Investment Rating - The report maintains a "Recommended" rating for the REITs industry [2] Core Insights - The total market capitalization of public REITs reached 225 billion yuan, with 79 listed REITs [2] - The cumulative return of the CSI REITs total return index increased by 2.6% in January-February 2026, outperforming the broader market [6][8] - The report highlights a significant increase in the potential issuance scale of commercial real estate and infrastructure REITs, totaling 65 billion yuan, exceeding the peak issuance amount of 64.6 billion yuan in 2024 [11][13] Market Review - In the secondary market, the CSI REITs total return index saw a 4.2% increase in January, attributed to a reasonable valuation reset and strong earnings reports [6][8] - The average daily trading volume for REITs was 590 million yuan, with a turnover rate of 0.49%, indicating a historical 26% percentile level [6] - The performance of various sectors showed that IDC and consumer sectors outperformed, while the rental housing sector lagged with a negative return [8][9] Primary Market Review - No new issuance or expansion projects were launched in January-February 2026, with only one REIT, Huaxia Zhongke Clean Energy REIT, listed in February [11] - The report notes that the issuance of commercial real estate REITs is expected to exceed 400 billion yuan, with a diverse range of issuers and asset types [13][18] Valuation Insights - As of February 2026, the average P/NAV for the REITs market was 1.17 times, positioned at the historical 55th percentile [6] - The report indicates that the rental housing sector's average dividend yield of 3.0% is less attractive compared to other sectors, contributing to its underperformance [8][18] Investment Recommendations - In the secondary market, the report suggests focusing on stable fundamentals and high-performance expectations for the first quarter, particularly in sectors like commercial real estate and infrastructure [6][11] - For the primary market, it emphasizes the importance of assessing project fundamentals and valuations due to current liquidity constraints [11][18]

Investment Rating - The report maintains an "Outperform" rating for the securities industry, suggesting a positive outlook for investment opportunities in leading firms [4]. Core Insights - The securities industry is entering a new cycle characterized by a dual boost in ROE and valuation, driven by favorable policies and improving fundamentals [2][4]. - The report emphasizes the importance of leveraging capital efficiency and the potential for industry consolidation through mergers and acquisitions, which are expected to enhance competitive dynamics and overall valuation [3][4]. Policy and Market Environment - The "14th Five-Year Plan" outlines a new role for the capital market, shifting regulatory focus from risk prevention to promoting development, which is expected to enhance capital efficiency and support the industry's growth [6][7]. - Regulatory changes are anticipated to allow for increased leverage among quality securities firms, potentially raising the industry's ROE above 10% [7][11]. Industry Consolidation - Accelerated mergers and acquisitions are expected to increase industry concentration, with the CR5 ratio projected to approach 50% by 2026, driven by state-owned enterprises [3][24]. - Notable mergers, such as Guotai Junan's acquisition of Haitong Securities, illustrate the trend towards resource integration and specialization within the industry [3][28]. Performance and Profitability - The report highlights a significant increase in trading activity, with daily average stock trading volume rising by 71.1% year-on-year, contributing to a robust performance in the securities sector [30][32]. - In the first three quarters of 2025, listed securities firms reported a 62.4% year-on-year increase in net profit, driven by strong contributions from brokerage, proprietary trading, and interest income [33][34]. Valuation Discrepancy - The current price-to-book (PB) ratio of the securities sector is at the 31.6% historical percentile, indicating a significant undervaluation compared to the expected rise in ROE [4][38]. - The combination of low valuation and high ROE presents a compelling investment rationale, suggesting that the sector is poised for a valuation correction as earnings improve [4][38]. Future Outlook - The report anticipates that the securities industry will transition from a trading-driven model to one that emphasizes both capital and intellectual capabilities, supported by ongoing policy reforms and market dynamics [20][42]. - With the influx of incremental capital and the acceleration of mergers, the securities sector is expected to achieve sustainable growth and improved valuation metrics in the coming years [35][42].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (February 24 - 27, 2026), the CSI REITs Total Return Index closed at 1,035.8 points, with a weekly decline of 1.08% and a decline of 1.58% compared to the end of January. Trading remained sluggish, and the overall market performance was weak [2][11]. - In the primary market, the number of commercial real - estate REITs applications increased to 14, with a fast - growing trend, and exchanges have issued review opinions on 6 of them, focusing on issues such as rent growth rates, product positioning, and operational data [3]. - In the secondary market, except for the data center and transportation facilities sectors, all other sectors declined. The data center sector showed good performance, and attention can be paid to opportunities such as the expansion of data center REITs and the improvement of distribution rates. For the rental housing and industrial park sectors, although they declined, some REITs with stable fundamentals and high distribution rates are worthy of attention [5]. 3. Summary According to Relevant Catalogs Primary Market: The Number of Commercial Real - estate REITs Applications Increased to 14 - The exchanges newly accepted 2 commercial real - estate REITs this week. As of the end of February 2026, 14 commercial real - estate REITs have been applied for, with a proposed fundraising scale exceeding 41.7 billion yuan, surpassing the fundraising scale of infrastructure public REITs in 2025 [3]. - The exchanges have issued review opinions on 6 commercial real - estate REITs, with concerns including negative current rent growth rates but high - set long - term growth rates in the forecast period, differences from listed infrastructure public REITs on the same platform, and reasons for the decline in hotel operational data [3]. - For infrastructure REITs, as of February 27, 2026, there are 11 cases under inquiry and feedback and 2 cases already applied for [4]. Secondary Market: Data Center Leads the Rise, Rental Housing Leads the Decline, and Trading Sentiment is Low - This week, except for the data center (+2.01%) and transportation facilities (+0.10%) sectors, all other sectors declined. The rental housing sector had the largest decline (-2.24%), followed by the industrial park (-1.87%) and consumer facilities (-1.69%) sectors, and the warehousing and logistics sector had the smallest decline (-0.52%) [5][25]. - Only 17 individual bonds in the whole market closed up, while 62 closed down. The rental housing and industrial park sectors had all individual bonds closing down [5]. - The data center (IDC) sector performed well around the Spring Festival. Runze Technology and Wanguo rose by 2.68% and 0.74% respectively this week, with high trading activity. The distribution rates of Runze and Wanguo have dropped to 3.32% and 3.35% respectively, and attention can be paid to the opportunities after asset fluctuations [5][28]. - Southern Runze Technology Data Center REIT announced an expansion plan, and attention should be paid to the valuation of the proposed acquisition projects and the improvement of the distribution rate [31]. - The rental housing sector had the largest decline this week. Although it has good fundamentals, the price increase space is limited due to the distribution rate being close to the first - home mortgage rate. It is recommended to focus on REITs with a distribution rate of about 3.3%, such as Cathay Haitong Urban Investment Kuanting Rental Housing and Huaxia Fund China Resources Youchao [6][34]. - The industrial park sector had the second - largest decline. It is recommended to focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates, such as Jinyu Zhizao Gongchang, China Merchants Kechuang, and Chuangjin Hexin Shounong [6][36]. - The consumer infrastructure sector also had a large decline. After the adjustment, some REITs with high distribution rates, such as Hua'an Bailian Consumption, Jiashi Wumei Consumption, and CICC Yinli Consumption, are worthy of attention. Also, attention can be paid to the new - issue opportunities of commercial real - estate REITs and the adjustment opportunities of consumer infrastructure REITs [37][38].

Core Viewpoint - Recent policies aimed at stimulating private investment and supporting private enterprises are being implemented effectively, with various local governments facilitating private capital participation in major projects and infrastructure REITs [1][2]. Group 1: Policy Implementation - Multiple departments have introduced a series of incremental policies to support private enterprises and stimulate private investment, focusing on reducing costs for production expansion and technological upgrades [2]. - The People's Bank of China has established a private enterprise re-loan program with a quota of 1 trillion yuan, with initial loans already disbursed in regions like Beijing, Anhui, and Zhejiang [2]. - A special guarantee plan for private investment has been launched with a total quota of 500 billion yuan over two years, aimed at reducing financing costs for enterprises [2]. Group 2: Project Participation - Major projects are being opened to private capital, with recent announcements for private investment in high-voltage direct current projects in Sichuan and Gansu, with total investments of approximately 311 billion yuan and 246 billion yuan, respectively [4]. - The government has set clear guidelines to encourage private capital participation in various sectors, including railways and nuclear power, with some projects allowing up to 20% private ownership [4]. Group 3: Financial Support Measures - Additional policies have been introduced to address the investment challenges faced by private enterprises, including interest subsidies for loans to small and micro enterprises and mechanisms for risk sharing on private enterprise bonds [3]. - Local governments are implementing substantial measures to enhance market access, financial support, and resource guarantees for private enterprises, including promoting participation in airport construction and advanced manufacturing sectors [7]. Group 4: Future Development Environment - Experts suggest creating a more open and transparent mechanism for private capital participation in projects, ensuring that private investors have clear opportunities from the planning stages [5]. - There is a call for a stable and predictable institutional environment to encourage private investment, particularly in strategic emerging sectors and innovative industries [8].

1. Report Industry Investment Rating - The industry investment rating is "Stronger than the market" (It is expected that the industry index will outperform the market by more than 5% in the next 6 months) [109] 2. Core Viewpoints of the Report - In the low - interest - rate era, the demand for asset - allocation products is rising, and FOF is gradually moving towards multi - asset allocation strategies. The multi - asset allocation of FOF has shown different performance in different risk - level portfolios and has certain advantages compared with some traditional funds [3] - Different types of FOF managers have their own unique multi - asset allocation management styles, which can achieve relatively stable returns and risk control [3] 3. Summary According to the Directory 3.1 Background: Low - interest - rate Era FOF Multi - asset Allocation Breakthrough - **Macro Background**: The continuous decline in interest rates has increased the demand for asset - allocation products. In 2025, the scale of partial - debt hybrid FOF increased by 176%. Newly issued products strengthen the multi - asset allocation attribute through the explicit "multi - asset" label [3][6] - **Configuration Pattern**: More and more FOFs include gold, commodities, Hong Kong stock indexes, and global stock indexes in their benchmarks. As of the end of 2025, there were 160 FOF products with Hong Kong stock indexes, 19 with overseas stock indexes, and 73 with commodity (including gold) indexes in their performance comparison benchmarks. From the perspective of actual positions, FOFs cover nine major categories of assets outside of A - shares and domestic bonds [12][18] - **Configuration Process**: The industry's participation in multi - asset allocation has significantly increased, and multi - asset allocation has gradually become the consensus of FOF managers. As of the 2025 semi - annual report, the proportion of multi - asset allocation considering Hong Kong stocks reached 13.55%, and that without considering Hong Kong stocks reached 9.13% [19] - **Configuration Status**: Currently, FOF multi - asset allocation mainly participates with low positions, and it will take time to progress from "tactical trial" to "strategic standard" [23] 3.2 Assets: From Traditional Stocks and Bonds to All - type Investment Products - **Hong Kong Stock Funds**: Hong Kong stock assets are the preferred choice for FOF multi - asset allocation. Managers' positions are concentrated in Hong Kong stock technology index and dividend - type index strategies. ETFs have become the mainstream vehicle for FOF to allocate Hong Kong stocks [30] - **QDII Stock Funds**: The high - concentration holding of US stock broad - based ETFs shows that FOF funds aim to obtain the long - term beta of mature markets. There are also signs of diversification in regional allocation [35] - **QDII Hybrid Funds**: The configuration logic of active - management QDII funds is to capture the comparative advantages in the global industrial chain [36] - **QDII Bond Funds**: Asian US dollar bonds are the main objects of FOF overseas fixed - income allocation [41] - **Commodity Funds**: The allocation of gold assets shows high strategic consistency, and gold is the primary choice for FOF to diversify underlying asset types. Other commodity funds are also widely included [49] - **Market Neutral Funds**: Market neutral funds have low volatility and better drawdown control ability, which are important tools for smoothing the portfolio net value curve [50] - **Mutual Recognition Funds**: Hong Kong mutual recognition funds effectively fill the configuration gap when QDII quotas are scarce and are an important supplement for FOF to allocate overseas fixed - income assets [54] - **REITs**: REITs are gradually being included in the "fixed - income +" configuration category by FOF due to their mandatory dividend characteristics and physical attributes of underlying assets [60] 3.3 Performance: Incremental Contribution of Multi - asset Allocation - **Comparison with Traditional Stock - Bond FOF**: - **Robust FOF**: Since 2024, robust multi - asset FOF has shown higher cumulative returns and better risk - adjusted performance, with overall investment efficiency superior to traditional stock - bond FOF [65][68] - **Balanced FOF**: Since 2024, there has been no significant difference between balanced multi - asset FOF and traditional stock - bond FOF in terms of return performance and risk - adjusted indicators [71] - **Aggressive FOF**: Since 2024, aggressive multi - asset FOF has shown high synchronization with traditional stock - bond FOF, and multi - asset allocation has not formed a stable risk - return advantage at this risk level [74] - **Comparison with Other Funds**: - **Compared with Hybrid Secondary Bond Funds**: Robust multi - asset FOF has a higher return level per unit of risk than hybrid secondary bond funds, showing better risk - return efficiency [78] - **Compared with Flexible Allocation Funds**: Balanced and aggressive multi - asset FOF still shows certain risk - return efficiency advantages, but the advantage is relatively limited [82] 3.4 Case: Practical Atlas of High - performing Managers - **Tang Jun**: He adheres to the multi - asset allocation framework for a long time and clearly incorporates the timing of major asset classes. His robust products can control drawdowns and continuously accumulate excess returns [85][88] - **Cao Jianwen**: He gradually transitions from traditional stock - bond allocation to a multi - asset framework, expands the source of portfolio returns by introducing commodities and overseas assets, and strengthens the timing of risk assets. The performance of his products has improved marginally after the transformation [90][92] - **Li Xiaoyi**: His multi - asset framework focuses on steady - state diversification and long - term structural optimization. He switches from active to passive in traditional stocks and bonds and enriches the defensive layer configuration through low - volatility assets such as QDII bond funds, mutual recognition funds, and REITs [95][97] - **Lin Guohuai**: He constructs the portfolio with a multi - asset index as the core benchmark, practices global multi - asset allocation in the strategic level, and balances high - equity offensiveness and cross - market diversification [100][103]

Core Viewpoint - The launch of commercial real estate REITs marks a significant development in China's public REITs market, creating a new landscape alongside infrastructure REITs, with a total fundraising target of 37.7 billion yuan from 10 products [1][2]. Group 1: Market Response and Development - The commercial real estate REITs initiative has received a positive market response, with 10 products covering various asset types such as shopping centers, hotels, and office buildings [1]. - The total stock of commercial real estate assets in China has exceeded 40 trillion yuan, indicating a substantial market potential for these REITs [1]. Group 2: Characteristics of Commercial Real Estate REITs - The newly submitted commercial real estate REITs feature a diverse range of underlying asset types, including hotels, office buildings, and mixed-use developments, which expands beyond the previously listed consumption infrastructure REITs [2]. - The characteristics of the submitted REITs include a high proportion of mixed-use assets and a diversified asset portfolio, with many projects involving assets from multiple cities [3]. Group 3: Regulatory and Operational Efficiency - The application process for commercial real estate REITs is more efficient, as it bypasses the prior requirement for recommendations from provincial and national development reform commissions, allowing direct submission to the regulatory authority [3]. - The use of raised funds is more flexible for commercial real estate REITs, allowing net proceeds to be used for debt repayment related to main business operations, unlike the stricter regulations for infrastructure REITs [3]. Group 4: Investment Pricing and Value Discovery - The introduction of commercial real estate REITs aims to address liquidity issues and pricing inefficiencies in the real estate sector, providing a more market-oriented approach to value discovery [5]. - The REITs are expected to establish a more standardized investment pricing system based on long-term asset holding and stable operations, enhancing the quality of asset management [6]. Group 5: Transparency and Market Dynamics - REITs break the traditional reliance on large transactions by enabling continuous trading, allowing market supply and demand to determine prices, which aligns more closely with real market expectations [7]. - The mandatory disclosure of key operational data such as occupancy rates and cash flows will enhance transparency in the real estate investment process, addressing previous information asymmetries [7].

Investment Rating - The report indicates a mixed outlook for the insurance asset management industry, with a focus on innovative products and strategic investments in infrastructure and green finance [4][6]. Core Insights - In 2025, the scale and number of innovative insurance asset management products are expected to decline, except for equity investment plans, which are projected to grow against the trend [6][25]. - The report highlights the importance of infrastructure REITs and government support for green finance, suggesting that insurance asset management can leverage these areas for investment opportunities [6][32]. - The report emphasizes the structural challenges faced by debt investment plans due to economic slowdown and interest rate declines, leading to a concentration of investments in specific regions and sectors [9][15]. Summary by Sections Product Operation Analysis - In 2025, the number of innovative insurance asset management products registered is expected to decrease by 89 to 410, with an overall scale down by 21.30% to 872.96 billion [6][7]. - Debt investment plans remain the core product, accounting for 50.62% of the number and 69.51% of the scale, while asset-backed plans show slight growth [7][8]. - The report notes a significant concentration of investments in the transportation sector, which accounts for nearly 50% of the debt investment plans [9][15]. Institutional Operation Analysis - The report identifies leading institutions in the debt investment plan sector, with Huatai Asset and Guoshou Investment registering the highest numbers [27][28]. - In the asset-backed plan sector, Everbright Yuming Asset leads in registration scale, while Minsheng Tonghui Asset leads in the number of registrations [30][31]. - The report indicates a decline in the number and scale of private equity funds, with only 7 funds registered in 2025, down 18.61% from the previous year [25][33]. Industry Policy Overview - Recent government policies encourage long-term capital participation in infrastructure REITs and green finance, providing attractive investment opportunities for insurance asset management [32][36]. - The establishment of a debt management department within the Ministry of Finance aims to enhance government debt management and mitigate risks [37][39]. - The report highlights the launch of the National Venture Capital Guidance Fund, which aims to support strategic emerging industries and innovation [34][36].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In January 2026, the REITs market started the year strongly, with the CSI REITs Total Return Index rising 4.2%, outperforming the CSI 300. Various asset REITs indices generally increased, with IDC, consumption, industrial parks, utilities, and warehousing leading the gains. The liquidity of the market improved, and most asset valuations significantly increased, while the REITs dividend yield narrowed compared to long - term bonds [4]. - The first batch of 8 commercial real - estate REITs were declared, showing six characteristics: diverse asset types, wide geographical distribution, state - owned dominance with participation from private and foreign enterprises, large issuance scale, different valuation safety margins for different asset types, and differentiated operating performance [4]. - In January, there were no new REITs issuances in the primary market, but two REITs' additional issuance shares were listed. China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day. Five infrastructure REITs projects were terminated, and Hua'an Waigaoqiao REIT announced a planned additional issuance [4]. 3. Summary by Relevant Catalogs 3.1 First Batch of Commercial Real - Estate REITs Accepted, Six Characteristics Reviewed - **Asset Types and Geographical Distribution**: The first batch of 8 commercial real - estate REITs involve various asset types such as office buildings, commercial retail, and hotels, with the first - time appearance of mixed - asset offerings in public REITs. The projects are located in first - tier, new first - tier, provincial capitals, and regional core cities, and Hua'an Jinjiang Commercial REIT's underlying assets are mainly in second - and third - tier cities [10]. - **Fund - raising Scale and Valuation**: The average planned fund - raising amount of the 8 REITs is 3.934 billion yuan, much higher than that of infrastructure REITs in the pipeline. The valuation safety margin of commercial retail is relatively high, while that of office buildings is low [13]. - **Operation Performance**: Commercial retail has a stable high occupancy rate, office buildings show regional differentiation, and the hotel business has large operating fluctuations [13]. - **Individual Project Analysis**: Analyze the characteristics, performance, and risks of 8 REITs projects such as CICC Vipshop Commercial REIT, Huaxia CapitaLand Commercial REIT, etc. [15][19][22] - **Listed Companies' Plans**: As of January 30, 2026, 3 A - share listed companies (Poly Developments, Maoye Commercial, and Everbright Jiabao) announced plans to apply for commercial real - estate REITs, and Poly Developments' project has been accepted by the Shanghai Stock Exchange [50]. 3.2 January Market Flourished, with Differentiated Gains under Performance Growth - **Overall Market Performance**: In January 2026, the equity market was mediocre, the CSI 300 Total Return Index rose 1.8%, and the CSI Dividend Total Return Index rose 3.8%. The CSI REITs Total Return Index rose 4.2%, outperforming the CSI 300 and the CSI Dividend Total Return Index. Long - term bond yields declined [58]. - **REITs Asset Performance**: All types of REITs assets rose in January. IDC, consumption, industrial parks, utilities, and warehousing had the top five gains. The gains of utilities and consumption REITs indices widened significantly compared to December 2025 [64]. - **Individual Bond Performance**: 96% of REITs bonds rose, and only 3 fell. Hua'an Bailian Consumption REIT led the gains and triggered a trading halt [69]. - **Liquidity**: The average daily turnover rate of Shanghai and Shenzhen REITs was 0.55%, up 0.15 pcts month - on - month. The liquidity of IDC and consumption REITs improved significantly, while that of rent - protected housing and energy improved limitedly, and the trading of transportation REITs was still dull [74]. - **Dividend Yield and Valuation**: As of January 30, 2026, the dividend yield of equity - type REITs was 4.46%, and that of concession - type REITs was 8.58%. The spread between equity - type REITs and 10 - year treasury bonds narrowed, while the spread with CSI Dividend stocks widened. The P/NAV of equity - type REITs was at the 87% quantile, and the P/FFO of concession - type REITs was at the 52% quantile [75][85][86]. - **Internal Rate of Return (IRR)**: The IRR of equity - type REITs was 3.8%, and that of concession - type REITs was 5.0%, both lower than the previous period [96]. 3.3 No New Issuance This Month, China Nuclear Clean Energy to Be Listed on February 2nd - **Primary Market and Additional Issuance**: In January 2026, there were no new REITs issuances in the primary market, and the additional issuance shares of Huaxia Fund China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were listed [100]. - **New Listing**: China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day [104]. - **Queuing Projects**: Two projects (China International Capital Corporation Xiamen Torch Industrial Park REIT and AVIC Beijing Changping Rent - protected Housing REIT) are under the first - round inquiry, and 5 projects are terminated [107]. - **Bidding Projects**: Hubei Cultural Tourism Group Co., Ltd. plans to issue public REITs for its cultural and tourism assets, and Huatai - PineBridge Fund won the bid for the public REIT project of Shanghai Real Estate (Group) Co., Ltd. [111] 3.4 JD Warehousing to Be Unlocked on February 8th, Hua'an Waigaoqiao Plans Additional Issuance - **Unlocking and Additional Issuance**: The strategic placement shares of Harvest JD Warehousing REIT will be unlocked on February 8th. Hua'an Waigaoqiao REIT plans to conduct an additional issuance and purchase two real - estate projects in Pudong New Area, Shanghai [116]. - **Market - making Services**: In the first half of January, Industrial Securities provided market - making services for some public REITs. Huaxia Nanjing Transportation Expressway REIT's original equity holder changed the use of the recovered funds [120].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On January 29 - 30, 2026, 8 commercial real - estate REITs were successively declared on the Shanghai Stock Exchange, with a total planned fundraising scale of 31.48 billion yuan. The issuers are diverse, including 1 central enterprise, 2 Shanghai state - owned enterprises, 3 private enterprises, and 1 foreign - funded enterprise [4]. - As of January 30, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, 10 first - issue public REITs made new progress, and the China Nuclear Clean Energy REIT will be listed on February 2, 2026 [4]. - This week, the CSI REITs Total Return Index closed at 1052.42 points, up 0.47%, outperforming the CSI 300 by 0.39 percentage points and underperforming the CSI Dividend by 1.11 percentage points. The CSI REITs Total Return Index has risen 4.22% since the beginning of the year, outperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 0.65 percentage points [4]. - In terms of liquidity, the average daily turnover rates of equity - type and franchise - type REITs this week were 0.58% and 0.44% respectively, down 14.01 and 2.61 basis points from last week. The trading volumes this week were 614 million and 146 million shares respectively, down 17.82% and 5.64% week - on - week [4]. - In terms of valuation, the yields of equity - type and franchise - type REITs according to ChinaBond valuation are 3.69% and 4.78% respectively. The transportation, warehousing and logistics, and park sectors rank among the top three [4]. 3. Summary According to the Table of Contents 3.1 Primary Market: 10 First - issue Public REITs Made New Progress - As of January 30, 2026, 79 REITs have been issued, with a total issuance scale of 203.5 billion yuan, a total market value of 228.7 billion yuan, and a circulating market value of 124.7 billion yuan. Among them, there are 56 equity - type REITs and 23 franchise - type REITs [14]. - This week, 10 first - issue REITs made new progress. 8 commercial real - estate REITs were declared to the CSRC and were accepted on the day of declaration. The China Aviation Beijing Changbao Rental Housing REIT and the CICC Torch Industrial Park REIT have been queried. There is no new progress in the expansion and fundraising this week [4][15][16]. 3.2 Secondary Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.47% - This week, the CSI REITs Total Return Index closed at 1052.42 points, up 0.47%, outperforming the CSI 300 by 0.39 percentage points and underperforming the CSI Dividend by 1.11 percentage points. The CSI REITs Total Return Index has risen 4.22% since the beginning of the year, outperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 0.65 percentage points [4]. - By project attribute, equity - type REITs rose 0.27% this week, and franchise - type REITs rose 0.69%. By asset type, the energy (+1.43%), environmental protection and water services (+0.87%), transportation (+0.45%), and park (+0.39%) sectors performed well [4]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rates of equity - type and franchise - type REITs this week were 0.58% and 0.44% respectively, down 14.01 and 2.61 basis points from last week. The trading volumes this week were 614 million and 146 million shares respectively, down 17.82% and 5.64% week - on - week. The data center sector was the most active [4]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector is Relatively High - According to ChinaBond valuation, the yields of equity - type and franchise - type REITs are 3.69% and 4.78% respectively. The transportation (5.92%), warehousing and logistics (5.29%), and park (4.39%) sectors rank among the top three [4]. 3.3 This Week's News and Important Announcements - This week, there were multiple important news and announcements, including Nanjing's plan to seize the opportunity of infrastructure REITs expansion, Poly Development's declaration of commercial real - estate REITs, Beijing's holding of the first provincial - level commercial real - estate REITs training session, and the declaration of the first batch of commercial real - estate REITs to the CSRC [33]. - There were also important announcements such as the listing of the China Nuclear Clean Energy REIT, the release of the operation data of the China Everbright Yuexiu Highway REIT, the change of the use of funds by the China Nanjing Transportation Highway REIT, and the expansion and fundraising plan of the Hua'an Waigaoqiao REIT [34].

Group 1 - The core viewpoint of the article highlights the achievements of the Tianjin Securities Regulatory Bureau in promoting capital market reforms and supporting the real economy as it approaches the end of the 14th Five-Year Plan in 2025 [1] Group 2 - Since 2025, the Tianjin Securities Regulatory Bureau has focused on enhancing the capital market's functions to support technological innovation and industrial upgrades, resulting in a significant increase in the number of companies listed [2] - By the end of 2025, Tianjin saw the registration approval of the first aerospace company, Electric Science Blue Sky, and the successful listing of Dana Biological on the Beijing Stock Exchange, marking a notable achievement in the local aerospace industry [2] - A total of 6 technology companies had their listing applications accepted, with 19 companies receiving guidance, and over 300 companies entering the reserve pool, indicating a mature tiered cultivation system for listings [2] - Innovative financing products emerged, with Tianjin enterprises utilizing science and technology bonds and green bonds to raise 32.3 billion yuan, a 60% increase year-on-year, and issuing industrial bonds totaling 26.5 billion yuan, an 80% increase [2] Group 3 - The establishment of new futures delivery warehouses and the issuance of the first institutional REITs in Tianjin reflect the ongoing expansion of market functions and the activation of idle assets [3] - By the end of 2025, Tianjin had approved 6 institutional REITs, with 4 already issued, raising 4.5 billion yuan, positioning Tianjin among the leaders in this sector nationally [3] Group 4 - The Tianjin government has implemented a comprehensive policy support system for capital market development, including measures for mergers and acquisitions, venture capital, and technology finance [4] - A list of over 400 potential listed companies has been established, and a capital market service alliance has been formed to provide full-chain financial services [4] - The Tianjin Securities Regulatory Bureau has conducted over 100 on-site inspections and issued nearly 50 administrative regulatory measures to combat financial fraud and market manipulation [4] Group 5 - In 2025, Tianjin enterprises achieved a total financing amount of 314 billion yuan through multi-level capital markets, with the total market value of 71 domestic listed companies reaching nearly 1.64 trillion yuan, a 15% year-on-year increase [5] - The total bond issuance by 110 issuers in the exchange market exceeded 1.32 trillion yuan, a 13% increase, while the total assets managed by securities, fund, futures institutions, and private equity managers surpassed 2.12 trillion yuan, a 3% increase [5] - Looking ahead, the Tianjin Securities Regulatory Bureau aims to deepen reforms and empower the real economy in alignment with the 15th Five-Year Plan, contributing to high-quality economic and social development in Tianjin [5]