1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Commercial real - estate REITs application projects have increased to 12. The REITs market continued its downward trend on 2/9, then stabilized and rebounded on 2/10, with data centers and consumer sectors leading the gains. Two new commercial real - estate REITs projects were added, and the total planned fundraising scale of commercial real - estate REITs has reached 41.7 billion yuan. Southern Runze Technology Data Center REIT announced an expansion plan [3]. - As of 2026/2/20, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Four new first - issue public REITs made progress this week [3]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1047.08 points, up 0.41%, outperforming the CSI 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. The CSI REITs Total Return Index has risen 3.69% since the beginning of the year, outperforming the CSI 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points [3]. 3. Summary According to the Directory 3.1 First - level Market: Four First - issue Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, 1 in November, and 1 in December), with a total issuance scale of 40.3 billion yuan [3]. - This week, four first - issue public REITs made new progress. Two new commercial real - estate REITs, CITIC Construction First Agricultural Commercial Real - estate REIT and Guotai Haitong Chongbang Commercial Real - estate REIT, have been declared and accepted. Huatai Three Gorges Clean Energy REIT has been queried, and AVIC Beijing Changbao Rental Housing REIT has received feedback. Currently, there are 27 first - issue REITs declared, 1 queried and feedback received, 0 approved, and 0 registered and awaiting listing; for expansion, 4 have been declared, 0 queried and feedback received, and 0 approved [3]. 3.2 Second - level Market: The Index Rose This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.41% - The CSI REITs Total Return Index closed at 1047.08 points this week, up 0.41%, outperforming the CSI 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. Since the beginning of the year, it has risen 3.69%, outperforming the CSI 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points [3]. - By project attribute, equity - type REITs rose 0.74% this week, and franchise - type REITs rose 0.32%. By asset type, data centers (+1.36%), consumer (+1.31%), warehousing and logistics (+0.50%), and transportation (+0.49%) sectors performed well. Among individual bonds, 60 rose and 19 fell. ICBC Inner Mongolia Energy Clean Energy REIT (+3.47%), BOC Sino - Sinotrans Warehousing and Logistics REIT (+3.11%), and Huatai Nanjing Jianye REIT (+3.00%) led the gains, while Hua'an Waigaoqiao REIT (-2.86%), Huaxia Jinyu Zhizao Gongchang REIT (-1.48%), and Huaxia JINMAO Commercial REIT (-1.38%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - type/franchise - type REITs this week were 0.34%/0.31%, down 16.31/5.97 BP from last week. The trading volumes during the week were 363 million shares/103 million shares, down 32.36%/16.25% week - on - week. The data center sector was the most active [3]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector is Relatively High - According to the ChinaBond valuation yield, the yields of equity - type/franchise - type REITs are 3.73%/4.77% respectively. The transportation (5.84%), warehousing and logistics (5.35%), and park (4.49%) sectors rank among the top three [3]. 3.3 This Week's News and Important Announcements - **This Week's News**: - On 2026/2/9, New Town Holdings plans to issue REIT - like products using assets worth 8 billion yuan this year. - On 2026/2/10, the Shenzhen Stock Exchange is actively promoting public REITs to help Guangdong revitalize its stock assets. - On 2026/2/12, AVIC Fund announced the name change of AVIC Jingneng Photovoltaic REIT. - On 2026/2/12, Tianjin held a special promotion meeting for commercial real - estate REITs. - On 2026/2/13, the third - largest holder of China Merchants Science and Technology REIT reduced its shareholding to 10% [31]. - **Important Announcements**: - The strategic placement shares of several REITs, including Huitianfu Jiuzhoutong Pharmaceutical REIT, Guotai Haitong Jinan Energy Heating REIT, etc., will be lifted from restrictions. - The operating data of E Fund Shenzhen Expressway REIT in January 2026 showed a year - on - year decrease in daily toll traffic and toll revenue. - Southern Runze Technology Data Center REIT announced an expansion plan [31].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Commercial real - estate REITs application projects have increased to 12. The REITs market showed a downward trend on 2/9, stabilized and rebounded on 2/10, with data centers and consumption leading the rise. The proposed fundraising scale of commercial real - estate REITs has reached 41.7 billion yuan. Southern Runze Technology Data Center REIT announced the start of expansion. The CSI REITs Total Return Index rose 0.41% this week, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. The liquidity of REITs decreased, with the average daily turnover rate and trading volume of both property - type and franchise - type REITs declining [3]. Summary According to the Directory 1. Primary Market: Four Newly - Issued Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, 4 newly - issued public REITs made progress. Among them, two new commercial real - estate REITs (Citic Construction Investment Shounong Commercial Real - Estate REIT and Guotai Haitong Chongbang Commercial Real - Estate REIT) have been declared and accepted. Huatai Three Gorges Clean Energy REIT has been questioned, and AVIC Beijing Changbao Rental Housing REIT has been feedbacked. Currently, there are 27 newly - issued REITs under application, 1 under question and feedback, and 4 expansion - raising REITs under application [3]. 2. Secondary Market: The Index Rose This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 0.41% - The CSI REITs Total Return Index closed at 1047.08 points, with a 0.41% increase, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. Year - to - date, it has risen 3.69%, outperforming the Shanghai - Shenzhen 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points. In terms of project attributes, property - type REITs rose 0.74% and franchise - type REITs rose 0.32%. In terms of asset types, the data center (+1.36%), consumption (+1.31%), warehousing and logistics (+0.50%), and transportation (+0.49%) sectors performed well. Among individual bonds, 60 rose and 19 fell this week [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rate of property - type/franchise - type REITs this week was 0.34%/0.31%, down 16.31/5.97 BP from last week. The trading volume this week was 363 million/103 million shares, down 32.36%/16.25% week - on - week. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yield, the property - type/franchise - type REITs were 3.73%/4.77% respectively. The affordable housing sector had a relatively high valuation [27]. 3. This Week's Important News and Announcements - On 2/9, a company planned to issue various types of REITs products, with a maximum asset evaluation of 8 billion yuan, aiming to replace high - cost short - term debt. On 2/10, the Shenzhen Stock Exchange actively promoted public REITs to help Guangdong revitalize existing assets. On 2/12, AVIC Fund changed the name of AVIC Jingneng Photovoltaic REIT, and Tianjin held a special promotion meeting for commercial real - estate REITs. On 2/13, the third - largest holder of China Merchants Science and Technology REIT reduced its shareholding to 10%. There were also announcements about the lifting of the ban on strategic placement shares of several REITs and the expansion of Southern Runze Technology Data Center REIT [30].

Core Insights - The public REITs market in China has achieved a milestone innovation with the expansion of the Huaxia Fund's Huayuan REIT, marking a significant breakthrough in the expansion mechanism for public REITs [1][2] Group 1: Expansion Mechanism - The expansion of Huaxia Huayuan REIT raised over 1.1 billion yuan through a subscription method that prioritized existing fund holders, providing them with preferential allocation rights [1] - This innovative model not only protects the rights of existing holders but also facilitates effective connections between existing assets and new capital, particularly in financing for infrastructure like affordable rental housing [1][2] Group 2: Market Context - Since 2025, the public REITs market has undergone significant adjustments, with many products trading below their issuance prices, leading to liquidity challenges [1] - As of January 13, there are 40 publicly listed REITs with a total market value exceeding 120 billion yuan, but most products are small in scale, limiting institutional investor participation [1] Group 3: Potential of Affordable Rental Housing REITs - Affordable rental housing is a key focus area for development during China's 14th Five-Year Plan and is supported by public REITs policies [3] - The Huayuan project is located in a high-demand rental area in Shanghai, and its inclusion in REITs is expected to create a sustainable funding cycle for affordable housing development [3] Group 4: Demonstration Effect - The successful expansion of Huaxia Huayuan REIT is expected to have a demonstration effect on the entire public REITs market, stimulating the expansion of existing REITs, especially those with quality reserve assets [4] - This innovation is anticipated to enhance market activity and provide more opportunities for investor participation, while also refining the REITs valuation system [4][5] Group 5: Regulatory Support and Future Recommendations - The expansion model reflects a regulatory focus on prioritizing holder interests and avoiding dilution effects for existing investors, thereby increasing the success rate of expansions [5] - Future recommendations include improving tax incentives, asset evaluation, and information disclosure to encourage more quality assets to be listed through REITs, alongside enhancing investor education to foster a healthy market ecosystem [5]

Core Insights - The first public REITs expansion in China has successfully adopted a subscription method for existing fund shareholders, marking a significant breakthrough in the public REITs expansion mechanism [1][2] - The expansion raised over 1.1 billion yuan, which will be used to acquire a rental housing project in Shanghai, enhancing the fund's asset distribution in key industrial areas [1] - The REIT has provided stable returns to its holders since its listing in December 2022, with cumulative dividends exceeding 154 million yuan by the end of 2025 [1] Group 1 - The expansion utilized a subscription method that grants existing shareholders priority, preventing dilution of rights for small investors and maintaining a stable equity structure [2] - The fundraising amount reached 1.1329 billion yuan, with a participation rate of 99.51% from existing shareholders [2] - The pricing mechanism for the expansion reflects market constraints, incorporating asset valuation and secondary market prices to ensure fair pricing [2] Group 2 - Over 10,000 individual investors participated in the REIT expansion, significantly broadening access for personal investors [3] - Multiple subscription channels were established, allowing both on-market and off-market investors to easily exercise their subscription rights [3] - The process ensures equal participation rights for institutional and individual investors, enhancing market inclusivity [3]

Core Viewpoint - The article highlights the significant innovation in China's public REITs market with the launch of the first expansion offering that allows original fund shareholders to subscribe, marking a breakthrough in the expansion mechanism of public REITs in the country [1][2]. Group 1: Expansion Mechanism - The expansion of the Huaxia Fund's Huazhong REIT raised over 1.1 billion yuan, which will be used to acquire a rental housing project in Shanghai's Minhang District [1]. - This expansion not only revitalizes rental housing assets through the public REITs platform but also attracts more social capital to participate in the rental housing sector, sharing in the industry's growth [1]. Group 2: Subscription Method - The expansion utilized a subscription method that grants original shareholders priority, effectively preventing the dilution of rights for existing investors, particularly small investors, and maintaining a relatively stable equity structure [2]. - The subscription method received positive feedback from investors, achieving a participation rate of 99.51% with a total raised amount of 11.329 billion yuan [2]. Group 3: Pricing Mechanism - The pricing mechanism for the expansion reflects market constraints, determined cautiously based on asset valuation, secondary market prices, and investor communication [2]. - To ensure fairness in pricing and trading, an "ex-rights" mechanism was introduced to adjust the fund's reference net asset value and trading price before and after the expansion [2]. Group 4: Investor Participation - The expansion significantly broadened the access for individual investors, allowing all registered fund shareholders on the record date to participate based on their holdings, ensuring equal rights for both institutional and individual investors [3][4]. - Multiple subscription channels were established for individual investors, allowing participation through both on-market and off-market avenues [3][4].

Core Viewpoint - The recent expansion of the public REITs market in China marks a significant innovation, with the launch of the Huaxia Fund's Huayuan REIT on the Shanghai Stock Exchange, utilizing a subscription method that prioritizes existing fund shareholders, setting a market benchmark for future expansions [1][2] Group 1: Expansion Mechanism - The Huaxia Fund's Huayuan REIT raised over 1.1 billion yuan for the acquisition of a rental housing project in Shanghai, enhancing its asset portfolio in key industrial areas [2] - The innovative subscription method allows existing shareholders to have priority in purchasing additional shares, preventing dilution of their rights and maintaining a stable equity structure, which has led to a high participation rate of 99.51% in the fundraising [2][3] Group 2: Pricing and Fairness - The pricing mechanism for the expansion reflects market constraints, combining asset valuation, secondary market prices, and investor communication to ensure fair pricing [3] - An "ex-rights" mechanism was introduced to adjust the fund's net asset value and trading price before and after the expansion, preventing risk-free arbitrage and ensuring fairness for all parties involved [3] Group 3: Investor Participation - The expansion significantly broadened the channels for individual investors, allowing over 10,000 personal investors to participate, thus ensuring equal rights for both institutional and individual investors [4] - Multiple subscription channels were established for both on-market and off-market investors, enhancing accessibility and participation opportunities [4] Group 4: Collaborative Efforts - The successful expansion of the Huayuan REIT was supported by collaborative efforts from various parties, including the Shanghai Stock Exchange and the China Securities Regulatory Commission, which provided guidelines and educational resources for investors [5] - The establishment of standardized procedures for expansion business by the Shanghai Stock Exchange has facilitated the smooth implementation of this innovative case [5] Group 5: Market Development - The successful case of the Huayuan REIT expansion provides valuable, replicable experience for future public REIT expansions, contributing to the maturation of market mechanisms [6] - As of January 19, 2026, there are 78 public REITs listed in the market, with a total issuance and market value exceeding 200 billion yuan, indicating a growing trend in the sector [6]

Group 1 - The core viewpoint of the news is that the expansion of the Huaxia Fund Huayun REIT (508077) marks a significant step in the development of the REITs market in China, particularly in terms of expansion mechanisms and investor protection [1][2] - The expansion will be listed on January 12 and is the first non-directional public REITs expansion in China, indicating progress in the market [1] - The fund was initially launched in December 2022 and is the first public REITs for affordable rental housing operated by a market-oriented institution in China [1] Group 2 - The expansion raised approximately 1.1329 billion yuan (excluding subscription fees and interest during the fundraising period) with a subscription rate of 99.51% [1] - The funds raised will be used entirely for acquiring the "Youchao Majiao" demonstration project located in Minhang District, Shanghai [1] - The expansion process involved compliance with regulatory procedures and ensured transparency and protection of investor rights [1][2] Group 3 - Industry experts noted that this non-directional expansion not only prioritizes the protection of existing investors but also provides a replicable market-oriented path for injecting quality assets into public REITs and achieving scale growth [2] - The listing of the Huaxia Fund Huayun REIT is expected to further promote the securitization of rental housing assets and contribute to building a multi-tiered housing security system [2] - The improvement and innovation of the expansion mechanism are crucial for the long-term healthy development of the REITs market in China [2]

Core Viewpoint - The expansion of the Guotai Haitong Dongjiu New Economy REIT is a strategic move to enhance its market presence and operational strength, covering key cities and providing sustainable production space for new economy enterprises [3][4]. Group 1: Fund Expansion and Coverage - The Guotai Haitong Dongjiu New Economy REIT will expand its coverage to six major cities, increasing the rentable area to 376,000 square meters, supporting sectors like new materials, new energy vehicles, and intelligent manufacturing [3]. - The expansion is part of a rolling model that includes development, cultivation, maturity, and reinvestment, ensuring continuous capital flow for future growth [3][4]. Group 2: Strategic Importance and Market Position - The demand for new economic infrastructure is expected to remain strong, driven by national strategies such as the Yangtze River Delta integration and innovation-driven development [4]. - Since its launch in October 2022, the REIT has maintained a rental rate of over 95%, indicating stable operations and strong investor returns [4]. Group 3: Asset Quality and Market Dynamics - The newly included projects in Nantong and Chongqing are high-quality standard factory assets, well-suited for heavy industrial production, with strong tenant investment and operational resilience [5]. - The successful issuance of this expansion marks it as the first public REIT project to acquire standard factory assets, enhancing regional coverage and leveraging industrial resource advantages [5].

Core Viewpoint - The article discusses the innovative case of public REITs expansion through a method of allocation to existing shareholders, highlighting the importance of investor participation to avoid potential losses [1][3]. Group 1: REIT Expansion Details - The first public REIT to adopt the allocation method to existing shareholders is the Huaxia Fund Huayuan REIT, which requires investors to pay close attention to the rights registration date and allocation process [1]. - The subscription period for the allocation ended on December 12, with a subscription price of 2.53 yuan per share and a total of 5 billion shares available for allocation, of which 4.5 billion shares were eligible for allocation [2]. - The total amount raised from this expansion is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a potential total fundraising of 11.385 billion yuan if all existing shareholders fully subscribe [2]. Group 2: Investor Implications - Existing shareholders who do not participate in the allocation or sell their original shares may face direct losses due to price adjustments following the allocation, as the allocation price is typically lower than the market price [3]. - The allocation method is designed to protect the interests of existing shareholders, ensuring that their rights are not diluted, and providing a fair distribution of benefits [4]. - For those who fully participate in the allocation, there is a tangible opportunity for increased returns, as the higher the abandonment rate by others, the greater the potential benefits for those who participate [4]. Group 3: Market Trends and Policy Support - Public REITs expansion has accelerated in 2023, with a notable increase in directed expansions, although the number of completed expansions remains limited [5]. - As of now, six public REITs have completed expansions totaling 77.34 billion yuan, with a significant portion allocated to original rights holders and strategic investors [5]. - Recent policy support from the National Development and Reform Commission encourages REITs to expand and acquire quality assets, simplifying the approval process for new projects [6].

Core Viewpoint - The article discusses the innovative expansion case of public REITs, specifically focusing on the first public REIT that adopted a method of offering shares to existing holders, emphasizing the importance of participation to avoid asset dilution [1][2]. Group 1: Expansion Method and Implications - The 华夏基金华润有巢 REIT is the first public REIT to use the method of offering shares to existing holders, requiring them to either participate in the subscription or sell their original shares to avoid losses [1][2]. - The subscription price for the offering was set at 2.53 yuan per share, with a total of 5 billion shares available for subscription, allowing for 4.5 billion shares to be allocated at a ratio of 0.9 [1]. - The total amount raised from this offering is expected to be between 9.915 billion yuan and 11.400 billion yuan, with a potential total fundraising of 11.385 billion yuan if all existing holders fully subscribe [1]. Group 2: Investor Considerations - Existing holders who do not participate in the offering or do not participate sufficiently will face losses due to price adjustments post-offering, as the offering price is typically lower than the market price [2]. - Investors are advised to consider the quality of the assets being purchased, their financial situation, and the long-term value of the fund when deciding whether to participate in the offering or sell their existing shares [2]. Group 3: Characteristics of the Offering Method - The method of offering shares to existing holders is designed to protect their interests and ensure that their rights are not diluted, reflecting a recognition and reward for long-term holders [3]. - This approach provides tangible benefits for those who fully participate in the offering, as a higher abandonment rate by others increases the potential returns for those who do participate [3]. Group 4: Market Trends and Regulatory Support - The expansion of public REITs has accelerated since 2025, with a notable increase in directed offerings being the mainstream method [4]. - As of this year, six public REITs have completed expansions totaling 77.34 billion yuan, with a significant portion allocated to strategic investors and directed offerings [4]. - Recent regulatory support aims to simplify the process for new project acquisitions through expansions, encouraging existing REITs to raise funds for quality asset purchases [4].