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

1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The REITs market continued to decline, posting losses for the fifth consecutive week. Before the annual report disclosure, the liquidity of equity - type REITs continued to decline, while that of concession - type (mainly transportation and environmental protection projects) increased. 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 [2]. - This week, four new public REITs had new progress in the primary market. The Dongfanghong Tunnel REIT completed the inquiry on Wednesday, 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 Changbao Rental Housing REIT started the inquiry on Friday, but its overall scale was relatively small, about 830 million yuan [2]. - Next week, the REITs annual reports will be concentratedly released in the first half of the week, and three products will be lifted from the lock - up period, which may cause short - term disturbances to the market [2]. 3. Summary According to the Directory 3.1 Primary Market: Four New Public REITs Had New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, four new public REITs had new progress: the Zhonghang Beijing Changbao Rental Housing REIT was in the inquiry stage, the Dongfanghong Tunnel High - speed REIT was in the inquiry stage, the GF Xincheng Wuyue Commercial Real Estate REIT was under inquiry, and the Guolianan Fuxing Commercial Real Estate REIT was declared, with Sanya Atlantis as the underlying asset [2]. - The current REITs in the approval process: (1) For new issues, 33 have been declared, 2 have been inquired and feedback has been given, 0 have passed the review, and 0 are registered and waiting to be listed. (2) For expansion and fundraising, 4 have been declared, 1 has been inquired and feedback has been given, and 1 has passed the review [2]. 3.2 Secondary Market: The Index Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.83% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1013.34 points, a decline of 0.83%, outperforming the CSI 300 by 0.59 percentage points and underperforming the CSI Dividend by 0.30 percentage points. The CSI REITs Total Return Index has risen by 0.35% since the beginning of the year, outperforming the CSI 300 by 3.10 percentage points and underperforming the CSI Dividend by 3.99 percentage points [2]. - By project attribute, equity - type REITs fell 0.88% this week, and concession - type REITs fell 0.75%. By asset type, the consumer (- 0.32%), environmental protection and water utilities (- 0.40%), energy (- 0.73%), and affordable housing (- 0.78%) sectors performed better [2]. - By individual bond, 12 rose and 67 fell this week. Among them, China Merchants Expressway REIT (+1.48%), Southern Vanda Data Center REIT (+1.33%), and BOC Sinotrans Warehouse Logistics REIT (+1.08%) ranked in the top three, while Huaxia Nanjing Expressway REIT (- 5.72%), CICC Chongqing Liangjiang REIT (- 4.08%), and Southern SF Logistics REIT (- 3.63%) ranked in the bottom three [2]. 3.2.2 Liquidity: The Turnover Rate and Trading Volume of Equity - Type REITs Both Declined - The average daily turnover rate of equity - type/concession - type REITs this week was 0.30%/0.32%, a change of - 1.08/+4.28 BP compared with last week. The trading volume within the week was 322 million/109 million shares, a week - on - week change of - 3.52%/+15.28%. The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - From the perspective of ChinaBond valuation yields, equity - type/concession - type REITs were 4.09%/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 - 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 was released, with the opening date on April 14. On March 25, 2026, the project of selecting the financial advisor and fund management unit for the Changchun Heating Public REITs failed to attract enough bidders and was aborted. On March 25, 2026, 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, 2026, the candidate for the fund manager of the Anhui Jiuhuashan Cultural and Health Care Public REITs was announced [31]. - Announcements: The strategic placement shares of the Huitianfu Shanghai Real Estate Rental Housing REIT (180 million shares) will be unlocked on March 31, 2026. The simulated issuance scale of the CICC Xiamen Affordable Housing REIT's expansion and fundraising is 685.8 million yuan, with the proposed issuance amount not higher than 788.7 million yuan (inclusive) and not lower than 690 million yuan (inclusive). The strategic placement shares of the Zhonghang Jingneng International Energy REIT (103 million shares) will be unlocked on March 29, 2026. The strategic placement shares of the CITIC Construction Investment State Power Investment New Energy REIT (197.6 million shares) will be unlocked on March 30, 2026. The Dongfanghong Tunnel Expressway REIT will be sold offline and to the public from April 1 - 2, 2026, with a price of 4.68 yuan per share and an effective subscription multiple of 173.69 times [32].