Market Overview - The secondary market for publicly listed REITs in China experienced a continued downward trend, with the CSI REITs closing at 786.17 and the CSI REITs Total Return Index at 1023.15, reflecting weekly returns of -0.46% and -0.43% respectively [4] - Both property and concession REITs saw declines in their secondary market prices, with property REITs returning -0.53% and concession REITs returning -0.18% [4] - Municipal facility REITs showed the highest increase in returns among underlying asset types, with the top three performing asset types being municipal facilities, new infrastructure, and ecological environmental protection [4] Individual REIT Performance - A total of 31 REITs increased in value, 1 remained flat, and 47 decreased in value during the week [4] - The top three REITs by increase in value were Huatai Securities Jiangsu Transportation Control REIT, Southern Runze Technology Data Center REIT, and Huitianfu Jiuzhoutong Pharmaceutical REIT [4] - The total trading volume for public REITs was 2.22 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.44% [4] Trading Activity - The top three REITs by trading volume were AVIC Easy Business Warehousing Logistics REIT, Jiashi JD Warehousing Infrastructure REIT, and Huaxia Fund China Resources REIT [5] - The total net inflow from major investors was 9.28 million yuan, indicating increased market trading enthusiasm compared to the previous period [5] - The top three REITs by net inflow were Huaxia Dayuecheng Commercial REIT, Huitianfu Jiuzhoutong Pharmaceutical REIT, and Huaxia Yuexiu Expressway REIT [5] Block Trading - The total amount of block trading reached 924 million yuan, showing an increase from the previous period [5] - There were block trades on five trading days, with the highest single-day block trading amount on March 11, 2026, reaching 278.22 million yuan [5] - The top three REITs by block trading amount were Ping An Ningbo Trading REIT, Huaxia China Resources Commercial REIT, and Zhongjin Hubei Science and Technology Investment Guanggu REIT [5] Primary Market - No new REIT products were listed during the week, but the project status of one existing REIT was updated [6]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From March 9 to March 13, 2026, the secondary - market prices of listed public REITs in China continued to decline. The returns of property - type and franchise - type REITs decreased, while municipal facilities REITs had the largest increase. The trading volume, turnover rate, and net inflow of main funds in the REITs market showed different characteristics, and the primary - market had no new REITs listed but one project status was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the large - asset level**: The secondary - market prices of listed public REITs continued to decline. The closing prices of CSI REITs and CSI REITs Total Return Index were 786.17 and 1023.15 respectively, with weekly returns of - 0.46% and - 0.43%. The weekly return of the weighted REITs index was - 0.4% [11]. - **At the underlying - asset level**: Both property - type and franchise - type REITs' secondary - market prices declined, with returns of - 0.53% and - 0.18% respectively. Among underlying - asset types, municipal facilities REITs had the largest increase, with the top three return - ranked underlying - asset types being municipal facilities, new infrastructure, and ecological environmental protection, with returns of 1.45%, 0.74%, and 0.01% respectively [13][18]. - **At the single - REIT level**: There were 31 REITs rising, 1 flat, and 47 falling. The top three in terms of increase were Huitianfu Jiuzhoutong Pharmaceutical REIT, Guotai Junan Jinan Energy Heating REIT, and Southern Runze Technology Data Center REIT, with increases of 1.86%, 1.45%, and 1.43% respectively. The top three in terms of decline were Jiashi JD Warehouse Infrastructure REIT, Boshi Jinkai Industrial Park REIT, and Boshi Shekou Industrial Park REIT, with declines of 5.6%, 5.17%, and 3.89% respectively [19]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.22 billion yuan. New infrastructure REITs led in the average daily turnover rate. The total trading volume of 79 listed REITs was 2.22 billion yuan, and the average daily turnover rate was 0.44%. The top three in terms of trading volume were transportation infrastructure, warehousing and logistics, and consumer infrastructure, with trading volumes of 502 million, 364 million, and 337 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, warehousing and logistics, and water conservancy facilities, with rates of 0.93%, 0.53%, and 0.51% respectively [22]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were AVIC Yishang Warehouse Logistics REIT, Jiashi JD Warehouse Infrastructure REIT, and China Asset Management Huaren Youchao REIT, with trading volumes of 240 million, 200 million, and 170 million shares respectively. The top three in terms of trading amount were Huatai Jiangsu Jiaokong REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Jiaokong REIT, with trading amounts of 89 million, 81 million, and 72 million yuan respectively. The top three in terms of turnover rate were BOC Sinotrans Warehouse Logistics REIT, Southern Wanguo Data Center REIT, and Jiashi JD Warehouse Infrastructure REIT, with rates of 6.93%, 6.19%, and 6.17% respectively [23]. 3.1.3 Net Inflow of Main Funds and Block Trades - **Net inflow of main funds**: The total net inflow of main funds this week was 9.28 million yuan, and the market trading enthusiasm increased compared with the previous period. Among different underlying - asset REITs, the top three in terms of net inflow were consumer infrastructure, affordable rental housing, and transportation infrastructure, with net inflows of 17.16 million, 8.8 million, and 6.29 million yuan respectively. Among single REITs, the top three in terms of net inflow were China Asset Management Joy City Commercial REIT, Huitianfu Jiuzhoutong Pharmaceutical REIT, and China Asset Management Yuexiu Expressway REIT, with net inflows of 8.04 million, 5.13 million, and 5 million yuan respectively [26]. - **Block trades**: The total block - trade amount this week reached 924 million yuan, an increase compared with the previous period. There were block - trade transactions on 5 trading days, and the total block - trade amount was 924 million yuan. The block - trade amount on Wednesday (March 11, 2026) was the highest in the period, reaching 278.22 million yuan. Among single REITs, the top three in terms of block - trade amount were Ping An Ningbo Jiaotou REIT, China Asset Management Huaren Commercial REIT, and CICC Hubei Ketou Optics Valley REIT, with amounts of 222.95 million, 154.51 million, and 146.15 million yuan respectively, and corresponding average discount/premium rates of - 0.54%, - 0.28%, and + 0.47% respectively [28]. 3.2 Primary Market 3.2.1 Listed Projects - As of March 13, 2026, there were 79 public REITs products in China, with a total issuance scale of 205.039 billion yuan. Among underlying - asset types, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs with an issuance scale of 32.933 billion yuan. No new REITs were listed this week [32][34]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 31 REITs in the to - be - listed state, including 29 initial - offering REITs and 2 to - be - expanded REITs. One REIT product's project status was updated this week [37][38].

Market Overview - The secondary market for publicly listed REITs in China experienced an overall decline in prices during the week of March 2 to March 6, 2026, with the China Securities REITs closing at 789.81 and the China Securities REITs total return index at 1027.62, both showing a weekly return of -0.35% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: crude oil > pure bonds > REITs > US stocks > convertible bonds > gold > A-shares [4] - Among different project attributes, both property and concession REITs saw price declines, with property REITs returning -1.45% and concession REITs returning -0.14% [4] - The best-performing underlying asset types this week were water conservancy facilities, energy, and transportation infrastructure [4] Trading Activity - The total trading volume for public REITs this week was 2.46 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.51% [5] - The top three REITs by trading volume were Southern Universal Data Center REIT, Southern Runze Technology Data Center REIT, and CICC ProLogis REIT [5] - The total net inflow for the week was -50.02 million yuan, indicating a decrease in market trading enthusiasm compared to the previous period [5] - The top three REITs by net inflow were consumer infrastructure, affordable rental housing, and energy infrastructure [5] Block Trading - The total amount of block trading reached 449 million yuan this week, showing an increase from the previous period [6] - There were four trading days with block trades, with the highest single-day block trading amount on March 2, 2026, at 178.9 million yuan [6] - The top three REITs by block trading amount were Chuangjin Hexin Shounong REIT, Huatai Jiangsu Transportation Control REIT, and E Fund Deep Highway REIT [6] Primary Market - No new REIT products were listed this week [7] - The project status of nine REIT products was updated during the week [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - From February 2 to March 6, 2026, the secondary market prices of listed public REITs in China fluctuated and declined overall, with the returns of both the CSI REITs (Closing) and CSI REITs Total Return Index being -0.35%. Compared with other mainstream asset classes, the returns ranked from high to low are: crude oil > pure bonds > REITs > US stocks > convertible bonds > gold > A-shares. The market trading enthusiasm decreased compared to the previous period [1][11]. Group 3: Summary by Directory Secondary Market Price Trends - **At the broad asset level**: The secondary market prices of listed public REITs in China fluctuated and declined overall. The CSI REITs (Closing) and CSI REITs Total Return Index closed at 789.81 and 1027.62 respectively, with a weekly return of -0.35%. The weighted REITs index had a weekly return of -0.97%. Compared with other mainstream asset classes, the returns of Chinese public REITs were average this week [11]. - **At the underlying asset level**: Both the secondary market prices of equity - type and franchise - type REITs declined this week, with returns of -1.45% and -0.14% respectively. Among the underlying asset types, water conservancy facilities REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were water conservancy facilities, energy, and transportation infrastructure, with returns of 1.66%, 0.7%, and -0.49% respectively [15][16]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 18 rising, 2 remaining flat, and 59 falling. The top three in terms of increase were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia Nanjing Traffic Expressway REIT, and China Merchants Expressway REIT, with increases of 2.18%, 1.89%, and 1.87% respectively. The top three in terms of decline were CICC Anhui Expressway REIT, China Merchants Science and Technology Innovation REIT, and Southern Runze Technology Data Center REIT, with declines of 4.41%, 4.32%, and 3.73% respectively [19]. Transaction Volume and Turnover Rate - **At the underlying asset level**: The transaction volume of public REITs this week was 2.46 billion yuan, and the new infrastructure - type REITs led in the average daily turnover rate during the period. The total transaction volume of the 79 listed REITs during the period was 2.46 billion yuan, and the average daily turnover rate during the period was 0.51%. In terms of transaction volume, the top three REIT asset types were transportation infrastructure, consumer infrastructure, and warehousing and logistics, with transaction volumes of 525 million, 418 million, and 326 million yuan respectively. In terms of turnover rate, the top three REIT asset types in the average daily turnover rate during the period were new infrastructure, energy infrastructure, and water conservancy facilities, with rates of 1.42%, 0.54%, and 0.48% respectively [22]. - **At the single - REIT level**: This week, the performance of single - REIT transaction volume and turnover rate continued to be differentiated. In terms of trading volume, the top three were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with 210 million, 190 million, and 170 million shares respectively. In terms of transaction amount, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CICC Anhui Expressway REIT, with 131 million, 97 million, and 88 million yuan respectively. In terms of turnover rate, the top three were Southern Wanguo Data Center REIT, Huaxia Anbo Warehouse REIT, and CICC China Power Construction Clean Energy REIT, with rates of 8.83%, 6.75%, and 6.73% respectively [23]. Main Force Net Inflow and Block Trade Situation - **Main force net inflow situation**: The total net inflow of the main force this week was -50.02 million yuan, and the market trading enthusiasm decreased compared to the previous period. At the level of different underlying asset REITs, the top three in terms of net inflow during the period were consumer infrastructure, affordable rental housing, and energy infrastructure, with net inflows of 11.96 million, 11.5 million, and 5.46 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow during the period were Huaxia China Resources Commercial REIT, Huaxia Joy City Commercial REIT, and CITIC Construction Investment Mingyang Smart New Energy REIT, with net inflows of 14.31 million, 4.58 million, and 3.07 million yuan respectively [27]. - **Block trade situation**: The total block trade this week reached 449 million yuan, an increase compared to the previous period. There were block trades on 4 trading days this week, with a total block trade transaction volume of 449 million yuan. The block trade transaction volume on Monday (March 2, 2026) was the highest during the period, reaching 178.9 million yuan. At the single - REIT level, the top three in terms of block trade transaction volume during the period were Chuangjin Hexin Shounong REIT, Huatai Jiangsu Expressway REIT, and E Fund Shenzhen Expressway REIT, with transaction volumes of 147.89 million, 78.51 million, and 73.96 million yuan respectively, corresponding to average discount/premium rates of 1.01%, -1.52%, and -0.17% respectively [29]. Primary Market Listed Projects - As of March 6, 2026, the number of public REITs products in China reached 79, with a total issuance scale of 20.5039 billion yuan. In terms of underlying asset types, as of March 6, 2026, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [34]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai and Shenzhen Stock Exchanges, there are 30 REITs in the state of being to be listed, among which 28 are initial - offering REITs and 2 are REITs to be expanded. This week, the project status of 9 REITs products was updated [38][39].

Group 1 - The core viewpoint of the article highlights the performance and trends of REITs in the primary and secondary markets, emphasizing the fluctuations in market prices and the upcoming listings of new REITs [4][5][6]. Group 2 - In the primary market, the 华夏中核清洁能源 REIT is set to be listed on February 2, 2026, with an issuance scale of 3.29 billion yuan. As of February 28, 2026, there are 30 REITs awaiting listing, with 28 being new issues and 2 for expansion [4]. Group 3 - In the secondary market, from February 1 to February 28, 2026, the overall price of publicly listed REITs showed a downward trend, with the 中证REITs closing at 796.08 and the 中证REITs全收益指数 at 1035.78, reflecting returns of -1.66% and -1.58% respectively. Compared to other asset classes, REITs ranked lower in return performance [5]. Group 4 - The trading volume of publicly offered REITs decreased compared to the previous month, with a total transaction amount of 6.7 billion yuan and an average daily turnover rate of 0.46% as of February 28, 2026. The top three REITs by transaction volume were 嘉实京东仓储基础设施 REIT, 中航易商仓储物流 REIT, and 南方万国数据中心 REIT [6][7]. Group 5 - The net inflow of capital in the market reached 157.7 million yuan, indicating increased trading enthusiasm compared to the previous month. The top three asset types for net inflow were consumer infrastructure, park infrastructure, and energy infrastructure [7]. Group 6 - The total amount of block trades for the month was 1.01 billion yuan, showing a decrease from the previous month. The highest single-day block trade occurred on February 3, 2026, amounting to 198.64 million yuan [7].

Market Overview - The secondary market for publicly listed REITs in China experienced an overall decline in prices during the week of February 24-27, 2026, with the China Securities REIT Index closing at 796.08 and the total return index at 1035.78, both showing a return rate of -1.08% [4] - Compared to other major asset classes, REITs ranked lowest in return rates, with oil, gold, convertible bonds, A-shares, US stocks, and pure bonds performing better [4] - Within the REIT categories, property and concession REITs saw price declines, with property REITs returning -1.46% and concession REITs -0.09% [4] Asset Class Performance - New infrastructure REITs showed the highest increase in returns during the week, with the top three performing asset types being new infrastructure, ecological protection, and transportation infrastructure [4] - A total of 17 REITs saw price increases, while 62 experienced declines, with the top three gainers being Southern Runze Technology Data Center REIT, Huatai Jiangsu Traffic Control REIT, and Huaan Waigaoqiao REIT [4] Trading Activity - The total trading volume for public REITs was 1.72 billion yuan, with new infrastructure REITs leading in average daily turnover rate at 0.44% [5] - The top three REITs by trading volume were Southern Wanguo Data Center REIT, AVIC Easy Business Warehousing Logistics REIT, and Jiashi JD Warehousing Infrastructure REIT, while the top three by trading value were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Jiashi JD Warehousing Infrastructure REIT [5] - The net inflow of main funds totaled 42.87 million yuan, indicating increased market trading enthusiasm compared to the previous period, with the top three categories for net inflow being consumer infrastructure, affordable rental housing, and new infrastructure [5] Block Trading - The total amount of block trading for the week reached 216 million yuan, showing a decrease from the previous period, with the highest single-day block trading amount on February 27, 2026, at 122.87 million yuan [6] - The top three REITs by block trading value were AVIC Easy Business Warehousing Logistics REIT, Guotai Haitong Jinan Energy Heating REIT, and Huaxia Jinyu Intelligent Manufacturing Factory REIT [6] Primary Market - No new REIT products were listed during the week, but the project status of 12 existing REITs was updated [7]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In January 2026, the secondary - market prices of publicly - offered REITs in China showed an overall fluctuating upward trend, with the secondary - market prices of both equity - type REITs and franchise - type REITs rising, and the equity - type REITs having a larger increase. The trading enthusiasm in the REITs market increased compared to the previous month, and the total net inflow of the main funds reached 588.19 million yuan. The total amount of block trades also increased compared to the previous month [2][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of January 31, 2026, there were 78 publicly - offered REITs products in China, with a total issuance scale of 20.1749 billion yuan (excluding expansion and fundraising). Among them, the transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by the park infrastructure - type REITs with a scale of 3.2933 billion yuan. No new REITs products were listed in January 2026 [11][12]. 3.1.2 Projects to be Listed - As of January 31, 2026, there were 22 REITs in the state of being to be listed, including 20 initial - offering REITs and 2 REITs to be expanded and raised. In January, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". Additionally, 8 commercial real - estate REITs were declared [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the large - asset level**: From January 1 to January 31, 2026, the secondary - market prices of publicly - offered REITs in China showed a fluctuating upward trend. The CSI REITs (closing) and CSI REITs total return index closed at 809.56 and 1052.42 respectively, with monthly returns of 3.98% and 4.22%. The weighted REITs index had a monthly return of 4.83%. Compared with other major asset classes, the return of REITs was 4.83%, ranking behind gold, crude oil, convertible bonds, and A - shares, but ahead of US stocks and pure bonds [17]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs saw price increases, with the equity - type REITs having a larger increase. The return of equity - type REITs was 5.7%, and that of franchise - type REITs was 3.42%. Among different underlying - asset types, water - conservancy facilities - type REITs had the largest increase this month. The underlying - asset categories with better returns this month were water - conservancy facilities, new - type infrastructure, and consumption, with returns of 9.7%, 8.38%, and 7.6% respectively [21][23]. - **At the single - REIT level**: Among the publicly - offered REITs this month, 74 rose, 1 remained the same as last month, and 3 fell. The top three in terms of increase were Huaan Bailian Consumption REIT, Huaxia Zhonghai Commercial REIT, and CICC Chongqing Liangjiang REIT, with increases of 17.43%, 13.68%, and 13.62% respectively. The top three in terms of decrease were E Fund Guangzhou Development Zone High - tech Industrial Park REIT, Huaxia Nanjing Transportation Expressway REIT, and Huaxia Fund China Resources Youchao REIT, with decreases of 3.17%, 1.46%, and 0.07% respectively [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of publicly - offered REITs this month increased compared to last month, and the new - type infrastructure - type REITs led in the average daily turnover rate during the period. As of January 30, the total trading volume of the 78 listed REITs within the month was 36.38 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REITs categories were transportation infrastructure, consumption infrastructure, and park infrastructure, with trading volumes of 7.39 billion, 6.52 billion, and 6.42 billion yuan respectively. In terms of turnover rate, the top three REITs categories in the average daily turnover rate during the period were new - type infrastructure, water - conservancy facilities, and municipal facilities, with rates of 0.96%, 0.84%, and 0.67% respectively [28]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three within the month were Bosera Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 122 million, 121 million, and 120 million shares respectively. In terms of trading amount, the top three within the month were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading amounts of 819 million, 433 million, and 398 million yuan respectively. In terms of turnover rate, the top three within the month were CITIC Construction Investment Shenyang International Software Park REIT, AVIC Yishang Warehouse Logistics REIT, and Southern Wanguo Data Center REIT, with turnover rates of 35.05%, 28.66%, and 25.80% respectively [30]. 3.2.3 Main - Fund Net Inflow and Block - Trade Situation - **Main - fund net inflow situation**: This month, the total net inflow of main funds reached 588.19 million yuan, and the trading enthusiasm in the market increased compared to last month. From the perspective of different underlying - asset REITs, the top three underlying - asset types in terms of net inflow of main funds this month were consumption infrastructure, energy infrastructure, and transportation infrastructure, with net inflows of 366.47 million, 58.62 million, and 44.97 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds this month were Huaxia China Resources Commercial REIT, CICC Yinli Consumption REIT, and Huaxia Joy City Commercial REIT, with net inflows of 193.33 million, 68.38 million, and 42.48 million yuan respectively, and the consecutive inflow days were +1, +5, and +1 days respectively [33]. - **Block - trade situation**: The total amount of block trades this month was 1.55 billion yuan, an increase compared to last month. There were 20 trading days with block trades this month, and the total block - trade turnover was 1.55 billion yuan. The block - trade turnover on January 19, 2026, was the highest within the month, reaching 236.09 million yuan. In terms of single REITs, the top three in terms of block - trade turnover within the month were CITIC Construction Investment State Power Investment New Energy REIT, Ping An Ningbo Traffic Investment REIT, and Penghua Shenzhen Energy REIT, with turnovers of 195.04 million, 180.62 million, and 145.72 million yuan respectively, and the corresponding average discount - premium rates were - 0.19%, - 1.66%, and - 0.47% respectively [37]. 3.3 Related Policies - On January 4, the "Notice of the Ministry of Commerce and Other 9 Departments on Implementing the Action to Promote Green Consumption" was issued, emphasizing support for eligible projects to issue infrastructure - sector real - estate investment trusts (REITs). On January 15, the China Securities Regulatory Commission held the 2026 system work conference, proposing to promote the improvement of quality, adjustment of structure, and expansion of the total amount of the bond market, and to ensure the smooth implementation of the pilot program for commercial real - estate REITs [40].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - From January 19 to January 23, 2026, the secondary - market prices of China's listed public REITs showed an upward trend. The returns of REITs ranked third among major asset classes, behind gold and convertible bonds. The returns of property - type REITs were higher than those of franchise - type REITs, and new infrastructure - type REITs had the largest increase among underlying asset types. The trading volume, turnover rate, and net inflow of main funds in the REITs market increased compared with the previous week, and the total amount of block trades also increased. There were no new REITs listed in the primary market this week, and the status of 5 REITs projects was updated [1][11]. 3. Summary by Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs showed an upward trend. The China Securities REITs (closing) and China Securities REITs Total Return Index closed at 806.72 and 1047.51 respectively, with weekly returns of 2.09% and 2.17%. The weighted REITs index had a weekly return of 2.52%. Among major asset classes, the return ranking from high to low was: gold > convertible bonds > REITs > A - shares > crude oil > pure bonds > US stocks [11]. - **At the underlying asset level**: Both property - type and franchise - type REITs' secondary - market prices increased. The return of property - type REITs was 3.05%, and that of franchise - type REITs was 1.63%. New infrastructure - type REITs had the largest increase, with the top three underlying asset types in terms of return being new infrastructure, municipal facilities, and consumer - related, with returns of 5.88%, 4.85%, and 4.17% respectively [17][19]. - **At the single - REIT level**: 68 REITs rose and 10 fell. The top three in terms of increase were CICC Chongqing Liangjiang REIT, Huaan Bailian Consumer REIT, and Huatai Baowan Logistics REIT, with increases of 10.3%, 9.97%, and 7.27% respectively. The top three in terms of decrease were Huaan Zhangjiang Industrial Park REIT, Harvest China Power Construction Clean Energy REIT, and CITIC Construction Mingyang Smart New Energy REIT, with decreases of 2.88%, 1.54%, and 0.99% respectively. The top three in terms of annualized volatility were Huaan Bailian Consumer REIT, Southern Runze Technology Data Center REIT, and Huatai Baowan Logistics REIT, with annualized volatilities of 35.88%, 25.99%, and 24.65% respectively [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.89 billion yuan. New infrastructure - type REITs led in the average daily turnover rate during the period. The total trading volume of 78 listed REITs was 3.89 billion yuan, and the average daily turnover rate during the period was 0.80%. In terms of trading volume, the top three REIT asset types were consumer infrastructure, park infrastructure, and transportation infrastructure, with trading volumes of 942 million, 730 million, and 611 million yuan respectively. In terms of turnover rate, the top three REIT asset types were new infrastructure, water conservancy facilities, and municipal facilities, with average daily turnover rates of 1.44%, 0.91%, and 0.89% respectively [24]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Boshi Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 360 million, 340 million, and 310 million shares respectively. In terms of trading value, the top three were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading values of 297 million, 128 million, and 113 million yuan respectively. In terms of turnover rate, the top three were CITIC Construction Shenyang International Software Park REIT, Huaxia Jinyu Zhizao Factory REIT, and AVIC Yishang Warehouse Logistics REIT, with turnover rates of 14.27%, 9.89%, and 9.45% respectively [27]. 3.1.3 Net Inflow of Main Funds and Block Trade Situation - **Net inflow of main funds**: The total net inflow of main funds this week was 168.7 million yuan, and the market trading enthusiasm increased compared with the previous week. At the underlying asset level, the top three REITs in terms of net inflow of main funds were consumer infrastructure, transportation infrastructure, and energy infrastructure, with net inflows of 90.43 million, 47.71 million, and 20.55 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow of main funds were Huaxia China Resources Commercial REIT, Guojin China Railway Construction REIT, and Huaxia Joy City Commercial REIT, with net inflows of 37.43 million, 36.26 million, and 18.75 million yuan respectively [30]. - **Block trade situation**: The total block trade amount this week reached 821 million yuan, an increase compared with the previous week. There were block trades on 5 trading days this week, with a total block trade value of 821 million yuan. The block trade value on Monday (January 19, 2026) was the highest during the period, reaching 236.09 million yuan. At the single - REIT level, the top three REITs in terms of block trade value were CITIC Construction State Power Investment New Energy REIT, Penghua Shenzhen Energy REIT, and Guojin China Railway Construction REIT, with trading values of 185.04 million, 145.72 million, and 112.48 million yuan respectively, and corresponding average discount/premium rates of 0.00%, - 0.47%, and + 0.20% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of January 23, 2026, there were 78 public REITs products in China, with a total issuance scale of 201.749 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 32.933 billion yuan. There were no new REITs listed this week [35]. 3.2.2 Projects to be Listed - According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 14 REITs in the state of being to be listed, including 12 initial - offering REITs and 2 REITs to be expanded. In addition, 5 REITs were in the "suspended" state. This week, the project statuses of Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund (initial offering), Chuangjinhexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering), Harvest First - created Water Service Closed - end Infrastructure Securities Investment Fund (expansion), Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund (initial offering), and Jianxin Jianrongjiayuan Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) were updated to "suspended" [39].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From November 24 to 28, 2025, the secondary - market prices of listed public REITs in China fluctuated and declined overall. Compared with other major asset classes, the performance of REITs was average [11]. - The price trends of equity - type and franchise - based REITs in the secondary market diverged this week. Equity - type REITs rose, while franchise - based REITs fell. Among different underlying asset types, new infrastructure - type REITs had the largest increase [17]. - This week, there was no new listing of REITs products in the primary market, but the project status of 3 REITs products was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends 1) At the major asset level - The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 809.07 and 1040.34 respectively, with weekly returns of - 0.14% and - 0.08%. The weighted REITs index closed at 182.04, with a weekly return of - 0.07%. The return ranking from high to low was: US stocks > Gold > Convertible bonds > A - shares > Crude oil > REITs > Pure bonds [11]. 2) At the underlying asset level - In terms of project attributes, equity - type REITs rose (with a weighted index of 154.32 and a return of 0.04%), while franchise - based REITs fell (with a weighted index of 129.82 and a return of - 0.18%). - In terms of underlying asset types, the new infrastructure - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were new infrastructure, affordable housing, and municipal facilities, with weighted indexes of 110.05, 138.64, and 129.72 respectively, and returns of 1.65%, 0.87%, and 0.36% respectively [17][19]. 3) At the single - REIT level - This week, public REITs showed mixed performance, with 35 rising, 1 remaining unchanged, and 41 falling. The top three in terms of increase were CICC Xiamen Anju REIT, Huaxia Capital First - Creation Outlets REIT, and Huaxia Beijing Affordable Housing REIT, with increases of 3.65%, 2.67%, and 2.52% respectively. The top three in terms of decline were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with declines of 5.92%, 4.55%, and 2.45% respectively. The top three in terms of annualized volatility were Hua'an Waigaoqiao REIT, CICC Yinli Consumption REIT, and Huaxia JINMAO Commercial REIT, with annualized volatilities of 34.01%, 25.49%, and 23.26% respectively [24]. 3.1.2 Trading Volume and Turnover Rate 1) At the underlying asset level - The trading volume of public REITs this week was 2.81 billion yuan. The affordable rental housing - type REITs led in the average daily turnover rate during the period. The total trading volume of 77 listed REITs this week was 2.81 billion yuan, and the average daily turnover rate during the week was 0.57%. The top three REITs asset types in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure, with trading volumes of 677 million, 555 million, and 419 million yuan respectively. The top three REITs asset types in terms of average daily turnover rate were affordable rental housing, new infrastructure, and ecological environmental protection, with rates of 0.99%, 0.75%, and 0.75% respectively [25]. 2) At the single - REIT level - This week, the trading volume and turnover rate of single - REITs continued to show differentiation. In terms of trading volume, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia Hefei High - tech REIT, and CICC Xiamen Anju REIT, with 0.56, 0.34, and 0.26 billion shares respectively. In terms of trading amount, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 172 million, 138 million, and 133 million yuan respectively. In terms of turnover rate, the top three were Huaxia Fund CR Land Youchao REIT, Huatai Nanjing Jianye REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 17.07%, 10.13%, and 8.61% respectively [28]. 3.1.3 Main - force Net Inflow and Block Trading 1) Main - force net inflow situation - The total main - force net inflow this week was - 25.45 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three REITs in terms of weekly main - force net inflow were consumer infrastructure, water conservancy facilities, and new infrastructure, with net inflows of 23.16 million, 4.83 million, and 4.51 million yuan respectively. At the single - REIT level, the top three REITs in terms of weekly main - force net inflow were Huaxia CR Land Commercial REIT, CICC Yinli Consumption REIT, and Huatai Jiangsu Expressway REIT, with net inflows of 20 million, 8.44 million, and 5.22 million yuan respectively, and continuous inflow days of + 5, + 4, and + 3 days respectively [31]. 2) Block trading situation - The total block trading amount this week reached 538.75 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 538.75 million yuan. The block trading amount on Thursday (November 27, 2025) was the highest within the period, reaching 178.68 million yuan. At the single - REIT level, the top three REITs in terms of weekly block trading amount were CITIC Construction MingYang Smart Energy REIT, China Merchants Expressway REIT, and Hua'an Bailian Consumption REIT, with trading amounts of 152.69 million, 133.04 million, and 97.82 million yuan respectively, and corresponding average discount/premium rates of - 0.59%, - 2.88%, and - 0.43% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of November 28, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [37][39]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the to - be - listed state, including 13 initial offering REITs and 7 to - be - expanded - offering REITs. This week, the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted", and the project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) and Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "reported" [42].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.48%. Compared with other major asset classes, REITs' performance was average. The return rate ranking from high to low was: convertible bonds > crude oil > A - shares > pure bonds > gold > REITs > US stocks. The secondary - market price trends of equity - type and franchise - type REITs diverged, and municipal facility - type REITs had the largest increase. In terms of single - REIT performance, there were 33 rising, 1 flat, and 42 falling REITs (excluding the newly - listed one). The trading volume, turnover rate, net inflow of main funds, and large - scale trading volume also showed differentiation among different REITs. In the primary market, a new REIT was listed, and the status of two REIT products was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The closing and total return indices of China Securities REITs and the weighted REITs index all had negative returns. Compared with other major asset classes, REITs' return rate was - 0.48%, ranking behind convertible bonds, crude oil, A - shares, etc. [11] - **At the underlying asset level**: The price trends of equity - type and franchise - type REITs diverged. Equity - type REITs declined with a return rate of - 0.86%, while franchise - type REITs rose with a return rate of 0.39%. Among different underlying asset types, municipal facility - type REITs had the largest increase, with a return rate of 2.25%. The top three in terms of return rate were municipal facility - type, ecological and environmental protection - type, and consumer - type REITs [17][19]. - **At the single - REIT level**: Excluding the newly - listed REIT, there were 33 rising, 1 flat, and 42 falling REITs. The top three in terms of increase were China AMC JINMAO Commercial REIT, Zheshang Expressway REIT, and Guotai Junan Jinan Energy Heating REIT, with increases of 4.42%, 2.37%, and 2.25% respectively. The top three in terms of decline were GF Chengdu Gaotou Industrial Park REIT, CICC Liandong Science and Technology Innovation REIT, and E Fund Guangzhou Development District High - tech Industrial Park REIT, with declines of 9.44%, 8.43%, and 7.01% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.88 billion yuan, and the new infrastructure - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were park infrastructure - type, transportation infrastructure - type, and affordable rental housing - type REITs, with trading volumes of 684 million, 507 million, and 442 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure - type, affordable rental housing - type, and park infrastructure - type REITs, with rates of 0.86%, 0.83%, and 0.80% respectively [25]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were China AMC Hefei High - tech REIT, China AMC CR Land Youchao REIT, and Soochow Industrial Park REIT. The top three in terms of trading amount were China AMC Hefei High - tech REIT, China AMC CCCC REIT, and China AMC CCOF Commercial REIT. The top three in terms of turnover rate were CSC Shenyang International Software Park REIT, China AMC CCOF Commercial REIT, and China AMC Hefei High - tech REIT [28]. 3.1.3 Net Inflow of Main Funds and Large - scale Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 38.36 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow were consumer infrastructure - type, park infrastructure - type, and new infrastructure - type REITs. Among single REITs, the top three were China AMC CCOF Commercial REIT, China AMC CR Land Commercial REIT, and China AMC CR Land Youchao REIT [31]. - **Large - scale trading**: The total large - scale trading amount this week was 240.26 million yuan, a decrease compared with last week. There were large - scale trading transactions on 5 trading days, and the highest single - day trading amount was on November 3, 2025. The top three in terms of large - scale trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and Huatai Baowan Logistics REIT [32]. 3.2 Primary Market - **Listed projects**: As of October 31, 2025, there were 77 public REITs in China, with a total issuance scale of 19.9301 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by the park infrastructure - type. This week, CSC Shenyang International Software Park REIT was listed on November 6, 2025, and its asset type was park infrastructure [38][39]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 10 initial - offering REITs and 7 REITs pending for expansion. This week, the project status of "Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Feedback Received", and that of "E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Accepted" [42].