1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, the external market environment fluctuated sharply. REITs first rose and then fell, similar to the bond market trend. The warehousing sector declined significantly due to short - term negative news. The primary market welcomed the first new product issuance in 2026, and the Dongfanghong Tunnel Expressway REIT released an inquiry announcement. Tianhong Consumer REIT withdrew its application, and Xinghe Commercial Real Estate REIT was accepted. Some high - speed REITs disclosed February operating data, with most showing significant growth in traffic volume [3]. - As of March 20, 2026, 20 REITs have been successfully issued since 2025. This week, 8 first - issue public REITs and 1 expansion - offering REIT made new progress. The current approval process includes 32 first - issue and 4 expansion - offering REITs at different stages [3]. - This week, the CSI REITs Total Return Index closed at 1021.78 points, down 0.13%, outperforming the CSI 300 by 2.05 percentage points and the CSI Dividend by 2.92 percentage points. Property - type REITs fell 0.33%, while franchise - type REITs rose 0.41%. In terms of asset types, the affordable housing, transportation, data center, and environmental protection and water services sectors performed well [3]. - In terms of liquidity, the average daily turnover rates of property - type and franchise - type REITs decreased, and the trading volumes also declined week - on - week. The data center sector was the most active [3]. - In terms of valuation, the yields of property - type and franchise - type REITs from ChinaBond valuation are 4.02% and 4.87% respectively, with the transportation, warehousing and logistics, and park sectors ranking among the top [3]. 3. Summary According to the Directory 3.1 Primary Market: 8 First - Issue Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, 8 first - issue public REITs made new progress, including the withdrawal of Zhonghang Tianhong Consumer REIT, feedback on several REITs, and the acceptance and registration of others. One expansion - offering REIT, CICC Xiamen Anju REIT, was registered and became effective [3][15][16]. 3.2 Secondary Market: Liquidity Decreased This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.13% - The CSI REITs Total Return Index closed at 1021.78 points, down 0.13%, outperforming the CSI 300 by 2.05 percentage points and the CSI Dividend by 2.92 percentage points. Property - type REITs fell 0.33%, and franchise - type REITs rose 0.41%. In terms of asset types, the affordable housing (+0.98%), transportation (+0.67%), data center (+0.10%), and environmental protection and water services (-0.05%) sectors performed well [3]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and franchise - type REITs were 0.31% and 0.28% respectively, down 5.05 and 7.36 basis points from last week. The trading volumes were 333 million and 94 million shares respectively, down 14.15% and 20.81% week - on - week. The data center sector was the most active [3][27]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - The yields of property - type and franchise - type REITs from ChinaBond valuation were 4.02% and 4.87% respectively. The transportation (5.97%), warehousing and logistics (5.72%), and park (4.84%) sectors ranked among the top [3][29]. 3.3 This Week's News and Important Announcements - **News**: During the Two Sessions, a representative proposed to include REITs in the inter - connectivity to activate the Hong Kong REITs market. Guangdong Hongchuan Smart Logistics plans to issue a REIT with its infrastructure assets. Jinan Urban Development Group's rental housing REIT service procurement project is open for bidding. Shaanxi's Huashan Scenic Area REIT is about to be issued [35]. - **Announcements**: Several high - speed REITs disclosed February operating data, including traffic volume and toll revenue. Some REITs also issued解禁 announcements [36].