近日，建设银行（601939）、万科A、金风科技（002202）、电子城（600658）等头部企业，相继宣布 主动撤回或终止公募REITs的发行申请。 中国证券报记者了解到，近期多个公募REITs的"战略性撤退"，或是监管新规落地、市场环境变化及企 业自身战略调整共同作用的结果，也预示着公募REITs市场正从"扩容提速"转向更加注重资产质量、估 值逻辑深度重构的新发展阶段。 多家公司撤回REITs申报 1月23日，建设银行公告称，前期，该行附属公司建信住房作为原始权益人，以建信住房持有的保障性 租赁住房项目申报发行公募REITs。该项目于2024年3月获中国证券监督管理委员会和上海证券交易所 受理。为进一步整合项目资源，优化运营管理，该项目的基金管理人和专项计划管理人主动申请撤回申 报材料。截至2026年1月23日，该项目已终止申报审核流程。 图片来源：建设银行公告 建设银行表示，本次终止申报审核，不会对该行的经营活动和财务状况产生不利影响。 记者就该项目终止的原因、未来发展规划等问题向建设银行发函采访。截至记者发稿，该行未予以明确 回应。记者注意到，此次公募REITs撤回或正处于建信住房经营发展的关键阶段， ...

Core Viewpoint - The recent collective termination of public REITs applications is significantly influenced by the decline in underlying asset valuations, marking a critical shift in the regulatory landscape and market dynamics [1][10][12]. Group 1: Termination of REITs Applications - On January 23, 2026, both the Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first instance of such a collective termination since the pilot program began [2]. - The terminated projects include various types of underlying assets such as rental housing, industrial parks, logistics, new energy, and water treatment, all structured as "public funds + infrastructure asset-backed securities" [5][6]. - The termination is attributed to the new regulatory guidelines effective December 31, 2025, which stipulate that applications not responding to feedback within a specified timeframe will be automatically terminated [10]. Group 2: Underlying Asset Challenges - The underlying assets of the terminated REITs face structural challenges that hinder compliance with regulatory requirements, such as the need for stable cash flows and operational stability [11][12]. - For instance, the rental housing REIT faced issues related to compliance verification and operational stability, leading to a lack of response to inquiries for over a year [5][11]. - The logistics REIT encountered declining rental prices and high tenant concentration, complicating its ability to demonstrate operational stability [12]. Group 3: Market Dynamics and Regulatory Changes - The public REITs market has grown significantly, with over 78 products launched and a cumulative financing scale exceeding 210 billion yuan, positioning it as the largest in Asia and the second largest globally [15]. - However, the market is now transitioning from a focus on quantity of issuance to an emphasis on the quality of underlying assets and the stability of cash flows [3][15]. - The decline in asset valuations, particularly in the real estate sector, has led to increased reluctance among original equity holders to proceed with applications, as they may not find the valuations acceptable [13][16]. Group 4: Future Outlook - The termination of these applications is viewed as a necessary phase for the high-quality development of public REITs, with expectations that the market will optimize and enhance resilience amid ongoing challenges [17]. - The introduction of commercial real estate REITs, which do not require approval from the National Development and Reform Commission, is anticipated to accelerate the approval process and improve market conditions [16][17].

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first occurrence of such terminations since the pilot program began in 2021 [1][2]. Group 1: Termination of REITs Applications - Five REITs projects have been terminated, including those focused on rental housing, industrial parks, logistics, and renewable energy, with the aim of achieving stable cash flow for dividends [1][3]. - The terminated projects include: - Jianxin Jianrong Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Logistics REIT - Jianxin Jinfeng Renewable Energy REIT - Fuguo Shouchuang Water REIT [1][5]. - The termination is attributed to the projects not responding to regulatory feedback within the required timeframe, as per the new guidelines effective from December 31, 2025 [6][11]. Group 2: Market Context and Regulatory Changes - The public REITs market has surpassed 200 billion yuan in scale, transitioning to a phase of normalized development, with a shift in regulatory focus from quantity to the quality of underlying assets and cash flow stability [2][10]. - The new regulatory guidelines introduced a "termination" mechanism for applications that do not meet response deadlines, aiming to enhance market efficiency and quality [6][11]. Group 3: Challenges Faced by Terminated Projects - The terminated projects faced various structural challenges, such as compliance issues, rental stability, and cash flow predictability, which hindered their ability to meet regulatory requirements [7][8]. - Specific issues included: - Jianxin Jianrong Rental Housing REIT struggled with compliance for non-residential housing conversions and high short-term rental ratios [7]. - Chuangjin Hexin Electronic City Industrial Park REIT had concerns regarding tenant stability and lease renewal risks [7]. - Huaxia Wanwei Logistics REIT faced declining rental prices and high tenant concentration [7]. - Jianxin Jinfeng Renewable Energy REIT was impacted by subsidy reductions affecting cash flow [7][8]. Group 4: Future Outlook for REITs Market - The termination of these projects is seen as a necessary phase for the high-quality development of public REITs, with expectations for structural optimization and resilience in the market as commercial real estate REITs trials deepen [12]. - However, the market still faces challenges related to the stability of underlying assets and macroeconomic cycles [12].

Group 1: Report's Overall Investment Rating - Not provided in the content Group 2: Core Views - The operation performance of dominant sectors remains stable in the fourth - quarter financial data, and it's worth noting the stabilization signals of relatively weak sectors [3][5][35] - Since 2026, the REITs market has achieved a "double jump", and the suppressed market sentiment showed signs of loosening before the earnings report disclosure. Some projects even had a "front - running" upward trend. Currently, policy dividends are still being realized, and institutional allocation demand is strong. Attention should be paid to the short - term allocation rhythm of dominant sectors, and potential projects with more upside space can be explored [5][36] Group 3: Summary by Directory 3.1. Affordable Housing - The operating indicators of the affordable housing sector are steadily rising, with some fluctuations in a few market - oriented projects. The rental - allocation projects maintain stable growth, and the pressure mainly comes from the denominator [7] 3.2. Warehousing - The phenomenon of trading price for volume is still common in the warehousing sector, but the overall fluctuation is limited. The sector is still under pressure, and the year - on - year growth rate of comparable project revenue indicators shows a marginal decline, while the month - on - month data shows more increases than decreases [10] 3.3. Consumption - The growth of the consumption sector is relatively obvious, but there is also some differentiation among projects. Leading projects have achieved growth in both rent and rental area, while some projects' revenue indicators have declined due to renovation progress [14] 3.4. Industrial Park - The industrial park sector continues to bear pressure, but the decline slope of some low - level projects has slowed down marginally. Factory - type projects are more stable, and some R & D office projects are shifting from "double decline in volume and price" to "trading price for volume", with the rent collection rate improving at the end of the year [17][18] 3.5. Municipal Environmental Protection - The municipal environmental protection sector shows a steady - to - rising trend. The China Aviation Shougang Green Energy project performs outstandingly, and the heating area of Jinan Energy has increased slightly [22] 3.6. High - speed - The high - speed sector is under overall pressure. Except for a few projects, most projects' revenue indicators have declined year - on - year and month - on - month. Road network changes, toll policies, and weather are the common influencing factors [25][26] 3.7. Energy - The energy sector shows a differentiated performance, with large fluctuations in revenue indicators. Long - term factors such as regional consumption, natural resources, installed capacity, and power market reform should be noted [29] 3.8. IDC - The IDC sector maintains stable operations without significant changes [32] 3.9. Investment Recommendations - Pay attention to the allocation rhythm of dominant projects and focus on marginally stabilizing weak projects. For dominant sectors, pay attention to short - term risks and participate after corrections. Also, explore projects with more potential upside space [35][36]

Core Viewpoint - The survival of small and medium-sized fund companies has become increasingly difficult in the face of intensified competition and fee reductions in the public fund industry, with over 50 companies projected to manage less than 20 billion yuan by the end of 2025 [1] Group 1: Company Overview - Zhonghang Fund, established in June 2016, has faced challenges in its development, with its equity scale being less than 700 million yuan by the end of 2022 and multiple products underperforming [1] - Despite these challenges, Zhonghang Fund has carved out a unique path for differentiated development through three clear strategic lines [1] Group 2: REITs Business - Zhonghang Fund has taken a leading position in the public REITs sector, launching its first REIT, Zhonghang Shougang Biomass REIT, in June 2021, and subsequently introducing the first photovoltaic REIT in the country [4][16] - As of January 2026, the scale of REITs products managed by Zhonghang Fund reached 6.07 billion yuan, showcasing its commitment to a dual experience of "industry + finance" [4][16] Group 3: Fixed Income Business - The company benefits from its shareholders, Zhonghang Securities (55% stake) and Beijing Shougang Fund (45% stake), which provides a natural advantage in expanding banking business in Beijing, particularly with Huaxia Bank and Beijing Bank [5][17] - Zhonghang Fund has partnered with Huaxia Bank to launch the first ESG-themed public bond fund in the market, allowing for rapid scale formation and stable management fee income [6][17] Group 4: Investment Strategy - In 2025, Zhonghang Fund responded to the high-quality development policy of public funds by building a modern investment research system that is platform-based, integrated, and multi-strategy [7][18] - The company adopted an "extreme track" strategy in active equity investment, focusing resources on creating star fund managers and products, with a notable emphasis on cutting-edge technology themes [8][18] Group 5: Performance and Growth - The flagship product, Zhonghang Opportunity Leading Mixed Fund, has experienced explosive growth, making Zhonghang Fund the 7th in the "Top 10 Active Equity Growth" for 2025, amidst larger competitors [9][19] - The company achieved a growth of 18.664 billion yuan in 2025, reflecting its strategic focus and resource allocation [20] Group 6: Strategic Focus - Zhonghang Fund's strategy emphasizes concentrating resources on significant projects rather than blindly expanding into popular areas like ETFs, demonstrating a clear focus on its resource endowment [10][21] - The transformation from "small and comprehensive" to "small, beautiful, and specialized" illustrates a path to high-quality growth through differentiation, specialization, and professionalism [12][21]

《电子城 关于申请撤回公募REITs项目申报的提示性公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 截至2026年1月26日收盘，电子城（600658）报收于5.47元，较前一交易日下跌3.87%，最新总市值为 61.19亿元。该股当日开盘5.64元，最高5.67元，最低5.42元，成交额达1.9亿元，换手率为3.09%。 近日，电子城发布《关于申请撤回公募REITs项目申报的提示性公告》。公告显示，公司于2026年1月 16日召开董事会，审议通过撤回公募REITs项目申报的议案。该项目以全资子公司持有的科技大厦、研 发A1楼及国电总部4号楼为底层资产，申报材料已于2025年5月20日获证监会和上交所受理，并于2025 年7月2日收到上交所反馈意见。公司称，为维护投资人利益、提高项目经营稳定性，决定申请撤回申 报，后续将择机重新推进。本次撤回不会对公司生产经营和财务状况造成重大不利影响。截至公告日， 申报审核流程已终止。 ...

该项目以全资子公司持有的科技大厦、研发A1楼及国电总部4号楼为底层资产，申报材料已于2025年5 月20日获证监会和上交所受理，并于2025年7月2日收到上交所反馈意见。 本次撤回不会对公司生产经营和财务状况造成重大不利影响，亦不存在损害公司及中小股东利益的情 形。截至公告日，申报审核流程已终止。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自业绩披露要点：电子城预计2025年归属净利润亏损14.5亿元至19亿元。 来自公司公告汇总：电子城撤回公募REITs项目申报，称不影响经营和财务状况。 本周关注点 业绩披露要点 电子城发布业绩预告，预计2025年全年归属净利润亏损14.5亿元至19亿元，扣非后净利润亏损14.8亿元 至19.3亿元。 公司公告汇总 电子城第十三届董事会第五次会议于2026年1月16日召开，审议通过《关于申请撤回基础设施公募 REITs项目申报的议案》。公司为维护投资人利益，提高项目经营稳定性，拟撤回公募REITs申报，后 续将择机推进。 截至2026年1月23日收盘，电子城（600658）报收于5.69元 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Report's Core View - This week, REITs quarterly reports for Q4 2025 were released, and the market showed a positive performance. Data center and consumer sectors led the gains, with equity REITs outperforming concession - based REITs. Overall, REITs' revenue, net profit, and distributable amount had different year - on - year and quarter - on - quarter changes. [5] - For the first time, 5 REITs projects were terminated at the exchange stage. These projects failed to submit responses after receiving exchange feedback, indicating the exchange's enhanced refined management of REITs project applications. [5] - The CSI REITs Total Return Index rose by 2.17%, outperforming the CSI 300 by 2.79 percentage points and the CSI Dividend by 0.02 percentage points. In terms of different attributes and asset types, there were also different performance trends. [5] 3. Summary According to the Directory 3.1 First - level Market - There were no new progress in the initial offering and expansion of REITs this week. [4][5][9] 3.2 Second - level Market 3.2.1 Market Review - The CSI REITs Total Return Index rose by 2.17%. Equity REITs rose by 3.06%, and concession - based REITs rose by 1.63%. Data center (+5.87%), consumer (+4.17%), warehousing and logistics (+3.15%), and environmental protection and water utilities (+2.70%) sectors performed well. [5][19][24] 3.2.2 Liquidity - The turnover rate and trading volume of REITs both increased. The average daily turnover rates of equity and concession - based REITs were 0.72% and 0.46% respectively, up 23.99 and 8.88 basis points from last week. The trading volumes were 7.47 billion and 1.54 billion shares respectively, with a week - on - week increase of 49.90% and 23.79%. [24][25][26] 3.2.3 Valuation - The yields of equity and concession - based REITs according to ChinaBond valuation were 3.70% and 4.93% respectively. The transportation (6.03%), warehousing and logistics (5.29%), and park (4.39%) sectors had relatively high valuations. [28][29][30] 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - From January 18th to 23rd, there were a series of news about REITs, including the attempt to issue scenic area REITs in Huixian, the tender for consulting services of infrastructure REITs of Chengde Thermal Power Group, the termination of some REITs applications, and the start of some REITs project tenders. [34] 3.3.2 Important Announcements - There were announcements about the lifting of the restricted - sale period, operating data, quarterly reports, and dividend distributions of multiple REITs. For example, the strategic placement shares of E Fund Huawi Market REIT will be lifted on January 26th, and many REITs released their Q4 2025 quarterly reports. [35][36][43]

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年1月24日 一、公募REITs基本信息 ■ 二、2025年12月主要运营数据 2025年以来，不动产项目公司整体运营情况良好，本高速公路通行费收入来源分散，无重要现金流提供 方，外部管理机构未发生变动。 本基金基础资产渝遂高速（重庆段）2025年12月主要运营数据如下： ■ 特此公告。 国金基金管理有限公司 2026年1月24日 备注： ①日均收费车流量计算方法：当月总收费车流量/当月自然天数，按照重庆高速公路集团有限公司联网 收费结算中心（以下简称"联网中心"）月度清分数据，本月自然天数为2025年11月29日至2025年12月31 日； ②收费车流量口径说明：均为自然车流（veh）口径； ③以上为联网中心当期清分数据，未经审计，该数据不包括联网中心对以前月度清分数据的调整部分及 通行费套餐补助等，因此各月加总与定期报告披露数据可能存在较小差异，以定期报告披露为准。 三、其他说明事项 上述不动产项目主要运营数据已经本基金外部管理机构确认。截至目前，本基金投资运作正常，无应披 露而未披露的重大信息，基金管理人将严格按照法律法规及基金合同 ...

北京商报讯（记者 宋亦桐）1月23日，建设银行发布公告指出，前期，该行附属公司建信住房服务有限 责任公司（以下简称"建信住房"）作为原始权益人，以建信住房持有的保障性租赁住房项目申报发行公 募REITs，产品名称为"建信建融家园租赁住房封闭式基础设施证券投资基金"（以下简称"本项目"）。 本项目于2024年3月获中国证券监督管理委员会和上海证券交易所受理。 建设银行指出，本次终止申报审核，不会对该行的经营活动和财务状况产生不利影响。 建设银行表示，为进一步整合项目资源，优化运营管理，本项目的基金管理人和专项计划管理人已向中 国证券监督管理委员会、上海证券交易所申请撤回本项目基金注册、上市及资产支持专项计划挂牌转让 申请等材料。截至本公告披露日，本项目已终止在中国证券监督管理委员会和上海证券交易所的申报审 核流程。 ...