2026 年 03 月 07 日 指数延续调整，产权 REITs 走弱 ——公募 REITs 周度跟踪（2026.03.02-2026.03.06） 相关研究 《6 单商业不动产 REITs 进入问询 ——公募 REITs 周度跟踪 （2026.02.23-2026.02.27）》 2026/02/28 《润泽数据中心 REIT 宣布扩募— —公募 REITs 周度跟踪 （2026.02.09-2026.02.20）》 2026/02/23 《中核水电 REIT 上市——公募 REITs 周度跟踪（2026.02.02- 2026.02.06）》 2026/02/07 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 债 券 周 评 ⚫ 商业不动产 REITs 拟募资规模已达 444 亿元，新增 ...

2026 年 02 月 23 日 润泽数据中心 REIT 宣布扩募 ——公募 REITs 周度跟踪（2026.02.09-2026.02.20） 相关研究 《中核水电 REIT 上市——公募 REITs 周度跟踪（2026.02.02- 2026.02.06）》 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报！——公募 REITs 周度跟踪 （2026.01.26-2026.01.30）》 2026/01/31 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(rese ...

2026 年 02 月 23 日 润泽数据中心 REIT 宣布扩募 公募 REITs 周度跟踪（2026.02.09-2026.02.20） 相关研究 《中核水电 REIT 上市- 公寓 REITs 周度跟踪 (2026.02.02- 2026.02.06) 2026/02/07 《首批 8 单商业不动产 REITs 正式 申报! - 公募 REITs 周度跟踪 (2026.01.26-2026.01.30) 》 2026/01/31 《四季报出炉，5 单 REITs 申报终 -公募 REITs 周度跟踪 (2026.01.19-2026.01.23) 》 2026/01/24 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务 | 目录 | | --- | | 1．一级市场： ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 1 月 27 日 [Table_Title] 2025 年四季报出炉，个券机会显现 [Table_Title2] 公募 REITs 业绩点评系列 [Table_Summary] 根据交易所相关规则指引，公募 REITs 基金管理人应当在每 季度结束之日起 15 个工作日内，编制和披露季度报告。2026年 1 月 22 日各 REITs 发布四季度报告，整体来看，不同资产类型 经营情况表现显著分化，经营情况良好的个券得到市场追捧。 在四季报披露窗口期带动下，REITs 市场迎来一波放量上涨 行情，四季报披露当周（2026 年 1 月 19-23 日）日均成交量、 日均成交额、日均换手率环比分别增长 44.51%、46.63%、 0.20pct，中证 REITs 全收益指数周度上涨 2.17%。 ►四季报后：继续关注消费板块，挖掘优质高分派率个券 四 季 报 披露当周各板块普涨，涨幅靠前的是新型设施 （+5.87%）和消费设施（+4.13%），涨幅靠后的是两类收费型 REITs，分别为能源设施（+0.88%）和交通设施（+1.69%）。 全市场 ...

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].

Core Viewpoint - The expansion of the issuance scope of infrastructure Real Estate Investment Trusts (REITs) marks a significant milestone, as urban renewal facilities are now included as an independent category, providing strong financial support for urban high-quality development and industrial model upgrades [1][4]. Group 1: Urban Renewal and Financial Support - The inclusion of urban renewal facilities in the infrastructure REITs category reflects a precise adaptation of financial tools to the stage of urban development, addressing the needs of urbanization transformation [1][4]. - The current phase of urbanization in China has shifted from incremental expansion to improving existing stock, with the renovation of old neighborhoods and factories becoming a core task to drive urban momentum and meet public needs [1][4]. Group 2: Characteristics of Infrastructure REITs - Infrastructure REITs, which combine equity and long-term characteristics, align well with the funding needs of urban renewal projects by enabling asset securitization to realize the value of existing assets and providing effective exit paths for initial investments [2][5]. - The professional screening mechanism of the capital market can compel urban renewal projects to enhance operational efficiency [2][5]. Group 3: Market Implications and Investor Opportunities - The inclusion of urban renewal facilities in the REITs framework not only enriches the asset types but also expands the market scale, attracting more long-term capital and enhancing market liquidity and risk resistance [2][5]. - For investors, participating in urban core asset investments through publicly traded infrastructure REITs broadens wealth management channels and gathers a wider range of social capital for urban renewal, achieving a win-win for capital, cities, and livelihoods [2][5]. Group 4: Future Outlook - The deep expansion of infrastructure REITs provides a market-oriented and sustainable financing solution for urban renewal, adding quality underlying assets to the capital market and injecting lasting momentum into high-quality urban development [3][6]. - Successful urban renewal projects are expected to accelerate their entry into the capital market in the future [3][6].

Report Industry Investment Rating No relevant content provided. Report's Core View - The REITs market has deviated from the unilateral decline trend but remains in a bottom - oscillation range. It is recommended to stay cautious overall, focus on projects with relatively high distribution rates in the energy and transportation sectors, and look for rebound opportunities in oversold varieties under the pressure of restricted shares lifting [2]. Summary According to the Directory 1. Primary Market: Three Newly Issued Public REITs Made Progress - As of November 21, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for approval. There are currently 9 newly issued and 5 expansion - issued REITs in the approval process [2][10]. 2. Secondary Market: Liquidity Continued to Contract This Week 2.1 Market Review: The CSI REITs Total Return Index Dropped by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%. It outperformed the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. Property - type REITs fell 1.25%, and concession - type REITs fell 1.06%. In terms of asset types, the environmental protection and water services (-0.38%), park (-0.77%), transportation (-1.01%), and consumption (-1.10%) sectors performed better [2]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, with a week - on - week decrease of 26.60% and 0.89%. The data center sector was the most active [2]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs were 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - This week, multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing supported the issuance of REITs for eligible consumption infrastructure; and many companies announced REITs - related projects such as public bidding and project applications [28]. - Multiple REITs released important announcements, including operation data, restricted shares lifting, and dividend distribution [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - REITs in various sectors declined across the board, with the data center sector, which had significant gains previously, leading the decline for the first time. The environmental protection and water utilities, and park sectors were relatively resilient this week. The REITs market has emerged from a unilateral decline but remains in a bottom - oscillating range. Given that the index is at around the 60% percentile level since 2024, overall caution is advised. Attention can be focused on projects with relatively high distribution rates in the energy and transportation sectors, as well as the rebound opportunities of oversold varieties under the pressure of restricted share unlocks [2]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly - Issued Public REITs Made Progress - As of 2025/11/21, 19 REITs have been successfully issued this year, with an issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly - issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for application. Currently, in the approval process, there are 9 newly - issued REITs that have been submitted, 2 that have been questioned and provided feedback, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For expansion, 5 have been submitted, 3 have been questioned and provided feedback, and 3 have passed the review [2][11]. 3.2 Secondary Market: Liquidity Continued to Contract This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%, outperforming the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. In terms of project attributes, equity - based REITs declined by 1.25%, and concession - based REITs declined by 1.06%. In terms of asset types, the environmental protection and water utilities (- 0.38%), park (- 0.77%), transportation (- 1.01%), and consumption (- 1.10%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, a week - on - week decrease of 26.60% and 0.89%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs are 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors rank among the top [2]. 3.3 This Week's News and Important Announcements - Multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing Shunyi Municipal Holding Group announced a public tender for financial and legal advisors for its public REITs project; Guangbai Co., Ltd. is carrying out the application for a consumption REITs project; Beijing supported the issuance of real - estate investment trust funds for eligible consumption infrastructure; Ji'an focused on promoting the issuance of REITs for projects in industrial parks and affordable rental housing; Qingdao Water Group's public REITs project has been submitted to the National Development and Reform Commission [29]. - Many REITs made important announcements, including operating data announcements, restricted share unlock announcements, and dividend announcements [30][31].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [7] Core Viewpoints - The REITs market in China has shown signs of cooling, with the CSI REITs Index down by 3.8% in September-October, underperforming other asset classes such as equity indices and gold [2][21] - The recent weakness in the REITs market is attributed to high previous valuations, capital being diverted to better-performing assets, and disappointing cash flow recovery in certain sectors [2][21] - The second public heating REIT in Shanxi has been submitted for approval, highlighting its resource and location advantages, stable revenue sources, and a reasonable pricing model [4][45] Summary by Sections REITs Market and Asset Comparison - The overall REITs market has experienced a downturn, with the average turnover rate at 0.44%, which is 65% of the annual average [2][18] - The CSI REITs Index has underperformed compared to other major indices, with a cumulative decline of 2.3% [13][21] - The market is facing pressure from rising government bond yields, which compress the yield spread of REITs [21][22] Sector Performance - The IDC sector shows high trading activity, while sectors linked to economic recovery, such as logistics and consumption, are under pressure [23][24] - Defensive sectors like affordable rental housing and environmental services have demonstrated strong anti-drawdown characteristics [23][24] - The highest trading volumes in September-October were seen in highways, industrial parks, and affordable rental housing, with respective average transaction volume shares of 21.8%, 17.1%, and 14.3% [25][36] Monthly Special: Shanxi Heating REIT - The Shanxi heating REIT is notable for its low heat source costs and stable pricing, benefiting from the region's energy advantages [4][45][46] - The pricing model includes a two-part fee structure that allows for effective recovery of fixed costs [52][55] - The project has a high proportion of residential users, ensuring stable and diversified revenue [58][63] Market Dynamics - The National Development and Reform Commission has issued a document supporting the expansion of the REITs market, indicating a favorable policy environment [5][64] - Recent project dynamics show several REITs in various stages of approval, indicating ongoing market activity [68] Investment Recommendations - The current REITs market presents both opportunities and risks, with a focus on stable cash flow assets in the defensive sector [6][69] - It is recommended to explore undervalued sectors such as logistics and industrial parks for potential rebounds, given their low valuations and high yield spreads [70][71]