1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading volume in the public REITs market remains sluggish, with the CSI REITs Total Return Index showing a decline and low daily turnover rate [1][9]. - Most asset sectors in the secondary market are experiencing a decline, except for the energy sector which is rising. Different sectors have their own influencing factors and investment opportunities [2]. - Tianjin Changrong Co., Ltd. plans to apply for a commercial real - estate REIT, and there are ongoing developments in the primary market for REITs applications and reviews [4]. 3. Summary by Directory Secondary Market - **Overall Performance**: The CSI REITs Total Return Index closed at 1,027.6 points this week, down 0.79% week - on - week and 2.36% from the end of January. The daily turnover rate was only 0.37%, lower than the 60 - day average of 0.46%. The total market capitalization of 79 listed REITs was 225 billion yuan, down 1.06% week - on - week [1][9]. - **Sector Performance** - **Data Center**: Led the decline, with Runze and Wanguo dropping 3.73% and 3.44% respectively. Affected by the equity market and approaching the distribution rate reference value, there is limited room for further increase. However, they can be considered for allocation based on the AI computing power market and expansion plans [2][20]. - **Energy**: The only sector that rose this week. CITIC Construction Investment State Power Investment New Energy had a 5 - day consecutive increase, possibly related to the announced factoring financing arrangement. It can be continuously monitored before the March 29 unlocking [2][24]. - **Consumption**: Continued to decline. The increasing number of commercial real - estate REIT applications may limit the upward space of listed consumption facility REITs. The average distribution rate of the sector rose to 3.87%. Attention can be paid to new subscriptions of commercial real - estate REITs and adjustment opportunities of consumption REITs [3][27]. - **Rental Housing**: Also continued to decline. The distribution rate rose to about 3.1%. Attention can be paid to trading opportunities related to interest rate adjustments, especially for public rental housing bonds with stronger policy attributes [3][30]. - **Industrial Park**: Weak overall. Some projects have high distribution rates, but it is recommended to carefully focus on those with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [31]. - **Transportation**: The decline was relatively small, with individual bonds showing mixed performance. It is recommended to comprehensively evaluate traffic flow based on January and February data [36]. Primary Market - On March 5, 2026, Tianjin Changrong Technology Group Co., Ltd. announced that it plans to cooperate with China Merchants Fund to initiate the establishment of China Merchants Changrong Commercial Real - Estate REIT, using Changrong Building as the underlying asset. As of March 6, 2026, a total of 14 commercial real - estate REITs have been applied for in the market [4][47]. - The exchange has provided review feedback on 5 commercial real - estate REITs this week and 6 last week. In addition, 2 infrastructure REITs were accepted by the exchange this week [4][48].