Group 1 - The secondary market currently has around 70 REITs products covering various asset types such as affordable rental housing, warehousing, transportation, energy, consumption, and parks [1] - Policies have encouraged the issuance of REITs for assets in new energy, affordable housing, scenic spots, consumer infrastructure, and elderly care [1] - There are unique issues with certain assets that may not allow for a one-size-fits-all approach in replicating asset models, highlighting the need for case-by-case analysis to extract common experiences [1] Group 2 - The Zhonghang Jingneng photovoltaic REIT is one of the first REIT projects in the new energy sector, facing challenges in converting uncertain cash flows into stable annual cash flows [1] - The majority of photovoltaic project sites are collective land, necessitating the validation of the legality of land use procedures [1] - There are numerous scenic projects in reserve, but issues related to operational rights and asset inclusion have delayed the launch of scenic REITs [2]

Group 1 - The event "Digging for Gold in the Public REITs Era: Ecological Co-construction and Value Co-existence" was successfully held in Beijing, organized by the Securities Times [1] - Professionals from fund companies, insurance asset management, and securities firms discussed the value of ecological development in public REITs, focusing on asset selection, asset management, and investment valuation [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index closed up, with the performance of property - type REITs stronger than that of concession - type REITs. The average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. All types of REITs in the market closed up, with consumer, municipal facilities, and water conservancy facilities leading the gains [1]. - As of August 1, 2025, the annualized cash distribution rate of public - offering REITs averaged 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 147BP 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 ten - year Treasury yield was 216BP [1][32]. 3. Summary by Related Catalogs Secondary Market Trends - As of August 1, 2025, the closing price of the China Securities REITs (closing) Index was 870.82 points, with a weekly change of +1.25%, outperforming the CSI Convertible Bond Index (-1.37%), the CSI 300 Index (-1.75%), and the CSI All - Bond Index (+0.19%). Year - to - date, the China Securities Convertible Bond Index (+10.3%) was equal to the China Securities REITs Index (+10.3%), both outperforming the CSI 300 Index (+3.1%) and the CSI All - Bond Index (+1.0%) [2][7]. - In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.2%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 213.1 billion yuan on August 1, an increase of 8.3 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.77%, up 0.04 percentage points from the previous week [2][13]. - All types of REITs closed up. From the perspective of different project attributes, the average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. From the perspective of different project types, the three project types with the largest average price increases were consumer (+4.0%), municipal facilities (+3.9%), and water conservancy facilities (+3.7%). The top three REITs in terms of weekly price increase were Huaxia Capital First - Outlets REIT (+6.86%), ICBC Mongolia Energy Clean Energy REIT (+6.75%), and Huaxia Capital China Resources Commercial REIT (+5.77%) [1][3][18]. - In terms of different project types, the warehousing and logistics sector had the highest daily turnover rate during the period, and the industrial park sector had the highest proportion of trading volume this week. The average daily turnover rate of the warehousing and logistics sector was 1.4%, and the trading volume of the industrial park sector accounted for 21.8% of the total REITs trading volume [3][25]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital Huadian Clean Energy REIT (72.57 million yuan), BOC Sinotrans Warehousing and Logistics REIT (51.89 million yuan), and Penghua Shenzhen Energy REIT (6.7 million yuan) [3][25]. Primary Market Issuance - As of August 1, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquired" stage, 6 in the "feedback" stage, 5 in the "approved and pending listing" stage, and 8 first - issue products that had been approved and listed on the exchanges [27]. Valuation Tracking - From the perspective of bond characteristics, the annualized cash distribution rate of public - offering REITs averaged 5.9% as of August 1, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, the valuation of REITs was judged through relative net - value premium rate, IRR, and P/FFO [29]. - As of August 1, 2025, the relative net - value premium rates, P/FFO, IRR, and annualized dividend rates varied among different project types of REITs. For example, the relative net - value premium rate of affordable rental housing was 59.9%, with a P/FFO of 39.6, an IRR of 3.1%, and an annualized dividend rate of 2.8% [30]. - The dividend yield of property REITs was compared with the CSI dividend stock dividend yield, and the internal rate of return of concession - type REITs was compared with the ten - year Treasury yield. As of August 1, 2025, the dividend yield of property REITs was 147BP 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 ten - year Treasury yield was 216BP [32]. Industry News - On August 1, the first central - state - owned enterprise gas REIT, Huaxia Capital Huadian Clean Energy REIT, was listed on the Shanghai Stock Exchange. The underlying asset is the Hangzhou Huadian Jiangdong Natural Gas Cogeneration Project. The planned fundraising scale is 1.895 billion yuan, and the expected distribution rates for 2025 and 2026 are 5.66% and 5.37% respectively. It is the 71st infrastructure public - offering REIT in China, setting a benchmark for central enterprises to revitalize high - quality clean energy assets and for green finance innovation in investment and financing models [4][34].

Report Summary 1. Investment Rating The provided content does not mention the investment rating of the REITs industry. 2. Core Viewpoints - This week (July 28 - August 1, 2025), the China Securities REITs Total Return Index closed at 1100.90 points, rising 1.25% weekly, and rebounding to the 1100 - point level. The market showed a volume - increasing upward trend in the second half of the week. The REITs and gold performed well as the "anti - involution" commodity market sentiment weakened, the equity sector significantly corrected, and market risk appetite cooled [1][9]. - The seven REITs sectors stopped falling and rebounded. The consumer facilities and rental housing sectors led the gains, with increases of 4.58% and 3.70% respectively. The tax new - rule on August 1, 2025, which restores the VAT on the interest income of newly - issued government bonds, marginally benefits the allocation of REITs, especially rental housing REITs [2]. - The overall trading sentiment in the market was average this week, only warming up in the second half of the week. The daily average trading volume, turnover, and turnover rate decreased compared to last week. The trading activity of each sector continued to decline, and the turnover rate of all sectors dropped below 1% [3]. - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with an estimated value of 2.9 billion yuan and a predicted 2026 cash distribution rate of 5.65% [4]. 3. Summary by Directory 3.1 Secondary Market - **Price: Consumer Facilities and Rental Housing Lead the Gains** - The seven REITs sectors stopped falling and rebounded. Consumer facilities and rental housing had the highest increases of 4.58% and 3.70% respectively. The consumer facilities sector had the largest decline in July, but the China Resources Commercial REIT rebounded this week. The predicted 2025 distribution rate of China Resources Commercial is between 3.4 - 3.5%. Eight rental housing REITs generally rose 2 - 4% this week [16][19]. - At the individual bond level, the top - performing REITs this week were China First - Capital Outlet, ICBC Inner Mongolia Energy Clean Energy, and China Resources Commercial, with increases of 6.86%, 6.75%, and 5.77% respectively. The new - listed Huaxia Huadian Clean Energy and BOC Sinotrans Warehouse Logistics had first - day increases of 27.47% and 19.90% respectively [21]. - **Liquidity: Slightly Decreased Trading Activity** - The overall trading sentiment in the market was average this week, warming up in the second half of the week. The daily average trading volume was 554 million yuan, the daily average turnover was 124 million shares, and the daily average turnover rate was 0.60%, decreasing by 4.95%, 4.51%, and 0.03 percentage points respectively compared to last week [24]. - By sector, the rental housing, municipal environmental protection, and consumer facilities sectors had the highest average daily turnover rates this week, but the turnover rates of all sectors continued to decline and dropped below 1%. At the individual bond level, the top three in trading activity were Hua'an Bailian Consumption, CICC China Greentown Commercial Asset, and CICC Yizhuang Industrial Park [28][30]. - Five projects will be unlocked in August. The market trading sentiment has declined recently, and attention should be paid to the potential trading pressure brought by the unlocking projects [33]. - **Valuation: The Distribution Rates of the Park and Warehouse Sectors Remain Above 4%** - This week, REITs stopped falling and rebounded, and the valuation was adjusted. From the perspective of ChinaBond valuation yield, the energy facilities sector had the largest change, dropping to 1.18%. The transportation (5.64%), warehouse logistics (4.99%), and industrial park (4.73%) sectors were at the forefront, with a large number of individual bonds and obvious valuation differentiation [37]. - From the perspective of cash distribution rate, energy - related projects still had the largest change, dropping to 8.08%. The cash distribution rates of the transportation facilities and municipal environmental protection in the franchise - right category were 8.82% and 5.39% respectively. Among the property - right projects, the industrial park (4.28%), warehouse (4.04%), and consumer (3.65%) sectors had higher distribution rates, while the average distribution rate of rental housing was only 2.67% [37]. 3.2 Primary Market - **Initial Offering: CICC Vipshop Outlet REIT Passed the Shanghai Stock Exchange Review** - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with a total construction area of 104,300 square meters, a total estimated value of 2.901 billion yuan, and a predicted 2026 cash distribution rate of 5.65% [43]. - As of August 1, 2025, there are about 7 - 10 potential issuance projects remaining this year. Currently, there are 2 projects that have been approved and are waiting to be listed, 1 project has passed the exchange review, 9 projects have received feedback from the exchange, and 1 project has been accepted by the exchange [43]. - **Other Key News This Week** - The ICBC Hebei Expressway REIT will have its first dividend in 2025, with a proposed distribution amount of 130 million yuan, accounting for 99.28% of the distributable amount. The main operating data in June 2025 showed that the monthly toll revenue was 45.7645 million yuan, a month - on - month increase of 2.34% and a year - on - year decrease of 2.75%. The average daily traffic volume was 15,200 vehicle - times, a month - on - month increase of 16.11% and a year - on - year decrease of 13.27%. The decrease in the average daily toll - paying traffic volume and toll revenue in June was mainly due to the increase in road control time caused by rainfall [49].

Group 1 - The successful listing of the Huaxia Huadian Clean Energy REIT on August 1 marks the 71st public REIT in China's infrastructure sector, expanding the number of clean energy REITs to 8 [3][4] - The total issuance scale of the 73 public REITs currently established in China has reached 190.852 billion yuan, covering various asset types including industrial parks, warehousing logistics, and affordable rental housing [4][5] - The Huaxia Huadian Clean Energy REIT has an issuance scale of 1.8945 billion yuan, with over 170 billion yuan in subscription funds, setting new records for clean energy REITs [3][4] Group 2 - The expansion of public REITs is expected to include new categories such as elderly care and cultural tourism, reflecting the diversification of the new economy [4][5] - The continuous growth of public REITs is significant for the market, as it can activate existing assets and create a closed-loop financing model for infrastructure investment [5] - There is a need to lower subscription thresholds and address valuation issues to enhance the attractiveness of REITs to individual investors, which is crucial for the future development of the market [5]

依托REIT平台，中国外运将进一步盘活存量资产，扩大有效投资，持续加大关键物流节点建设，完善国内外物流网络布局，不断强化供应链安全和韧 性，服务"双循环"新发展格局。 据了解，中银中外运仓储物流REIT溢价率、报价机构户数和全场倍数，均位于市场前列。在询价阶段，该项目采用上下限打开的市场化定价策略，给予 投资者充分的定价权，发挥"公募REITs首单市场化定价试验田"的带头示范作用。 据介绍，中银中外运仓储物流REIT是中国外运为拓宽融资渠道、盘活存量资产、扩大有效投资所打造的公募REITs平台，6处底层资产可租赁面积约30万 平方米，均坐落于长三角、京津冀及成渝经济圈等国家物流枢纽核心节点，区位优势显著，经济辐射力强，物流需求强劲，有稳定的客户基础和货物流通 量。 中银中外运仓储物流REIT由招商证券担任财务顾问，招商银行担任托管行，是招商局集团"实业强国、金融报国、产融结合"理念的又一积极实践。 冯波鸣表示，中银中外运仓储物流REIT是招商局集团在上交所落地的首单REIT，也是招商局集团旗下第五单公募REIT、招商局集团与上交所签署战略合 作协议的首个落地项目。其成功上市，代表了资本市场对招商局集团品牌价值 ...

7月29日，全国首单央企仓储物流REITs上市仪式在上海证券交易所隆重举办。伴随着清脆响亮的锣声，中银中外运仓储物流封闭式基础设施证券投资基金 （简称"中银中外运仓储物流REIT"，基金代码：508090）正式在上交所鸣锣上市，央企通过公募REITs推动盘活存量资产、扩大有效投资迈上新台阶。 中银中外运仓储物流REIT的原始权益人为中国外运股份有限公司，基金管理人为中银基金管理有限公司，基金托管人为招商银行股份有限公司，专项计划 管理人为中银资产管理有限公司。这是中银基金入局公募REITs市场首只公募REITs产品。 7月29日，全国首单央企仓储物流REITs上市仪式在上海证券交易所隆重举办。伴随着清脆响亮的锣声，中银中外运仓储物流封闭式基础设施证券投资基金 （简称"中银中外运仓储物流REIT"，基金代码：508090）正式在上交所鸣锣上市，央企通过公募REITs推动盘活存量资产、扩大有效投资迈上新台阶。 招商局集团、中国外运、中国银行、中银基金、招商证券、投资人代表等各界嘉宾共同出席本次仪式。 活动现场，招商局集团表示，中银中外运仓储物流REIT的成功上市是资本市场对招商局品牌价值和中国外运底层资产价值的认 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 7月30日，记者从华电国际电力股份有限公司（以下简称"华电国际"）获悉，华夏华电清洁能源封闭式 基础设施证券投资基金将于8月1日在上海证券交易所上市。 华电国际是中国华电集团有限公司旗下核心上市发电公司之一，总股本超百亿股，拥有境内外两条融资 渠道，资产总额达2230亿元，控股装机容量7695万千瓦，发展区域遍布全国21个省市区，资产布局涵盖 煤电、煤炭、气电、供热、水电、储能等能源类型。 近年来，该公司持续强化资本运作，在盘活存量资产和扩大增量资产上做文章，有效提升了资产规模与 发电能力，实现上市公司质量与价值双提升。本次上市的华电清洁能源REIT是我国首单央企天然气发 电公募REIT，是公募REITs市场发展进程中的又一重要里程碑，为公募REITs市场注入了新的活力。 提升价值创造能力 推进国有上市公司做强做优做大 华电国际充分发挥上市公司资本运作功能，统筹推进常规能源资产重组和公募REITs项目发行。 2024年7月，启动了有史以来最大规模的常规能源资产重组项目，通过收购控股股东旗下优质火电资 产，同步推进配套融资，提升资产规模，优化资产布局。2025年 ...

资本运作发力 ——华电国际打造强而大的一流能源上市公司 7月30日，记者从华电国际电力股份有限公司（以下简称"华电国际"）获悉，华夏华电清洁能源封闭式基础设施证券投资基金将于8月1日 在上海证券交易所上市。 推进公司治理体系和治理能力现代化 华电国际一体推进内控合规风险管理，定期组织合规培训，开展内控专项检查，推动上市公司系统合规意识全面增强；建立完善且系统 的风险评估机制，定期开展风险评估和合法合规审查，有效防范化解重大风险。严格执行"三重一大"事项决策权责清单及相关议事规 则，保证了公司重大事项集体决策、科学决策、民主决策、依法依规决策。深入开展制度清理优化工作，制度的全面性、时效性、适用 性进一步提升。 加强企业品牌建设 塑造一流能源上市公司良好形象 华电国际是中国华电集团有限公司旗下核心上市发电公司之一，总股本超百亿股，拥有境内外两条融资渠道，资产总额达2230亿元，控 股装机容量7695万千瓦，发展区域遍布全国21个省市区，资产布局涵盖煤电、煤炭、气电、供热、水电、储能等能源类型。 近年来，该公司持续强化资本运作，在盘活存量资产和扩大增量资产上做文章，有效提升了资产规模与发电能力，实现上市公司质量与 ...

Group 1: Basic Information on Public REITs - The infrastructure projects involved include Beijing Shougang Biomass Energy Project, Beijing Shougang Kitchen Waste Collection and Transportation Integration Project (Phase I), and Beijing Shougang Rujia Mountain Residue Storage Project, with the underlying project company being Beijing Shougang Biomass Energy Technology Co., Ltd. [1] - The main products and services of the biomass company include household waste disposal services, kitchen waste collection and disposal services, and electricity sales [1]. Group 2: Temporary Capital Expenditure and Progress - On July 2, 2025, the fund manager announced a temporary call of 40 million yuan from reserved capital expenditures due to a cash flow tightness caused by the delay in receiving waste disposal fees from the Beijing Municipal Commission of Urban Management [1]. - By July 29, 2025, the biomass company received 69.2 million yuan in waste disposal fees for the first half of 2025, with 40 million yuan used to replenish the temporarily called capital expenditure, and the remaining amount to supplement the company's working capital [1]. Group 3: Impact Analysis on Fund Shareholders - The fund manager's flexible adjustment of the reserved capital expenditures effectively alleviated the temporary cash flow tightness of the infrastructure project without incurring any funding costs [3]. - The capital expenditure called was promptly replenished upon receipt of the waste disposal fees, ensuring stable operation of the infrastructure project and positively impacting the rights of fund shareholders [3]. Group 4: Future Plans - The fund manager and the operational management organization will continue to optimize production organization and capital expenditure arrangements to further explore project potential and enhance the quality and efficiency of the infrastructure projects [2]. - Future plans will involve coordinating fund usage based on annual budgets and revenue collection from infrastructure projects to ensure stable operations [2].