Report Industry Investment Rating - Not provided in the given content. Core Viewpoints - This week, the REITs market recovered, with the China Securities REITs Index rising 0.3% week - on - week. Data center, consumption, and energy REITs led the gains. The week - on - week change rankings of major indexes were: China Securities Convertible Bonds > CSI 300 > China Securities REITs > China Securities All - Bond [1]. - As of February 13, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 318BP [1]. - Commercial real - estate public REITs were intensively declared. Cathay Haitong Chongbang Commercial Real - Estate Public REIT and CITIC Construction First Agricultural Food Group Closed - end Commercial Real - Estate REIT were officially declared to the Shanghai Stock Exchange, further enriching the supply of commercial real - estate REITs [1]. Summary by Relevant Catalogs Secondary Market Trends - As of February 13, 2026, the closing price of the China Securities REITs (Closing) Index was 804.77 points, with a week - on - week change of 0.3% (from February 9 to February 13, 2026). Its performance was weaker than that of the China Securities Convertible Bonds Index (+1.1%) and the CSI 300 Index (0.4%), and stronger than that of the China Securities All - Bond Index (0.1%). Year - to - date, the change rankings of major indexes were: China Securities Convertible Bonds (+7.0%) > China Securities REITs (+3.4%) > China Securities All - Bond (+0.7%) > CSI 300 (+0.7%) [2][6]. - In the past year, the return of the China Securities REITs Index was - 6.2%, and the volatility was 7.1%. The return was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bond Index; the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index, and higher than that of the China Securities All - Bond Index. The total market value of REITs on February 13 was 228.8 billion yuan, a decrease of 200 million yuan from the previous week; the average daily turnover rate for the whole week was 0.33%, a decrease of 0.14 percentage points from the previous week [2][8]. Performance of Different REITs Types - From the perspective of different project attributes, the average week - on - week changes of equity - type REITs and concession - based REITs were 0.7% and 0.3% respectively. From the perspective of different project types, the performance of each sector was differentiated, with data center, consumption, and energy REITs having the largest increases. The top three REITs in terms of weekly gains were ICBC Inner Mongolia Energy Clean Energy REIT (+3.47%), BOC Sino - Foreign Warehousing and Logistics REIT (+3.11%), and Huatai Nanjing Jianye REIT (+3.00%) [3][11][14]. - In terms of different project types, data center REITs had the highest daily turnover rate this week, at 0.8%; transportation infrastructure REITs had the highest trading volume share this week, accounting for 21.2% of the total REITs trading volume. In terms of the capital flow of different REITs products this week, the top three in terms of net inflow of main funds were China Resources Commercial REIT of Huaxia Fund (41.47 million yuan), Southern Vanda Data Center REIT (32.04 million yuan), and CICC InCity Mall REIT (30.02 million yuan) [3][18][19]. Primary Market Issuance - From January 1 to February 13, 2026, there were 3 REITs products in the inquiry stage, 5 in the feedback stage, and 10 in the declaration stage on the exchange, and 12 commercial real - estate REITs were officially declared [21]. Valuation Tracking - REITs have both bond and stock characteristics. As of January 23, the average annualized cash distribution rate of public REITs was 6.3%. From the perspective of stock characteristics, the valuation of REITs was judged through relative net - value premium rate, IRR, and P/FFO. As of February 13, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury yield was 318BP [22][24]. Industry News - On February 9, Cathay Haitong Chongbang Commercial Real - Estate Public REIT was officially declared to the Shanghai Stock Exchange, becoming the 11th commercial real - estate public REIT and the 10th declared project on the Shanghai Stock Exchange. On February 11, CITIC Construction First Agricultural Food Group Closed - end Commercial Real - Estate REIT was officially declared to the Shanghai Stock Exchange, becoming the 12th commercial real - estate public REIT and the 11th declared project on the Shanghai Stock Exchange [4][31]. - On February 13, Runze Technology announced that the Southern Runze Technology Data Center REIT planned to start the issuance of additional shares. The company and its wholly - owned subsidiary Runze Development would use the A - 7 and A - 8 data centers and related ancillary facilities of the International Information Cloud Aggregation Core Port (ICFZ) project as the underlying assets for the issuance [4][31].

Core Viewpoint - The public fund issuance market is operating steadily, with a total of 17 new public funds expected to start fundraising this week, primarily driven by equity and index funds [1] Fund Type Summary - A total of 7 equity funds are expected to start fundraising this week, accounting for 41.18% of the total, including 6 passive index funds and 1 enhanced index fund [2] - There are 5 mixed funds expected to start fundraising, making up 29.41% of the total, which includes 4 equity mixed funds and 1 bond mixed fund [3] - The total number of equity funds (stock funds + equity mixed funds) launching this week is 11, representing 64.71% of the total [3] - Three bond funds are expected to start fundraising, accounting for 17.65% of the total, including one each of long-term pure bond fund, mixed bond secondary fund, and mixed bond primary fund [3] - One FOF (fund of funds) is expected to launch, marking the fourth consecutive week of FOF fund issuance [3] - The REITs (Real Estate Investment Trusts) market is showing signs of recovery, with 1 REITs fund expected to start fundraising this week, contributing to a total of 3 REITs funds launched this month, breaking the zero issuance record from May [3][4] Market Dynamics - The REITs market is experiencing a notable recovery driven by multiple factors, including increased policy support and a continuous supply of quality assets [4] - The expansion of the special bond usage scope to include corporate accounts payable is providing more quality underlying asset options for the REITs market [4] - The stable performance of the secondary market is also contributing to the recovery of the REITs market, as the stabilization of REITs secondary market prices enhances their investment appeal [4]