证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 房地产开发 C-REITs 周报——政策利好提振情绪，二级市场修复 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.89%。截至 1.9，本周（1.2-1.9，下 同）中证 REITs(收盘)指数上涨 1.86%，收于 793 点；中证 REITs 全收益 指数上涨 1.89%，收于 1028.9 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(申万)指数分别上涨 2.79%/下跌 0.41%/下跌 0.16%/上涨 5.07%/上涨 3.04%/下跌 0.98%。其中房地产 (申万)本周涨幅最高，REITs 全收益指数排行第 4。 本年中证 REITs 全收益指数涨幅为 1.89%。截至 1.9，本年中证 REITs(收 盘)指数涨幅为 1.86%，中证 REITs 全收益指数涨幅为 1.89%。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 2.79%/上涨 2.35%/下跌 0.09%/上涨 5.07%/上 ...

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction exceeding 1.9 billion yuan [1] - The Shanghai Stock Exchange anticipates a fee reduction of approximately 1.113 billion yuan, while the Shenzhen Stock Exchange expects over 800 million yuan in reductions [1] - The fee reductions will cover various financial instruments including stocks, funds, and bonds, benefiting retail investors [1] Group 2 - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment [2] - These funds aim to guide financial capital towards early-stage, small, long-term investments in hard technology [2] Group 3 - The ETF market in China has reached a total scale of 6.03 trillion yuan, marking a significant milestone [5] - The ETF market has seen an increase of approximately 2.3 trillion yuan this year, the first time annual growth has surpassed 2 trillion yuan since the inception of ETFs in 2004 [5] Group 4 - The public fund industry in China has reached a total scale of 36.96 trillion yuan, with equity products showing a significant increase [6] - The growth in public funds is attributed to ongoing optimization of the industry ecosystem and increased demand for wealth management [6] - Equity products, including stock and mixed funds, have seen a combined scale increase of 22.21 billion yuan compared to the end of last year [6] Group 5 - The People's Bank of China released the "China Financial Stability Report (2025)," indicating a generally stable financial system with controllable risks [7] - The report emphasizes the need for continued reform in interest rate markets and the promotion of long-term investment policies [7] Group 6 - A new chairman has been appointed at Xinda Australia Fund, with the previous vice president of business review taking over the role [8] - Xinda Australia Fund has surpassed 110 billion yuan in managed public fund assets [8] Group 7 - The People's Bank of China announced the nationwide promotion of the integrated currency pool business for multinational corporations [9] Group 8 - A significant loss was reported by Shengyuan Environmental Protection due to a private equity fund investment, with a net value decline of 81.54% [14] - The company has initiated a redemption process and reported the case to law enforcement [14]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction of over 19 billion yuan, benefiting investors across various financial products [2] - The National Venture Capital Guidance Fund has officially launched, with regional funds established in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The public fund industry in China reached a total scale of 36.96 trillion yuan by the end of October 2025, marking a continuous increase and reflecting a shift towards high-quality development [10] Group 2 - The ETF market in China has surpassed 6.03 trillion yuan as of December 26, 2025, with a significant growth of nearly 2.3 trillion yuan in 2025 alone, indicating strong investor interest and market expansion [8][9] - The central bank's financial stability report indicates that the financial system in China is generally stable, with a focus on deepening interest rate marketization and improving the investment environment for long-term capital [11] - The establishment of specialized subsidiaries by major fund companies, such as E Fund and GF Fund, aims to enhance their competitive edge and promote diversified development in wealth management [16][17]

Core Viewpoint - The 华夏安博仓储 REIT experienced a highly successful issuance, selling out in one day and initiating a proportional allocation for investors, indicating strong market confidence in logistics assets in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4][6]. Summary by Sections Issuance and Subscription Details - The public investor subscription confirmation ratio for 华夏安博仓储 REIT was 5.83%, with offline investors at a low of 0.68%, reflecting high demand [4][6]. - The total effective subscription amount reached 617.2682 million shares, exceeding the initial fundraising cap, leading to an early closure of the fundraising period [4][6]. - The subscription price was set at 6.121 yuan per share, with a total expected fundraising amount of 2.4484 billion yuan [6]. Market Performance - The 中证 REITs total return index rose by 0.86% this week, showing signs of stabilization in the secondary market [3][8]. - As of November 14, the index closed at 1050.45 points, with a year-to-date increase of 8.53% despite a previous decline of over 6.6% since June [8]. - Among the 77 listed public REITs, 56 saw weekly gains, particularly in sectors like parks, highways, rental housing, and logistics [8][11]. Notable Performers - The top performer for the week was 中金联东科创 REIT, with a weekly increase of 6.24%, followed by 中金山东高速 REIT and 招商基金蛇口租赁住房 REIT with increases of 5.18% and 4.10%, respectively [11]. - Several REITs have shown significant annual gains, with 9 exceeding 30% growth, and 嘉实物美消费 REIT surpassing 50% [11].

Group 1 - The core viewpoint of the article highlights that the China Securities REITs Total Return Index has shown a positive weekly growth for the second consecutive week, indicating a stabilization in the REITs secondary market after a period of adjustment [2][3][4]. Group 2 - In the first week of September, the China Securities REITs Total Return Index increased by 0.47%, with a trading activity decline compared to the previous week [4][5]. - On September 5, the index slightly dropped by 0.43%, closing at 1078.42 points, while 46 out of 74 listed public REITs experienced weekly gains, particularly in sectors like parks, consumption, and logistics [5][7]. - The top-performing REIT for the week was the Huaxia Hefei High-tech REIT, which rose by 3.60%, followed by Huazhong Bailing Consumption REIT and Huaxia Jinyu Smart Manufacturing REIT with increases of 3.41% and 2.95%, respectively [7]. - A total of 24 REITs saw declines, with four experiencing drops exceeding 1%. The largest decline was recorded by Bosera Jinkai Industrial Park REIT, which fell by 2.72% [7]. - Despite short-term adjustments, several REITs have shown significant annual growth, with 12 REITs increasing over 30% year-to-date, and some exceeding 40% [8]. Group 3 - Industry analysis suggests that if market risk appetite decreases, it could support a stable recovery in the REITs market, with a focus on sectors with strong fundamental resilience or marginal stabilization [9]. - The Huaxia Kaide Commercial REIT has completed its inquiry process, with the offline subscription amounting to 254 times the initial offering [10][11]. - The recent government policy aims to enhance sports consumption and infrastructure, which includes support for eligible projects to issue infrastructure REITs [12].

Core Viewpoint - The REITs market in China has experienced a notable adjustment in August, with the China Securities REITs Total Return Index showing a cumulative monthly decline of 2.61% [2][3]. Market Performance - During the week of August 25-29, the China Securities REITs Total Return Index increased by 1.06%, although trading activity decreased compared to the previous week [3]. - As of August 29, the index slightly fell by 0.29%, closing at 1073.33 points. Out of 74 listed public REITs, 65 recorded a week-on-week increase, with the top performers being in the consumer, energy, and warehousing sectors [3]. - The best-performing REIT for the week was Guotai Junan Jinan Energy Heating REIT, which rose by 5.70%. Other notable gainers included China Aviation Easy Business Warehousing Logistics REIT and Harvest Wumart Consumer REIT, both exceeding 4% weekly growth [3]. - Only 8 REITs experienced declines, with the largest drop being 2.62% for ICBC Mengneng Clean Energy REIT [3]. Market Outlook - CITIC Construction Investment recently published a report indicating that the REITs market is at a turning point, with expectations for stabilization and potential new highs by the end of the year. The report highlights that three short-term negative factors are nearing exhaustion, while three long-term positive factors remain unchanged [4]. New Developments - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, has received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission to raise a total of 400 million units. This marks a significant step towards the internationalization and diversification of China's public REITs market [6]. - The initial assets of Huaxia CapitaLand Commercial REIT include two properties in Guangzhou and Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [6]. - Guotai Junan Dongjiu New Economy REIT's expansion application has been approved, marking the eighth expansion project in the public REITs market [7]. - Guotai Junan Lingang Innovation Industrial Park REIT successfully completed its expansion listing, raising approximately 1.723 billion yuan (around 17.23 million) and demonstrating strong market investor interest [8]. - The total fundraising scale of the public REITs market has reached 202.066 billion yuan (approximately 2020.66 million), indicating a shift towards normalized issuance and quality expansion in the market [8].

Core Viewpoint - The REITs market in China has experienced a notable adjustment in August, with the CSI REITs Total Return Index showing a cumulative monthly decline of 2.61% [2][6]. Market Performance - During the week of August 25-29, the CSI REITs Total Return Index increased by 1.06%, although trading activity decreased compared to the previous week [4]. - As of August 29, the index slightly fell by 0.29%, closing at 1073.33 points. Out of 74 listed public REITs, 65 recorded a week-on-week increase, particularly in the consumer, energy, and warehousing sectors [4][6]. Notable REITs Performance - The top-performing REIT for the week was Guotai Junan Jinan Energy Heating REIT, with a weekly increase of 5.70%. Other notable performers included China Aviation Easy Business Warehousing Logistics REIT and Harvest Wumart Consumer REIT, both with over 4% weekly gains [5][6]. - Only 8 REITs experienced declines, with the largest drop being 2.62% for ICBC Mengneng Clean Energy REIT [6]. Market Outlook - CITIC Securities recently published a report indicating that the REITs market is at a turning point, with expectations for stabilization and potential new highs by the end of the year. The report highlights three short-term negative factors nearing resolution and three long-term positive factors remaining unchanged [6]. New Developments in REITs - The Huaxia Kaide Commercial REIT received approval from the Shanghai Stock Exchange and the CSRC for a total fundraising of 400 million units, marking a significant step towards internationalization and diversification in China's public REITs market [7]. - Guotai Junan Dongjiu New Economy REIT's expansion application was approved, and it plans to acquire infrastructure projects in Nantong and Chongqing [8]. - Guotai Junan Lingang Innovation Industrial Park REIT successfully expanded its listing, raising approximately 1.723 billion yuan, reflecting strong market investor recognition [8]. Market Size and Growth - The public REITs market has issued a total of 74 units, with a cumulative fundraising scale reaching 202.066 billion yuan, indicating a trend towards normalized issuance and quality expansion in the market [8].

REITs Market Overview - The China Securities REITs Total Return Index closed at 1077.87 points, reflecting a slight increase of 0.08% from the previous trading day [1] - Among the 73 REITs in the market, 32 saw a decline in closing prices, while 38 increased, and 3 remained unchanged [1] - The municipal environmental protection sector recorded the highest increase at 0.57%, while the data center sector experienced a decrease of 0.3% [1] Trading Volume and Sector Performance - The total market trading volume was 603 million yuan, showing a decrease compared to previous trading sessions [1] - The trading volume by sector was ranked as follows: Industrial Park (124 million) > Expressway (117 million) > Affordable Rental Housing (81 million) > Energy (80 million) > Warehousing and Logistics (72 million) > Consumer (68 million) > Data Center (37 million) > Municipal Environmental Protection (23 million) [1] Top Performers - The top three gainers in terms of daily increase were Huatai Jiangsu Expressway REIT, Guotai Junan Jinan Energy Heating REIT, and CICC Lian Dong Sci-Tech REIT [1] - The top three REITs by turnover rate were Huaxia Huadian Clean Energy REIT, Huatai Nanjing Jianye REIT, and Huatai Baowan Logistics REIT [1] Bond Market Performance - The Ping An Company Bond ETF (511030) ranked first in controlling drawdown during the recent bond market adjustment, with the least market discount in the past week and a relatively stable net value [1] - The bond market adjustment period began on August 8, 2025 [1]

Investment Rating - The report maintains a positive outlook on the C-REITs market, suggesting that the low interest rate environment and ongoing macroeconomic recovery will continue to support the REITs market in 2025 [5]. Core Insights - The C-REITs market is experiencing a high level of interest, particularly with the successful subscription of the first batch of data center REITs [5]. - The C-REITs total market capitalization is approximately 204.59 billion, with an average market cap of about 3 billion per REIT [12]. - The report highlights the strong performance of the industrial park and consumer infrastructure REITs, while energy and transportation infrastructure REITs have seen a pullback [12]. Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.06% this week, while the closing index decreased by 0.09%, settling at 875.8 points [10]. - Year-to-date, the CSI REITs total return index has risen by 14.12%, ranking third among various indices [2][10]. REITs Secondary Market Performance - The secondary market for C-REITs has shown high volatility, with 40 REITs rising and 28 falling this week, averaging a weekly increase of 0.06% [12]. - The best-performing sectors this week were industrial parks and consumer infrastructure, with respective increases of 0.46% and 0.45% [12]. REITs Valuation Performance - The report notes a continued divergence in the internal rate of return (IRR) among listed REITs, with the top three being Huaxia China Communications REIT (11.1%), Ping An Guangzhou Guanghe REIT (10.5%), and Zhongjin Anhui Transportation Control REIT (8.3%) [5]. - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the highest being Zhongjin Xiamen Anju REIT at 1.9 [5].

1. Report Industry Investment Rating There is no information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The issuance volume of REITs this week was the same as the same period last year, and considering the 23 REITs under review or awaiting listing, the scale of REITs this year still has strong support. The approval of the first - batch of data center REITs and the launch of the Yulong Snow Mountain cultural and tourism REITs will enrich the market asset types. The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, indicating that the enthusiasm for primary - market subscription of REITs has reached a new high. [1] - In the primary market, the number of REITs issued in 2025 was the same as last year, but the issuance scale decreased by 40.7% year - on - year. In the secondary market, the CSI REITs Total Return Index continued to rise this week, with the affordable housing sector being the most active. [3] 3. Summary According to the Directory 3.1 Primary Market: One Newly Issued Park REIT and One Newly Issued Consumption REIT - As of June 20, 2025, a total of 68 REITs have been issued, with a total issuance scale of 177.3 billion yuan, a total market value of 206.6 billion yuan, and a circulating market value of 95.1 billion yuan. Among them, there are 45 property - type REITs and 23 franchise - type REITs. [10] - In 2025, 9 REITs have been successfully issued (6 in Q1, 1 in April, and 2 in June), with the same number as last year but a 40.7% year - on - year decrease in issuance scale to 14.03 billion yuan. This week, 5 first - issuance public REITs made new progress, including the establishment of CICC Yizhuang Industrial Park REIT and CICC China Green Development Commercial REIT, with a total issuance scale of 2.684 billion yuan. There was no new progress in expansion and fundraising this week. [3] - Currently, in the approval process, there are 13 first - issuance REITs declared on the exchange, 6 with inquiries and feedback, 1 passing the review, and 3 registered and awaiting listing with the CSRC. For expansion and fundraising, there are 10 declared on the exchange, 4 with inquiries and feedback, and 4 passing the review. [3] 3.2 Secondary Market: The Uptrend Continued This Week, with the Affordable Housing Sector Being the Most Active 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1124.63 points, up 0.88%, outperforming the CSI 300 by 1.33 percentage points and the CSI Dividend by 1.29 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 16.20%, outperforming the CSI 300/CSI Dividend by 18.44/19.56 percentage points. [3] - By project attribute, property - type REITs rose 2.42% this week, while franchise - type REITs fell 0.22%. By asset type, the affordable housing (+4.65%), water service (+4.16%), warehousing and logistics (+3.74%), and park (+1.78%) sectors performed well. Among individual bonds, 49 rose and 17 fell. [3] 3.2.2 Liquidity: The Affordable Housing Sector Was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, down 3.12 BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.62%/0.58%, up 1.27 BP and down 5.43 BP from last week respectively. The trading volumes within the week were 443 million and 148 million shares, up 2.10% and down 8.56% week - on - week respectively. The affordable housing sector had the highest activity. [3] 3.2.3 Valuation: The Energy Sector Had a High Valuation - From the perspective of ChinaBond valuation yields, the property - type/franchise - type REITs were 3.73%/3.75% respectively. The warehousing and logistics (5.00%), park (4.81%), and transportation (4.80%) sectors ranked among the top three. [3] 3.3 This Week's Important News and Announcements - On June 18, the CSRC Chairman Wu Qing stated at the Lujiazui Forum that the first two data center REITs in the country would be approved for registration, and support for technology companies to use new assets such as intellectual property and data assets for asset securitization and REITs financing would continue. [1] - On June 16, Lijiang Tourism Investment announced the launch of the Yulong Snow Mountain cultural and tourism REITs project, with an expected issuance scale of no less than 2.5 billion yuan. [29] - The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, setting a new record. [29] - There were also a series of important announcements from various REITs, including operation data announcements, expansion and fundraising announcements, dividend announcements, and changes in fund usage announcements. [30][32]