北京昌保上市涨幅或超20%

1. Report Industry Investment Rating No information provided in the text. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index continued to decline this week, with a weekly decline of 0.83% and a decline of 3.71% compared to the end of January, basically erasing the gains since the beginning of 2026. The average daily turnover rate was 0.3%, a historically low value since 2021, and market activity remained low [1][10]. - The "AVIC Beijing Changbao Rental Housing REIT" started the inquiry process. It is a government - allocated rental project with high secondary - market buying value, and its listing increase is expected to reach 25 - 30% [1][2]. - In the secondary market, all asset sectors declined this week, with the warehousing and logistics and industrial park sectors having relatively large declines [4]. 3. Summary by Directory 3.1 Primary Market - AVIC Beijing Changbao Rental Housing REIT: Registered and became effective on March 23, 2026, and conducted an inquiry on March 27. It is the second infrastructure public REIT issued in 2026. The underlying assets are three public rental housing projects in the Future Science City of Changping District, Beijing. It belongs to government - allocated rental REITs, with a policy - oriented nature. The rent is about 70% of the surrounding area, and the project has a high secondary - market buying value. The listing increase is expected to reach 25 - 30% [1][18][29]. - Other Infrastructure REITs: "Dongfanghong Tunnel Co., Ltd. Expressway REIT" ended the inquiry and entered the issuance stage, with a predicted IRR still above 4%. As of March 27, 2026, 8 projects have received inquiry feedback and 2 projects have been accepted by the exchange [32]. - Commercial Real Estate REITs: On March 26, 2026, Guolianan Fuxing Commercial Real Estate REIT was submitted to the Shanghai Stock Exchange. As of March 27, 2026, a total of 16 commercial real estate REITs have been declared, with an expected fundraising scale of over 46.2 billion yuan [3][33]. 3.2 Secondary Market - Overall Market Performance: All asset sectors declined this week, with the warehousing and logistics sector declining by 1.34% and the industrial park sector by 1.21%. Only 12 out of 79 individual bonds rose, and 67 declined [4][36]. - Warehousing Sector: The decline was the largest this week. Only two individual bonds rose, and the rest declined. The decline of CICC GLP REIT exceeded 10% this month, but the current distribution rate reached 5.63%. The decline of Harvest JD Warehouse Infrastructure REIT stopped, and it plans a secondary expansion. The predicted distribution rate can still be above 4% [39][42]. - Industrial Park Sector: The decline was relatively large. Only 2 individual bonds rose, and 18 declined. The current distribution rate of the park sector has risen to 4.79%. For 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 focus on park REITs with stable fundamentals, a distribution adjustment mechanism, and a high distribution rate [44]. - Rental Housing Sector: All individual bonds declined this week, with an overall decline of 0.78%. The decline of Cathay Fortune Urban Investment Kuanting Rental Housing and China Asset Management CR Land Nest was the smallest, with a distribution rate of about 3.4%. CICC Xiamen Anju has launched a vote for an expansion. The rental housing sector has good fundamentals, and attention can be paid to trading opportunities related to interest - rate adjustments [49][51]. - Transportation Facilities Sector: The performance was average. Only 2 individual bonds rose, and the decline of Huaxia Nanjing Transportation Expressway REIT was the largest. It is recommended to focus on road assets with traffic - inducing effects or in economically active areas [52][53]. - Transaction Activity: The trading activity of REITs this week remained low. The average daily trading volume was 371 million yuan, the average daily trading volume was 86 million shares, and the average daily turnover rate was 0.30%. The trading of each asset was also relatively inactive [58].