本周下跌的产品中，有6只产品跌幅超过2%。跌幅最大的是易方达广开产园REIT，单周跌幅为5.03%；华夏合肥高新REIT单周跌幅也超过3%。 【导读】本周公募REITs二级市场整体震荡上行，又有5只商业不动产REITs上报并获受理 本周公募REITs二级市场整体震荡上行，总体成交活跃度环比下降。 数据显示，本周（1月26日至1月30日）中证REITs全收益指数涨幅为0.47%，中证REITs指数上涨0.35%，跑赢沪深300指数。 | | 最新 | 本周 | 本月 | 近一月 | 近三月 | 近一年 | | --- | --- | --- | --- | --- | --- | --- | | 中证REITs全收益 | -0.41% | 0.47% | 4.22% | 4.25% | 0.10% | 2.38% | | 中证REITs(收盘) | -0.41% | 0.35% | 3.98% | 3.90% | -1.39% | -3.15% | | 沪深300 _ | -1.00% | 0.08% | 1.65% | 1.18% | -0.08% | 23.30% | 去年6月份起，在经历了一段时间震荡调整 ...

开年首周，一场股债之间的资金流动已悄然开始。数据显示，前两日债券ETF合计净赎回超450亿元，10只场外债基同时出 现大额赎回；反观权益端，80余只股基排队待发，部分新品因申购火爆提前结束募集，权益类ETF亦获连续净申购。机构 认为，赎回资金与新增认购共振，或为"春季躁动"预演，赚钱效应一旦扩散，增量资金有望加速入市。 一、交易提示 三、01月07日新发基金一览（不包含传统封闭式基金） 四、01月07日基金分红一览 | | | 派发红利(税后) | | | | | --- | --- | --- | --- | --- | --- | | 基金代码 508015 | 基金简称 中信建投明阳智能新能源 REIT | 权益登记日 每10份基金份额 红利发放日 2026-01-07 | 1.9590 | 2026-01-09 | 基金类型 REITS 型 | 数据来源：巨灵财经 1月7日,A股早盘高开高走冲高回落,午后三大股指一度翻绿,截止收盘,上证综指上涨2.11点,涨幅0.05%报4085.77点;深证成指 上涨8.01点,涨幅0.06%报14030.56点;沪深300指数下跌14.03点,跌幅0.29%报47 ...

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Group 1 - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% [2][3] - The highest performing REIT this week was the Zhongjin Chongqing Liangjiang REIT, which saw a weekly increase of 7.86% [3][4] - The recent fluctuations in the REIT market are attributed to concerns over the accounting treatment of OCI principal and interest, rather than the fundamental performance of the underlying assets [3][5] Group 2 - The highly anticipated launch of the first water power REIT in Xinjiang, the Huaxia Zhongke Clean Energy REIT, was successful, with subscription funds exceeding 1616 billion yuan and an effective subscription multiple of approximately 392 times for public investors [6][7] - The underlying asset of the Huaxia Zhongke Clean Energy REIT is the largest hydropower station in the Hotan region, which has been operational for over 14 years with stable historical sales revenue and power generation [7] - The BoShi Shandong Iron Investment Road and Bridge REIT project has been accepted for review, with its underlying asset being the Huanghe Bridge in Jinan, connecting Jinan and Dezhou [8]

Core Viewpoint - Clean energy REITs are entering a new stage of "value realization" and "growth potential" as the "dual carbon" goals continue to advance, showcasing strong cash flow and dividend capabilities, along with significant growth potential and green fundraising ability [2][4][10]. Group 1: Performance and Distribution - The first water REIT in China, the "Jia Shi China Electric Power Clean Energy REIT," achieved revenue of 36.31 million yuan and a distributable amount of 30.51 million yuan in the first half of the year, with a cumulative distribution amount of 7.388 million yuan for 2024, accounting for 96.94% of the distributable amount [4]. - The "Hua Xia Tebian Electric Power New Energy REIT," the first new energy public REIT in Xinjiang, reported revenue of 9.798 million yuan and a distributable amount of 1.835 million yuan, with a total distribution of 157.6 million yuan since its listing [4]. - The "Zhong Hang Jing Neng Photovoltaic REIT" achieved revenue of 153 million yuan and a distributable amount of 68 million yuan, with a cumulative increase of 46.68% since its listing, and total dividends of 673 million yuan [5][6]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" reported revenue of 112.79 million yuan and a distributable amount of 36.72 million yuan, with a cumulative distribution of 235 million yuan since its listing [6]. Group 2: Underlying Asset Operations - The underlying asset of the "Jia Shi China Electric Power Clean Energy REIT" is the Wuyi Bridge Hydropower Station with a total installed capacity of 137,000 kW, which saw an 8.17% increase in electricity generation in the first half of the year [8]. - The "Hua Xia Tebian Electric Power New Energy REIT" operates a 150 MWp photovoltaic project in Xinjiang, achieving 52.7% of its forecasted annual revenue and 51.7% of its forecasted annual electricity generation in the first half of the year [8]. - The "Zhong Hang Jing Neng Photovoltaic REIT" manages two photovoltaic projects with a combined annual generation capacity of approximately 5.1 billion kWh, maintaining stable operations despite external pressures [9]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" operates two wind power projects with a total capacity of 150 MW, reporting an 8% increase in revenue in the first half of the year [9]. Group 3: Expansion and Asset Integration - The "Zhong Hang Jing Neng Photovoltaic REIT" has received approval for a product change application to expand its asset base by integrating two hydropower projects, potentially doubling its asset scale and enhancing cash flow [11]. - The "Jia Shi China Electric Power Clean Energy REIT" is actively preparing for expansion, aiming to revitalize clean energy assets within the China Electric Power system, which has a total installed capacity of approximately 5 million kW [12]. - The "Hua Xia Tebian Electric Power New Energy REIT" and "Mingyang Intelligent New Energy REIT" are also pursuing expansion strategies, focusing on acquiring additional renewable energy assets to diversify risks and optimize project returns [12].

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential for further market stabilization and investment opportunities [1][2][5]. Market Performance - On September 4, the CSI REITs All Return Index increased by 0.42%, with multiple public REITs rising over 2%, notably the招商基金蛇口租赁住房REIT which rose by 3.1% [1][2]. - From August 25 to August 29, the CSI REITs All Return Index recorded a gain of 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [1][2]. - As of September 4, among the 58 REITs listed before January 1, 2025, 54 have achieved positive returns this year, with 40 REITs increasing by over 10% [3]. Sector Analysis - There is a noticeable differentiation within public REITs, with property-type REITs rising by 1.55% and concession-type REITs by 0.87% last week [2]. - Sectors such as consumption, affordable housing, warehousing logistics, and data centers have shown relatively strong performance [2][4]. Financial Metrics - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [4]. - The distributable income decreased by 4.3%, and the actual dividend amount dropped by 26%, leading to an average cash distribution rate of 2.36%, down 50 basis points year-on-year [4]. Investment Strategy - The market sentiment indicates a potential for further recovery in the REITs sector, especially if investor risk appetite continues to contract [5][6]. - Investment opportunities are suggested in high-quality projects, particularly in sectors with strong fundamental expectations such as affordable housing and consumption [6]. - Long-term holding and reasonable allocation are emphasized as strategies for achieving better investment returns in public REITs [1][6].