【固收】二级市场价格波动下跌，特许经营权类REITs表现相对更优——REITs周度观察（20260224-20260227)（张旭/秦方好）

Market Overview - The secondary market for publicly listed REITs in China experienced an overall decline in prices during the week of February 24-27, 2026, with the China Securities REIT Index closing at 796.08 and the total return index at 1035.78, both showing a return rate of -1.08% [4] - Compared to other major asset classes, REITs ranked lowest in return rates, with oil, gold, convertible bonds, A-shares, US stocks, and pure bonds performing better [4] - Within the REIT categories, property and concession REITs saw price declines, with property REITs returning -1.46% and concession REITs -0.09% [4] Asset Class Performance - New infrastructure REITs showed the highest increase in returns during the week, with the top three performing asset types being new infrastructure, ecological protection, and transportation infrastructure [4] - A total of 17 REITs saw price increases, while 62 experienced declines, with the top three gainers being Southern Runze Technology Data Center REIT, Huatai Jiangsu Traffic Control REIT, and Huaan Waigaoqiao REIT [4] Trading Activity - The total trading volume for public REITs was 1.72 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.44% [5] - The top three REITs by trading volume were Southern Wanguo Data Center REIT, AVIC Easy Business Warehousing Logistics REIT, and Jiashi JD Warehousing Infrastructure REIT, while the top three by trading value were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Jiashi JD Warehousing Infrastructure REIT [5] - The net inflow of main funds totaled 42.87 million yuan, indicating increased market trading enthusiasm compared to the previous period, with the top three categories for net inflow being consumer infrastructure, affordable rental housing, and new infrastructure [5] Block Trading - The total amount of block trading for the week reached 216 million yuan, showing a decrease from the previous period, with the highest single-day block trading amount on February 27, 2026, at 122.87 million yuan [6] - The top three REITs by block trading value were AVIC Easy Business Warehousing Logistics REIT, Guotai Haitong Jinan Energy Heating REIT, and Huaxia Jinyu Intelligent Manufacturing Factory REIT [6] Primary Market - No new REIT products were listed during the week, but the project status of 12 existing REITs was updated [7]