公募REITs周速览：可参与东方红隧道打新

1. Report Industry Investment Rating No information provided in the text[1][2][3] 2. Core Views of the Report - This week (March 16 - 20, 2026), the CSI REITs Total Return Index closed at 1,021.8 points, a week - on - week decline of 0.13% and a decline of 2.91% compared to the end of January, falling back to the level around the beginning of the year on January 6, 2026. The daily average turnover rate dropped to 0.3% this week, the lowest weekly average since 2021, indicating a further decline in market trading sentiment. As of March 20, the total market value of 79 listed REITs reached 223.9 billion yuan, with a week - on - week decline of 0.07%, and the circulating market value was 123.8 billion yuan[1][9] - The "Dongfanghong Tunnel Expressway REIT" registered for effect on March 16, 2026, and will start the inquiry on March 25. It is the first infrastructure public REIT since December 2025. With certain primary market new - issue participation value, the project's IRR is expected to be above 4% if issued at the upper limit of the inquiry range[2][3][22] - In the secondary market, the rental housing and transportation facilities sectors led the gains, while the trading sentiment continued to decline. The performance of various assets was differentiated this week[4][29] 3. Summary According to Relevant Catalogs 3.1 Primary Market - "Dongfanghong Tunnel Expressway REIT" started the inquiry. Its underlying asset is the Qianjiang Tunnel connecting Hangzhou and Jiaxing. The project's evaluation value is 4.158 billion yuan, and the proposed issuance scale is 4.356 billion yuan. The inquiry range's corresponding fundraising scale is 4.012 - 4.7 billion yuan, with a discount - premium range of only ±8% compared to the proposed fundraising scale, smaller than the ±20% of new projects in the second half of 2025[2][17][18] - Other infrastructure REITs: Shanxi Securities Jinzhong Public Investment Ruiyang Heating, AVIC CNNC Group Energy, and E Fund Guangxi Beitou Expressway updated their feedback this week. On March 16, 2026, Guangdong Hongchuan Smart Logistics Co., Ltd. announced plans to issue infrastructure public REITs. On March 19, Tianhong Co., Ltd. decided to withdraw the application for "Zhonghang Tianhong Consumption REIT"[3][25][26] - As of March 20, 2026, 15 commercial real - estate REITs have been declared in the market, with 2 accepted and 13 under inquiry by the exchange, and the expected fundraising scale reaches 46.06 billion yuan, covering various business forms[26][28] 3.2 Secondary Market - This week, the rental housing, transportation facilities, energy facilities, and data center sectors rose by 0.97%, 0.67%, 0.1%, and 0.1% respectively, while other sectors fell. The storage and logistics, municipal environmental protection, and industrial park sectors had relatively large declines[4][29][31] - The rental housing sector led the gains this week. China Asset Management Beijing Affordable Housing and CICC Xiamen Anju led the rise. Considering Xiamen Anju's upcoming expansion, the new project's distribution rate is expected to reach 4.13%, and the combined distribution rate of new and old projects is expected to reach 3.05%[4][32] - The storage sector had the largest decline this week. The decline of CICC GLP REIT may be related to market rumors, and GLP has clarified on its official website. The stop - falling of Harvest JD Warehousing Infrastructure REIT may be related to the approaching renewal of the Langfang project[4][35][36] - The transportation facilities sector performed well this week. Most road sections saw an increase in traffic volume and toll revenue during the Spring Festival travel season, but some projects had a decline in toll revenue due to the free - toll policy for small passenger cars and the decrease in freight vehicle traffic[40] - The industrial park sector showed a differentiated performance. For some individual bonds with poor fundamentals or large previous declines and a distribution rate of over 5%, there may be opportunities for marginal improvement. It is recommended to pay attention to park REITs with stable fundamentals, a distribution adjustment mechanism, and a high distribution rate[45] - The energy facilities sector showed an overall positive trend. Against the background of the Middle East war, there are two main lines in the equity market: the substitution logic of rising oil prices and the "computing - power and electricity coordination"[49] - The data center (IDC) sector had a differentiated performance. The distribution rates of Runze Technology and Wanguo Data are slightly higher than the reference value of 3.33% for rental - type REITs projects, and there may be room for a 10BP increase[51] - The trading activity of REITs continued to decline this week. The daily average trading volume was 370 million yuan, the daily average trading volume was 85 million shares, and the daily average turnover rate was 0.30%, with week - on - week declines of 16.74%, 15.71%, and 0.06 percentage points respectively[53]