Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 - 25, 2025, the CSI REITs Total Return Index closed at 1087.36 points, down 1.56% for the week, breaking below the 1100 - point mark, with a relatively large overall correction. The total market capitalization of the REITs market reached 204.7 billion yuan with 69 listed projects after the listing of CICC Principal Agricultural REIT [1][8]. - In terms of major asset classes, commodities and equities generally rose in July, while REITs had negative returns. Commodities performed strongly this week, with coking coal up 35%, and coke, lithium carbonate, polysilicon, soda ash, and glass up over 15%. The equity market rose between 1.5 - 3.5%, and indices such as the CSI 300, CSI 500, CSI 1000, Hang Seng Tech, and CSI Convertible Bond all outperformed REITs [1][8]. Summary by Related Catalogs Secondary Market Price: The Rental Housing Sector Had the Largest Decline - All seven REITs sectors declined this week, with rental housing having the largest decline of 3.23%. Industrial parks and warehousing logistics were relatively more resilient. Eight rental housing REITs generally fell 3 - 5%. Some previously high - performing rental housing REITs like CRIC Wanke Shenzhen Rental Housing had a decline of about 3% this week. The average cash distribution rate of rental housing is 2.76%. REITs with high distribution rates such as Shanghai Real Estate Rental Housing and Chengtou Kuanting Rental Housing can be continuously monitored [2][13]. - In the highway sector, there were still differences among projects in June. Projects in the eastern economically active regions had better year - on - year performance in traffic volume and toll revenue. Huaxia Nanjing Traffic Highway REIT had the largest decline this week, but its operation has good resilience. Projects like China Merchants Highway and CICC Anhui Expressway had good fundamentals and can be continuously monitored [2][15]. Liquidity: Trading Activity Recovered - The overall market trading was relatively active this week, with the average daily trading volume of 583 million yuan, the average daily trading volume of 129 million shares, and the average daily turnover rate of 0.63%, up 17.72%, 15.22%, and 0.08 pct respectively from the previous week [20]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.06%), rental housing (0.78%), and consumer facilities (0.73%). Most sectors' turnover rates continued to decline compared with last week, except for consumer facilities and warehousing logistics, whose turnover rates slightly increased [23]. - Five projects were lifted from lock - up in July. With a large number of projects approaching the end of their lock - up periods from the second half of 2025 to the first half of 2026, potential trading pressure from recent lock - up expirations needs to be monitored [28]. Valuation: The Overall Decline Led to Valuation Adjustment - The overall decline of REITs this week led to valuation adjustments, and the distribution rate increased slightly. In terms of ChinaBond valuation yields, the energy infrastructure sector had the largest change in yield but still had the lowest yield among all sectors. The traffic (5.69%), warehousing logistics (5.09%), and industrial park (4.81%) sectors had relatively high yields [31]. - In terms of cash distribution rates, energy - related projects still had the largest change, with the average rising to 8.28%. For concession - based projects, the principal recovery situation should be considered when looking at the cash distribution rate. Among equity - based projects, industrial parks (4.33%), warehousing (4.11%), and consumer facilities (3.79%) had relatively high distribution rates, while the average distribution rate of rental housing was only 2.76% [31]. Primary Market Initial Offering: China Aerospace Tianhong Consumer REIT Has Been Filed - On July 22, 2025, China Aerospace Tianhong Consumer Closed - end Infrastructure Securities Investment Fund was filed with the Shenzhen Stock Exchange. Tianhong Co., Ltd. has three major brands: "Tianhong", "Junshang", and "sp@ce", targeting the mid - to high - end consumer market [3][35]. - As of July 25, 2025, there were about 7 - 10 potential issuance projects remaining this year. There are 4 projects that have been approved and are waiting to be listed, 10 projects that have received feedback from the exchange, and 1 project that has been filed [35].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 1.56% this week, while the Shanghai Composite Index rose by 1.69% and the CSI 500 Index increased by 3.28% [5][16] - The newly listed Chuangjin Shounong REIT saw a first-day increase of 28.48% [7][10] - The total market capitalization of the REITs industry is approximately 204.75 billion [2] Market Performance - This week, 9 REITs increased in value, while 60 declined, resulting in an overall drop of 1.56% in the REITs market [20] - The trading volume for the week was 32.8 billion, reflecting a 36.2% increase, with an average turnover rate of 0.7% [43] - The trading amounts for various sectors included: - Highways: 5.9 billion (+13.4%) - Ecological Environment: 1.8 billion (+11.8%) - Clean Energy: 3.6 billion (+22.0%) - Industrial Parks: 10.4 billion (+94.7%) - Warehousing and Logistics: 3.5 billion (+60.4%) - Rental Housing: 3.7 billion (-2.4%) - Consumer: 4.6 billion (+68.0%) [43] Key Events - The listing date for the Zhongyin Zhongwaiyun Warehousing Logistics REIT is set for July 29, 2025 [10][12] - The Zhonghang Tianhong Consumer REIT project has been submitted for approval [10][12] - The E-Fonda Shen High-Speed REIT announced a dividend distribution of 58.11 million, accounting for 99.97% of the distributable amount [10][11] Market Trends - The report indicates that the REITs market has a strong correlation with the consumer sector, with a correlation coefficient of 0.51 [24] - The REITs have shown varying degrees of correlation with other asset classes, with the REITs showing a negative correlation with 10-year government bonds at -0.08 [18]

Core Viewpoint - The listing of Chuangjin Hexin Shounong Industrial Park REIT on July 25 saw a significant increase of 28.47% on its first trading day, despite the overall public REITs market experiencing a recent downturn [2][4]. Group 1: REIT Performance - Chuangjin Hexin Shounong Industrial Park REIT opened at 4.6 yuan, with a trading volume of 4.31 billion yuan and a turnover rate exceeding 30% on its first day [4]. - The REIT was approved on June 18, 2025, and had a public offering that was oversubscribed, with total subscriptions reaching 231.6 billion yuan, marking a record for Beijing municipal enterprise REITs [4]. - The REIT's underlying asset, Shounong Yuan Center, is located in Beijing's Haidian District and has a historical significance as the former site of Sanyuan Dairy Factory, now transformed into a LEED Platinum certified tech innovation industrial park with an average occupancy rate exceeding 94% over the past three years [5]. Group 2: Market Trends - The overall public REITs market has been experiencing fluctuations, with the CSI REITs Total Return Index showing a weekly decline of 1.56%, the largest single-week drop in the past month [2][7]. - Year-to-date, the index has increased by 12.34%, with some public REITs seeing gains exceeding 30% and two surpassing 40% [7]. - Recent market adjustments are attributed to profit-taking after a strong first half of the year and pressures on asset operations as indicated in the second-quarter reports [8].

Group 1 - The core viewpoint of the articles highlights the strong performance of consumption infrastructure REITs, with high occupancy rates and rental collection rates, indicating a robust investment opportunity in this sector [1][2] - Consumption infrastructure REITs have shown an average increase of 35.02% in the first half of the year, with Jia Shi Wu Mei Consumption REIT leading at a net value increase of 50.35% [2] - The occupancy rates for key REITs such as Zhongjin Yinpian REIT and Huaxia Dayuecheng REIT are reported at 98.88% and 98.44% respectively, demonstrating stability in the market [2][4] Group 2 - The report indicates that the rental prices for some underlying assets have slightly decreased, with Zhongjin Yinpian REIT's rental price dropping from 266.1 yuan/sqm/month to 252.2 yuan/sqm/month [2] - The expansion of public REITs is beneficial for real estate companies, with the total market value of public REITs exceeding 200 billion yuan as of June, and the number of listed REITs reaching 68 [5][8] - Public REITs are seen as advantageous for real estate companies holding substantial properties, providing better exit channels and improving capital efficiency [9]

Group 1 - The core viewpoint of the article is the recent submission of the Zhonghang Tianhong Consumption REIT application, which has been accepted by the China Securities Regulatory Commission [2][5] - The application process took over two years from preparation to formal submission [4] - The project involves the Suzhou Xiangcheng Tianhong Shopping Center as the underlying asset, with a planned issuance period not exceeding 30 years and a total transaction amount not exceeding 60 million [5][6] Group 2 - The public REITs market is currently experiencing a period of adjustment, with many individual REITs seeing declines of over 10% since late June [2][9] - The CSI REITs Total Return Index reached a two-year high of 1124.91 points on June 24, but has since entered a phase of volatility, with an overall decline of more than 2.5% [9] - Recent trading days have shown that 24 public REITs have experienced cumulative declines exceeding 2%, with three of them dropping more than 5% [9][10] - The market is expected to continue a sideways trend until new significant market variables emerge [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the China Securities REITs Index closed lower, with property - type REITs outperforming concession - type REITs. The average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. The weekly price change ranking of major indices was: CSI 300 > China Securities Convertible Bond Index > China Securities All - Bond Index > China Securities REITs Index. The average daily turnover rate of REITs for the whole week decreased slightly compared with the previous week. Different types of REITs in the market showed divergent price movements, with municipal, park, and consumer - type REITs having the largest price increases. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 154 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 192 basis points. Two data center REITs were successfully issued, and the market subscription was enthusiastic [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of July 18, 2025, the closing price of the China Securities REITs (closing) Index was 875.82 points, with a weekly price change of - 0.09%, performing worse than the China Securities Convertible Bond Index (+0.67%), the CSI 300 Index (+1.09%), and the China Securities All - Bond Index (+0.11%). Year - to - date, the price change ranking of major indices was: China Securities REITs (+10.9%) > China Securities Convertible Bond Index (+9.5%) > CSI 300 (+3.1%) > China Securities All - Bond Index (+1.4%). In the past year, the return rate of the China Securities REITs Index was 11.2%, with a volatility of 7.0%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][8][12]. - **Market Capitalization and Turnover Rate**: The total market capitalization of REITs decreased to 204.6 billion yuan on July 18, a decrease of 600 million yuan from the previous week. The average daily turnover rate for the whole week was 0.55%, a decrease of 0.04 percentage points from the previous week [2][12]. - **Divergent Performance of Different Types of REITs**: From the perspective of project attributes, the average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. From the perspective of project types, all types of REITs had price changes, with the three project types with the largest average price increases being municipal facilities (+1.2%), park infrastructure (+0.5%), and consumer infrastructure (+0.4%). The top three REITs in terms of weekly price increases were China Merchants Science and Technology Innovation REIT (+3.05%), Huaxia JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%) [3][18][22]. - **Trading Activity**: Among different project types, ecological and environmental protection - type REITs were the most actively traded this week, and park infrastructure - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, accounting for 4.3% of the total REITs trading volume, while the latter had an average daily turnover rate of 0.7%, accounting for 22.8% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC China Green Development Commercial REIT (11.56 million yuan), Huaxia Beijing Affordable Housing REIT (7.29 million yuan), and CITIC Construction Investment SPIC New Energy REIT (7.26 million yuan) [3][24][25]. 3.2 Primary Market Issuance As of July 18, 2025, there were 2 REIT products in the "inquiry" stage on the exchange, 7 products in the "feedback" stage, 7 products that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [27]. 3.3 Valuation Tracking - **Debt - like Aspect**: Due to the constraint of mandatory high - dividend distribution, the annualized cash distribution rate of REITs is concerned. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [29]. - **Equity - like Aspect**: The valuation of REITs is judged through relative net asset value premium/discount rate, IRR, and P/FFO. The relative net asset value premium/discount rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash flow method; P/FFO is the current price divided by the cash flow generated from operations. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets, while P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent operating conditions of assets and judging the current investment return rate [29]. - **Comparison of Different Types of REITs**: Property - type REITs focus on dividend yield, and concession - type REITs focus on internal rate of return. As of July 18, 2025, the dividend yield of property - type REITs was 154 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 192 basis points [30]. 3.4 Industry News - On July 14, the fund contract of Chuangjin Hexin Shounong REIT came into effect. During the public offering period (July 7 - 8), it raised 3.685 billion yuan and confirmed 1 billion shares, including 700 million shares (70%) for strategic placement, 210 million shares (21%) for offline investors, and 90 million shares (9%) for the public. The underlying assets are mature industrial supporting facilities in Beijing Shounong Information Industry Park. The fund is expected to have a total distributable amount of over 500 million yuan in the second half of 2025 and 2026, with a calculated distribution rate of approximately 6.9% - 6.85%, providing stable cash flow and expansion funds for industrial park - type assets [37]. - On July 16, Southern Runze Technology Data Center REIT announced the subscription confirmation results, and the market subscription was enthusiastic. Public investors effectively subscribed for 28.616 billion shares, with a confirmation ratio of only 0.3145%, over - subscribed by 317.95 times; the confirmation ratio for offline investors was 0.5992%. The fund issued a total of 1 billion shares to strategic, offline, and public investors. The underlying asset of this REIT is the International Information Cloud Aggregation Core Port A - 18 Data Center of Runze Technology in Langfang, Hebei, with 5,897 cabinets, a rack - up rate of over 99%, a PUE of 1.276 in 2024, and it was included in the list of national green data centers [37]. - On July 16, Southern Wanguo Data Center REIT completed its public offering and announced the placement results. Public investors effectively subscribed for 32.914 billion shares, with a confirmation ratio of 0.2198%, over - subscribed by 455.03 times; the confirmation ratio for offline investors was 0.6064%. This offering raised 800 million shares and 2.4 billion yuan in funds. The underlying asset is the Guojin Cloud Computing Data Center of Wanguo Data in Huaqiao Town, Kunshan, Jiangsu, with 4,192 cabinets, a power capacity of 29,044 kW, a PUE of 1.24 in 2024, and an average signing rate of 100% in the past three years [37]. - On July 16, Nanjing Electromechanical Industry (Group) Co., Ltd. publicly tendered for the fund management service of Xin Gong Industrial Park Infrastructure Public - Offering REITs, planning to select a manager to undertake issuance guidance and post - issuance management. The planned initial application scale is not less than 1 billion yuan. The proposed assets in the pool are industrial park properties under the group, with a leasable construction area of 388,000 square meters, a land reserve of 616,000 square meters, and total assets of 4.7 billion yuan, covering industries such as equipment manufacturing and industry - education integration [37].

Core Insights - 中金普洛斯REIT reported total revenue of approximately 108 million yuan for Q2 2025, with EBITDA around 68.85 million yuan and distributable income of about 83.96 million yuan, resulting in a cash distribution rate of 1.14% for the period and an annualized cash distribution rate of 4.55% [1] - The Chinese warehousing market continued its growth trend in Q2 2025, with express delivery volume exceeding 100 billion packages, 35 days earlier than last year [1] - The REIT's rental income from infrastructure projects and property management services reached approximately 106 million yuan, with a net profit margin of 67.20% after excluding fair value changes [1] - The average occupancy rate of the 10 warehousing logistics parks held by 中金普洛斯REIT exceeded 90%, an increase of 2.7 percentage points year-on-year [1] Distribution and Performance - 中金普洛斯REIT announced a planned distribution of approximately 78.67 million yuan for its second dividend in 2025, with a distribution ratio of about 95% [2] - Cumulatively, the REIT will distribute around 175 million yuan in 2025, bringing the total number of distributions since its listing in 2021 to 12, with total distributions exceeding 1.2 billion yuan [2] - 中金普洛斯REIT is one of the first public REITs in China and the first warehousing logistics REIT listed on the Shanghai Stock Exchange, covering seven core logistics hubs across five major economic zones [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Three regions issued documents to support REITs issuance, and two data center REITs completed fundraising. This week, 4 highway, 1 energy, and 1 industrial park REITs released semi - annual operating data, with performance declining for all but 2 highway REITs [2]. - As of July 18, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.84 billion yuan, a year - on - year increase of 2.0%. This week, 7 new - issue and 1 expansion - issue REITs made progress [3]. - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. The index has risen 14.12% year - to - date, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. Summary by Directory 1. Primary Market: New Issuance of 2 Data Center REITs - As of July 18, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan and a total market value of 204.6 billion yuan. Among them, there are 49 equity - type and 24 franchise - type REITs [11]. - This week, 7 new - issue REITs made progress, including 2 data center REITs that completed fundraising. One expansion - issue REIT, the AVIC Jingneng Photovoltaic REIT, submitted a response to feedback [3][12][14]. 2. Secondary Market: This Week, the Sector's Market Performance was Differentiated, and Liquidity Continued to Decline 2.1 Market Review: The CSI REITs Total Return Index Rose 0.06% - The CSI REITs Total Return Index closed at 1104.55 points this week, up 0.06%, underperforming the CSI 300 by 1.03 percentage points and outperforming the CSI Dividend by 0.91 percentage points. Year - to - date, it has risen 14.12%, outperforming the CSI 300/CSI Dividend by 10.98/15.46 percentage points [3]. - By project attribute, equity - type REITs rose 0.22% this week, while franchise - type REITs fell 1.07%. By asset type, the consumer (+0.41%), affordable housing (+0.23%), ecological environmental protection (+0.21%), and industrial park (-0.04%) sectors performed well [3]. - Among individual bonds, 39 rose and 29 fell. The top three were China Merchants Science and Technology Innovation REIT (+3.05%), China Huarong JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%); the bottom three were Ping An Ningbo Transportation REIT (-5.38%), CITIC Construction Investment MingYang Smart Energy REIT (-2.15%), and China Huarong Tebian Electric New Energy REIT (-2.04%) [3]. 2.2 Liquidity: The Ecological Environmental Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, a decrease of 0.70 BP from last week. The average daily turnover rates of equity - type/franchise - type REITs were 0.58%/0.48%, a decrease of 4.50/3.59 BP from last week. The trading volumes during the week were 432 million and 130 million shares respectively, a week - on - week decrease of 6.53%/6.99% [3][22]. - The ecological environmental protection sector had the highest activity level [22]. 2.3 Valuation: The Energy Sector had a Higher Valuation - The yields of equity - type/franchise - type REITs based on ChinaBond valuations were 3.89%/4.22%. The transportation (5.44%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked in the top three [3][29]. 3. This Week's News and Important Announcements News - On July 10, 2025, the Kunshan government proposed in a draft policy that enterprises conducting refinancing through REITs would receive a 0.5‰ reward based on the raised funds, with a maximum annual reward of 2 million yuan per enterprise [33]. - On July 15, 2025, the governments of Guangxi and Heilongjiang issued documents supporting the issuance of REITs in fields such as artificial intelligence, digital, tourism, and 4A - level and above ice - snow tourism scenic areas [2][33]. Important Announcements - Two new - issue REITs completed fundraising, and their public subscription multiples were 457 and 318 times respectively, indicating strong market response [2]. - Multiple REITs released operating data, dividend announcements, and share - unlocking notices [34][35].

Core Viewpoint - The public REITs in China have successfully attracted over 470 billion yuan in a single day, indicating strong investor interest and confidence in the sector [2]. Group 1: Fundraising Results - The Southern Runze Technology REIT raised approximately 289.63 billion yuan, while the Southern Vanke Data Center REIT raised about 183.54 billion yuan, totaling over 470 billion yuan in fundraising [2][5]. - Both REITs achieved a "one-day sell-out" status, leading to an early end of fundraising and a proportional allocation of shares [4]. Group 2: Investor Participation - For the Southern Runze Technology REIT, 76 strategic investors fully subscribed to their committed fund shares, accounting for 70% of the total issuance [4][5]. - The effective subscription ratio for offline investors was approximately 0.5992%, while for public investors, it was around 0.3145% [5]. - In the case of the Southern Vanke Data Center REIT, 54 strategic investors also subscribed to 70% of the total issuance, with an effective subscription ratio of 0.6064% for offline investors and 0.2198% for public investors [6]. Group 3: Underlying Assets - The Southern Runze Technology REIT is backed by the ICFZ A-18 Data Center project, which is crucial for supporting the digital economy in the Beijing-Tianjin-Hebei region [5]. - The Southern Vanke Data Center REIT's underlying asset is the Kunshan Guojin Data Center, recognized as a benchmark project in the Yangtze River Delta hub [6]. Group 4: Industry Impact - The successful fundraising of these REITs is seen as a means to effectively revitalize high-quality existing assets and enhance financing channels for private technology enterprises, contributing to the development of a digital China and promoting high-quality growth in the private economy [5].

Core Viewpoint - The article highlights the increasing competition among securities firms in the public REITs market, driven by a low-interest-rate environment and the scarcity of stable high-dividend assets, leading to a significant focus on REITs as an investment opportunity [1][2]. Group 1: Securities Firms as Major Players - The effective subscription confirmation ratio for the public REITs issued by Chuangjin Hexin Shounong REIT was only 0.7755%, indicating high demand and difficulty in acquiring shares [1]. - Among the offline investors, 43 securities firms' proprietary accounts participated, with the financial advisor CITIC Securities securing 1.63% of the issuance as a strategic investor [1][2]. - Securities firms have become the largest category of institutional investors in the REITs market, surpassing insurance asset management firms, with a holding of over 70 million public REITs shares [2][3]. Group 2: Investment Strategies and Market Dynamics - Securities firms are actively participating in the REITs market, utilizing their stable funding and flexible trading strategies to pursue absolute returns [2][4]. - The investment structure of securities firms is characterized by frequent trading and diversified holdings, with most individual holdings in the 1%-5% range, reflecting their role as liquidity providers [3][4]. - Public funds and asset management products are adopting a combination investment strategy, with REITs allocation around 3%, indicating a recognition of REITs as a tool for yield enhancement [3][4]. Group 3: Comprehensive Involvement of Securities Firms - Securities firms are deeply involved in various aspects of the public REITs market, including fund management, financial advisory, and participation in both new issuances and secondary market trading [4][5]. - The collaboration among different divisions within securities firms, such as investment banking, public funds, and proprietary trading, is exemplified by the coordinated efforts in the issuance of data center REITs [5][6]. - The limited number of public REITs managed by securities asset management firms is attributed to regulatory constraints, despite their potential to leverage their parent companies' resources in asset securitization [6].