1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The 15th Five - Year Plan clearly proposes to actively promote the normal issuance of infrastructure REITs. This week, the REITs market showed weak oscillations, trading volume declined, and the data center rebounded after over - decline. Two REITs under China Merchants Shekou have released their annual reports. The rental housing REIT has stable performance, with the distributable amount completion rate reaching 102.7%, while the industrial park REIT performed weakly, with the distributable amount decreasing by 14.8% year - on - year. The institutional holding ratios of both products have increased compared to 2024. Attention should be paid to the partial share unlocks of Guodian Power New Energy REIT and Shanghai Real Estate Rental Housing REIT on March 29th and 31st respectively, with corresponding unlock scales of about 2.09 billion yuan (accounting for 24.7% of the project's total market value) and 645 million yuan (accounting for 36% of the project's total market value) respectively, and potential selling pressure due to the expansion of the floating shares should be vigilant. The concentrated disclosure window for REITs annual reports from March 28th to 31st may intensify price fluctuations at the end of the month, and it is recommended to manage liquidity in advance [3]. - As of March 13, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, one new public offering REIT, the Hongtu Innovation Xinghe Group Commercial Real Estate REIT, has made new progress, being the second commercial real estate REIT on the Shenzhen Stock Exchange [3]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1023.15 points, a decline of 0.43%, underperforming the CSI 300 by 0.62 percentage points and the CSI Dividend by 2.04 percentage points. The CSI REITs Total Return Index has increased by 1.32% since the beginning of the year, outperforming the CSI 300 by 0.47 percentage points but underperforming the CSI Dividend by 6.87 percentage points. In terms of project attributes, property - type REITs fell by 0.52% and franchise - type REITs fell by 0.17% this week. In terms of asset types, the data center (+0.74%), energy (+0.10%), consumption (-0.22%), and transportation (-0.24%) sectors performed relatively well [3]. - In terms of liquidity, the average daily turnover rates of property - type and franchise - type REITs this week were 0.36% and 0.35% respectively, down 0.67 and 4.31 basis points from last week. The trading volumes this week were 388 million and 119 million shares respectively, down 1.84% and 10.87% week - on - week. The data center sector was the most active [3]. - In terms of valuation, according to the ChinaBond valuation yield, the yields of property - type and franchise - type REITs are 4.00% and 4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors rank among the top three [3]. 3. Summary According to the Directory 3.1 Primary Market: One New Public Offering REIT Made New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, the Hongtu Innovation Xinghe Group Commercial Real Estate REIT was officially declared on March 10th, being the second commercial real estate REIT on the Shenzhen Stock Exchange, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder. Currently, in the approval process, there are 32 newly - declared REITs, 1 has been questioned and responded, 0 has passed the review, and 0 is registered and awaiting listing. For the expansion and fundraising, 4 have been declared, and 1 has been questioned and responded [3][15]. 3.2 Secondary Market: The Index Closed Lower This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.43% - This week, the CSI REITs Total Return Index closed at 1023.15 points, a decline of 0.43%, underperforming the CSI 300 by 0.62 percentage points and the CSI Dividend by 2.04 percentage points. The CSI REITs Total Return Index has increased by 1.32% since the beginning of the year, outperforming the CSI 300 by 0.47 percentage points but underperforming the CSI Dividend by 6.87 percentage points. In terms of project attributes, property - type REITs fell by 0.52% and franchise - type REITs fell by 0.17% this week. In terms of asset types, the data center (+0.74%), energy (+0.10%), consumption (-0.22%), and transportation (-0.24%) sectors performed relatively well. Among individual bonds, 31 rose and 47 fell this week. The top three were Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+1.86%), Guotai - Haitong Jinan Energy Heating REIT (+1.45%), and Southern Runze Technology Data Center REIT (+1.43%), while the bottom three were Harvest JD Warehousing Infrastructure REIT (-5.60%), Bosera Tianjin Binhai - TEDA Science and Technology Industrial Park REIT (-5.17%), and Bosera China Merchants Shekou Industrial Park REIT (-3.89%) [3]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and franchise - type REITs this week were 0.36% and 0.35% respectively, down 0.67 and 4.31 basis points from last week. The trading volumes this week were 388 million and 119 million shares respectively, down 1.84% and 10.87% week - on - week. The data center sector was the most active [3][25]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector is Relatively High - According to the ChinaBond valuation yield, the yields of property - type and franchise - type REITs are 4.00% and 4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors rank among the top three [3][29]. 3.3 This Week's News and Important Announcements - **This Week's News**: Multiple events occurred this week, including Xincheng Holdings' plan to subscribe for at least 34% of the issuance shares of the Guangfa Xincheng Wuyue Commercial Real Estate REIT; the start of the tender for the Langhao Hotel Commercial Real Estate REITs project; Wuxi's efforts in public offering REITs with the signing of five REITs cooperation projects; Shandong's implementation of the "Ten - Hundred - Thousand" listing cultivation plan; Sichuan's organization of a commercial real estate REITs pilot promotion work meeting; and the release of the 15th Five - Year Plan proposing to actively promote the normal issuance of infrastructure REITs [34]. - **Important Announcements**:华夏基金华润有巢 REIT announced its 4th dividend in 2025, with a dividend plan of 0.1462 yuan per 10 fund shares, and the total distribution amount accounts for about 99.9978% of the undistributed distributable amount. Bosera Shekou Industrial Park REIT and China Merchants Fund Shekou Rental Housing REIT released their annual reports, including information such as rental rates, average rents, and rent collection rates [35].

Core Viewpoint - The public REITs market in China is experiencing rapid expansion, with four new public REITs approved within a week, indicating a growing interest and activity in this investment sector [2][3]. Group 1: New Public REITs Approved - Four public REITs have been approved recently: 华夏华电清洁能源 REIT, 创金合信首农产业园 REIT, 南方万国数据中心 REIT, and 南方润泽科技 REIT [2][4]. - 华夏华电清洁能源 REIT is backed by assets from 华电国际 and other subsidiaries, focusing on a natural gas combined heat and power project with a capacity of 480.25 MW [4][5]. - 创金合信首农产业园 REIT is the first public REIT from 创金合信基金, with its underlying asset being the high-quality industrial park located in Beijing, which has a stable occupancy rate of approximately 94.8% [5][6]. Group 2: Market Activity and Temporary Suspensions - The secondary market for public REITs is active, with several products triggering temporary suspensions due to significant price increases [7][8]. - For instance, 汇添富上海地产租赁住房 REIT saw a price increase of 52.50%, leading to a temporary suspension for one hour [8][9]. - Other REITs, such as 招商蛇口租赁住房 REIT and 华夏华润有巢租赁住房 REIT, also experienced substantial price increases, resulting in similar temporary suspensions [9].