2026 年 2 月 28 日 总量研究 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） 要点 1、 二级市场 2026 年 2 月 24 日-2026 年 2 月 27 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体波动下跌：中证 REITs（收盘）和中证 REITs 全收益指 数分别收于 796.08 和 1035.78，本周回报率均为-1.08%。与其他主流大类资产 相比，回报率由高至低排序分别为：原油>黄金> 可转债 >A 股>美股>纯 债>REITs。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所下 跌，其中，产权类 REITs 回报率为-1.46%，特许经营权类 REITs 回报率为-0.09%。 从底层资产类型来看，本周新型基础设施类 REITs 涨幅最大。本周回报率排名前 三的底层资产类型分别为新型基础设施类、生态环保类和交通基础设施类。 从单只 REIT 层面来看，有 17 只 REITs 上涨，有 62 只 REITs 下跌。涨跌幅方面， 涨幅排名前三的分别是南 ...

Group 1 - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan, excluding expansions [3] - The largest issuance scale among underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 28.15 billion yuan [3] - There are currently 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [3] Group 2 - From June 1 to June 30, 2025, the secondary market prices of listed public REITs initially rose and then fell, with a weighted REITs index closing at 142.71 and a monthly return rate of 1.95% [4] - The return rates of various asset classes ranked from highest to lowest are: crude oil, US stocks, convertible bonds, A-shares, REITs, gold, and pure bonds [4] - Among the underlying asset types, municipal facilities, affordable housing, and water conservancy facilities had the highest return rates for the month [4] Group 3 - The total trading volume of public REITs increased compared to the previous month, with an average daily turnover rate of 0.80% [5] - The top three REITs by trading volume were 华夏中国交建REIT, 华夏合肥高新REIT, and 博时蛇口产园REIT [5] - The total net inflow for the month was 24.27 million yuan, indicating a recovery in market trading enthusiasm [5] Group 4 - The total amount of block trades increased compared to the previous month, with a total block trade volume of 1.86 billion yuan [6] - There were 20 trading days with block trades, with the highest single-day block trade amount reaching 30.96 million yuan on June 24, 2025 [6] - The top three REITs by block trade volume were 国泰君安城投宽庭保租房REIT, 华夏华润商业REIT, and 中金山东高速REIT [6]