投资逐渐回归理性 有机构称，展望2026年，公募REITs项目经营仍将波动与分化。二级市场方面，作为高股息含权资产的 公募REITs仍具备较好的配置价值，在基本面未有明显变化条件下，利率、资金配置需求以及事件因素 或仍主导市场。机构建议关注基本面有韧性、高景气度或短期有改善预期的项目，如数据中心、消费、 保租房及部分高速等，把握估值回调后逢低吸纳机会 ◎记者 聂林浩 REITs行情"先扬后抑" 打新策略的收益效应也有所减弱。以最新上市的中信建投沈阳国际软件园REIT为例，其在上市首日盘 中一度破发，每份额的开盘价为3.661元，盘中曾跌至3.59元，截至收盘才回升至3.66元。截至11月20 日，每份额的收盘价为3.588元，仍在开盘价以下。10月末上市的华夏中海商业REIT在上市首日的涨幅 仅为3.29%，华夏凯德商业REIT于9月29日上市，首日涨幅为12.63%。 据统计，截至11月21日，今年以来上市的19只公募REITs中，除上述3只产品外，其余16只在上市首日 录得涨停或涨幅超20%。 二级市场的降温也导致投资者情绪趋于谨慎，部分资金开始转向更具性价比的资产类别。同时，产业园 区类REITs受区域 ...

Core Viewpoint - E Fund Huawi Agricultural Market REIT (180605) has appointed Li Guozheng as a new fund manager effective November 6, 2025, alongside existing managers Dai Xu, Jiao Ruipeng, and Lei Yun [1] Group 1: Management Changes - Li Guozheng holds a Master's degree in Management and is currently a fund manager at E Fund Management Co., Ltd. [1] - Previous roles of Li Guozheng include positions at Guangzhou Yuexiu Commercial Real Estate Management Co., Ltd., Guangzhou Jones Lang LaSalle Property Services Co., Ltd., and Shenzhen CIMC Urban Development Group Co., Ltd. [1] Group 2: Fund Management Experience - Li Guozheng has managed the E Fund Guangkai Industrial Park REIT (180105) since August 29, 2024, with a scale of 20.27 billion [1]

Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with the weighted REITs index closing at 183.91 and a return rate of -0.47% during the period from September 29, 2025, to October 10, 2025 [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Convertible Bonds > A-shares > Pure Bonds > REITs > US Stocks > Crude Oil [4] REIT Performance - Both property rights and franchise REITs experienced price declines in the secondary market, while municipal facilities and new infrastructure REITs saw price increases [5] - The top three performing underlying asset types in terms of return rates were municipal facilities, new infrastructure, and ecological environmental REITs [5] - Out of the publicly listed REITs, 17 increased in value, 1 remained unchanged, and 57 decreased in value during the period [5] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, Huaan Waigaoqiao REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Trading Activity - The total trading volume for publicly listed REITs was 1.78 billion yuan, with the average daily turnover rate at 0.45% [5] - The top three REITs by trading volume were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were also Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Guojin China Railway Construction REIT [5] Net Inflow and Block Trading - The total net inflow from major investors was 9.83 million yuan, indicating a decrease in market trading enthusiasm compared to the previous period [6] - The top three REITs by net inflow were in the categories of consumer infrastructure, new infrastructure, and ecological environmental REITs [6] - The total amount of block trading reached 431 million yuan, which is a decrease from the previous period, with the highest single-day block trading amount being 184.8 million yuan on October 9, 2025 [7] New Listings - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.287 billion yuan [8] - Two REIT projects had their status updated during this period [8]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report This week, the public - offering REITs market declined slightly, but the trading volume increased. The indices of both property - type and franchise - type public - offering REITs dropped, with only the ecological and environmental protection - type REITs rising slightly and the consumer infrastructure - type REITs having the highest decline. The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs. The market is expected to continue to expand, and public - offering REITs have high - dividend and medium - low - risk advantages with high allocation cost - effectiveness [5][41]. 3. Summary According to the Table of Contents 3.1 Secondary Market: The Public - Offering REITs Market Declined Slightly This Week - The public - offering REITs market declined slightly. As of September 12, 2025, the China Securities REITs Index fell 0.84% from last week to 840.03, and the China Securities REITs Total Return Index was 1070.04, down 0.78% from last week [10]. - The trading volume in the REITs market increased. This week, the total trading volume was 639 million shares, a 3.23% week - on - week increase, and the trading value was 2.891 billion yuan, a 3.99% week - on - week increase. The interval turnover rate was 2.81%, compared with 2.73% last week [12]. - The indices of property - type and franchise - type public - offering REITs both declined, by 0.85% and 0.54% respectively. Among them, only the ecological and environmental protection - type REITs rose 0.87%, while the consumer infrastructure - type REITs had the highest decline [15][18]. - The trading volume and turnover rate of most types of public - offering REITs declined. Only the trading volume of consumer infrastructure - type public - offering REITs increased by 136.83% to 773 million yuan. The turnover rates of consumer infrastructure - type, new - type infrastructure - type, and ecological and environmental protection - type REITs were greater than 1 [21][23]. - Most public - offering REITs products declined. Among the 74 public - offering REITs, except for the newly - listed CICC Vipshop Outlet REIT, 12 rose and 61 fell [24]. 3.2 Primary Market: 23 Public - Offering REITs Funds Are Waiting to Be Listed - 15 public - offering REITs have been issued since 2025. As of September 12, 2025, a total of 74 public - offering REITs have been issued, with a total issuance scale of 194.5 billion yuan. In 2024, 29 REITs were issued, with a total issuance scale of 64.6 billion yuan. In 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [30]. - There are 23 public - offering REITs funds waiting to be listed, including 12 for initial offerings and 11 for follow - on offerings. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 1 has been accepted, and 1 has been declared [32]. 3.3 Public - Offering REITs Policies and Market Dynamics - Approximately 384 million shares of E Fund Guangzhou Development District High - tech Industrial Park REIT will be lifted from restrictions on September 23. After the lifting, the tradable shares will increase from 136 million shares (17%) to 520 million shares (65%) [36][37]. - The fundraising results of Huaxia CapitaLand Mall REIT were announced, with the strategic placement ratio reaching 100%. The total fundraising share was 400 million shares [38]. - The National Development and Reform Commission encourages listed infrastructure REITs to raise funds through follow - on offerings to purchase high - quality assets, simplifies the application process for new acquisitions, and broadens the asset scope of new acquisitions [39][40]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, but the trading volume increased. The China Securities REITs Index and the China Securities REITs Total Return Index fell 0.84% and 0.78% respectively from last week. The indices of property - type and franchise - type public - offering REITs also declined [5][41]. - The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs, and CICC Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. 15 public - offering REITs have been established this year, with a total scale of over 30 billion yuan, and 23 REITs funds are waiting to be listed. The market is expected to continue to expand [5][41]. - In the context of the asset shortage, public - offering REITs have high - dividend and medium - low - risk advantages, with high allocation cost - effectiveness [5][41].