1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, the REITs market rose significantly, with the China Securities REITs Index up 1.7% week - on - week. New infrastructure, consumer, and municipal facilities REITs had prominent gains. The performance order of major indices in terms of weekly gains and losses was: China Securities Convertible Bonds > China Securities REITs > China Securities All - Bonds > CSI 300 [1]. - As of January 23, 2026, the dividend yield of equity - type REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [1]. - Since the beginning of this year, five public REITs have been terminated (withdrawn) on the Shanghai and Shenzhen Stock Exchanges. The public REITs market is gradually transforming towards "emphasizing operation and compliance", and projects with stable cash flows and strong operation and management capabilities will be more favored by the market in the future [1]. 3. Summary According to Related Catalogs 3.1 Secondary Market Trends - As of January 23, 2026, the closing price of the China Securities REITs (closing) Index was 806.72 points, with a weekly increase of 1.7% (from January 17 to January 23, 2026). It performed weaker than the China Securities Convertible Bonds Index (+2.9%) but stronger than the China Securities All - Bonds Index (+0.2%) and the CSI 300 Index (-0.6%). Since the beginning of the year, the order of major indices in terms of gains and losses was: China Securities Convertible Bonds (+8.7%) > China Securities REITs (+3.2%) > CSI 300 (+1.6%) > China Securities All - Bonds (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.6%, and the volatility was 7.5%. The return rate was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bonds Index. The volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bonds Index. The total market value of REITs on January 23 was 228 billion yuan, an increase of 5.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.66%, an increase of 0.11 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly gains and losses of equity - type REITs and concession - type REITs were 2.9% and 1.8% respectively. In terms of different project types, there was a divergence in the rise and fall of each sector, with new infrastructure, consumer, and municipal facilities REITs leading the gains. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+10.30%), Huaan Bailian Consumer REIT (+9.97%), and Huatai Baowan Logistics REIT (+7.27%) [3][15][19]. - 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%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Resources Commercial REIT (213.02 million yuan), Guojin CRCC REIT (76.03 million yuan), and Southern Runze Technology Data Center REIT (72.96 million yuan) [3][21][22]. 3.2 Primary Market Issuance - From January 1 to January 23, 2026, there was 1 REITs product in the accepted stage, 1 in the in -quired stage, and 3 in the feedback stage on the exchanges. According to the official websites of the Shanghai and Shenzhen Stock Exchanges, the additional issuance of Fuling First - created Water Service Closed - end Infrastructure Securities Investment Fund, Jianxin Jiarongyuan Rental Housing Closed - end Infrastructure Securities Investment Fund, Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund, Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund, and Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund were terminated or withdrawn [24]. - The public REITs market is changing from "emphasizing issuance" to "emphasizing operation and compliance". In the future, projects with stable cash flows and standardized operation and management capabilities will be more favored by the market [24]. 3.3 Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of January 23, the average annualized cash distribution rate of public REITs was 6.3%. Different valuation indicators were used from the perspectives of bond - like and stock - like characteristics, including relative net value premium rate, IRR, and P/FFO [25]. - As of January 16, 2026, the dividend yield of equity REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [28]. 3.4 Industry News - The first national Torch REITs landed in Xiamen. CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund officially entered the application stage, with underlying assets covering 10 industrial parks within the "one - district, multiple - parks" scope of Xiamen Torch High - tech Zone, with a total construction area of 481,300 square meters [4][36]. - Maoye Commercial plans to carry out the application and issuance of commercial real - estate public REITs. On January 23, Maoye Commercial Co., Ltd. announced that it would use some buildings of Chengdu Maoye Center in Tianfu Avenue North, High - tech Zone, Chengdu held by its wholly - owned subsidiary and related parties as underlying assets to carry out the application and issuance of commercial real - estate public REITs [4][36].