债 券 研 究 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： | 产权弱势，缩量走低 | | [Table_Authors] | 刘玉(分析师) | | --- | --- | --- | --- | | | | | 021-38038263 | |  策略周报 | REIT | | liuyu6@gtht.com | | 本报告导读： | | 登记编号 | S0880523050002 | | 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。 | | | 汤志宇(分析师) | | | | | 021-38031036 | | 投资要点： | | | tangzhiyu@gtht.com | [Table_Report] 相关报告 高位震荡延续，低估值防守为先 2026.02.28 2025 银行经营指标拆解：分层扩张 vs 趋同修复 2026.02.25 票息行情未止：接续力量和可挖掘的标的 2026.02.24 节前蓄势，节后可期 2026.02.23 节前冲高回落，多头趋势还在吗？ 2026.02.23 证 券 研 究 报 告 请务必阅读正 ...

Core Insights - The report suggests that high-quality projects can be acquired at lower prices, while projects with higher operational risks should be considered after the disclosure of operational data [1]. REITs Market Summary - The REITs index experienced an overall decline in the past week (January 9, 2025 - January 16, 2026), with the China Securities REITs total return index dropping by 0.36% to 1025.26 [5][6]. - Most sectors saw declines, particularly new infrastructure and energy REITs, with specific weekly performance as follows: industrial parks (0.38%), municipal environmental (−0.02%), consumption (−0.10%), warehousing (−0.42%), transportation (−0.52%), affordable housing (−0.73%), new infrastructure (−0.78%), and energy (−0.96%) [5][6]. - After a half-month bullish trend, market sentiment has started to recede, with profit-taking pressures evident across most REIT sectors, except for industrial parks [6]. Sector Performance Analysis - The consumption and IDC sectors have shown strong performance recently, despite facing profit-taking pressures, indicating robust support [6]. - The industrial park sector has performed relatively well, likely due to previous significant declines and strong bullish sentiment, although concerns remain regarding operational data for certain projects [6]. - The operational rights and affordable housing sectors are under more pressure, with some projects nearing year-end lows, reflecting ongoing valuation impacts and rising interest rates [6]. Future Outlook - The report maintains a bullish trend outlook, emphasizing a focus on structural opportunities within the REITs market, which is still benefiting from policy incentives and institutional demand for strong projects [6]. - It is advised to wait for the complete disclosure of quarterly reports before making selective investments [6].

Core Viewpoint - The REITs market is expected to have limited trend opportunities next year, with a clearer differentiation in fundamentals, suggesting a return to value-based investment strategies focusing on high-quality assets with stable fundamentals and reasonable valuations [1] Group 1: Market Trends - The low interest rate environment will enhance the value of REITs as an important tool for diversified asset allocation [1] - The spread between the distribution rate of stable assets and the 10-year government bond yield is likely to strengthen [1] Group 2: Investment Strategies - There will be a high demand for high-dividend operating REITs from OCI accounts [1] - Investors in the primary market are expected to return to rationality, with the issuance scale projected to steadily grow and ongoing expansion of fundraising [1] Group 3: Market Dynamics - The volatility of projects with weakening fundamentals may increase [1] - Primary pricing should leave room for the secondary market to adjust [1]