1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 15th Five - Year Plan clearly proposes to actively promote the regular issuance of infrastructure REITs. This week, the REITs market showed weak oscillations, trading volume declined, and the data center rebounded from oversold conditions. Two REITs under China Merchants Shekou released their annual reports first: the rental housing REIT had stable performance with a distributable amount completion rate of 102.7%, while the industrial park REIT performed weakly with a year - on - year decrease of 14.8% in distributable amount. Attention should be paid to the upcoming partial share unlocks of SPIC New Energy REIT and Shanghai Real Estate Rental Housing REIT on March 29th and March 31st respectively, with potential selling pressure due to the expansion of the floating shares. The concentrated disclosure window of 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 [2]. 3. Summary According to the Directory 3.1 Primary Market - A total of 1 new public offering of REITs made progress 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. As of March 13, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Currently, in the approval process, there are 32 first - time offerings (1 has been questioned and responded, 0 have passed the review, and 0 are registered and awaiting listing), and 4 expansion offerings (1 has been questioned and responded, 0 have passed the review) [2][5]. 3.2 Secondary Market 3.2.1 Market Review - 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 risen 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. By project attribute, property - type REITs fell 0.52% and franchise - type REITs fell 0.17% this week. By asset type, 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 Logistics Infrastructure REIT (-5.60%), Bosera Tianjin Economic - Technological Development Area Industrial Park REIT (-5.17%), and Bosera China Merchants Shekou Industrial Park REIT (-3.89%) [2][16]. 3.2.2 Liquidity - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.35%, down 0.67/4.31 basis points from last week. The trading volumes during the week were 388 million shares/119 million shares, down 1.84%/10.87% week - on - week. The data center sector had the highest activity [2][23]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 4.00%/4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors ranked in the top three [2][25]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On March 7, 2026, New Town Holdings Group planned a direct financing of up to 20 billion yuan (including equivalent foreign currency overseas), and it or its subsidiaries would subscribe for at least 34% of the offering shares of the GF Xincheng Wuyue Commercial Real Estate REIT. On March 10, the tender announcement for the Langham Hotel Commercial Real Estate REITs project was released. On March 11, Wuxi held a financial work symposium and signed 5 REITs cooperation projects; Shandong proposed to implement the "Ten - Hundred - Thousand" listing cultivation plan. On March 13, Sichuan held a work meeting on promoting the pilot of commercial real estate REITs, and the 15th Five - Year Plan proposed to actively promote the regular issuance of infrastructure REITs [31]. 3.3.2 Important Announcements - On March 11, 2026, Huaxia Fund China Resources Youchao REIT announced its 4th dividend in 2025, with a dividend plan of 0.1462 yuan per 10 fund shares. On March 14, Bosera Shekou Industrial Park REIT and China Merchants Fund Shekou Rental Housing REIT released their annual reports, disclosing information such as rental area, occupancy rate, and rent collection rate [32].