公募REITs周度跟踪：隧道REIT即将询价-20260321

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the external market environment fluctuated sharply. REITs first rose and then fell, similar to the bond market trend. The warehousing sector declined significantly due to short - term negative news. The primary market finally saw the issuance of the first new product in 2026, and the secondary market liquidity decreased [3]. 3. Summary According to the Directory 3.1 Primary Market: 8 Newly - Issued Public REITs Made Progress - As of March 20, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, 8 newly - issued public REITs made progress, including the withdrawal of the Zhonghang Tianhong Consumption REIT application, and 1 REIT for expansion also made progress, namely the registration of the CICC Xiamen Anju REIT becoming effective [3]. - The Dongfanghong Tunnel High - speed REIT released an inquiry announcement on Thursday evening, with the inquiry date set for March 25, and the inquiry range from 4.012 yuan to 4.700 yuan per share. The Tianhong Consumption REIT application was withdrawn, and the Xinghe Commercial Real Estate REIT was accepted, planning to raise 1.686 billion yuan [3]. 3.2 Secondary Market: Liquidity Decreased This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.13% - As of March 20, 2026, the CSI REITs Total Return Index (932047.CSI) closed at 1021.78 points, a decline of 0.13%, outperforming the CSI 300 by 2.05 percentage points and the CSI Dividend by 2.92 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 1.18%, outperforming the CSI 300 by 2.54 percentage points but underperforming the CSI Dividend by 3.70 percentage points [3]. - In terms of project attributes, property - type REITs fell by 0.33% this week, while franchise - type REITs rose by 0.41%. In terms of asset types, the affordable housing (+0.98%), transportation (+0.67%), data center (+0.10%), and environmental protection and water services (-0.05%) sectors performed well [3]. - Among individual bonds, 39 rose and 37 fell this week. CICC Chongqing Liangjiang REIT (+3.18%), Huaxia Beijing Affordable Housing REIT (+2.77%), and CICC Xiamen Anju REIT (+2.38%) led the gains, while Southern SF Logistics REIT (-4.62%), CICC ProLogis REIT (-4.46%), and Huaxia Hefei High - tech Industrial Park REIT (-3.30%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.31%/0.28%, down 5.05/7.36 basis points from last week. The trading volumes during the week were 333 million/94 million shares, down 14.15%/20.81% week - on - week. The data center sector was the most active [3]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the property - type/franchise - type REITs were 4.02%/4.87% respectively. The transportation (5.97%), warehousing and logistics (5.72%), and park (4.84%) sectors ranked among the top three [3]. 3.3 This Week's News and Important Announcements - News: During the Two Sessions, Chen Zhongni proposed to include REITs in the inter - connectivity to activate the Hong Kong REITs market. Guangdong Hongchuan Smart Logistics Co., Ltd. plans to initiate a REIT with certain assets. Jinan Urban Development Group's rental housing REIT service procurement project is open for bidding. Shaanxi's Huashan Scenic Area public REIT is about to be issued and listed [35]. - Announcements: Several REITs released their February 2026 operation data, including vehicle flow and toll revenue. Some REITs also issued restricted share lifting announcements [36].