1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - This week, the REITs market continued to decline, with the CSI REITs Index falling 0.5% week - on - week. Only municipal facilities and new infrastructure saw gains, while other types declined. The order of weekly price changes of major indices was: CSI 300 > CSI Aggregate Bond > CSI REITs > CSI Convertible Bond. As of March 13, 2026, the dividend yield of equity REITs was 50BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 331BP. Recently, the progress of commercial real - estate REITs has accelerated, with the application of Hongtu Innovation Xinghe REIT providing an important sample for private enterprises' participation, and the tender for Guangzhou Langham Hotel REIT enriching the hotel format and the revitalization path for local state - owned enterprises, demonstrating the continuous diversification of market players and asset types [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of March 13, 2026, the closing price of the CSI REITs (closing) Index was 786.17 points, with a weekly change of - 0.5%. It performed better than the CSI Convertible Bond (- 1.1%) but worse than the CSI Aggregate Bond Index (- 0.1%) and the CSI 300 Index (0.2%). Year - to - date, the order of price changes of major indices was: CSI Convertible Bond (+ 3.4%) > CSI REITs (+ 1.0%) > CSI 300 (+ 0.8%) > CSI Aggregate Bond (+ 0.6%). In the past year, the return rate of the CSI REITs Index was - 7.5%, with a volatility of 6.8%. Its return rate was lower than those of the CSI Convertible Bond Index, CSI 300 Index, and CSI Aggregate Bond Index, and its volatility was lower than those of the CSI 300 Index and CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6][8]. - **Market Size and Turnover**: The total market value of REITs on March 13 was 224.1 billion yuan, a decrease of 900 million yuan from the previous week. The average daily turnover rate for the whole week was 0.36%, a decrease of 0.01 percentage points from the previous week [2][8]. - **Performance by REITs Type**: In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were - 0.6% and - 0.2% respectively. In terms of different project types, except for municipal facilities and new infrastructure, other types of REITs declined. The top three REITs in terms of weekly price increase were Huitianfu Jiuzhoutong Pharmaceutical REIT (+ 1.86%), Guotai Haitong Jinan Energy Heating REIT (+ 1.45%), and Southern Runze Technology Data Center REIT (+ 1.43%) [3][11][15]. - **Trading Activity**: New infrastructure REITs had the highest daily turnover rate, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 22.6% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Joy City Commercial REIT (8.04 million yuan), Huitianfu Jiuzhoutong Pharmaceutical REIT (5.13 million yuan), and Huaxia Yuexiu Expressway REIT (5 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From January 1 to March 13, 2026, there were 4 REITs products in the in - inquiry stage, 16 in the feedback stage, 1 in the application stage, and 15 commercial real - estate REITs officially applied on the exchanges [21]. 3.3 Valuation Tracking - **Valuation Metrics**: REITs have both bond and equity characteristics. As of March 13, the average annualized cash distribution rate of public - offering REITs was 6.4%. From the equity perspective, relative net - value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net - value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [23]. - **Valuation Comparison**: Equity - type REITs and franchise - type REITs differ in asset rights, income sources, term characteristics, and risk characteristics. Equity - type REITs focus on dividend yield, while franchise - type REITs focus on internal rate of return. As of March 13, 2026, the dividend yield of equity REITs was 50BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 331BP [24]. 3.4 Industry News - On March 10, Hongtu Innovation Xinghe Group Commercial Real - Estate REITs were officially applied to the Shenzhen Stock Exchange. The original equity holder is Xinghe Industry (Shenzhen) Co., Ltd., a subsidiary of Xinghe Holdings. This application is an important case for private enterprises' participation in the commercial real - estate REITs pilot [31]. - On March 10, Guangzhou Haizhu Urban Construction and Development Group Co., Ltd. issued two tender announcements for the public selection of fund managers, plan managers, and financial advisors for the Langham Hotel Commercial Real - Estate Public - Offering REITs project. The hotel is a core asset of a district - level state - owned enterprise [31].

证券研究报告 | 行业周报 gszqdatemark 2026 03 14 年 月 日 房地产开发 C-REITs 周报—星河集团申报第 15 单商业不动产 REIT，广州首 单纯五星级酒店 REIT 发布招标 REITs 指数表现 本周中证 REITs 全收益指数下跌 0.43%。截至 3.13，本周（3.6-3.13， 下同）中证 REITs(收盘)指数下跌 0.46%，收于 786.2 点；中证 REITs 全 收益指数下跌 0.43%，收于 1023.2 点。本周沪深 300/恒生/中债十年期 国债/房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别上涨 0.19%/下跌 1.13%/下跌 0.15%/下跌 0.53%/下跌 3.95%/上涨 1.09%。 本年中证 REITs 全收益指数涨幅为 1.32%。截至 3.13，本年中证 REITs(收盘)指数涨幅为 0.97%，中证 REITs 全收益指数涨幅为 1.3%。本 年沪深 300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公 路(申万)指数分别+0.85%/-0.6%/+0.44%/-0.57%/+10.49%/+0.4 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 14 年 月 日 房地产开发 投资建议 我们认为当下投资策略主要有三条主线：1）建议关注政策主题下的弹性 及优质低估值项目的配置时机：关注高能级城市消费在扩内需主题下的增 长弹性叠加专业运营创造的管理溢价；关注高速及 IDC 类资产在二级回调 后的价值重构；办公及仓储类租赁需求相对疲软，或仍需等待经济复苏的 明确信号激活。2）保障房等弱周期资产其红利配置属性已被市场认可，但 当下价格已反映市场预期，建议结合资产韧性、二级市场价格与 P/NAV 择 时布局。3）我国 REITs 扩募已与新发并行，关注扩募资产储备充足、项 目优质的原始权益人其后续龙头效益。 C-REITs 周报—星河集团申报第 15 单商业不动产 REIT，广州首 单纯五星级酒店 REIT 发布招标 REITs 指数表现 本周中证 REITs 全收益指数下跌 0.43%。截至 3.13，本周（3.6-3.13， 下同）中证 REITs(收盘)指数下跌 0.46%，收于 786.2 点；中证 REITs 全 收益指数下跌 0.43%，收于 1023.2 点。本周沪深 300/恒 ...