1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the China Securities REITs Index fell 0.9% for the week, with all sectors declining. REITs in transportation, water conservancy, and ecological environmental protection had smaller declines. The ranking of weekly price - changes of major indices was: China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index > China Securities Convertible Bond Index. As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP. The pilot program for commercial real - estate REITs has been further expanded, and following the Shanghai Stock Exchange, the Shenzhen Stock Exchange has also accelerated the layout of commercial real - estate REITs [1]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Main Index Weekly Price - Changes**: As of February 6, 2026, the closing price of the China Securities REITs (closing) Index was 802.18 points, with a weekly price - change of - 0.9%. It performed worse than the China Securities All - Bond Index (+0.1%) but better than the China Securities Convertible Bond Index (-2.6%) and the CSI 300 Index (-1.3%). Year - to - date, the ranking of price - changes of major indices was: China Securities Convertible Bond Index (+5.9%) > China Securities REITs Index (+3.0%) > China Securities All - Bond Index (+0.5%) > CSI 300 Index (+0.3%) [2][7]. - **One - Year Performance**: In the past year, the return rate of the China Securities REITs Index was -4.4%, with a volatility of 7.5%. Its return rate was lower than that of the China Securities Convertible Bond Index, the CSI 300 Index, and the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index, but higher than that of the China Securities All - Bond Index [2][15]. - **Total Market Value and Turnover Rate**: As of February 6, 2026, the total market value of REITs was 228.3 billion yuan, a decrease of 400 million yuan from the previous week. The average daily turnover rate for the week was 0.47%, a decrease of 0.13 percentage points from the previous week [2][15]. - **Sector Performance**: As of February 6, 2026, from the perspective of different project - attribute REITs, the average weekly price - changes of equity - type REITs and concession - based REITs were -1.3% and -0.4% respectively. From the perspective of different project - type REITs, all sectors declined, with REITs in transportation, water conservancy, and ecological environmental protection having smaller declines. The top three REITs in terms of weekly gains were Ping An Ningbo Jiaotou REIT (+1.72%), CICC Hubei Ketou Optics Valley REIT (+1.57%), and Penghua Shenzhen Energy REIT (+1.48%) [3][18]. - **Trading Activity**: Among different project - type REITs, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds this week were E Fund Huawei Market REIT (22.04 million yuan), China AMC China Resources Commercial REIT (17.23 million yuan), and CICC Yinli Consumption REIT (14.79 million yuan) [3][25]. Primary Market Issuance - From January 1 to February 6, 2026, there were 3 REITs products in the in - inquiry stage, 4 in the feedback stage, 9 in the declared stage, and 10 commercial real - estate REITs were officially declared on the exchanges [28]. Valuation Tracking - **REITs Characteristics and Valuation Metrics**: REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 23, the average annualized cash distribution rate of public - offering REITs was 6.3%. From the stock - like perspective, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net - value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [30]. - **Valuation by Project Type**: Different project - type REITs have different valuation levels and annualized dividend - payout rates. For example, the relative net - value premium rate of affordable rental housing REITs is 42.40%, with a P/FFO of 38.02, an IRR of 3.55%, and an annualized dividend - payout rate of 2.79% [31]. - **Comparison of Equity and Concession - Based REITs**: As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP [33]. Industry News - **Guangda Baodexin Submits Commercial Real - Estate REITs Application**: On February 4, Guangda Baodexin Guangda Anshi Closed - end Commercial Real - Estate Securities Investment Fund submitted materials for application. The underlying assets are the Jing'an Dacheng Mall and the Jiangmen Dacheng Mall held by funds managed by Guangda Jiabao [38][40]. - **Huatai Zijin Huazhu Anzhu REIT Accepted by the Shenzhen Stock Exchange**: On February 5, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real - Estate REIT was officially accepted by the Shenzhen Stock Exchange, which is the first commercial real - estate REIT on the Shenzhen Stock Exchange. The project is expected to raise 1.32 billion yuan, with 500 million shares and a term of 32 years. The expected distribution rates for 2026 and 2027 are 5.21% and 5.48% respectively [40].