证券研究报告|固收研究报告 [Table_Date] 2026 年 1 月 12 日 [Table_Title] 开年放量上涨 [Table_Title2] 公募 REITs 周速览（2026 年 1 月 5-9 日） [Table_Summary] 本周（2026 年 1 月 5-9 日）中证 REITs 全收益指数收于 1028.93 点，周度上涨 1.89%，迎来 2026 年开门红。周内来 看，周一至周五日均成交量、成交额分别环比增长 75.45%、 69.73%，开年第一周市场放量上涨。截至 1 月 9 日，我国已上 市交易的 78 只 REITs 总市值收于 2233 亿元，环比+2.23%，其 中流通市值 1230 亿元。 ►二级市场：各类资产普涨，成交活跃度明显提升 本周除了租赁住房，其余板块涨幅达 1.4-4.4%，涨幅靠前 的是新型设施（+4.41%）、消费设施（+3.15%）和产业园区 （+3.14%），仓储物流和市政环保板块也有 2%以上的涨幅。 数据中心（IDC）板块：润泽科技数据中心、万国数据中 心分别收涨 5.29%、2.80%，润泽科技日均换手率提升 0.38pct 至 1%， ...

目前，中电光谷已服务企业及各类技术创新机构逾10000家，这些企业涵盖了先进制造、电子信息、生 物医药、数字经济等多个战略性新兴产业领域，形成了庞大的产业资源池。通过搭建跨区域、跨产业的 资源对接平台，中电光谷能够促进企业间的协同合作、技术交流与产业链配套，实现"园区内企业共 生、园区间产业互补"的生态效应，这也成为其轻资产服务的核心价值之一。 消息面上，据亿翰智库报道，2025年12月10日-13日，2025产业园区创新发展大会"成功举办，大会期间 重磅发布《2025产业园区优秀案例研究成果》，其中，中电光谷以显著优势斩获"2025全国产业园区轻 资产服务商品牌影响力TOP30"第一名。依托多年多项目沉淀的园区开发运营经验，中电光谷 以"P+EPC+O"全过程一体化综合运营模式破解行业痛点，以扎实的综合运营能力筑牢服务根基，以全 国性规模布局扩大生态价值，最终沉淀为广泛认可的品牌口碑。 中电光谷(00798)涨超5%，截至发稿，涨5.48%，报0.231港元。 ...

Core Insights - The report emphasizes the necessity of digital transformation in industrial parks to enhance core competitiveness in the context of the digital economy reshaping global competition [12][17] - It distinguishes high-standard digital parks from traditional digital parks, focusing on large-scale industrial transformation, precise services, and refined governance through cross-enterprise collaboration and intelligent management [12][19] Group 1: Digital Transformation in Industrial Parks - The digital transformation of industrial parks is essential for adapting to global industrial structure adjustments and technological revolutions, enabling resource optimization and innovation [12][18] - The report outlines the current status, trends, and challenges of digital transformation in industrial parks, providing a comprehensive framework for high-standard digital parks [12][18] Group 2: Characteristics of High-Standard Digital Parks - High-standard digital parks aim for large-scale industrial transformation, promoting collaborative innovation across multiple enterprises rather than focusing solely on individual enterprise upgrades [19][20] - They offer customized digital services and emphasize precise governance, utilizing digital technologies for intelligent management of park operations [20][21] Group 3: Key Tasks and Models for Transformation - The report identifies four typical models to address the digital transformation challenges faced by small and medium-sized enterprises (SMEs), including leading enterprises driving collaborative transformation and parks providing inclusive public services [23][24] - It highlights the importance of integrating digital platforms to facilitate efficient supply-demand matching and support SMEs in their transformation processes [29][30] Group 4: Infrastructure and Management Framework - High-standard digital parks adopt a three-layer architecture consisting of infrastructure, platform, and application layers, focusing on advanced networks, smart terminals, and integrated data services [2][14] - The report suggests overcoming technical, managerial, and resource integration challenges to build a new generation of infrastructure and enhance data governance [2][21]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From December 1, 2025, to December 5, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.86%. Compared with other mainstream large - category assets, REITs performed weakly. In the primary market, no new REITs products were listed, and the project status of one REITs product was updated [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **Large - category Asset Level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The returns of China's public REITs were - 0.86%, ranking behind other mainstream large - category assets such as US stocks, A - shares, convertible bonds, etc. [1][11] - **Underlying Asset Level**: Both the property - type and franchise - type REITs' secondary - market prices declined. Among different underlying asset types, water conservancy facilities REITs had the largest increase, and the top three in terms of return rate were water conservancy facilities, new infrastructure, and energy - type REITs [16][18] - **Single REIT Level**: Among 77 REITs, 17 rose, 2 remained flat, and 58 declined. The top three in terms of increase were Huaxia Fund CR Land Youchao REIT, E Fund Shenzhen Expressway REIT, and Huatai Nanjing Jianye REIT; the top three in terms of decline were Zheshang Shanghai - Hangzhou - Ningbo REIT, China Merchants Expressway REIT, and E Fund Huawei Market REIT [23] 3.1.2 Trading Volume and Turnover Rate - **Underlying Asset Level**: The trading volume of public REITs this week was 1.96 billion yuan, with an average daily turnover rate of 0.38%. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and park infrastructure; the top three in terms of average daily turnover rate were ecological and environmental protection, affordable rental housing, and water conservancy facilities [24] - **Single REIT Level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaxia Fund CR Land Youchao REIT, CICC Puluosi REIT, and Huaxia China Communications Construction REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huaxia China Communications Construction REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, CICC Chongqing Liangjiang REIT, and Huatai Nanjing Jianye REIT [27] 3.1.3 Main Force Net Inflow and Block Trade Situation - **Main Force Net Inflow Situation**: The total net inflow of the main force this week was 22.05 million yuan, and the market trading enthusiasm increased compared with last week. The top three in terms of net inflow of different underlying asset REITs were transportation infrastructure, consumer infrastructure, and new infrastructure; the top three single - REITs in terms of net inflow were Huaxia CR Land Commercial REIT, CICC Anhui Expressway REIT, and Southern Runze Technology Data Center REIT [31] - **Block Trade Situation**: The total block - trade amount this week reached 214.55 million yuan, a decrease compared with last week. There were block - trade transactions on 4 trading days, with the highest single - day trading volume on December 2, 2025. The top three single - REITs in terms of block - trade amount were China Merchants Expressway REIT, CICC Chongqing Liangjiang REIT, and ICBC Hebei Expressway REIT [32] 3.2 Primary Market 3.2.1 Listed Projects As of December 5, 2025, there were 77 public REITs products in China, with a total issuance scale of 199.301 billion yuan. The transportation infrastructure category had the largest issuance scale, followed by the park infrastructure category. No new REITs products were listed this week [36][38] 3.2.2 Projects to be Listed There were 20 REITs in the to - be - listed state, including 13 first - issue REITs and 7 to - be - expanded REITs. The project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (first - issue) was updated to "accepted" [41][42]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)," significantly expanding the asset categories included in infrastructure REITs, reflecting the internal demand for economic transformation and the public's desire for a better life [1][2]. Group 1: Expansion of Asset Categories - The new list includes high-quality asset categories such as sports venues, commercial travel and cultural sports complexes, four-star and above hotels, commercial office facilities, and urban renewal facilities, marking a major breakthrough in the scope of infrastructure REITs [1][2]. - Since the launch of infrastructure REITs in 2020, the market has continuously expanded, now covering 12 major industries and 52 asset types, with 18 asset types from 10 industries already achieving their first issuance [2][3]. Group 2: Consumer Infrastructure and Sports Consumption - The expansion of the scope to include consumer infrastructure signifies a shift in understanding, moving from merely providing shopping spaces to offering high-quality living and service experiences [2][3]. - The inclusion of sports venues supports the national strategy for public fitness and expands new spaces for sports consumption, aligning with government efforts to enhance financial support for the sports industry [3][4]. Group 3: Commercial Office Facilities - The list allows independent commercial office facilities to issue REITs for the first time, which aligns with international REIT market practices and is a cautious decision based on China's national conditions [4][5]. - This move is expected to significantly expand asset scale and attract a broader range of investors, while also providing stable operating spaces and quality business environments for the real economy [4][5]. Group 4: Urban Renewal Facilities - Urban renewal facilities have been included as an independent category, providing strong financial support for national urban renewal strategies [5]. - The introduction of infrastructure REITs is seen as a solution to challenges such as large investment scales and long recovery periods in urban renewal projects, promoting a sustainable operational model and enhancing the long-term vitality of updated areas [5].

张叶叶 贵州云岩经济开发区和贵州南明经济开发区日前相继揭牌，这是推动产业集聚、提升经济总量、增强区域竞争力的重要举措， 为发展打开了新空间。站在新起点，进一步提升发展的"含金量""含新量""含绿量"，需要两个开发区扛起新使命，努力使功能更 强、作用更好、贡献更大。 贵州云岩经济开发区、贵州南明经济开发区均"实行省级经济技术开发区政策"，"省级"二字不仅是一张含金量十足的"招商名 片"，更意味着实打实的政策红利和资源支持。依托专属政策优势，开发区有望打造更具吸引力的"政策洼地"，加速产业链上下 游企业集聚，形成规模效应与集群优势，促进技术创新与业态升级，从而全面提升竞争力、辐射力和区域协同力。 从产业发展角度看，开发区可借助政策优势，精准布局战略性新兴产业，抢占未来竞争制高点，推动传统产业向高端化、智能 化、绿色化方向转型，实现新旧动能的有序衔接。从区域协同角度看，开发区通过产业辐射、设施联通和资源共享，将有效带 动周边区域形成"核心引领、多点联动"的发展格局，促进功能互补与产业协作，增强区域发展的整体性和协同性。 当前，各地开发区的竞争日趋激烈，若缺乏特色产业支撑、创新要素集聚或营商环境优势，容易陷入"开"而 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This report is a weekly report on public - offering infrastructure REITs from November 24, 2025, to November 28, 2025, presenting secondary - market price - volume performance, valuation, market correlation statistics, and primary - market tracking of REITs [1][2] 3. Summary According to Relevant Catalogs 3.1 Secondary - Market Price - Volume Performance - The report details the performance of various REITs, including listing date, issue price, trading volume, turnover rate, return on the listing day, return since listing, return this week, return last week, and return since the beginning of this year. For example, the red - clay innovation Yantian Port REIT had an issue price of 2.3 yuan on June 21, 2021, with a listing - day return of 2.91% and a return since listing of 19.98%. Its trading volume this week was 0.09 (in 100 million shares), and the turnover rate was 1.24% [9] 3.2 Secondary - Market Valuation Situation - The report compares indicators such as P/FFO, P/NAV, current quantile, IRR, PV multiplier, and cash distribution rate of different REITs. For instance, the red - clay innovation Yantian Port REIT has a P/FFO of 19.15, a P/NAV of 1.06, and a current quantile of 48.00% [20] 3.3 Market Correlation Statistics - The report shows the correlation coefficients between REITs and various asset types, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20, and that between energy - type REITs and the Shanghai Composite Index is 0.04 [27] 3.4 Primary - Market Tracking - The report lists the status of multiple REIT projects in the primary market, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the Huaxia Anbo Warehouse Logistics REIT is a property - type project in the warehousing and logistics industry. It has passed the review, and its acceptance date was June 30, 2025. The project is valued at 22.49 billion yuan [29]

Core Insights - The National Development and Reform Commission (NDRC) is expanding the scope of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - A report by JLL indicates that China has successfully invested in physical assets like infrastructure, real estate, and manufacturing equipment over the past decades, with future policies shifting focus to public concerns such as education, social security, employment, healthcare, and housing [1] - Consumer-focused infrastructure REITs are becoming a market highlight, with 11 listed products showing strong growth as of October 15, 2025 [1] Group 1 - Initial inclusion of warehousing logistics, toll roads, municipal facilities, and industrial parks in the infrastructure REITs issuance scope [4] - Gradual addition of sectors such as clean energy, data centers, affordable rental housing, water conservancy facilities, cultural tourism, and consumer infrastructure [4] - The ongoing government stimulus for consumption and the expansion of consumer-oriented REITs are expected to attract increasing investor interest in retail assets [4]

Group 1: REITs Expansion - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1][2] - Since its launch in 2020, the REITs market has expanded to cover 12 major industries and 52 asset types, with 18 asset types from 10 industries having achieved their first issuance [2] Group 2: "Two Heavy" Construction Achievements - The NDRC has allocated 7 trillion yuan and 8 trillion yuan in special long-term bonds for 2024 and 2025, respectively, to support 1,465 and 1,459 "hard investment" projects [3] - Significant improvements in urban safety resilience have been achieved through the construction and renovation of urban underground pipelines [3] - Over 100,000 new high school seats have been created, and 15,000 hospital wards have been renovated to improve healthcare conditions [3] Group 3: Credit Repair and Humanoid Robots - The NDRC has issued the "Credit Repair Management Measures," which will take effect on April 1, 2026, addressing challenges in credit repair management [4] - The NDRC emphasizes the need to balance speed and potential bubbles in the humanoid robot industry, aiming to prevent market saturation and ensure orderly development [5] - The establishment of industry standards and evaluation systems for the humanoid robot sector is a priority, along with support for collaborative technological advancements [5]

Core Insights - The National Development and Reform Commission (NDRC) has been actively promoting the expansion of the infrastructure Real Estate Investment Trusts (REITs) market since its initiation in 2020 [1] - Initially, the issuance scope included sectors such as warehousing logistics, toll roads, municipal facilities, and industrial parks, with subsequent expansions to include clean energy, data centers, affordable rental housing, water conservancy facilities, cultural tourism, and consumer infrastructure [1] - Currently, the issuance scope encompasses 12 major industries and 52 asset types, with 18 asset types across 10 industries having successfully completed their first issuance and listing [1]