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。 ...

1月23日金融一线消息，建设银行公告，有关本行附属公司建信住房服务有限责任公司（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，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"（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。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。截至本公告日期，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。 建设银行称，本次终止申报审核，不会对本行的经营活动和财务状况产生不利影响。 责任编辑：李琳琳 特此公告。 1月23日金融一线消息，建设银行公告，有关本行附属公司建信住房服务有限责任公司（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，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"（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。为进一步整合项目资源，优 ...

首创环保公告称，公司于2022年8月同意开展扩募及新购入不动产项目。自筹划以来，公司积极推进交 易工作。因规划调整，由基金管理人决议提交终止审核申请，截至公告披露日，该项目申请审核已终 止。此事项不会影响底层不动产项目运营，也不影响后续再次申报，对基金份额持有人权益无实质性不 利影响。公司将继续推进，后续择机再申报并及时披露信息。 ...

Group 1 - The core viewpoint of the news is that the first public REIT in Northeast China, the CITIC Construction Investment Shenyang International Software Park REIT (referred to as Shenyang REIT), has successfully launched its first dividend distribution, exceeding the forecasted levels in its prospectus, demonstrating strong cash flow capabilities of quality underlying assets [1][2] - The Shenyang REIT plans to distribute 60 million yuan, which accounts for approximately 92.13% of the distributable amount of 65.1263 million yuan for 2025, with a notable increase of 14.83% compared to the forecasted value in the prospectus [1] - Industry insiders highlight that the Shenyang REIT's performance is attributed to solid asset operations and prudent project valuations, emphasizing a strategy focused on realistic valuations and the exclusion of uncertainties during the preparation and issuance phases [1] Group 2 - The stable operation of the Shenyang REIT serves as a positive demonstration for revitalizing existing assets in the region, validating the resilience of the value of Shenyang's digital economy industry assets through its robust cash flow distribution [2] - The project illustrates that through standardized public REIT operations, quality assets in Northeast China can effectively connect with capital markets, providing valuable insights for further utilizing financial tools to revitalize infrastructure assets and promote high-quality development of the real economy in Liaoning and the Northeast region [2]

Core Viewpoint - The public REITs market in China is experiencing a significant regulatory shift, with the first instances of project withdrawals occurring as a result of new guidelines issued by the Shanghai and Shenzhen Stock Exchanges, which clarify the conditions under which REITs applications may be suspended or terminated [1][6][10]. Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first case of a project entering the review stage but failing to issue successfully [1][3]. - On the same day, Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to enhance project stability [1][7]. - The recent regulatory changes are closely linked to these withdrawals, as the new guidelines specify conditions for the suspension or termination of REITs applications [1][4]. Group 2: Regulatory Changes - The new guidelines, effective from December 31, 2025, outline specific circumstances under which the review of REITs applications may be terminated, including expired financial documents and failure to respond to inquiries within the stipulated time [4][14]. - The introduction of these guidelines aims to improve the transparency and efficiency of the REITs application process, ensuring that projects do not remain in limbo and occupy regulatory resources unnecessarily [7][17]. - The regulatory environment is shifting towards a more stringent approach, emphasizing the importance of maintaining high standards for project approvals in the public REITs market [6][10]. Group 3: Market Dynamics - As of the end of 2025, there were 79 public REITs listed in China, with a total issuance scale exceeding 210 billion yuan, reflecting a steady expansion of the market [6][16]. - The relationship between REIT issuers and investors is evolving, with a shift from early valuation premiums to a more rational and professional pricing phase [6][10]. - The market is expected to see a balance between active applications and stringent entry requirements, creating a new ecosystem for public REITs [10][18].

Group 1 - The announcement date for the public REITs is January 22, 2026 [1] - The main objective of the fund is to acquire real estate projects to generate stable cash flows through proactive management [1] - The operational data for the Guanghe Expressway project in December 2025 shows good performance with no safety incidents and diversified toll revenue sources [1] Group 2 - The fund is operating normally with no undisclosed significant information as of the announcement date [2] - The fund manager commits to managing the fund assets with diligence and integrity but does not guarantee profits or minimum returns [2] Group 3 - The fund contract for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF became effective on January 22, 2026 [4] - The fund will be listed on the Shenzhen Stock Exchange under the trading code "159152" [4] Group 4 - The fund manager will announce the specific dates for subscription and redemption after the fund contract becomes effective [5] - Investors can check transaction confirmation through the fund manager's website or customer service [5] Group 5 - New sales institutions, including Huatai Securities, Ping An Bank, and others, have been added for various funds starting January 22, 2026 [12][13][18][23][28][33] - Investors can perform various transactions such as subscription, redemption, and regular investment through these new sales institutions [12][13][18][23][28][33]

Group 1 - The core viewpoint of the news is that 中金普洛斯REIT has shown strong financial performance in Q4 2025, with total revenue of approximately 105 million yuan and a distributable amount of about 86.65 million yuan [1] - In Q4 2025, 中金普洛斯REIT achieved rental and property management service income of around 104 million yuan, with an EBITDA profit margin of 64.79% after excluding fair value changes [1] - The overall occupancy rate of 中金普洛斯REIT projects reached approximately 90% by the end of the reporting period, an increase of 3.17 percentage points year-on-year, with seven logistics parks exceeding a 92% occupancy rate [1] Group 2 - In 2025, the public REITs market in China transitioned from "quality improvement and expansion" to "normalization of issuance," with a total market value exceeding 200 billion yuan [2] - 中金普洛斯REIT is one of the first public REITs in China to feature both "initial issuance and expansion," and it is the first logistics REIT listed on the Shanghai Stock Exchange, holding 10 logistics parks with a total construction area of nearly 1.16 million square meters [2] - The logistics parks of 中金普洛斯REIT cover seven logistics hubs across five major economic zones, serving over 70 new economy enterprise clients [2]

Core Insights - The public REITs market in China is experiencing its first case of project withdrawal after entering the review stage, with Jin Feng Technology and Electronic City both announcing the termination of their REIT applications [1][9][10] - The recent regulatory changes, particularly the new review procedures implemented by the Shanghai and Shenzhen Stock Exchanges, have introduced stricter criteria for REIT approvals, leading to a more rigorous screening process [2][8][9] Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first instance of a project failing to issue after entering the review stage [1][4] - Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to reassess and potentially reapply in the future [1][9] - The reasons for these withdrawals are linked to the new regulatory framework that outlines specific conditions under which REIT applications may be suspended or terminated [1][5][9] Group 2: Regulatory Changes - The new review procedures, effective from December 31, 2025, specify seven conditions under which the review of a REIT application can be terminated, including failure to respond to inquiries within the stipulated time [5][9] - The introduction of these procedures aims to enhance the transparency and efficiency of the REIT approval process, ensuring that only projects meeting stringent criteria proceed to issuance [8][9] - The regulatory environment is shifting towards a more stringent approach, with a focus on maintaining investor interests and ensuring the stability of project operations [7][10] Group 3: Market Implications - As of the end of 2025, there were 79 publicly listed REITs in China, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite the recent withdrawals [7] - The market is transitioning towards a more mature phase, where the pricing dynamics between REIT issuers and investors are becoming more rational and professional [7][10] - The ongoing regulatory enhancements are expected to create a new ecosystem for public REITs, characterized by both active applications and stringent entry requirements [10]

Core Viewpoint - The announcement by the China Securities Regulatory Commission to include commercial real estate in the public REITs pilot program marks a significant development, expanding the asset scope of public REITs and providing new avenues for revitalizing office buildings, hotels, and other commercial properties [1] Group 1: Market Expansion and Asset Types - The public REITs market has shown significant changes over the past few years, with a diversification of underlying asset types from industrial parks and affordable rental housing to now include office buildings and hotels [2] - The market is expected to continue growing, with predictions indicating that 2026 will be a year of high growth for public REITs, driven by the increasing recognition and participation of more funds and issuers [2] - The issuance of public REITs remains cautious, focusing on assets with stable cash flows and compliance, emphasizing the importance of historical occupancy rates and income stability [2] Group 2: Challenges and Opportunities in Commercial Assets - Different types of commercial assets present varying levels of issuance difficulty, with hotels requiring higher operational management standards due to their sensitivity to economic cycles and higher operational costs [3] - Core cities are seen as having a distinct advantage in the REITs market due to their economic activity and population inflow, which contribute to stable operational performance [3] Group 3: Operational Efficiency and Market Growth - REITs enhance asset transparency and operational efficiency, with mandatory quarterly disclosures and annual comprehensive reports, which compel management to adopt more refined operational practices [4] - The ability to expand through additional fundraising is linked to improved operational performance, creating a positive feedback loop that encourages better asset management [4] - The overall scale of public REITs has surpassed 200 billion yuan, with potential growth towards a trillion yuan market size if the market share increases to 1.5% [4][5] Group 4: Investment Strategies and Market Dynamics - The differentiation of REITs products is becoming evident as the market expands, posing challenges for investors to select high-performing and stable REITs [5] - REITs ETFs are emerging as a means to lower investment thresholds and facilitate risk diversification, enhancing overall market liquidity [5] - The influence and attractiveness of public REITs in the capital market are expected to grow, supporting the development of new real estate models and improving the effectiveness of multi-tiered capital markets in serving the real economy [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs market experienced a slight correction overall, with the China Securities REITs Index down 0.4% for the week. The sector performance was differentiated, with ecological and environmental protection, consumer, and industrial park REITs rising against the market. From the comparison of the weekly price changes of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index > CSI 300 Index. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [1]. Summary by Relevant Catalogs Secondary Market Trends - As of January 16, 2026, the closing price of the CSI REITs (closing) Index was 790.22 points, with a weekly price change of - 0.4% from January 12 to January 16, 2026. It performed worse than the CSI Convertible Bond Index (+1.1%) and the CSI Aggregate Bond Index (+0.2%), but better than the CSI 300 Index (-0.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond Index (+25.3%) > CSI 300 Index (+20.3%) > CSI Aggregate Bond Index (+0.7%) > CSI REITs Index (+0.1%) [2][6]. - In the past year, the return of the CSI REITs Index was - 2.9%, and the volatility was 7.5%. The return was lower than that of the CSI Convertible Bond Index, CSI 300 Index, and CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index. The total market capitalization of REITs on January 16 was 222.5 billion yuan, a decrease of 900 million yuan from the previous week; the average daily turnover rate for the whole week was 0.45%, a decrease of 0.15 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly price changes of equity REITs and concession - based REITs were - 0.2% and - 0.7% respectively. In terms of different project types, the sectors showed differentiated price changes, with ecological and environmental protection, consumer, and industrial park REITs leading the gains. The top three REITs in terms of weekly price increase were Jiashi Wumart Consumer REIT (+3.59%), Huatai - PineBridge Shanghai Real Estate Rental REIT (+3.15%), and Huaxia Hefei High - tech REIT (+2.24%) [3][15][20]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest trading volume proportion this week, accounting for 18.7% of the total trading volume of REITs. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (72.27 million yuan), Southern Runze Technology Data Center REIT (47.84 million yuan), and CICC Anhui Expressway REIT (34.64 million yuan) [3][22][23]. Primary Market Issuance - From the beginning of the year to January 16, 2026, there was 1 REIT product in the exchange at the "accepted" stage, 1 at the "inquiry" stage, and 3 at the "feedback" stage [25]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs was 5.99% as of January 16. From the equity perspective, the valuation of REITs is judged through relative net value premium rate, IRR, and P/FFO. As of January 16, 2026, the dividend yield of equity REITs was 92 basis points lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 351 basis points [26][27][28]. Industry News - On January 15, the China Securities Regulatory Commission held the 2026 system work meeting, stating that it would promote the high - quality development, structural adjustment, and volume expansion of the bond market, and ensure the smooth implementation of the pilot program for commercial real estate REITs. This marks the expansion of China's public - offering REITs market to all asset types, which will further enhance the inclusiveness of the capital market and the quality and efficiency of serving the real economy [4][34]. - On January 15, the additional issuance shares of AVIC Jingneng Photovoltaic REIT were listed on the Shanghai Stock Exchange. The underlying assets of this additional issuance were the Sujiahekou and Songshanhekou hydropower station projects and supporting reservoirs indirectly held by Jingneng International, a subsidiary of Jingneng Group. The total installed capacity was 483 megawatts. The number of additional issuance fund shares was 300.88 million, with a total raised capital of 2.92215 billion yuan and an issue price of 9.712 yuan per share. The successful listing of the additional issuance shares achieved a strategic upgrade of the underlying assets from single - photovoltaic to a "photovoltaic + hydropower" composite green energy portfolio. As the first "mixed - asset additional issuance" project in the market, it successfully attracted long - term institutional funds, significantly increasing the fund size, liquidity, and return level [4][34].