Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The C-REITs market is experiencing fluctuations, with the CSI REITs total return index declining by 1.08% this week, closing at 1035.8 points, while the year-to-date increase is 2.57% [8][10] - The report highlights the first public offering of a port-related REIT, which is expected to set a precedent for financing reforms in the port industry [11] - The report suggests three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acknowledgment of the benefits of affordable housing, and monitoring the expansion of REITs alongside new issuances [3] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 1.08% this week, with a year-to-date increase of 2.57% [8][9] - Other indices such as the Hang Seng and CSI 300 showed positive performance, with increases of 0.82% and 1.08% respectively [8] C-REITs Secondary Market Performance - The secondary market for C-REITs showed a mixed trend, with a total market capitalization of approximately 227.38 billion yuan and an average market cap of about 2.9 billion yuan per REIT [10] - Data center and ecological environmental REITs performed well, while affordable housing and industrial park REITs experienced a pullback [10] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.1%), Huaxia China Communications Construction REIT (9.7%), and E Fund Guangkai Industrial Park REIT (9.6%) [10] - The price-to-net asset value (P/NAV) ratio for various REITs ranged from 0.7 to 1.9, with the highest being the E Fund Huawai Agricultural Market REIT at 1.7 [10]

Report Industry Investment Rating No information provided in the report. Core Viewpoint This week, the public REITs market showed a slight increase, with a decrease in trading volume. The market is expected to continue expanding, and public REITs have high - dividend, medium - low - risk advantages and a high cost - performance ratio for allocation [2][5][43][44]. Summary by Directory 1. Secondary Market - The public REITs market rose slightly this week. As of February 13, 2026, the China Securities REITs Index rose 0.32% to 804.77, and the China Securities REITs Total Return Index rose 0.41% to 1047.08 [10]. - The trading volume in the REITs market decreased. The total trading volume this week was 466 million shares, a 29.39% week - on - week decline, and the trading amount was 2.055 billion yuan, a 29.55% week - on - week decrease. The interval turnover rate was 1.66%, compared with 2.36% last week [11]. - The indices of equity - type public REITs and franchise - type public REITs rose. Equity - type public REITs and franchise - type public REITs rose 0.77% and 0.21% respectively. Among equity - type REITs, new infrastructure, consumer infrastructure, affordable rental housing, warehousing and logistics, and park infrastructure REITs rose 1.42%, 0.84%, 0.48%, 0.45%, and 0.33% respectively. Among franchise - type public REITs, transportation infrastructure, water conservancy facilities, and municipal facilities REITs rose 0.55%, 0.12%, and 0.03% respectively. Energy infrastructure and ecological environmental protection REITs fell 0.27% and 1.08% respectively [13][17]. - The trading volume and turnover rate of most types of public REITs decreased. The trading volume of energy infrastructure, consumer infrastructure, ecological environmental protection, park infrastructure, water conservancy facilities, new infrastructure, transportation infrastructure, warehousing and logistics, and affordable rental housing public REITs decreased by 56.25%, 45.50%, 44.68%, 30.01%, 19.42%, 15.38%, 10.88%, 5.72%, and 3.46% respectively compared with last week. The trading volume of municipal facilities public REITs increased by 65.45%. The daily average turnover rate of new infrastructure, water conservancy facilities, energy infrastructure, ecological environmental protection, consumer infrastructure, park infrastructure, affordable rental housing, transportation infrastructure, and municipal facilities REITs decreased by 0.15%, 0.11%, 0.66%, 0.36%, 0.26%, 0.14%, 0.02%, and 0.02% respectively. The daily average turnover rate of municipal facilities REITs increased by 0.13% [22][23]. - Most public REITs products rose. Among the 79 public REITs, 59 rose and 20 fell. The top - gainers included ICBC Mengneng Clean Energy REIT, BOC Sino - Sinotrans Warehousing and Logistics REIT, and Huatai Zijin Nanjing Jianye Industrial Park REIT, with weekly increases of 3.5%, 3.1%, and 3.0% respectively. The top - losers included Huaan Waigaoqiao Warehousing and Logistics REIT, Huaxia Jinyu Zhizao Workshop REIT, and Huaxia JINMAO Commercial REIT, with weekly decreases of 2.9%, 1.5%, and 1.4% respectively [25]. 2. Primary Market - Since 2025, 20 public REITs have been issued. As of February 13, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 203.374 billion yuan. In 2024, 29 REITs were issued with a total scale of 64.6 billion yuan. Since 2025, 20 public REITs have been issued, and no new issuances occurred in January and February 2026 [31]. - There are 41 public REITs funds waiting to be listed. Among them, 28 are for initial offerings and 13 are for expansion. In terms of project status, 9 have passed, 8 have been feedbacked, 5 have been queried, 4 have been accepted, 10 have been declared, and 5 are suspended. By type, there are 8 park - type REITs, 2 consumer infrastructure - type REITs, 3 warehousing and logistics - type REITs, and 6 affordable rental housing - type REITs in the industrial REITs category. In the franchise - type category, there are 4 energy - type REITs, 3 transportation - type REITs, and 1 water conservancy facilities - type REIT. There are 12 closed - end commercial real estate REITs [35]. 3. Public REITs Policy and Market Dynamics - Shoukai Co., Ltd. plans to apply for the issuance of commercial real estate REITs with three projects such as Songjiazhuang Fumao. On February 10, 2026, Shoukai Co., Ltd. announced that it would issue the Harvest Shoukai Closed - end Commercial Real Estate Securities Investment Fund (public REITs) with assets including the Songjiazhuang Fumao project. The fund is a contractual, publicly - offered commercial real estate securities investment fund, operating in a closed - end manner and applying for listing on the Shanghai Stock Exchange [39]. - Hualian Co., Ltd. plans to invest 500 million yuan to promote the issuance of Longde Plaza commercial real estate REITs. On February 11, 2026, Hualian Co., Ltd. announced that it would participate in the establishment of Beijing Yuanchuanglian Commercial Enterprise Management Center (Limited Partnership) as a junior limited partner, contributing 500 million yuan to promote the application and issuance of Longde Plaza commercial real estate REITs. The fund is tentatively named CITIC Construction First Agricultural Food Group Closed - end Commercial Real Estate Securities Investment Fund and is planned to be listed on the Shanghai Stock Exchange [40][41]. - Southern Runze Technology Data Center REIT plans to expand and purchase Langfang Data Center. On February 13, 2026, Southern Fund Management Co., Ltd. announced that the Southern Runze Technology Data Center Closed - end Infrastructure Securities Investment Fund plans to apply for expansion and purchase a new real estate project. The fund plans to raise funds through expansion to subscribe for all shares of the "Southern Capital - Runze Technology Data Center Phase 2 Real Estate Asset - Backed Special Plan" and finally hold the full ownership of the Runze (Langfang) International Information Port A - 7 and A - 8 data centers. The transaction is subject to the recommendation of the National Development and Reform Commission, registration by the CSRC, review by the Shenzhen Stock Exchange, and approval by the fund unit holders' meeting, with uncertainties [42]. 4. Investment Advice This week, the REITs index rose slightly, with the China Securities REITs Index and the China Securities REITs Total Return Index rising 0.32% and 0.41% respectively compared with last week. The trading amount in the public REITs market decreased. By asset type, equity - type public REITs and franchise - type public REITs rose 0.77% and 0.21% respectively. Among the 79 public REITs, 59 rose and 20 fell. In terms of market dynamics, Shoukai Co., Ltd. announced on Tuesday that it would apply for the issuance of commercial real estate REITs with three projects such as Songjiazhuang Fumao. Since 2025, 20 public REITs have been issued with a total scale of over 3 billion yuan. In addition, 41 REITs funds are waiting to be listed, including 12 commercial real estate REITs that have been declared, and the market is expected to continue to expand. Currently, in the context of an asset shortage, public REITs have high - dividend, medium - low - risk advantages and a high cost - performance ratio for allocation [5][43][44].