节前蓄势，节后可期 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 建议把握市场震荡过程中的配置机会，静待下一轮行情催化。 投资要点： 债券研究 /[Table_Date] 2026.02.23 | | 021-38038263 | | --- | --- | | | liuyu6@gtht.com | | 登记编号 | S0880523050002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 春节期间需关注的几件事 ——海外篇 2026.02.22 M2-社融、存贷款双背离，银行间资金宽松的长 期逻辑 2026.02.22 节后第一周地方债发行金额 2564 亿元，2 月实际 发行将超万亿 2026.02.22 震荡市宜因子动态均衡 2026.02.21 持 ETF 过春节，短信用债 ETF 获大量申购 2026.02.16 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 | 1. ...

Group 1 - The report emphasizes that high-quality projects can be acquired at low prices, while projects with higher operational risks should be considered after the disclosure of operational data [3][7]. - The REITs market has entered a favorable development phase characterized by both supply and demand growth, with a focus on quality operational entities to share in market development benefits [3][7]. - As of January 10, preliminary operational data for the second half of the year shows that the industrial park and warehousing sectors are stabilizing, with no significant decline in occupancy rates under the price-for-volume policy [7]. Group 2 - The report highlights that the China REITs total return index increased by 1.89% to 1028.93 during the week from December 31, 2025, to January 9, 2026, with significant gains in new infrastructure and consumer REITs [5][6]. - The performance of various sectors during the past week showed new infrastructure leading with a 4.41% increase, followed by consumer REITs at 3.17%, and industrial parks at 3.16% [5][6]. - The report notes that the REITs market experienced a positive start to the year, contrasting with the poor performance of the bond market, indicating a recovery in previously depressed sectors [6][7].

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with a focus on policy themes and quality undervalued projects [3] - The report highlights the performance of the C-REITs index, which has seen a year-to-date increase of 13.37% as of August 8, 2025 [2][10] - The report identifies three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs with strong asset reserves [3] REITs Index Performance - The CSI REITs total return index decreased by 0.33% this week, closing at 1097.3 points [1][10] - Year-to-date, the CSI REITs index has increased by 9.93% [2][10] - The report notes that the Hang Seng real estate and construction index had the highest weekly increase of 2.60% [1][10] REITs Secondary Market Performance - The secondary market for C-REITs showed a volatile correction, with a total market capitalization of approximately 220.87 billion yuan and an average market value of about 3 billion yuan per REIT [12] - Among the listed REITs, 21 increased in value while 49 decreased, with an average weekly decline of 0.31% [12] - The report highlights strong performance in the warehousing and logistics sector, while the consumer infrastructure and affordable housing sectors experienced declines [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.3%), Huaxia China Communications Construction REIT (11.2%), and CICC Anhui Transportation Control REIT (8.6%) [3] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Huaxia China Communications Construction REIT having a notably low P/NAV of 0.7 [3] Trading Volume Performance - The average daily trading volume for listed REITs was 3.864 million shares, with an average turnover rate of 0.9% [12][16] - The report indicates that the energy infrastructure sector had the highest trading activity this week [12]

Investment Rating - The report indicates a positive outlook for the C-REITs market, suggesting investment opportunities in the context of a low interest rate environment expected by 2025 [5]. Core Insights - The C-REITs market has shown resilience with the C-REITs total return index increasing by 1.20% in the week ending May 23, 2025, outperforming other indices [1][10]. - Year-to-date, the C-REITs total return index has risen by 12.59%, indicating strong performance compared to other market indices [2][10]. - The report highlights that transportation infrastructure and logistics sectors are performing particularly well, while the ecological and environmental sectors have seen slight pullbacks [3][12]. Summary by Sections REITs Index Performance - The C-REITs total return index closed at 1089.7 points, with a weekly increase of 1.20% [1][10]. - Year-to-date performance shows a 12.59% increase in the total return index, while the C-REITs closing index has risen by 10.08% [2][10]. Secondary Market Performance - The secondary market for C-REITs has experienced an upward trend, with a total market capitalization of approximately 196.34 billion yuan and an average market cap of about 3 billion yuan per REIT [3][12]. - A total of 46 REITs increased in value while 18 declined, with an average weekly increase of 1.49% [3][12]. Trading Activity - The logistics sector has shown the highest trading activity, with an average daily trading volume of 2.021 million shares and a turnover rate of 0.9% [4][12]. - The top three REITs by turnover rate include 华夏特变电工新能源 REIT, 国泰君安临港创新产业园 REIT, and 招商基金公路高速公路 REIT [4]. Valuation Performance - The internal rate of return (IRR) for the top-performing REITs includes 华夏中国交建 REIT at 11.1%, 平安广州广河 REIT at 10.7%, and 中金安徽交控 REIT at 8.3% [5]. - The price-to-net asset value (P/NAV) ratio for leading REITs ranges from 0.7 to 1.8, with 中金厦门安居 REIT and 嘉实中国电建清洁能源 REIT both at 1.8 [5].

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Insights - The C-REITs secondary market is experiencing fluctuations, with consumer infrastructure performing better than other sectors [3][13] - The report highlights a positive outlook for the REITs market in 2025 due to a low interest rate environment and ongoing macroeconomic recovery [5] - The report emphasizes the importance of timing in secondary market investments, suggesting a focus on asset resilience and P/NAV ratios [5] REITs Index Performance - The CSI REITs total return index decreased by 0.10% this week, closing at 1057.9 points, while the CSI REITs closing index fell by 0.12% to 846 points [11] - Year-to-date, the CSI REITs total return index has increased by 9.30%, ranking second among various indices [2][11] REITs Secondary Market Performance - As of May 2, the total market capitalization of listed REITs is approximately 189.57 billion yuan, with an average market cap of about 2.9 billion yuan per REIT [3][13] - This week, 34 REITs increased in value while 31 decreased, with an average weekly decline of 0.08% [3][13] - Consumer infrastructure and affordable housing REITs showed strong performance, while energy and industrial park REITs experienced pullbacks [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being China Communications Construction REIT (11.4%), Ping An Guangzhou Guanghe REIT (10.9%), and China International Capital Corporation Anhui Transportation REIT (8.8%) [5] - The P/NAV ratios range from 0.7 to 1.8, with the highest being Jiashi China Electric Power Construction Clean Energy REIT (1.8) and the lowest being China Communications Construction REIT (0.7) [5]

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Viewpoints - The C-REITs secondary market is experiencing fluctuations, with consumer infrastructure performing relatively well compared to other sectors [3][13] - The report highlights the potential investment opportunities in the REITs market due to a favorable low interest rate environment expected in 2025 and ongoing macroeconomic recovery [5] REITs Index Performance - The CSI REITs total return index decreased by 0.10% this week, closing at 1057.9 points, while the CSI REITs closing index fell by 0.12% to 846 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 9.30%, ranking second among various indices [2][11] REITs Secondary Market Performance - As of May 2, the total market capitalization of listed REITs is approximately 189.57 billion, with an average market cap of about 2.9 billion per REIT [3][13] - In the past week, 34 REITs increased in value while 31 decreased, with an average weekly decline of 0.08% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being China Communications Construction REIT at 11.4%, Ping An Guangzhou Guanghe REIT at 10.9%, and China International Capital Corporation Anhui Transportation REIT at 8.8% [5] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being 1.8 for the China Power Construction Clean Energy REIT [5]

Investment Rating - The report maintains an "Increase" rating for the C-REITs sector [5][6]. Core Insights - The C-REITs market is expected to benefit from a low interest rate environment and ongoing macroeconomic recovery in 2025, presenting investment opportunities [5]. - The report highlights that the C-REITs sector has already undergone valuation recovery in 2024, making timing crucial for secondary market investments [5]. - Weak-cycle assets continue to attract attention due to risk aversion, suggesting a focus on asset resilience and secondary market prices [5]. REITs Index Performance - The CSI REITs total return index increased by 0.84% this week, closing at 1074.3 points as of April 18 [10][12]. - Year-to-date, the CSI REITs total return index has risen by 11.00%, ranking first among various indices [2][10]. - The report notes that the real estate (Shenwan) index had the highest weekly increase of 3.40% [10]. REITs Secondary Market Performance - The secondary market for C-REITs showed an upward trend, with a total market capitalization of approximately 188.15 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][12]. - Among the listed REITs, 52 increased in value while 12 decreased, with an average weekly increase of 1.49% [3][12]. - The best-performing sectors included consumption infrastructure and warehousing logistics, while ecological and transportation infrastructure lagged [3][12]. REITs Trading Activity - The housing security sector exhibited the highest trading activity, with an average daily trading volume of 2.032 million shares and a turnover rate of 0.8% [4][12]. - The top three REITs by turnover rate were Guotai Junan Lingang Innovation Industrial Park REIT, E Fund Shen High-Speed REIT, and Huatai Jiangsu Traffic Control REIT, each with a turnover rate of around 1.7% [4]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed a continuous trend, with the top three being Huaxia China Communications Construction REIT (11.6%), Ping An Guangzhou Guanghe REIT (10.9%), and Zhongjin Anhui Traffic Control REIT (9%) [4][12]. - The price-to-net asset value (P/NAV) ratio for listed REITs ranged from 0.7 to 1.7, with the top three being E Fund China Electric Power Clean Energy REIT, Huaxia Beijing Housing Security REIT, and Huaxia Shichuang Outlets REIT, all at 1.7 [4].