1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In January 2026, the secondary - market prices of publicly - offered REITs in China showed an overall fluctuating upward trend, with the secondary - market prices of both equity - type REITs and franchise - type REITs rising, and the equity - type REITs having a larger increase. The trading enthusiasm in the REITs market increased compared to the previous month, and the total net inflow of the main funds reached 588.19 million yuan. The total amount of block trades also increased compared to the previous month [2][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of January 31, 2026, there were 78 publicly - offered REITs products in China, with a total issuance scale of 20.1749 billion yuan (excluding expansion and fundraising). Among them, the transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by the park infrastructure - type REITs with a scale of 3.2933 billion yuan. No new REITs products were listed in January 2026 [11][12]. 3.1.2 Projects to be Listed - As of January 31, 2026, there were 22 REITs in the state of being to be listed, including 20 initial - offering REITs and 2 REITs to be expanded and raised. In January, 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". Additionally, 8 commercial real - estate REITs were declared [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the large - asset level**: From January 1 to January 31, 2026, the secondary - market prices of publicly - offered REITs in China showed a fluctuating upward trend. The CSI REITs (closing) and CSI REITs total return index closed at 809.56 and 1052.42 respectively, with monthly returns of 3.98% and 4.22%. The weighted REITs index had a monthly return of 4.83%. Compared with other major asset classes, the return of REITs was 4.83%, ranking behind gold, crude oil, convertible bonds, and A - shares, but ahead of US stocks and pure bonds [17]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs saw price increases, with the equity - type REITs having a larger increase. The return of equity - type REITs was 5.7%, and that of franchise - type REITs was 3.42%. Among different underlying - asset types, water - conservancy facilities - type REITs had the largest increase this month. The underlying - asset categories with better returns this month were water - conservancy facilities, new - type infrastructure, and consumption, with returns of 9.7%, 8.38%, and 7.6% respectively [21][23]. - **At the single - REIT level**: Among the publicly - offered REITs this month, 74 rose, 1 remained the same as last month, and 3 fell. The top three in terms of increase were Huaan Bailian Consumption REIT, Huaxia Zhonghai Commercial REIT, and CICC Chongqing Liangjiang REIT, with increases of 17.43%, 13.68%, and 13.62% respectively. The top three in terms of decrease were E Fund Guangzhou Development Zone High - tech Industrial Park REIT, Huaxia Nanjing Transportation Expressway REIT, and Huaxia Fund China Resources Youchao REIT, with decreases of 3.17%, 1.46%, and 0.07% respectively [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of publicly - offered REITs this month increased compared to last month, and the new - type infrastructure - type REITs led in the average daily turnover rate during the period. As of January 30, the total trading volume of the 78 listed REITs within the month was 36.38 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REITs categories were transportation infrastructure, consumption infrastructure, and park infrastructure, with trading volumes of 7.39 billion, 6.52 billion, and 6.42 billion yuan respectively. In terms of turnover rate, the top three REITs categories in the average daily turnover rate during the period were new - type infrastructure, water - conservancy facilities, and municipal facilities, with rates of 0.96%, 0.84%, and 0.67% respectively [28]. - **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 within the month were Bosera Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 122 million, 121 million, and 120 million shares respectively. In terms of trading amount, the top three within the month were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading amounts of 819 million, 433 million, and 398 million yuan respectively. In terms of turnover rate, the top three within the month were CITIC Construction Investment Shenyang International Software Park REIT, AVIC Yishang Warehouse Logistics REIT, and Southern Wanguo Data Center REIT, with turnover rates of 35.05%, 28.66%, and 25.80% respectively [30]. 3.2.3 Main - Fund Net Inflow and Block - Trade Situation - **Main - fund net inflow situation**: This month, the total net inflow of main funds reached 588.19 million yuan, and the trading enthusiasm in the market increased compared to last month. From the perspective of different underlying - asset REITs, the top three underlying - asset types in terms of net inflow of main funds this month were consumption infrastructure, energy infrastructure, and transportation infrastructure, with net inflows of 366.47 million, 58.62 million, and 44.97 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds this month were Huaxia China Resources Commercial REIT, CICC Yinli Consumption REIT, and Huaxia Joy City Commercial REIT, with net inflows of 193.33 million, 68.38 million, and 42.48 million yuan respectively, and the consecutive inflow days were +1, +5, and +1 days respectively [33]. - **Block - trade situation**: The total amount of block trades this month was 1.55 billion yuan, an increase compared to last month. There were 20 trading days with block trades this month, and the total block - trade turnover was 1.55 billion yuan. The block - trade turnover on January 19, 2026, was the highest within the month, reaching 236.09 million yuan. In terms of single REITs, the top three in terms of block - trade turnover within the month were CITIC Construction Investment State Power Investment New Energy REIT, Ping An Ningbo Traffic Investment REIT, and Penghua Shenzhen Energy REIT, with turnovers of 195.04 million, 180.62 million, and 145.72 million yuan respectively, and the corresponding average discount - premium rates were - 0.19%, - 1.66%, and - 0.47% respectively [37]. 3.3 Related Policies - On January 4, the "Notice of the Ministry of Commerce and Other 9 Departments on Implementing the Action to Promote Green Consumption" was issued, emphasizing support for eligible projects to issue infrastructure - sector real - estate investment trusts (REITs). On January 15, the China Securities Regulatory Commission held the 2026 system work conference, proposing to promote the improvement of quality, adjustment of structure, and expansion of the total amount of the bond market, and to ensure the smooth implementation of the pilot program for commercial real - estate REITs [40].