1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the public REITs market declined slightly, with a decrease in trading volume and a decline in both the property - type and concession - type public REITs indices. Most public REITs products fell. In the primary market, 20 public REITs have been issued since 2025, and 39 public REITs funds are waiting to be listed. The market is expected to continue to expand. In the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][5][41]. 3. Summary According to the Catalog 3.1 Secondary Market: Slight Decline in the Public REITs Market This Week - **Index Decline**: As of February 6, 2026, the China Securities REITs Index and the China Securities REITs Total Return Index both declined by 0.91% compared to last week, reaching 802.18 and 1042.83 respectively [10]. - **Decrease in Trading Volume**: The total trading volume of the REITs market this week was 660 million shares, a 13.04% week - on - week decrease, and the trading amount was 2.917 billion yuan, an 8.33% week - on - week decrease. The interval turnover rate this week was 2.36%, compared with 2.72% last week [11]. - **Index Decline by Asset Type**: The property - type and concession - type public REITs indices declined by 1.22% and 0.74% respectively. Among property - type REITs, park infrastructure, new infrastructure, affordable rental housing, warehousing and logistics, and consumer infrastructure REITs declined by 1.60%, 1.47%, 1.35%, 1.20%, and 0.82% respectively. Among concession - type REITs, municipal facilities, energy infrastructure, ecological environmental protection, transportation infrastructure, and water conservancy facilities REITs declined by 2.08%, 1.32%, 1.18%, 0.61%, and 0.58% respectively [13][17]. - **Most Trading Volumes and Turnover Rates Declined**: Most public REITs of different types saw a decline in trading volume. The trading volumes of municipal facilities, water conservancy facilities, park infrastructure, warehousing and logistics, affordable rental housing, ecological environmental protection, new infrastructure, and transportation infrastructure REITs decreased by 75.45%, 31.14%, 30.66%, 28.30%, 26.60%, 17.95%, 11.16%, and 9.86% respectively compared to last week. The trading volumes of energy infrastructure and consumer infrastructure REITs increased by 48.61% and 16.19% respectively. In terms of turnover rate, the daily average turnover rate of energy infrastructure REITs exceeded 1 this week. The daily average turnover rates of new infrastructure, ecological environmental protection, water conservancy facilities, warehousing and logistics, park infrastructure, affordable rental housing, transportation infrastructure, and municipal facilities REITs were 0.96%, 0.70%, 0.57%, 0.49%, 0.44%, 0.30%, 0.28%, and 0.19% respectively, with decreases of 0.10%, 0.11%, 0.26%, 0.22%, 0.23%, 0.11%, 0.06%, and 0.58% compared to last week. The daily average turnover rate of consumer infrastructure REITs was 0.56%, a 0.07% increase compared to last week [20][22]. - **Most Public REITs Products Declined**: Among the 79 public REITs, 16 rose, 62 fell, and 1 remained flat. The top gainers included Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, CICC Hubei Ketou Optics Valley Industrial Park REIT, and Penghua Shenzhen Energy REIT, with weekly gains of 1.7%, 1.6%, and 1.5% respectively. The top losers included Huatai Zijin Nanjing Jianye Industrial Park REIT, Huaxia Kaide Commercial REIT, and Harvest JD Warehousing Infrastructure REIT, with weekly losses of 4.9%, 4.1%, and 3.7% respectively. Huaxia Zhonghe Clean Energy REIT, Harvest JD Warehousing Infrastructure REIT, and Southern Wanguo Data Center REIT had relatively high turnover rates of 8.99%, 1.95%, and 1.37% respectively. The weekly trading volumes of Huaxia Zhonghe Clean Energy REIT, Southern Runze Technology Data Center REIT, Harvest JD Warehousing Infrastructure REIT, and Huaxia China Resources Commercial REIT were 256 million, 115 million, 107 million yuan respectively [24]. 3.2 Primary Market: 39 Public REITs Funds Waiting to be Listed - **Issuance Since 2025**: As of February 6, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 203.374 billion yuan. Among them, 29 REITs were issued in 2024, with a total issuance scale of 64.6 billion yuan. Since 2025, 20 public REITs have been issued, and no new issuance occurred in January 2026 [30]. - **Pending Listings**: As of February 6, 2026, 39 public REITs funds are waiting to be listed, including 26 initial offerings and 13 expansions. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 3 have been accepted, 10 have been declared, and 5 have been suspended. By type, among industrial REITs, there are 8 park - type REITs, 2 consumer infrastructure - type REITs, 3 warehousing and logistics - type REITs, and 6 affordable rental housing - type REITs. Among concession - type REITs, there are 4 energy - type REITs, 3 transportation - type REITs, and 1 water conservancy facilities - type REIT [34]. 3.3 Public REITs Policies and Market Dynamics - **Huatai Zijin Huazhu Anzhu REIT**: On February 3, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real Estate Securities Investment Fund was officially declared, becoming the first commercial real estate REIT on the Shenzhen Stock Exchange. On February 5, it was officially accepted by the Shenzhen Stock Exchange. The original equity holder is Shanghai Anzhu此间 Business Information Consulting Co., Ltd., and the fund manager is Huatai Securities (Shanghai) Asset Management Co., Ltd. The proposed issuance of the fund is 500 million shares, with an expected fundraising scale of 1.32 billion yuan, a term of 32 years, and expected distribution rates of 5.21% and 5.48% in 2026 and 2027 respectively. The underlying assets include the Mercure & All Seasons Hotel at Guangzhou Tianhe Sports Center and the Crystal Orange Hotel at Shanghai Jiangqiao Wanda [38][40]. - **Everbright Ansheng Commercial Real Estate REIT**: On February 4, Everbright Prudential Everbright Ansheng Closed - end Commercial Real Estate Securities Investment Fund was officially submitted for declaration to the CSRC. The proposed underlying assets are Jing'an Grand融 City and Jiangmen Grand融 City managed by Everbright Jiabao. Jing'an Grand融 City is located in Jing'an District, Shanghai, with a construction area of about 189,000 square meters, and Jiangmen Grand融 City is located in Pengjiang District, Jiangmen, Guangdong, with a construction area of about 120,000 square meters, both of which are in the commercial retail business [39]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, and the trading amount in the public REITs market decreased. By asset type, property - type and concession - type public REITs declined by 1.22% and 0.74% respectively. Two new commercial real estate REITs were accepted this week. Since 2025, 20 public REITs have been issued, with a total scale of over 30 billion yuan. Additionally, 39 REITs funds are waiting to be listed, and the market is expected to continue to expand. In the context of an asset shortage, public REITs have high dividends and medium - low risks, and their allocation cost - performance is relatively high [5][41].