公募REITs周度跟踪（2026.03.23-2026.03.27）：亚特兰蒂斯申报商业不动产REITs-20260328

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The REITs market continued to decline, with the CSI REITs Total Return Index falling 0.83% this week, outperforming the CSI 300 by 0.59 percentage points but underperforming the CSI Dividend by 0.30 percentage points. The market has been down for five consecutive weeks. Before the annual report disclosure, the liquidity of property - type REITs continued to decline, while that of concession - type REITs (mainly transportation and environmental protection projects) rebounded. Warehouse logistics continued to lead the decline, but the decline narrowed. Currently, funds are mainly on the sidelines, waiting for primary - market participation opportunities, and the willingness to participate in the secondary market is generally weak. This week, four first - issue public REITs made new progress, and next week, the concentrated release of REITs annual reports and the unlocking of three products may cause short - term market disturbances [2]. 3. Summary by Directory 3.1 Primary Market - Four first - issue public REITs made new progress this week: the China Aviation Beijing Changbao Rental Housing REIT started the inquiry; the Dongfanghong Tunnel Expressway REIT completed the inquiry with a final price of 4.68 yuan per share, a premium rate of 12.6%, and an effective subscription multiple of 173.69 times, corresponding to an offline capital scale of about 170.7 billion yuan; the GF Xincheng Wuyue Commercial Real Estate REIT was under inquiry; the Guolianan Fuxing Commercial Real Estate REIT was declared, with Sanya Atlantis as the underlying asset. As of March 27, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan [2][13]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index closed at 1013.34 points, down 0.83% this week. The year - to - date increase of the CSI REITs Total Return Index is 0.35%, outperforming the CSI 300 by 3.10 percentage points but underperforming the CSI Dividend by 3.99 percentage points. By project attribute, property - type REITs fell 0.88% and concession - type REITs fell 0.75% this week. By asset type, the consumer (- 0.32%), environmental protection and water services (- 0.40%), energy (- 0.73%), and affordable housing (- 0.78%) sectors performed better. Among individual bonds, 12 rose and 67 fell. The top three were China Merchants Expressway REIT (+1.48%), Southern Wanguo Data Center REIT (+1.33%), and BOC Sinotrans Warehouse Logistics REIT (+1.08%), while the bottom three were Huaxia Nanjing Traffic Expressway REIT (- 5.72%), CICC Chongqing Liangjiang REIT (- 4.08%), and Southern Shunfeng Logistics REIT (- 3.63%) [2]. 3.2.2 Liquidity - The average daily turnover rates of property - type and concession - type REITs this week were 0.30% and 0.32% respectively, down 1.08BP and up 4.28BP from last week. The weekly trading volumes were 322 million and 109 million shares respectively, down 3.52% and up 15.28% week - on - week. The data center sector was the most active [2][22]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs are 4.09% and 5.09% respectively. The transportation (6.26%), warehouse logistics (5.82%), and park (4.97%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On March 24, 2026, the tender announcement for the financial advisor and fund manager of the Changchun Urban Development Investment Holding Group's water infrastructure public REITs project was released, with the opening date on April 14. On March 25, the project for selecting the financial advisor and fund management unit of the Changchun Heating Public REITs project failed to attract enough bidders and was aborted. On March 25, the candidate for the custodian bank of the Taoxichuan Cultural and Creative Block REITs project was announced, with the China Construction Bank Jiangxi Branch as the first - ranked candidate. On March 26, the candidate for the fund manager of the Anhui Jiuhua Mountain Cultural and Health - Care Public REITs was announced [29]. 3.3.2 Important Announcements - The strategic placement shares of the Huitianfu Shanghai Real Estate Rental Housing REIT (508055.SH) will be unlocked on March 31, 2026. The circulation shares before and after unlocking are 150 million and 330 million shares respectively, accounting for 30% and 66% of the total shares. The CICC Xiamen Anju REIT (508058.SH) announced an expansion plan, with a simulated offering scale of 685.8 million yuan at par, and the planned offering amount is not higher than 788.7 million yuan (inclusive) and not lower than 690 million yuan (inclusive). The strategic placement shares of the China Aviation Jingneng International Energy REIT (508096.SH) will be unlocked on March 29, 2026. The circulation shares before and after unlocking are 137 million and 240 million shares respectively, accounting for 22.8% and 39.94% of the total shares. The strategic placement shares of the CITIC Construction Investment State Power Investment New Energy REIT (508028.SH) will be unlocked on March 30, 2026. The circulation shares before and after unlocking are 442.4 million and 640 million shares respectively, accounting for 55.3% and 80% of the total shares. The Dongfanghong Tunnel Expressway REIT (508020.SH) announced its offering, with 98 valid bidders, 699配售 objects, and a total valid subscription share of 3,647,424 million shares, 173.69 times the initial offline offering shares, priced at 4.68 yuan per share. The offline and public subscription dates are from April 1 to 2, 2026 [30].