1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

2025 年 09 月 20 日 流动性连续第四周环降 公募 REITs 周度跟踪（2025.09.15-2025.09.19） 文,助推 REITs 市场扩围 墓 REITs 025.09.08-2025.09.12) 》 ु偏强, 凯德商业 REIT 询 墓 REITs 周度跟踪 025.09.01-2025.09.05 ) » 2025/09/06 《行情修复,消费类领跑中报业绩一 募 REITs 周度跟踪 2025.08.25-2025.08.29 ) 》 2025/08/30 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究反方持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 (8621)23297818× caoxuan@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ● REITs 市场流动性继续降低，交投持续清淡。本周行情延续平淡，指数仅现小幅 修复,值得注意的是,REITs 二 ...

业内翘首以盼的公募REITs新规来了。 9月12日，为深入贯彻落实党中央、国务院决策部署，按照《国务院办公厅关于进一步盘活存量资产扩 大有效投资的意见》（国办发［2022］19号）、《国家发展改革委关于全面推动基础设施领域不动产投 资信托基金（REITs）项目常态化发行的通知》（发改投资［2024］1014号）等要求，进一步做好基础 设施REITs常态化申报推荐工作，推动基础设施REITs高质量发展，国家发展改革委办公厅正式发布了 《通知》，也就是业内俗称的"782号文"。 《通知》主要包括四个方面的内容，分别为：持续推动市场扩围扩容、积极支持通过扩募方式新购入项 目、优质高效做好项目把关、切实加强组织保障。 第一，持续推动市场扩围扩容。《通知》提出，要高度重视基础设施REITs申报工作，加快成熟资产类 型项目常态化申报，积极推动新资产类型项目推荐发行，积极支持民间投资项目发行上市，以及加大项 目培育储备工作力度。 第二，积极支持通过扩募方式新购入项目。要简化新购入项目申报流程，拓宽新购入项目资产范围。 第三，优质高效做好项目把关。《通知》要求坚持聚焦推荐重点，确保投资管理手续齐备，充分发挥回 收资金带动作用 ...

Core Viewpoint - Zhejiang New Energy Investment Group Co., Ltd. (referred to as "the company") announces that its subsidiary, Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd. (referred to as "Shanxi Water Conservancy"), plans to issue public infrastructure REITs based on operational assets such as the Shanxi Reservoir and power station, with the company participating as an original equity holder [2][3]. Group 1: Transaction Details - The transaction involves Shanxi Water Conservancy issuing public infrastructure REITs with the company and its affiliate Qianjiang Water Development Co., Ltd. intending to subscribe for a certain amount of fund shares [2][3]. - The board of directors and senior management of the company hold positions in Qianjiang Water, establishing an associated relationship, thus classifying this transaction as a related party transaction [2][3]. - The transaction has been approved by the company's independent directors and board meetings, confirming it does not constitute a major asset restructuring as per relevant regulations [2][3][19]. Group 2: REITs Project Plan - The REITs project aims to revitalize existing assets, improve capital structure, and enhance project compliance, with an estimated asset valuation of approximately 3 billion yuan (30.04 billion) and a proposed issuance scale of 2.474 billion yuan [5][6]. - The underlying assets include the Shanxi Reservoir, which has a total capacity of 1.824 billion cubic meters and an installed capacity of 222,000 kilowatts, generating an average annual power output of about 410 million kilowatt-hours [5][6]. - The REITs will have a 30-year term, with 80% of the shares intended for original equity holders and 20% for public investors [5][6]. Group 3: Related Party Transaction Overview - The company will subscribe for fund shares in the REITs, with the actual subscription ratio and amount to be determined by the final issuance plan [13][19]. - The transaction price for the fund shares will be based on the final project valuation and market inquiry results, ensuring fairness and reasonableness [18][19]. - The issuance of REITs is expected to help the company activate existing assets, generate asset disposal income, and enhance dividends, aligning with the company's interests and sustainable development goals [19][20]. Group 4: Approval Process - The independent directors have reviewed and approved the REITs issuance proposal, emphasizing its benefits for asset revitalization and shareholder interests [20][21]. - The board meeting also approved the company's participation in the REITs subscription and authorized management to handle related matters, subject to regulatory approvals [21]. Group 5: Future Steps - The REITs project is currently in the application stage, pending approval from relevant regulatory bodies, with the company committed to timely information disclosure as required by law [3][12][22].

Group 1 - The company Qianjiang Water Conservancy (600283.SH) plans to issue public infrastructure REITs backed by operational assets such as the Shanxi Reservoir and power station to enhance asset utilization and improve capital structure [1] - The estimated valuation of the underlying assets for the REITs is approximately 3.004 billion yuan, with a proposed issuance scale of 2.474 billion yuan [1] - Four shareholders, including Wenzhou Public Utilities as the initiator, will participate in the subscription, with 80% of the total scale allocated to them and 20% available for public investors [1]

Core Viewpoint - Zhejiang Xineng (600032.SH) announced that its associate company, Zhejiang Shanxi Hydropower Development Co., Ltd. (referred to as "Shanxi Hydropower"), plans to issue public infrastructure REITs backed by operational assets such as the Shanxi Reservoir and power station [1] Group 1: REITs Issuance Details - The public REITs will be backed by the Shanxi Reservoir and power station, with a total asset valuation of approximately 3.004 billion yuan [1] - The issuance will have a term of 30 years, with a planned issuance scale of 2.474 billion yuan, retaining 529 million yuan in liabilities for the project company [1] - Four shareholders, including Wenzhou Public Utilities as the initiator, will participate as original equity holders, with a total subscription ratio set at 80%, while 20% will be sold to public investors [1] Group 2: Shareholder Participation - The four original equity holders will recover 100% ownership of the project company without compensation after the 30-year term [1]

Group 1 - The core point of the article is that Zhejiang Xinneng plans to subscribe for a certain share of a public REITs focused on infrastructure issued by its affiliated company [1] Group 2 - The company is actively participating in the infrastructure sector through investments in public REITs, indicating a strategic move to enhance its portfolio [1]

Core Viewpoint - China Three Gorges New Energy (Group) Co., Ltd. plans to issue public REITs based on its Dalian Zhuanghe III offshore wind power project as the underlying asset, which constitutes a related party transaction [15][25]. Group 1: Board Meeting Resolutions - The second board meeting on August 6, 2025, approved the issuance of public REITs based on the Dalian Zhuanghe III offshore wind power project [1][4]. - The board also approved amendments to the company's articles of association, which will take effect upon approval by the shareholders' meeting [5][6]. - The board approved revisions to the rules for shareholders' meetings and board meetings [8][9][11]. Group 2: Related Party Transactions - The company plans to subscribe for 34% of the fund shares, while its related party, Three Gorges Capital, intends to subscribe for 10% [15][25]. - The total amount of related party transactions in the past 12 months, excluding daily transactions, was 840.63 million yuan, with 764.70 million yuan involving the same related party [26][36]. - The transaction does not constitute a major asset restructuring as per regulations [16][25]. Group 3: Project Details - The Dalian Zhuanghe III project has a total installed capacity of 298.8 MW and was fully connected to the grid in November 2020 [18][19]. - The funds raised from the REITs will primarily be used to repay existing debts and invest in new projects [20]. - The expected distribution of profits will be no less than 90% of the fund's annual distributable amount [21]. Group 4: Regulatory and Procedural Aspects - The REITs project is currently in the application stage and requires approval from relevant regulatory authorities [35]. - The company will submit formal application materials to regulatory bodies and maintain close communication regarding policy developments [24][35]. - The independent directors unanimously agreed that the transaction would help optimize the company's capital structure and would not harm the interests of shareholders, especially minority shareholders [33].

Core Viewpoint - China Three Gorges New Energy (Group) Co., Ltd. plans to issue public infrastructure REITs based on its wholly-owned subsidiary's offshore wind power project, with the company and its affiliate subscribing to 34% and 10% of the fund shares respectively, constituting a related party transaction [1][3][4] Group 1: Infrastructure Public REITs Project Plan - The offshore wind power project, known as Zhuanghe III, is located in Dalian, Liaoning Province, with a total installed capacity of 56% [1] - The structure of the public infrastructure REITs project involves a "public fund + special plan + project company" model, where the fund raises capital from investors and indirectly holds the underlying assets [1][3] - The company will submit formal application materials to regulatory authorities to advance the registration and issuance of the public infrastructure REITs [1][4] Group 2: Related Party Transaction Overview - The company intends to subscribe to 34% of the fund shares, while its affiliate, Three Gorges Capital, plans to subscribe to 10%, with actual subscription amounts depending on the final fundraising amount [1][3] - The related party transaction does not constitute a major asset restructuring as defined by regulations [1][4] - The independent directors unanimously agreed that the transaction would help the company optimize its capital structure and would not harm the interests of shareholders, especially minority shareholders [3][4] Group 3: Historical Related Transactions - In the past 12 months, the company has engaged in related transactions with the same affiliate totaling 840.63 million yuan, excluding daily related transactions [2][4] - The cumulative transaction amount with Three Gorges Group and its subsidiaries was 764.70 million yuan, representing 0.88% of the company's most recent audited net assets [2][3]

Core Viewpoint - The company plans to issue public infrastructure REITs based on its wholly-owned subsidiary's offshore wind power project, Dalian Zhuanghe III, with the company and its affiliate subscribing to a significant portion of the fund [1] Group 1: Project Details - The Zhuanghe III project is located in Dalian, Liaoning Province, with a total installed capacity of 298.8 MW, which was fully connected to the grid in November 2020 [1] - The fund subscription breakdown includes 34% by the company, 10% by its affiliate, Three Gorges Capital, and 56% by other investors [1] Group 2: Fund Utilization - The funds raised will primarily be used for repaying existing debts and financing new project investments [1]