1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - From January 12 to January 16, 2026, the secondary - market prices of listed public REITs in China fluctuated and declined, and the market trading enthusiasm decreased compared with last week. The returns of REITs were weaker among mainstream large - asset classes. The secondary - market prices of both property - type and franchise - type REITs fell, while ecological and environmental protection - type and park - type REITs had positive returns. In terms of trading volume and other indicators, there were differences among different underlying asset types and individual REITs. There was no new REIT product listed in the primary market this week, but the project status of one REIT product was updated [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **Large - asset level**: The secondary - market prices of listed public REITs in China fluctuated and declined. The China Securities REITs (closing) and China Securities REITs Total Return Index closed at 790.22 and 1025.26 respectively, with a weekly return of - 0.36%. The weighted REITs index had a weekly return of - 0.34%. Among mainstream large - asset classes, the return ranking from high to low was: gold > convertible bonds > crude oil > A - shares > pure bonds > REITs > US stocks [11]. - **Underlying asset level**: The secondary - market prices of property - type and franchise - type REITs both declined, with returns of - 0.18% and - 0.61% respectively. Ecological and environmental protection - type REITs had the largest increase this week. The underlying asset types with positive returns were ecological and environmental protection - type and park - type, with returns of 0.56% and 0.38% respectively [17][20]. - **Single - REIT level**: This week, public REITs showed mixed trends, with 29 rising and 49 falling. The top three in terms of increase were CITIC Prudential Wumart Consumer REIT, Huatai - PineBridge Shanghai Real Estate Rental Housing REIT, and Huaxia Hefei High - tech REIT, with increases of 3.59%, 3.15%, and 2.24% respectively. The top three in terms of decline were Huaxia Nanjing Transportation Expressway REIT, CSC Mingyang Smart New Energy REIT, and CICC Chongqing Liangjiang REIT, with declines of 4.14%, 3.07%, and 2.9% respectively. In terms of annualized volatility, the top three were Huaxia Jinyu Zhizao Factory REIT, Huaxia Anbo Warehouse REIT, and Huaxia Shenzhen International REIT, with annualized volatilities of 20.72%, 19.62%, and 18.57% respectively [22]. 3.1.2 Trading Volume and Turnover Rate - **Underlying asset level**: The trading volume of public REITs this week was 2.65 billion yuan. New - type infrastructure - type REITs led in the average daily turnover rate during the period. The total trading volume of 78 listed REITs was 2.65 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REIT asset types were consumer infrastructure, park infrastructure, and transportation infrastructure, with trading volumes of 496 million, 494 million, and 457 million yuan respectively. In terms of turnover rate, the top three REIT asset types with the average daily turnover rate during the period were new - type infrastructure - type, municipal facilities - type, and ecological and environmental protection - type, with rates of 1.03%, 0.82%, and 0.82% respectively [25]. - **Single - REIT level**: The trading volume and turnover rate of single - REITs continued to show differences. In terms of trading volume, the top three were Bosera Shekou Industrial Park REIT, Huaxia Hefei High - tech REIT, and Soochow Suyuan Industrial REIT, with trading volumes of 30 million, 24 million, and 24 million shares respectively. In terms of trading amount, the top three were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Huaxia China Communications Construction REIT, with trading amounts of 160 million, 98 million, and 92 million yuan respectively. In terms of turnover rate, the top three were AVIC Yishang Warehouse Logistics REIT, AVIC Shougang Green Energy REIT, and E Fund Huawei Market REIT, with turnover rates of 8.20%, 6.70%, and 6.68% respectively [28]. 3.1.3 Main - force Net Inflow and Block - trading Situation - **Main - force net inflow situation**: The total main - force net inflow this week was 75.38 million yuan, and the market trading enthusiasm decreased compared with last week. From the perspective of different underlying asset REITs, the top three in terms of main - force net inflow during the period were consumer infrastructure - type, energy facilities - type, and affordable rental housing - type, with net inflows of 64.06 million, 13.47 million, and 12.15 million yuan respectively. From the perspective of single - REITs, the top three REITs in terms of main - force net inflow during the period were Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, and CICC Yinli Consumer REIT, with net inflows of 37.63 million, 7.88 million, and 5.69 million yuan respectively [31]. - **Block - trading situation**: The total block - trading amount this week reached 207 million yuan, an increase compared with last week. There were block - trading transactions on 5 trading days this week, with a total block - trading amount of 207 million yuan. The block - trading amount on Wednesday (January 14, 2026) was the highest during the period, reaching 63.38 million yuan. In terms of single - REITs, the top three in terms of block - trading amount during the period were Huaxia Fund China Resources Youchao REIT, Red Land Innovation Yantian Port REIT, and China Merchants Fund Shekou Rental Housing REIT, with trading amounts of 86.73 million, 67.52 million, and 35.86 million yuan respectively, and corresponding average discount/premium rates of - 0.01%, + 0.07%, and - 1.18% respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of January 16, 2026, the number of public REIT products in China reached 78, with a total issuance scale of 201.749 billion yuan. Among them, the transportation infrastructure - type had the largest issuance scale, reaching 68.771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan. No new REIT product was listed this week [37]. 3.2.2 Projects to be Listed - According to the project dynamic disclosure of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 19 REITs in the state of being to be listed, including 16 initial - issuance REITs and 3 REITs to be expanded. This week, the project status of Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (initial issuance) was updated to "feedback received" [41][42].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From August 11 to August 15, 2025, the secondary - market prices of China's listed public REITs showed a downward trend, with a general performance compared to other mainstream asset classes. The trading enthusiasm in the market decreased, and there were no new REITs listed in the primary market this week, but the status of some projects was updated [1][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.44%, ranking behind A - shares, convertible bonds, US stocks, crude oil, and pure bonds, but ahead of gold. The return ranking from high to low was: A - shares > convertible bonds > US stocks > crude oil > pure bonds > REITs > gold [11]. - **At the underlying - asset level**: Both equity - type and franchise - type REITs' secondary - market prices adjusted downward, with equity - type REITs having a larger decline. Among different underlying - asset types, consumer - type REITs had the smallest decline this week, and the top three in terms of returns were consumer - type, ecological - environmental - protection - type, and energy - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 7 rising and 66 falling. The top three in terms of increase were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Huaxia China Resources Commercial REIT; the top three in terms of decline were ICBC Mengneng Clean Energy REIT, China Merchants Expressway REIT, and CICC Xiamen Anju REIT [23]. 3.1.2 Transaction Scale and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 3.27 billion yuan. New - infrastructure - type REITs led in the average daily turnover rate during the period. The top three in terms of trading volume were new - infrastructure - type, transportation - infrastructure - type, and park - infrastructure - type REITs; the top three in terms of the average daily turnover rate during the period were new - infrastructure, municipal - facilities - type, and energy - infrastructure REITs [24]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT; the top three in terms of trading amount were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Chuangjin Hexin Shounong REIT; the top three in terms of turnover rate were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Mengneng Clean Energy REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total net inflow of the main force this week was 50.69 million yuan, and the trading enthusiasm in the market decreased. From the perspective of different underlying - asset REITs, the top three in terms of net inflow during the week were new - infrastructure - type, energy - infrastructure - type, and municipal - type; from the perspective of single REITs, the top three in terms of net inflow during the week were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CITIC Construction Investment State Power Investment New Energy REIT [30]. - **Block - trade situation**: There were block - trade transactions on 5 trading days this week, with a total block - trade turnover of 327.75 million yuan, a decrease compared to last week. The block - trade turnover on Tuesday (August 12, 2025) was the highest in the week, reaching 101.05 million yuan. The top three in terms of block - trade turnover of single REITs were Huaxia Capital Outlet Mall REIT, E Fund Shenzhen Expressway REIT, and Southern Runze Technology Data Center REIT [31]. 3.2 Primary Market 3.2.1 Listed Projects As of August 15, 2025, the number of China's public REITs products reached 73, with a total issuance scale of 190.852 billion yuan. Among them, transportation - infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park - infrastructure - type REITs with an issuance scale of 31.835 billion yuan. No new REITs were listed this week [35][36]. 3.2.2 Projects to be Listed According to the project - status disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 11 initial - offering REITs and 6 to - be - expanded - offering REITs. This week, the status of the initial - offering project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund", the initial - offering project of "Citic Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund", and the expanded - offering project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Provided" [41].