Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index decreased by 0.83% this week, while the Shanghai and Shenzhen 300 index fell by 1.41%. The correlation of REITs with the 10-year treasury bond is 0.27, with the 1-year treasury bond at 0.12, and with convertible bonds at 0.63. In comparison, the correlation with the Shanghai and Shenzhen 300 index is 0.41 and with the dividend index is 0.24 [5][19][20]. Industry Overview - The industry consists of 79 listed companies with a total market capitalization of 2217.50 billion and a circulating market capitalization of 1227.72 billion [2]. - This week, the market saw significant events including the successful subscription of the Oriental Red Tunnel REIT at 174 times and the approval of the China Aviation Beijing Changbao Rental Housing REIT [12][18]. Market Performance - The trading volume for the week was 17.1 billion, reflecting a decrease of 15.3%. The average daily turnover rate was 0.3% [8]. - Among the REITs, 12 increased in value, while 67 decreased, resulting in an overall decline of 0.83% [23]. Project Developments - The report highlights several key project developments, including the signing of the JD REIT Langfang project and the approval of multiple REITs such as the Guolian An Atlantis Commercial Real Estate REIT [12][18]. - The China Aviation Beijing Changbao Rental Housing REIT is set to start its inquiry on March 27, with a pricing range of 1.822 to 2.318 yuan per share [12]. Investment Recommendations - The report suggests that despite recent market fluctuations, the long-term outlook for REITs remains strong, emphasizing the importance of monitoring sector rotation and expansion opportunities [9].

Market Overview - The secondary market for publicly listed REITs in China continued to show a downward trend, with the CSI REITs closing at 785.01 and the CSI REITs Total Return Index at 1021.78, reflecting weekly returns of -0.15% and -0.13% respectively [4] - There was a divergence in price movements between property-type REITs and concession-type REITs, with property-type REITs showing a return of -0.35% while concession-type REITs had a return of 0.42% [4] - Among underlying asset types, affordable housing REITs had the highest increase, with the top three performing asset types being affordable housing, transportation infrastructure, and ecological environment [4] Individual REIT Performance - A total of 39 REITs saw an increase in their prices, 3 remained flat, and 37 experienced a decline. The top three REITs by increase were Zhongjin Chongqing Liangjiang REIT, Huaxia Beijing Affordable Housing REIT, and Zhongjin Xiamen Anju REIT [4] - The trading volume for public REITs was 1.85 billion yuan, with new infrastructure REITs leading in average daily turnover rate. The average turnover rate for all listed REITs was 0.35% [4] Trading Activity - The top three REITs by trading volume were AVIC Yishang Warehousing Logistics REIT, Jiashu JD Warehousing Infrastructure REIT, and Huaxia Fund China Resources REIT. In terms of trading amount, the top three were Huatai Jiangsu Transportation Control REIT, Southern Runze Technology Data Center REIT, and Zhongjin Anhui Transportation Control REIT [5] - The total net inflow for the week was 26.25 million yuan, indicating a slight increase in market trading enthusiasm compared to the previous week. The top three asset types for net inflow were transportation infrastructure, energy infrastructure, and affordable rental housing [5] Bulk Trading - The total amount of bulk trading for the week was 211 million yuan, which was lower than the previous week. There were four trading days with bulk transactions, with the highest single-day transaction occurring on March 18, 2026, amounting to 68.72 million yuan. The top three REITs by bulk trading amount were Dongwu Suyuan Industrial REIT, E Fund Shen High-Speed REIT, and China Merchants Science and Technology Innovation REIT [5] Primary Market - No new REIT products were listed during the week. However, the project status of seven REIT products was updated [6]

Group 1 - The report suggests maintaining a defensive posture during the information vacuum period, while capturing allocation opportunities amid market fluctuations, emphasizing a strategy of buying on dips and avoiding chasing highs [1][4][6] - The overall REITs index experienced a weekly decline of 0.43%, closing at 1023.15, with significant drops in the affordable housing and industrial park REITs sectors [6][7] - As of March 13, 2026, there are 79 listed REITs in the domestic market, with a total market capitalization of 224.1 billion and a circulating market value of 123.9 billion [6][7] Group 2 - The report highlights that the downward trend in the REITs market has begun to slow, with some projects showing signs of rebound, as the weekly decline narrowed from 1.08% to 0.43% [7] - A total of 31 projects recorded weekly gains, with notable increases in Chongqing Liangjiang REIT and Huaan Waigaoqiao REIT, both exceeding 2% in single-day gains [7][13] - The report emphasizes the need for caution regarding the sustainability of the rebound, as supply shock expectations continue to suppress the market [7][12]

Investment Rating - The report does not provide a specific investment rating for the industry [1] Core Insights - The REITs index experienced a decline of 1.08% this week, while the Shanghai and Shenzhen 300 index rose by 1.08% [3][14] - The total market capitalization of the industry is 227.38 billion, with a circulating market value of 125.22 billion [1] - The report highlights the correlation of REITs with various indices, showing a correlation of 0.25 with 10-year government bonds, 0.10 with 1-year government bonds, and 0.64 with convertible bonds [15] - The report emphasizes the strong allocation attributes of REITs in a stable economic environment, suggesting investors pay attention to sector rotation and expansion opportunities [6] Summary by Sections Market Overview - This week, the REITs market saw 17 stocks increase, 0 remain stable, and 62 decrease, resulting in an overall decline of 1.08% [18] - The trading volume for the week was 1.5 billion, with an average daily turnover rate of 0.2% [5] Key Events - Four REITs, including Jianxin Tianjin Lingang Port and Guojin Jiazhe New Energy, were submitted for approval [9] - Six commercial real estate REITs received feedback from the exchange [9] - Five REITs, including Huatai Zhonghai Commercial, announced dividend distributions [9] Investment Recommendations - The report suggests that the overall economic stability remains unchanged, and investors should focus on macroeconomic conditions, policy environments, and improvements in the operational fundamentals of infrastructure assets [6]

Investment Rating - The investment rating for the C-REITs sector is maintained at "Add" [6] Core Insights - The C-REITs secondary market is showing signs of gradual warming, with the first batch of commercial real estate REITs having been submitted for approval [3][14] - The overall market performance for C-REITs has been characterized by a slight upward trend, with a total market capitalization of approximately 228.71 billion yuan and an average market value of about 2.9 billion yuan per REIT [3][13] - The report highlights three main investment strategies: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of the benefits of affordable housing, and paying attention to the expansion of REITs alongside new issuances [4] REITs Index Performance - The CSI REITs total return index increased by 0.47% this week, closing at 1052.4 points, while the CSI REITs index rose by 0.35%, closing at 809.6 points [11][12] - Year-to-date, the CSI REITs total return index has risen by 4.22% [2][11] C-REITs Secondary Market Performance - The secondary market for C-REITs has shown a fluctuating upward trend, with 41 REITs rising, 36 falling, and one remaining stable this week, resulting in an average weekly increase of 0.4% [3][13] - The energy and transportation sectors performed particularly well, while the data center and logistics sectors experienced a pullback [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Guangzhou Guanghe REIT (10.9%), China Communications Construction REIT (9.5%), and E Fund Guangkai Industrial Park REIT (9.2%) [4] - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.9, with the highest being Huaxia Anbo Warehouse REIT (1.9) and the lowest being E Fund Guangkai Industrial Park REIT (0.7) [4] Investment Recommendations - The report suggests focusing on high-energy city consumption growth, especially under the theme of expanding domestic demand, and identifying quality assets in the secondary market [4] - It also recommends considering the resilience of assets and timing investments based on market prices and P/NAV ratios for affordable housing and other weak-cycle assets [4]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - From January 26 to January 30, 2026, the secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The returns of REITs ranked third among major asset classes, behind only crude oil and ahead of other assets such as pure bonds, US stocks, A - shares, gold, and convertible bonds. Different types of REITs also showed varying performance in terms of price, trading volume, and net inflow of funds [1][11]. - In the primary market, no new REITs were listed this week, but the project status of 10 REITs was updated, and 8 commercial real - estate REITs were declared [4][41]. 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The China Securities REITs (closing) and the China Securities REITs Total Return Index closed at 809.56 and 1052.42 respectively, with weekly returns of 0.35% and 0.47%. The weighted REITs index had a weekly return of 0.42%. Compared with other major asset classes, the return ranking from high to low was: crude oil > REITs > pure bonds > US stocks > A - shares > gold > convertible bonds [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs saw price increases. The return of equity - type REITs was 0.27%, and that of franchise - type REITs was 0.68%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, with the top three return - ranking underlying asset types being water conservancy facilities, energy, and transportation infrastructure, with returns of 2.04%, 1.55%, and 0.44% respectively [16][19]. - **At the single - REIT level**: Among the REITs, 41 rose, 1 remained flat, and 36 fell. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, ICBC Mengneng Clean Energy REIT, and China Asset Management China Overseas Commercial REIT, with increases of 4.94%, 4.64%, and 4.52% respectively. The top three in terms of decline were E Fund Guangkai Industrial Park REIT, China Asset Management Hefei High - tech REIT, and BOC Sinotrans Warehouse Logistics REIT, with declines of 5.03%, 3.39%, and 2.68% respectively [22]. Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.18 billion yuan. The new - type infrastructure REITs led in the average daily turnover rate during the period. The total trading volume of the 78 listed REITs was 3.18 billion yuan, and the average daily turnover rate during the period was 0.68%. In terms of trading volume, the top three REIT asset types were park infrastructure, consumer infrastructure, and transportation infrastructure, with trading volumes of 644 million yuan, 561 million yuan, and 541 million yuan respectively. In terms of turnover rate, the top three were new - type infrastructure, ecological and environmental protection, and municipal facilities, with average daily turnover rates of 1.06%, 0.80%, and 0.77% respectively [24]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were China Asset Management Hefei High - tech REIT, Bosera Shekou Industrial Park REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 410 million shares, 360 million shares, and 300 million shares respectively. In terms of trading value, the top three were China Asset Management China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Harvest JD Warehouse Infrastructure REIT, with trading values of 128 million yuan, 109 million yuan, and 109 million yuan respectively. In terms of turnover rate, the top three were CICC Yizhuang Industrial Park REIT, Harvest JD Warehouse Infrastructure REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 12.23%, 8.97%, and 8.71% respectively [27]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 149.1 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three in terms of net inflow during the period were consumer infrastructure, park infrastructure, and energy infrastructure, with net inflows of 72.01 million yuan, 29.45 million yuan, and 19.13 million yuan respectively. At the single - REIT level, the top three in terms of net inflow were China Asset Management China Resources Commercial REIT, CICC Yizhuang Industrial Park REIT, and CICC Yinli Consumer REIT, with net inflows of 38.6 million yuan, 15.9 million yuan, and 14.47 million yuan respectively [30]. - **Block trading**: The total block - trading volume this week reached 366 million yuan, a decrease compared with last week. There were block - trading transactions on 5 trading days, with a total block - trading volume of 366 million yuan. The block - trading volume on Wednesday (January 28, 2026) was the highest during the period, reaching 108.06 million yuan. At the single - REIT level, the top three in terms of block - trading volume were Ping An Ningbo Jiaotou REIT, Huatai Baowan Logistics REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 180.62 million yuan, 45.8 million yuan, and 42.87 million yuan respectively, and corresponding average discount - premium rates of - 1.66%, - 2.11%, and - 0.01% respectively [33]. Primary Market Listed Projects - As of January 30, 2026, there were 78 public REIT products in China, with a total issuance scale of 201.749 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 32.933 billion yuan. No new REIT products were listed this week [37]. Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 22 REITs in the to - be - listed state, including 20 initial - offering REITs and 2 REITs to be expanded. This week, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". In addition, 8 commercial real - estate REITs were declared [41].

Market Performance - The overall REITs index increased by 2.17% last week, closing at 1047.51[6] - New infrastructure REITs led the performance with a weekly increase of 5.88%, followed by consumer REITs at 4.17%[6] Sector Analysis - The weekly performance of various sectors ranked as follows: - New infrastructure: 5.88% - Consumer: 4.17% - Warehousing: 3.15% - Municipal environmental: 3.04% - Affordable housing: 2.56% - Industrial parks: 1.88% - Transportation: 1.71% - Energy: 0.90%[6][7] Market Sentiment - Market sentiment was released after quarterly reports, leading to significant price increases in some projects, with some prices breaking previous highs[7] - Institutional demand for public REITs remains strong during the policy dividend period, indicating a robust market environment[8] Investment Strategy - The outlook remains bullish, but caution is advised due to potential overvaluation in some projects, suggesting waiting for corrections to identify better entry points[8] - Focus on sectors with more substantial potential for price increases, particularly those showing signs of stabilization[8] Risk Factors - Risks include unexpected REIT policy changes, deterioration in underlying asset performance, and potential calculation discrepancies in asset data[8]

Investment Rating - The report does not explicitly provide an investment rating for the industry but suggests focusing on policy themes and quality undervalued projects for investment opportunities [4]. Core Insights - The C-REITs market is experiencing a secondary adjustment, with Shanghai supporting the issuance of REITs for consumer infrastructure [1][12]. - The overall performance of the C-REITs market is mixed, with ecological and consumer infrastructure sectors performing well, while energy and transportation infrastructure sectors are experiencing pullbacks [11]. - The report highlights the importance of government policies in stimulating the service sector and consumer spending, which may positively impact the REITs market [2][12]. Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.36% this week, closing at 790.2 points, while the total return index closed at 1025.3 points [1][9]. - Year-to-date, the CSI REITs total return index has increased by 1.53% [1][9]. C-REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 222.47 billion yuan, with an average market value of about 2.9 billion yuan per REIT [11]. - Among the listed REITs, 29 increased in value while 49 decreased, with an average weekly decline of 0.3% [11]. 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 (10.9%), Huaxia China Communications Construction REIT (9.6%), and E Fund Guangkai Industrial Park REIT (8.5%) [3]. - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being Huaxia Anbo Warehouse REIT and E Fund Wumei Consumer REIT, both at 1.8 [3]. Investment Recommendations - The report suggests three main investment strategies: 1. Focus on policy-driven themes and quality undervalued projects, particularly in high-energy cities and professional operations [4]. 2. Consider the timing for investing in low-cycle assets like affordable housing, which have already been recognized by the market [4]. 3. Monitor the expansion of REITs alongside new issuances, particularly those with ample asset reserves and quality projects [4].

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.06 and a weekly return of -0.23% [3] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > A-shares > Pure Bonds > REITs > Convertible Bonds > US Stocks > Crude Oil [3] - There was a divergence in price movements between property-type REITs, which saw an increase, and concession-type REITs, which experienced a decline [3] - Municipal facility REITs had the highest increase in returns, with the top three asset types being municipal facilities, water conservancy facilities, and new infrastructure [3] Individual REIT Performance - A total of 34 REITs increased in value, 2 remained stable, and 41 decreased in value during the week [3] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT [3] - The total trading volume for public REITs was 2.15 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.45% [3] Trading Activity - The top three REITs by trading volume were Huaxia China Communications Construction REIT, CICC ProLogis REIT, and Harvest JD Warehouse Infrastructure REIT [4] - The total net inflow for the week was 3.06 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [4] - The top three REITs by net inflow were new infrastructure, transportation infrastructure, and warehousing logistics [4] Bulk Trading - The total amount of bulk trading reached 23.5 million yuan, showing a decline from the previous week [4] - There were three trading days with bulk transactions, with the highest single-day transaction occurring on December 8, 2025, at 9.99 million yuan [4] - The top three REITs by bulk trading volume were GF Chengdu Gaotou Industrial Park REIT, Huaxia Huaren Commercial REIT, and Southern SF Logistics REIT [4] Primary Market - No new REIT products were listed during the week [5] - The project status of two REIT products was updated [5]

1. Report Industry Investment Rating - No industry investment rating is provided in the content 2. Core View of the Report - From December 8 to December 12, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. Compared with other mainstream asset classes, REITs ranked fourth in terms of return [1][11]. - The price trends of equity - based and concession - based REITs diverged this week, with equity - based REITs rising and concession - based REITs falling. Among different underlying asset types, municipal facilities REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The overall market trading enthusiasm decreased compared with last week [2][24]. - There were no new REIT products listed on the primary market this week, but the project status of 2 REIT products was updated [4] 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 797.54 and 1028.5 respectively, with weekly returns of - 0.45% and - 0.29%. The weighted REITs index closed at 180.06, with a weekly return of - 0.23%. The return ranking from high to low was: gold > A - shares > pure bonds > REITs > convertible bonds > US stocks > crude oil [11]. - **At the underlying asset level**: The price trends of equity - based and concession - based REITs diverged. Equity - based REITs rose with a weighted index of 153.42 and a return of 0.03%, while concession - based REITs fell with a weighted index of 127.01 and a return of - 0.76%. Among different underlying asset types, municipal facilities REITs had the largest increase, followed by water conservancy facilities and new infrastructure - type REITs, with returns of 2.09%, 1.09% and 0.94% respectively [16][17]. - **At the single - REIT level**: Among the 77 REITs, 34 rose, 2 were flat, and 41 fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 7.33%, 5.07% and 5.06% respectively. The top three in terms of decline were Huaxia Nanjing Traffic Expressway REIT, Zheshang HuHangYong REIT, and CICC Liandong Kechuang REIT, with declines of 5.44%, 4.71% and 2.08% respectively [1][23]. Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 2.15 billion yuan, and the new infrastructure - type REITs led in terms of average daily turnover rate during the period. The average daily turnover rate of all listed REITs during the week was 0.45%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, park infrastructure, and consumer infrastructure, with trading volumes of 555 million, 368 million, and 350 million yuan respectively. In terms of turnover rate, the top three were new infrastructure, ecological and environmental protection, and municipal facilities, with turnover rates of 0.87%, 0.52% and 0.49% respectively [24]. - **At the single - REIT level**: The performance of single - REIT trading volume and turnover rate continued to diverge. In terms of trading volume, the top three were Huaxia China Expressway REIT, CICC Puluosi REIT, and Harvest JD Warehouse Infrastructure REIT, with trading volumes of 19 million, 19 million, and 16 million shares respectively. In terms of transaction amount, the top three were Huaxia China Resources Commercial REIT, Huaxia China Expressway REIT, and Zheshang HuHangYong REIT, with transaction amounts of 123 million, 104 million, and 92 million yuan respectively. In terms of turnover rate, the top three were CICC Chongqing Liangjiang REIT, CITIC Construction Shenyang International Software Park REIT, and China Merchants Science and Technology REIT, with turnover rates of 7.76%, 7.36% and 4.88% respectively [27]. Main Force Net Inflow and Block Trade Situation - **Main force net inflow situation**: The total net inflow of the main force this week was 3.06 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow during the week were new infrastructure, transportation infrastructure, and warehousing and logistics, with net inflows of 6.09 million, 3.95 million, and 3.09 million yuan respectively. Among single - REITs, the top three in terms of net inflow were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Expressway REIT, with net inflows of 8.32 million, 5.7 million, and 3.91 million yuan respectively [30]. - **Block trade situation**: The total block - trade amount this week reached 23.5 million yuan, a decrease compared with last week. There were block - trade transactions on 3 trading days, with a total block - trade amount of 23.5 million yuan. The block - trade transaction amount on Monday (December 8, 2025) was the highest during the period, at 9.99 million yuan. Among single - REITs, the top three in terms of block - trade transaction amount were GF Chengdu Gaotou Industrial Park REIT, Huaxia China Resources Commercial REIT, and Southern SF Logistics REIT, with transaction amounts of 9.99 million, 7.15 million, and 6.36 million yuan respectively, and corresponding average discount - premium rates of - 1.04%, - 0.71% and - 0.33% respectively [32]. Primary Market Listed Projects - As of December 12, 2025, the number of China's public REIT products reached 77, with a total issuance scale of 199.301 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, at 68.771 billion yuan, followed by park infrastructure - type REITs, with an issuance scale of 32.933 billion yuan [36]. - No new REIT products were listed this week [38]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 21 REITs in the to - be - listed state, including 14 initial - offering REITs and 7 to - be - expanded REITs. This week, the project status of Boshi Shandong TieTou Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared", and the project status of Huaxia Zhonghe Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "approved" [41].