证券研究报告 | 行业周报 gszqdatemark 2026 02 28 年 月 日 房地产开发 C-REITs 周报—首单港口公募 REIT 正式申报，商业不动产 REITs 新增两单申报 REITs 指数表现 本周中证 REITs 全收益指数下跌 1.08%。截至 2.27，本周（2.20-2.27， 下同）中证 REITs(收盘)指数下跌 1.08%，收于 796.1 点；中证 REITs 全 收益指数下跌 1.08%，收于 1035.8 点。本周沪深 300/恒生/中债十年期 国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别上涨 1.08%/上涨 0.82%/下跌 0.55%/上涨 0.60%/上涨 2.85%/上涨 1.22%。 本年中证 REITs 全收益指数涨幅为 2.57%。截至 2.27，本年中证 REITs(收盘)指数涨幅为 2.25%，中证 REITs 全收益指数涨幅为 2.57%。 本年沪深 300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速 公路(申万)指数+1.74%/+3.90%/+0.38%/+4.22%/+20.02%/-0.56%。 C-RE ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The C-REITs market has shown resilience, particularly in the consumer REITs segment, which has maintained strong operational metrics despite market fluctuations [3][13] - The overall market capitalization of listed REITs is approximately 228.02 billion, with an average market value of about 2.9 billion per REIT [12] - The report highlights three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acceptance of weak-cycle assets like affordable housing, and monitoring the expansion of REITs alongside new issuances [3] REITs Index Performance - The CSI REITs total return index increased by 2.17% this week, closing at 1047.5 points, while the CSI REITs index rose by 2.09% to 806.7 points [10][11] - Year-to-date, the CSI REITs total return index has risen by 3.73% [10] Secondary Market Performance - The secondary market for C-REITs has shown an overall upward trend, with a weekly average increase of 2.63% and 68 out of 78 listed REITs experiencing price increases [12] - The data center and municipal water sectors have performed particularly well, while energy and transportation infrastructure REITs have seen smaller gains [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Guangzhou Guanghe REIT (10.8%), China Communications Construction REIT (9.4%), and Guangkai Industrial Park REIT (8.6%) [3] - Price-to-NAV ratios range from 0.7 to 1.9, with the highest being Anbo Warehousing REIT (1.9) and Wumart Consumer REIT (1.8) [3]

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 房地产开发 C-REITs 周报——四季报业绩分化，消费 REITs 保持较高稳定性 REITs 指数表现 本周中证 REITs 全收益指数上涨 2.17%。截至 1.23，本周（1.16-1.23， 下同）中证 REITs(收盘)指数上涨 2.09%，收于 806.7 点；中证 REITs 全 收益指数上涨 2.17%，收于 1047.5 点。本周沪深 300/恒生/中债十年期 国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别下跌 0.62%/下跌 0.36%/上涨 0.18%/上涨 5.21%/上涨 1.34%/上涨 0.87%。 本年中证 REITs 全收益指数涨幅为 3.73%截至 。1.23，本年中证 REITs(收盘)指数+3.61%，中证 REITs 全收益指数+3.73%。本年沪深 300/ 恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指 数分别+1.57%/+4.37%/+0.47%/+6.66%/+8.56%/-1.22%。 C-REITs 二级市场表现 本周 C ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View This week, the China Securities REITs Index rose 1.9% throughout the week, with all sectors posting gains and market trading activity also increasing. From the comparison of the weekly price changes of major indices, China Securities Convertible Bonds > CSI 300 > China Securities REITs > China Securities Aggregate Bonds. As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - The weekly price change of the China Securities REITs Index was +1.9%, and the price change since the beginning of the year was +0.4%. As of January 9, 2026, the closing price of the China Securities REITs (closing) Index was 793.05 points. Throughout the week (from January 5 to January 9, 2026), its performance was weaker than the China Securities Convertible Bonds Index (+4.4%) and the CSI 300 Index (+2.8%), but stronger than the China Securities Aggregate Bonds Index (-0.1%). Since the beginning of the year, the order of price changes of major indices was: China Securities Convertible Bonds (+23.9%) > CSI 300 (+20.9%) > China Securities Aggregate Bonds (+0.5%) > China Securities REITs (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.0%, and the volatility was 7.7%. The return rate was lower than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities Aggregate 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 Aggregate Bonds Index. The total market value of REITs on January 9 was 223.3 billion yuan, an increase of 3.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.60%, an increase of 0.08 percentage points from the previous week [2][8]. 3.2 Sector Performance - All sectors posted gains, with municipal facilities, new infrastructure, and water conservancy REITs leading the gains. From the perspective of different project - attribute REITs, the average weekly price changes of equity REITs and franchise - based REITs were +2.8% and +1.6% respectively. Among specific targets, the top three REITs in terms of weekly price increase were E Fund Biwei Market REIT (+7.84%), GF Chengdu Gaotou Industrial Park REIT (+6.91%), and China Merchants Science and Technology Innovation REIT (+6.24%) [3][16][21]. - New infrastructure REITs had the highest trading activity. In terms of different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest proportion of trading volume this week, accounting for 22.3% of the total REITs trading volume. 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 (121.76 million yuan), CICC Anhui Expressway REIT (79.3 million yuan), and Southern Runze Technology Data Center REIT (53.82 million yuan) [3][23][24]. 3.3 Primary Market Issuance From the beginning of the year to January 9, 2026, there was 1 REIT product in the "accepted" stage, 1 in the "inquiry" stage, and 2 in the "feedback" stage on the exchange [26]. 3.4 Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 9, the average annualized cash distribution rate of public - offering REITs was 5.96%. From the stock - like perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [28]. - As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1][29][30]. 3.5 Industry News Shanghai Jinjiang Asset Management Co., Ltd. recently announced the short - listed candidates for the fund manager, special plan manager, and financial advisor of its public - offering REIT project. The first short - listed candidate is a consortium composed of Huaan Fund, Huaan Future Asset, and Guotai Haitong Securities, with an issuance - stage fee of 5 million yuan and a 0.2% ongoing fee. The second short - listed candidate is a consortium composed of Dongwu Fund and Dongwu Securities, with the same quotation conditions. The announcement period ends on January 10. As of June 30, 2025, Jinjiang Hotels had over 17,700 contracted hotels, over 1.68 million rooms, and over 200 million members [4][32].

证券研究报告 | 2025年12月28日 公募 REITs 周报（第 48 期） 市场先抑后扬，保障房领涨 核心观点 固定收益周报 主要结论：本周 REITs 市场先抑后扬，整体走强，中证 REITs 指数全周上涨 1.4%，其中保障房、产业园及仓储物流板块领涨。从主要指数周涨跌幅对比 来看，沪深 300>中证转债>中证 REITs>中证全债。截至 2025 年 12 月 26 日， 产权类 REITs 股息率比中证红利股股息率均值低 104BP，经营权类 REITs 内 部收益率均值与十年期国债收益率利差为 352BP。 中证 REITs 指数周涨跌幅为+1.4%，年初至今涨跌幅为-0.7%。截至 2025 年 12 月 26 日，中证 REITs（收盘）指数收盘价为 783.86 点，整周 （2025/12/22-2025/12/26）涨跌幅为+1.4%，表现弱于沪深300指数（+1.9%）、 中证转债指数（+1.6%），强于中证全债指数（+0.1%）。年初至今，各类主 要指数涨跌幅排序为：中证转债（+19.0%）>沪深 300（+18.4%）>中证全债 （+0.8%）>中证 REITs（-0.7%）。近 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents a weekly analysis of public - offering infrastructure REITs from November 24 to November 28, 2025, including secondary - market price - volume performance, valuation, market correlation, and primary - market tracking [1][2]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Various REITs' performance data are provided, including weekly return, year - to - date return, turnover rate, trading volume, etc. For example, in the warehousing and logistics sector, the weekly return of Hongtu Innovation Yantian Port REIT was 1.24%, and the year - to - date return was - 1.07% [9]. 3.2 Secondary - market Valuation Situation 3.2.1 Valuation of Equity - type REITs - As of this Friday, the top three products in terms of internal rate of return (IRR) are E Fund Guangzhou High - tech Industrial Park REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia HeDa High - tech REIT, with corresponding IRRs of 8.74%, 8.45%, and 7.66% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are CJGX Shounong REIT, E Fund Guangzhou High - tech Industrial Park REIT, and CICC Hubei KeTou Optics Valley REIT [19][20][21]. 3.2.2 Valuation of Concession - type REITs - As of this Friday, the top three products in terms of IRR are Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.46%, 9.45%, and 6.94% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are E Fund Shenzhen Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT [22][23][24]. 3.3 Market Correlation Statistics - At the level of the correlation coefficient between REITs and major asset classes, this week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20. The correlation coefficients between REITs and other major asset classes such as CSI 300, ChiNext Index, etc., are also provided. Different types of REITs have different correlation coefficients with major asset classes [25][26]. 3.4 Primary - market Tracking - As of November 28, 2025, there are 12 REIT products still in the exchange acceptance stage and 1 in the passed - to - be - listed state. This week, Dongfanghong Tunnel Road Expressway REIT and Ping An Xi'an High - tech Industrial Park REIT were submitted to the exchange [28][29].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the REITs index fell 1.0% for the whole week and performed steadily relative to equity assets. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The performance order of major indices in terms of weekly price - change was CSI All - Bond > CSI REITs > CSI Convertible Bonds > CSI 300 [1]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of November 21, 2025, the closing price of the CSI REITs (closing) index was 810.21 points, with a weekly price - change rate of - 1.0%, outperforming the CSI Convertible Bonds index (- 1.8%) and the CSI 300 index (- 3.8%), but underperforming the CSI All - Bond index (+ 0.03%). The year - to - date price - change order of major indices was CSI Convertible Bonds (+ 16.5%) > CSI 300 (+ 13.2%) > CSI REITs (+ 2.6%) > CSI All - Bond (+ 0.9%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.3%, and the volatility was 7.5%. The return rate was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index; the volatility was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index [2][8]. - On November 21, the total market value of REITs was 222.5 billion yuan, remaining the same as last week; the average daily turnover rate for the whole week was 0.47%, a decrease of 0.09 percentage points from the previous week [2][8]. - Except for water conservancy facilities, other types of REITs declined. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The top three REITs in terms of weekly gains were CICC Yizhuang Industrial Park REIT (+ 0.96%), Ping An Ningbo Jiaotou REIT (+ 0.92%), and Huaxia Nanjing Transportation Expressway REIT (+ 0.60%) [3][14]. - New infrastructure REITs had the highest trading activity. The new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.9%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Huatai Jiangsu Expressway REIT (12.16 million yuan), China Merchants Shekou Rental Housing REIT (10.83 million yuan), and Southern Runze Technology Data Center REIT (8.61 million yuan) [3][20]. 3.2 Primary Market Issuance - From the beginning of the year to November 21, 2025, there was 1 REITs product at the "accepted" stage, 1 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were listed on the exchange [22]. 3.3 Valuation Tracking - From the perspective of bond nature, as of November 21, the average annualized cash distribution rate of public - offering REITs was 6.30%. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [24]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1][27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the REITs sector showed a volatile and weak trend with a narrowing year - to - date index increase. There was significant differentiation in performance among different asset types. The municipal facilities, consumer infrastructure, and transportation infrastructure sectors performed relatively well. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.8% and + 0.4% respectively. In terms of the weekly price changes of major indices, CSI Convertible Bond Index > CSI 300 Index > CSI All - Bond Index > CSI REITs Index. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 240BP [1]. Summary by Related Catalogs Secondary Market Trends - The CSI REITs Index had a weekly price change of - 0.4% and a year - to - date price change of + 2.8%. As of November 7, 2025, it closed at 811.48 points. The index's performance was weaker than that of the CSI Convertible Bond Index (+ 0.90%), CSI 300 Index (+ 0.80%), and CSI All - Bond Index (+ 0.05%) this week. Year - to - date, the price change rankings of major indices were: CSI 300 Index (+ 18.9%) > CSI Convertible Bond Index (+ 18.0%) > CSI REITs Index (+ 2.8%) > CSI All - Bond Index (+ 0.8%). In the past year, the CSI REITs Index had a return rate of 5.3% and a volatility of 7.5%. The total market value of REITs remained at 220.6 billion yuan on November 7, and the average daily turnover rate was 0.59%, a 0.05 - percentage - point decrease from the previous week [2][6][7]. - Most sectors closed up, with the municipal facilities, consumer infrastructure, and transportation infrastructure sectors leading the gains. The top three REITs in terms of weekly price increase were Huaxia JINMAO Commercial REIT (+ 4.42%), Zheshang Hu杭Yong REIT (+ 2.37%), and Guotai Haitong Jinan Energy Heating REIT (+ 2.25%). New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 0.9%. Park infrastructure REITs had the highest trading volume share this week, accounting for 23.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Zhonghai Commercial REIT (25 million yuan), Huaxia Huarun Commercial REIT (9.68 million yuan), and Huaxia Fund Huarun Youchao REIT (6.73 million yuan) [3]. Primary Market Issuance - From the beginning of the year to November 7, 2025, there were 2 REITs products in the "accepted" stage, 0 in the "declared" stage, 4 in the "inquired" stage, 7 in the "feedback" stage, 10 in the "passed and pending listing" stage, and 7 newly listed products [22]. Valuation Tracking - REITs have both bond and equity characteristics. As of November 7, the average annualized cash distribution rate of public - offering REITs was 6.08%. Different valuation indicators were used from the bond and equity perspectives. There were significant differences between equity - type and franchise - type REITs. As of November 7, 2025, the dividend yield of equity REITs was 10BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 240BP [24][27]. Industry News - The first public - offering REIT in Northeast China was successfully listed on the Shanghai Stock Exchange. On November 6, CITIC Construction Investment Shenyang International Software Park REIT was listed. The underlying assets of the fund are 13 R & D office buildings in Shenyang International Software Park. The initial offering of fund shares was 300 million, raising a total of 1.098 billion yuan [4][29].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index declined by 1.5%. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.6% and - 0.9% respectively. Most sectors ended in the red, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. As of October 17, 2025, the dividend yield of property REITs was 76BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 216BP. Two public REITs, Huaxia Zhonghai Commercial REIT and CITIC Construction Shenyang International Software Park REIT, announced their issuance results, with a total subscription amount exceeding 200 billion yuan [1]. Summary by Related Catalogs Secondary Market Trends - **Index Performance**: As of October 17, 2025, the closing price of the China Securities REITs Index was 814.73 points, with a weekly decline of 1.5%. It performed worse than the China Securities All - Bond Index (+0.3%) but better than the China Securities Convertible Bond Index (-2.4%) and the CSI 300 Index (-2.2%). Year - to - date, the performance order of major indices was: CSI 300 (+14.7%) > China Securities Convertible Bond (+14.4%) > China Securities REITs (+3.2%) > China Securities All - Bond (+0.4%). In the past year, the return rate of the China Securities REITs Index was 4.4% with a volatility of 7.2%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][6][7]. - **Market Capitalization and Turnover**: On October 17, the total market capitalization of REITs decreased to 217.4 billion yuan, a decrease of 2.9 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.08 percentage points from the previous week [2][7]. - **Sector Performance**: Most REIT sectors ended in the red, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. The top three weekly gainers were China Merchants Expressway REIT (+1.65%), Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+0.99%), and Harvest China Power Construction Clean Energy REIT (+0.71%) [1][3][14]. - **Trading Activity**: New infrastructure REITs had the highest average daily turnover rate of 2.3%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 18.8% of the total REIT trading volume. The top three REITs with the largest net inflows of main funds were Huaxia Kaide Commercial REIT (7.49 million yuan), CICC Yinli Consumption REIT (5.11 million yuan), and Huaxia Fund China Resources Youchao REIT (4.2 million yuan) [3][20][21]. Primary Market Issuance - As of October 19, 2025, there were 2 REIT products in the "accepted" stage, 1 in the "declared" stage, 1 in the "inquired" stage, 5 in the "feedback" stage, 7 in the "passed and awaiting listing" stage, and 12 first - issued products that had passed and been listed on the exchange [23]. - **Issuance Results**: On October 16, Huaxia Zhonghai Commercial REIT announced that the confirmation ratios of valid subscription applications for public investors and offline investors were 0.2763% and 0.3120% respectively, corresponding to effective subscription multiples of 361.9 times and 320.5 times. The total subscription amount before ratio allocation was approximately 159.33 billion yuan. On the same day, the subscription confirmation ratio results of CITIC Construction Shenyang International Software Park REIT were released. The total effective subscription amount before ratio allocation was approximately 44.434 billion yuan. The combined subscription amount of the two public REITs exceeded 200 billion yuan [4][34]. Valuation Tracking - **Valuation Metrics**: REITs have both bond - like and stock - like characteristics. As of October 17, the average annualized cash distribution rate of public REITs was 6.6%. From the stock - like perspective, valuation is judged by relative net value premium rate, IRR, and P/FFO. Different project types of REITs have different valuation levels and annualized dividend rates [25]. - **Comparison with Benchmarks**: As of October 17, 2025, the dividend yield of property REITs was 76BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 216BP [1][28]. Industry News - Huaxia Zhonghai Commercial REIT's issuance results showed strong investor interest, with a high subscription multiple. CITIC Construction Shenyang International Software Park REIT, as the first successful public REIT project in Northeast China, set a new benchmark for the region to revitalize existing assets and activate the digital economy [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the release of the second - quarter reports, REITs shifted from a general upward trend to a volatile correction. The market value and average daily turnover rate of all - market REITs decreased. The weekly decline of the CSI REITs Index was 1.62%. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.57% and - 2.04% respectively. Among major indices, the performance ranking in terms of weekly price change was: CSI 300 > CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index. Except for data center REITs, other types of REITs closed down [1]. - As of August 15, 2025, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 13 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 232 basis points [1]. 3. Summaries According to Relevant Catalogs Secondary Market Trends - As of August 15, 2025, the closing price of the CSI REITs (closing) Index was 853.96 points, with a weekly decline of 1.62%. It performed worse than the CSI 300 Index (+2.31%), the CSI Convertible Bond Index (+1.60%), and the CSI Aggregate Bond Index (-0.62%). Since the beginning of the year, the ranking of major indices in terms of price change was: CSI Convertible Bond Index (+14.6%) > CSI REITs Index (+8.2%) > CSI 300 Index (+6.8%) > CSI Aggregate Bond Index (+0.8%) [2][7]. - In the past year, the return rate of the CSI REITs Index was 5.1%, and the volatility was 7.8%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index. The total market value of REITs rose to 217.8 billion yuan on August 15, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.64%, a decrease of 0.12 percentage points from the previous week [2][9]. - Only data center REITs closed up. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.57% and - 2.04% respectively. Except for new - type infrastructure (data center) REITs, other types of REITs closed down. The top three REITs in terms of weekly price increase were Southern Vanda Data Center REIT (+5.59%), Southern Runze Technology Data Center REIT (+4.26%), and Huaxia China Resources Commercial REIT (+0.62%) [3][14][16]. - New - type infrastructure REITs had the highest trading activity. The average daily turnover rate of new - type infrastructure REITs was 5.6%, and their trading volume accounted for 24.0% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (47.55 million yuan), Southern Vanda Data Center REIT (26.93 million yuan), and CITIC Construction Investment State Power Investment New Energy REIT (8.13 million yuan) [3]. Primary Market Issuance - As of August 15, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquired" stage, 6 in the "feedback received" stage, 4 in the "approved and awaiting listing" stage, and 10 first - issued products that had been listed on the exchange [23]. - China Securities Regulatory Commission approved a total of 1 billion fund units for CICC Vipshop Outlet Mall REIT. Among them, the initial strategic placement was 700 million units, the initial offline offering was 210 million units, and the initial public offering was 90 million units. Based on the issuance of 1 billion units, the raised funds would be 3.48 billion yuan. The estimated annualized distribution rate was about 4.71%. CICC Vipshop Outlet Mall REIT was an important asset operation platform for Vipshop's online - offline collaborative strategy. The underlying assets were located in Ningbo, and Vipshop had more than 20 shopping centers, providing sufficient assets for future expansion [4][30]. Valuation Tracking - From the perspective of the bond nature of REITs, due to the constraint of mandatory high dividends, the focus was on the annualized cash distribution rate. As of August 15, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [25]. - From the perspective of the equity nature, the relative net - value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. Different types of REITs had different valuation indicators. For property - type REITs, the focus was on the dividend yield, while for franchise - type REITs, the focus was on the internal rate of return. As of August 15, 2025, the dividend yield of property - type REITs was 13 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 232 basis points [25][28].