REITs周度观察：二级市场价格延续下跌态势，市场交投热情有所上升-20260321

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - From March 16 to March 20, 2026, the secondary - market prices of China's listed public REITs continued to decline, but market trading enthusiasm increased. The performance of different types of REITs varied in terms of price trends, trading volume, and capital inflows [1][2] 3. Summary According to the Directory Secondary Market Price Trends - At the large - asset level: The secondary - market prices of listed public REITs continued to decline. The China Securities REITs (closing) and China Securities REITs Total Return Index closed at 785.01 and 1021.78 respectively, with weekly returns of - 0.15% and - 0.13%. The weighted REITs index had a weekly return of - 0.06% [12] - At the underlying - asset level: The price trends of property - type and franchise - type REITs diverged. Property - type REITs had a return of - 0.35%, while franchise - type REITs had a return of 0.42%. Among underlying - asset types, affordable housing - type REITs had the largest increase, with the top three return - ranking underlying - asset types being affordable housing, transportation infrastructure, and ecological environmental protection, with returns of 0.98%, 0.67%, and 0.43% respectively [13][18] - At the single - REIT level: There were 39 rising REITs, 3 flat REITs, and 37 falling REITs. The top three in terms of increase were CICC Chongqing Liangjiang REIT, Huaxia Beijing Affordable Housing REIT, and CICC Xiamen Anju REIT, with increases of 3.18%, 2.77%, and 2.38% respectively. The top three in terms of decline were Southern SF Logistics REIT, CICC Prologis REIT, and Huaxia Hefei High - tech REIT, with declines of 4.62%, 4.46%, and 3.30% respectively [21] Transaction Scale and Turnover Rate - At the underlying - asset level: The trading volume of public REITs this week was 1.85 billion yuan. New infrastructure - type REITs led in the average daily turnover rate during the period. The total trading volume of 79 listed REITs was 1.85 billion yuan, and the average daily turnover rate during the period was 0.35%. In terms of trading volume, the top three REIT asset types were transportation infrastructure, warehousing and logistics, and consumer infrastructure, with trading volumes of 406 million, 359 million, and 306 million yuan respectively. In terms of turnover rate, the top three REIT asset types were new infrastructure, warehousing and logistics, and municipal facilities, with average daily turnover rates of 0.64%, 0.50%, and 0.38% respectively [23][24] - At the single - REIT level: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Harvest JD Warehousing Infrastructure REIT, CICC Prologis REIT, and Southern Wanguo Data Center REIT, with trading volumes of 31 million, 21 million, and 12 million shares respectively. In terms of trading amount, the top three were Harvest JD Warehousing Infrastructure REIT, Huatai Jiangsu Expressway REIT, and CICC Prologis REIT, with trading amounts of 103 million, 73 million, and 67 million yuan respectively. In terms of turnover rate, the top three were Harvest JD Warehousing Infrastructure REIT, Southern Wanguo Data Center REIT, and Huaxia Zhonghe Clean Energy REIT, with turnover rates of 9.48%, 5.20%, and 4.53% respectively [27] Main - Force Net Inflow and Block - Trade Situation - Main - force net inflow situation: The total main - force net inflow this week was 26.25 million yuan, and market trading enthusiasm increased compared with last week. At the underlying - asset REIT level, the top three in terms of main - force net inflow were transportation infrastructure, energy infrastructure, and affordable rental housing, with net inflows of 7.62 million, 7.46 million, and 5.99 million yuan respectively. At the single - REIT level, the top three in terms of main - force net inflow were Harvest JD Warehousing Infrastructure REIT, Huaxia Zhonghe Clean Energy REIT, and Huaxia Yuexiu Expressway REIT, with net inflows of 5.59 million, 5.33 million, and 4.82 million yuan respectively [30][31] - Block - trade situation: The total block - trade amount this week was 211 million yuan, a decrease compared with last week. There were block - trade transactions on 4 trading days, with a total block - trade amount of 211 million yuan. The block - trade amount on Wednesday (March 18, 2026) was the highest during the period, reaching 68.72 million yuan. Among single REITs, the top three in terms of block - trade amount were Soochow Suyuan Industrial Park REIT, E Fund Shenzhen Expressway REIT, and China Merchants Science and Technology REIT, with trading amounts of 63.55 million, 56.28 million, and 53.91 million yuan respectively, and corresponding average discount/premium rates of + 0.03%, + 0.09%, and - 0.31% respectively [33] Primary Market Listed Projects - As of March 20, 2026, the number of public REITs products in China reached 79, with a total issuance scale of 20.5039 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [39] Unlisted Projects - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 30 REITs in the unlisted state, including 28 first - issue REITs and 2 REITs awaiting expansion and fundraising. The project status of 7 REITs products was updated this week [42][43]