四单 REITs 申报，商业不动产 REITs 获审核反馈 评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 相关报告 报告摘要 本周行情回顾： 1、《公募 REITs2026 年度策略报告： 资产为王，重视节奏》2025-12-11 2、《2025 年 REITs 三季报综述：运 营 仍 在 分 化 ， 博 弈 预 期 改 善 》 2025-12-07 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 79 | | 行业总市值(亿元) | 2273.77 | | 行业流通市值(亿元) | 1252.24 | 3、《证监会商业不动产 REITs 试点 公告解读：公募 REITs 迈向"基础设 施+商业不动产"双轮驱动新阶段》 2025-11-29 REITs 证券研究报告/行业定期报告 2026 年 02 月 28 日 本周 REITs 指数下跌 1.08%，沪深 300 累计上涨 1.08%，中证红利指数上涨 2.80%，中 证全债指数下跌 0.07%，中债 1 年期国债指数上涨 0.06%，中债 10 年期国债指数 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 房地产开发 C-REITs 周报——二级渐暖，首批商业不动产 REITs 已申报受理 REITs 指数表现 本周中证 REITs 全收益指数上涨 0.47%。截至 1.30，本周（1.23-1.30， 下同）中证 REITs（收盘）指数上涨 0.35%，收于 809.6 点；中证 REITs 全收益指数上涨 0.47%，收于 1052.4 点。本周沪深 300/恒生/中债十年 期国债/房地产（（申万）/恒生地产建筑业/高速公路（（指数分别上涨 申万） 0.08%/上涨 2.38%/上涨 0.19%/下跌 2.21%/上涨 5.71%/上涨 0.10%。 本年中证 REITs 全收益指数涨幅为 4.22%。截至 1.30，本年中证 REITs （收盘）指数涨幅为 3.98%，中证 REITs 全收益指数涨幅为 4.22%。本 年沪深 300/恒生/中债十年期国债/房地产（申万）/恒生地产建筑业/高速 公路（（申万）指数分别上涨 1.65%/上涨 6.85%/上涨 0.66%/上涨 4.30%/ 上涨 14.75%/下跌 1. ...

2026 年 1 月 31 日 总量研究 二级市场价格波动上涨，首批商业不动产 REITs 已申报 ——REITs 周度观察（20260126-20260130） 要点 1、 二级市场 2026 年 1 月 26 日-2026 年 1 月 30 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体呈现波动上行趋势：中证 REITs（收盘）和中证 REITs 全收益指数分别收于 809.56 和 1052.42，本周回报率分别为 0.35%和 0.47%。 与其他主流大类资产相比，回报率由高至低排序分别为：原油> REITs > 纯债 > 美股>A 股>黄金>可转债。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所上 涨，其中，产权类 REITs 回报率为 0.27%，特许经营权类 REITs 回报率为 0.68%。 从底层资产类型来看，本周水利设施类 REITs 涨幅最大。本周回报率排名前三的 底层资产类型分别为水利设施类、能源类和交通基础设施类。 从单只 REIT 层面来看，有 41 只 REITs 上涨，1 只 REIT 与上周持平，有 36 只 REITs 下 ...

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].

Core Insights - The company has achieved significant breakthroughs in net profit, market competitiveness, and investment returns since 2025, aligning closely with industry development trends and local development strategies [1][2]. Financial Performance - As of the end of Q3 2025, the company reported a net profit of 670 million yuan, successfully turning from loss to profit year-on-year, with a solid foundation for long-term profitability [2]. - The company ranks 29th in total assets, 27th in net assets, 26th in insurance business income, and 17th in net profit among 57 disclosed non-listed life insurance companies, with a notable rise of 35 places in net profit ranking compared to the end of 2024 [2]. Investment Strategy - The company leverages its "patient capital" advantage, focusing on supporting the real economy and national strategies through strategic investment management, particularly in technology innovation and green transformation [3]. - It has established a three-tier investment matrix that supports local industry development and aligns with national strategic needs, including investments in local high-tech enterprises and national-level funds [3]. Green Finance Initiatives - The company has integrated green finance into its core strategy, with cumulative investments exceeding 1 billion yuan in related fields by November 2025, utilizing various financial tools to create synergies [4]. - It has innovatively activated the value of large clean energy infrastructure through asset securitization and has made forward-looking investments in green infrastructure projects [4]. REITs Leadership - The company has pioneered multiple industry precedents in public REITs investment, including the establishment of the first REITs strategic cooperation fund and participation in the first foreign-funded consumption REIT in the domestic market [5]. - It has achieved significant financial performance with a total financial return of 2.478 billion yuan and an investment return rate of 5.13% as of Q3 2025 [5][6]. Business Transformation - The company has made substantial improvements in its product structure, with new business value reaching 413 million yuan and a significant increase in the proportion of long-term premium products [7]. - The cost of liability capital has decreased from 4.06% at the end of 2023 to 3.25% currently, laying a solid foundation for sustainable business development [7]. Contribution to Local Economy - The company has injected strong momentum into regional economic development, with investments in Hunan province totaling 2.847 billion yuan by the end of Q3 2025, and a cumulative investment of 44.999 billion yuan since its establishment [8]. - It emphasizes long-termism and value creation, aiming to contribute more to local economic development and public welfare [8].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - After the current REITs market has experienced a correction, its valuation has become reasonable. It offers high investment cost - effectiveness for long - term allocation funds, and investors can seize the opportunity to allocate high - quality projects during the adjustment period [1]. - It is recommended to lay out along two main lines based on the third - quarter performance: first, sectors with strong fundamentals, such as data centers and rental housing; second, REITs whose fourth - quarter performance is expected to improve quarter - on - quarter, such as outlet projects benefiting from the National Day holiday and the "Double 11" promotion [1]. - Attention should be paid to the structural entry opportunities that may be brought by the concentrated lifting of strategic placement shares. In November - December 2025, the public REITs market will see a round of concentrated lifting of restrictions, with a monthly lifting scale of over 1 billion shares. The short - term liquidity pressure will cause the valuation of some high - quality targets to bear pressure, but it also provides a window for low - level layout [1]. 3. Summary According to the Directory 3.1 Market Review - In the third quarter of 2025, the REITs market showed a profit - taking correction. The CSI Total Return REITs Index fluctuated downward, mainly driven by profit - taking needs after the market's rise in the first half of the year, the narrowing of the primary - secondary market valuation gap, and the suppression of the bond market sentiment by the strong performance of the equity market. After the long - term interest rate stabilized, the index recovered slightly, but then continued to decline due to a lack of upward momentum and low trading volume [10]. - In terms of asset attributes, the overall decline of equity - type REITs was higher than that of operating - right - type REITs. In the third quarter, most sectors recorded declines, with only the data center sector rising by 1.2%, while the energy sector had the largest decline of 9.84% [11]. 3.2 Quarterly Report Performance Overview - In the third quarter of 2025, 73 public REITs completed their quarterly reports. The municipal environmental protection sector led the market in terms of operating income, followed by the rental housing and consumption sectors. The performance of other sectors was differentiated [15]. - The industrial park sector continued to face pressure, with most of the fund revenues declining year - on - year by more than 10%. The warehousing and logistics sector, although affected by the "price - for - volume" strategy, was more resilient than the industrial park sector. The rental housing sector was relatively stable, with the operating income of many REITs increasing year - on - year. The consumption REITs sector showed strong performance elasticity, with the income of most REITs rising quarter - on - quarter, except for the outlet format [15]. - The data center sector had no historical comparable data but had high - quality assets and good operating conditions. The highway sector's performance mostly declined, and the energy sector's performance fluctuated significantly. The municipal environmental protection sector performed outstandingly, with both year - on - year and quarter - on - quarter increases in operating income [16]. 3.3 Project Operation Status 3.3.1 Industrial Parks - The industrial park REITs sector showed a decline in both volume and price, with an average occupancy rate of 81.7% at the end of the third quarter of 2025, a year - on - year and quarter - on - quarter decrease of 4pct and 0.1pct respectively, and an average rent of 89.5 yuan/square meter/month, a year - on - year and quarter - on - quarter decline of 9.9% and 1.2% respectively [21]. - Factory - type projects were more resilient, while incubator projects were at the bottoming stage. Most industrial parks continued to adopt a price - cut strategy to stabilize the occupancy rate, and the second - tier cities faced greater pressure in attracting investment [22]. 3.3.2 Warehousing and Logistics - The overall operation of the warehousing and logistics sector was under pressure but remained resilient. The average occupancy rate of warehousing and logistics REITs was 92.2% at the end of the third quarter of 2025, basically unchanged year - on - year and slightly down 3.4pct quarter - on - quarter. Projects with a high proportion of related - party leases were more stable [29]. - Affected by market demand and supply, the warehousing and logistics REITs continued the "price - for - volume" strategy, with the average rent dropping 5.0% year - on - year and 1.5% quarter - on - quarter to 32.1 yuan/square meter/month at the end of the third quarter of 2025 [29]. 3.3.3 Rental Housing - The overall occupancy rate of rental housing projects remained high and increased year - on - year, reaching 96.1% at the end of the third quarter of 2025, a year - on - year increase of 0.7pct and a quarter - on - quarter decrease of 0.05pct. The rent levels of each project fluctuated slightly, with an increase or decrease of no more than 1% quarter - on - quarter, which was normal business fluctuation [36]. 3.3.4 Consumer Infrastructure - The occupancy rate of consumer REITs remained high and was relatively stable year - on - year and quarter - on - quarter, reaching 97.4% at the end of the third quarter of 2025, a year - on - year increase of 0.1pct and a quarter - on - quarter decrease of 0.3pct. The rent of some consumer - type REITs showed seasonal fluctuations due to the operation mode [42]. 3.3.5 Data Centers - There are only two data center REITs, Runze Technology REIT and Wanguo Data REIT, both listed on August 8, 2025. The third - quarter reports showed that the underlying projects of the two REITs were operating smoothly, with a utilization rate close to 100% [45]. 3.3.6 Highways - Although the summer travel and tourism boosted the toll revenue of highways quarter - on - quarter, the overall performance of highway projects was still weak year - on - year. In the third quarter of 2025, the toll revenue decreased by 2.4% year - on - year and increased by 13.2% quarter - on - quarter, and the average daily natural traffic volume decreased by 3.7% year - on - year and increased by 16.2% quarter - on - quarter. The impact of the opening of competing highways continued [46]. 3.3.7 Energy Infrastructure - In the third quarter of 2025, the power generation of energy projects fluctuated significantly, and the overall operation performance was poor. Among the 6 energy REITs with year - on - year data, only the settlement power of TBEA REIT increased year - on - year, while the others decreased [51]. 3.3.8 Municipal Environmental Protection - The underlying assets of the municipal environmental protection sector were operating steadily, and some projects showed a steady - to - rising trend in volume and price. For example, the domestic waste treatment volume and kitchen waste treatment volume of Shougang Green Energy REIT increased by 10.1% and 27.7% respectively year - on - year, and the settlement power increased by 22.8% year - on - year [56]. 3.4 Public REITs Investment Recommendations - The allocation value of REITs is gradually emerging, and the P/NAV has returned to near the average. The long - term capital allocation window has been opened [59]. - Fundamentals are the core factor determining the secondary - market performance of REITs. When the market enters the valuation repair stage after a general decline, sectors with good performance have stronger rebound momentum. The data center, rental housing, consumption, and municipal environmental protection sectors are the focus of market funds during the valuation repair process [62]. - In addition to being driven by fundamentals, the performance of the REITs market is also affected by factors such as the risk - free interest rate and the policy environment. In the context of potential disturbances in the bond market at the end of the year and the lack of new funds entering the market, trading - type funds need to be vigilant about short - term fluctuations and participate carefully [63].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating, so this part is skipped. 2. Core Viewpoints of the Report - As of the end of November 2025, China's infrastructure public REITs had issued 78 projects, with a total fund issuance of RMB 209.484 billion and a total market value of about RMB 222.3 billion, exceeding the RMB 220 billion mark. In 2026, the number of infrastructure REITs is expected to increase to 100, and new asset - type projects such as commercial real - estate REITs may be listed [1][13]. - In 2025, the primary market of C - REITs entered a new stage of regularized issuance, with new asset types gradually emerging. Although the number of issuances decreased compared to 2024, the primary market issuance was still popular, but there were signs of a slight cooling [2]. - The secondary market of C - REITs in 2025 showed a trend of rising first and then falling. The consumer and rental housing sectors led the gains, while the industrial park sector had the worst performance [3]. - In 2026, the unlocking of C - REITs projects may bring selling pressure, but the impact depends on market trends, the number of unlocked shares, and the floating profit level [4]. - In 2025, it is expected that 5 REITs projects will complete expansion and fundraising, raising about RMB 6.7 billion. Expansion can generally enhance the asset distribution rate, but the choice of issuance method will affect investors' decisions and cause secondary - market price fluctuations [6]. - In 2026, it is expected that about 20 new public REITs will be added. The demand side is still concentrated in securities firms' proprietary trading and insurance, and the introduction of incremental funds such as index - based investment tools and the inclusion of REITs in the "Shanghai - Hong Kong Stock Connect" is expected to bring a wave of allocation opportunities [7]. 3. Summary According to the Directory 3.1 Primary Market: Continued Regularized Issuance, New Asset Types to Gradually Launch - In 2025, C - REITs entered a new stage of regularized application and issuance. Relevant departments continued to promote market expansion, and new asset - type REITs such as commercial real - estate REITs are expected to be launched [2]. - From January to November 2025, 20 C - REITs were issued, with a scale of RMB 40.781 billion, a decline compared to 2024. The primary - market issuance was popular, but with the relaxation of the inquiry range, the first - day increase space of individual bonds became smaller, and there were signs of a slight cooling [2]. 3.2 Secondary Market: Rising First and Then Falling in 2025, Consumer/Protected Rental Housing Leading the Gains, Industrial Parks at the Bottom - In the first half of 2025, the C - REITs market continued the bull - market trend since the end of 2024, with the REITs total return index reaching a new high, an increase of 14.2%. The main driving factors were the low - interest - rate environment and the increase in institutional allocation demand [3]. - In the second half of 2025, the total return index declined for five consecutive months, with a retracement of 5.9% by the end of November. The main influencing factors were the strengthening of market risk appetite, the differentiation of the underlying asset fundamentals, and the unlocking of multiple projects [3]. - In 2025, the consumer and rental housing sectors had the highest increases, with increases of 22.3% and 13.0% respectively by the end of November. The industrial park sector was the only one with negative returns [31]. 3.3 Unlocking: Non - negligible Selling Pressure in 2026 - Most C - REITs projects face unlocking impacts at the 12th, 36th, and 60th months after listing, releasing a certain proportion of tradable shares. In the first half of 2026, 22 projects will be unlocked, and the pressure will ease in the second half [4]. - The impact of unlocking depends on market trends, the number of unlocked shares, and the floating profit level. Unlocking does not necessarily lead to a decline in individual bonds [4]. - The average daily turnover rate in the three stages before, during, and after the unlocking observation period generally showed a downward trend, indicating that the trading activity did not significantly increase with the increase in tradable shares [4]. 3.4 Expansion: An Important Means to Maintain Vitality - In 2025, it is expected that 5 REITs projects will complete expansion and fundraising, raising about RMB 6.7 billion, including 2 rental housing, 2 industrial park, and 1 energy project [6]. - Expansion is generally beneficial for enhancing the asset portfolio's yield and cash - flow source dispersion. However, the choice of issuance method may impact prices. The new assets of the 5 expansion projects in 2025 are expected to increase the project distribution rate by 20 - 40bp [6]. 3.5 2026: Opt for Prosperous Assets and Seize Opportunities from Oversold Individual Bonds 3.5.1 Supply Side: Approximately 20 New Additions Expected, Commercial Real - estate REITs Worth Anticipating - As of November 2025, the National Development and Reform Commission had recommended 105 REITs projects to the China Securities Regulatory Commission, 83 of which had been listed. There are 12 projects under exchange review, and it is expected that about 20 new public REITs will be added in 2026 [69][70][71]. - In November 2025, the CSRC solicited public opinions on launching commercial real - estate investment trust fund pilots, and commercial real - estate REITs may be launched in 2026 [71]. 3.5.2 Demand Side: Holdings Still Concentrated in Securities Firms' Proprietary Trading and Insurance, Looking Forward to Incremental Funds - The current investors in the REITs market mainly include industrial investors, securities firms, insurance companies, etc. Securities firms' proprietary trading has become the largest investor, followed by insurance [75]. - The introduction of index - based investment tools and the inclusion of REITs in the "Shanghai - Hong Kong Stock Connect" in 2026 may bring incremental funds and a wave of allocation opportunities [79][82]. 3.5.3 Consumer Facilities: Overall Stable Operation, Room for Active Adjustment - As of the end of November 2025, 12 consumer REITs were listed. The third - quarter performance was stable, with the annualized distribution rate ranging from 3.62% to 5.59%. The fourth quarter is the peak season for consumer REITs [85]. - The shopping - mall industry is transforming from development - driven to operation - driven. Adjustment actions in shopping malls are important signals for observing revenue changes in consumer REITs [86]. 3.5.4 Rental Housing: Excellent Rental Performance, but Need to Watch Out for Competitor Pressure - As of the end of November 2025, 8 rental - housing REITs were listed. The rental - housing industry has seasonal fluctuations. The third - quarter performance was stable, with the annualized distribution rate ranging from 2.71% to 3.94% [90][91]. 3.5.5 Transportation Facilities: Pay Attention to the Diversion and Attraction Effects of Surrounding Road Network Reconstruction - As of the end of November 2025, 13 transportation - facility REITs were listed, all of which are expressways. The performance of individual projects varies, and the diversion and attraction effects of surrounding road networks are important factors for observing fundamentals [94]. 3.5.6 Data Centers: Single Tenant but Long - term Leases, Promising Performance in the Computing Power Boom - There are currently 2 data - center REITs in this sector, both listed on August 8, 2025. The projects have single or few reliable tenants, long leases, and high cash - flow dependence on tenants [98]. 3.5.7 Municipal Environmental Protection: Strong Public - Utility Attributes, Stable or Rising Treatment Volume or Unit Price - As of the end of November 2025, 4 municipal environmental - protection REITs were listed, including ecological - environment protection, water supply, and heating. The prices are affected by government regulation, and the third - quarter performance of each project had its own characteristics [103]. 3.5.8 Warehousing and Logistics: Impact of New Supply Still Exists, Overseas Tenants Adjusted after the Trade War - As of the end of November 2025, 11 warehousing - and - logistics REITs were issued. The new supply has an impact on the market, and the rent of some warehouse types is under pressure. Projects with a high proportion of related - party leases are more resistant to competition [106][109]. 3.5.9 Energy Facilities: Multiple Factors Affect Power Generation and Grid - connected Electricity, National Subsidies Remain a Guarantee - As of the end of November 2025, 8 energy - facility REITs were listed. The power generation and grid - connected electricity of some projects were affected by factors such as wind resources and line outages, but national subsidies can improve the distribution rate [111]. 3.5.10 Industrial Parks: Many Projects with Occupancy Rates in the 60s, Incubators Generally with Poor Performance - As of the end of November 2025, 20 industrial - park REITs were listed. The third - quarter performance of the industrial - park sector continued to be under pressure, with significant project differentiation. Projects with occupancy rates in the 80s - 90s are worthy of attention [114][115].