]. - The "merger of public rental housing and affordable rental housing" in Shanghai may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing REITs sector has excellent fundamentals, and high occupancy rates and rent advantages ensure the stability of cash flow at the numerator end. The sector may be more affected by the discount rate at the denominator end. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing with stronger policy attributes [3][24]. - In the secondary market this week, except for the data center sector which rose 0.73%, all other sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most, while the energy facility sector declined the least [4][26]. 3. Summary by Relevant Catalogs 3.1 "Merger of Public Rental Housing and Affordable Rental Housing", Continuously Monitor the Impact on the Supply of Affordable Rental Housing REITs - China's housing security system is divided into rental - type (public rental housing and affordable rental housing) and sales - type affordable housing. Public rental housing has relatively strict application conditions, and the rent is generally lower than that of affordable rental housing projects [2][19]. - Since March 2026, multiple batches of public rental housing in Shanghai have been unified for supply management according to the relevant policies of affordable rental housing. The rights and interests of existing tenants remain unchanged, and new tenants will be reviewed according to the standards of affordable rental housing. After the expiration of the lease contract, those who still meet the access conditions can renew the lease [2][22]. - The "merger of public rental housing and affordable rental housing" may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing sector fell 0.62% this week. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing such as Huaxia Beijing Affordable Housing and CICC Xiamen Anju [3][24]. 3.2 Secondary Market: Data Centers Lead the Rise, Industrial Parks Lead the Fall, and Trading Sentiment is Low - This week, except for the data center sector (+0.73%), all other asset sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most (-1.06%), and the warehousing and logistics and rental housing sectors declined about 0.6%. The energy facility and municipal environmental protection sectors declined less, at -0.01% and -0.11% respectively [4][26]. - The data center sector was the only one that rose this week. However, the two individual bonds in the sector showed different performances. Runze Technology rose while Wanguo declined. The current distribution rates of Runze and Wanguo are 3.40% and 3.49% respectively, slightly higher than the reference value of 3.31% for the distribution rate of rental - type REITs projects, and there may still be an upward space of 10 - 20BP. However, the China Securities Computing Power Index in the equity market retreated 1.07% this week. Allocation can be made at an appropriate time in combination with Runze's expansion process [4][28]. - The industrial park sector declined the most this week. The current distribution rate of the park sector has increased by 5BP to 4.72%. Under the pressure on the fundamentals, attention should be paid to the marginal improvement and repair opportunities of individual bonds with poor fundamentals, large previous declines, and distribution rates as high as over 5%. It is recommended to carefully focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and leading distribution rates, such as Jinyu Zhizao Gongchang and Chuangjin Hexin Shounong [30][31]. - The energy facility sector declined the least this week. The "coordination of computing and power" was first proposed in the 2026 government work report. Attention should be paid to the stability of regional consumption, on - grid power generation, on - grid electricity prices, and changes in the demand side of the energy sector [37][41]. - The warehousing sector declined significantly this week. The recent poor performance of Harvest JD Warehousing Infrastructure may be related to the upcoming expiration of the lease of the Langfang project. It is expected that the rent reduction of the Langfang project will be similar to that of the Chongqing project, ranging from 16% to 40%. Attention can be paid to the subsequent renewal situation [5][45]. 3.3 Primary Market: Shenzhen Stock Exchange Welcomes the Second Commercial Real Estate REIT - On March 10, 2026, after Huatai Zijin Huazhu Anju Commercial Real Estate REIT, the Shenzhen Stock Exchange welcomed the second commercial real estate REIT - Hongtu Innovation Xinghe Group Closed - end Commercial Real Estate Securities Investment Fund, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder [57]. - As of March 13, 2026, there were 11 projects that had received inquiries and feedback and 2 projects that had been accepted among the projects declared to the exchange [61].