一、公募REITs 基本信息 ■ 二、基础设施项目公司完成权属变更登记情况 中信建投沈阳国际软件园封闭式基础设施证券投资基金（以下简称"本基金"）的基金合同自2025年10月 20日起生效。截至本公告发布日，本基金已认购"中信建投沈阳国际软件园1期资产支持专项计划"（以 下简称"专项计划"）全部份额，专项计划管理人中信建投证券股份有限公司代表专项计划已取得沈阳庆 誉企业管理有限公司（以下简称"沈阳庆誉"）、沈阳仁泽企业管理有限公司（以下简称"沈阳仁泽"）与 沈阳鸿创企业管理有限公司（以下简称"沈阳鸿创"）（"沈阳庆誉""沈阳仁泽""沈阳鸿创"合称SPV公 司）全部股权，沈阳庆誉已取得沈阳国际软件园启元园区发展有限公司（项目公司）全部股权，沈阳仁 泽已取得沈阳国际软件园亨达园区发展有限公司（项目公司）全部股权，沈阳鸿创已取得沈阳国际软件 园永利园区发展有限公司（项目公司）全部股权，有关权属变更工商登记手续已完成。 本次权属变更登记完成后，本基金通过专项计划和SPV公司已合法拥有基础设施项目资产，待交割审计 完成后基金管理人将及时公告有关情况。 中信建投基金管理有限公司 2025年10月24日 特此公告。 ...

Market Overview - The bond market sentiment improved last week (2025.10.13-2025.10.17), with yields fluctuating. The 1-year government bond yield rose by 5.93 basis points to 1.44%, while the 10-year yield fell by 1.4 basis points to 1.82%, and the 30-year yield decreased by 7 basis points to 2.20%. The overall weak stock market and the central bank's release of liquidity contributed to the rebound of long-term bonds, leading the bond market [3][14]. - The U.S. Treasury yields also declined last week, with the 1-year yield down by 4 basis points to 3.56%, the 2-year yield down by 6 basis points to 3.46%, and the 10-year yield down by 3 basis points to 4.02%. The decline was influenced by dovish comments from the Federal Reserve Chairman and concerns about the U.S. regional banking system [14]. Public Fund Market Dynamics - On October 14, the CITIC Construction Investment Shenyang International Software Park closed-end infrastructure securities investment fund (referred to as "Shenyang International Software Park REIT") successfully completed its fundraising, marking the first public REIT project successfully issued in Northeast China. The initial assets of the Shenyang International Software Park REIT consist of 13 industrial buildings in Shenyang, with a total property area of 201,200 square meters, primarily focused on research and development office space [17][16]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.19% since inception [4][19]. - The Short-term Bond Fund Index increased by 0.05%, with a cumulative return of 4.32% since inception [5][19]. - The Medium to Long-term Bond Fund Index rose by 0.16%, with a cumulative return of 6.23% since inception [6][19]. - The Low Volatility Fixed Income + Fund Index fell by 0.06%, with a cumulative return of 3.93% since inception [7][19]. - The Medium Volatility Fixed Income + Fund Index decreased by 0.85%, with a cumulative return of 4.69% since inception [8][19]. - The High Volatility Fixed Income + Fund Index dropped by 1.00%, with a cumulative return of 6.70% since inception [9][19]. - The Convertible Bond Fund Index fell by 2.61%, with a cumulative return of 19.80% since inception [10][19]. - The QDII Bond Fund Index rose by 0.18%, with a cumulative return of 10.57% since inception [11][19]. - The REITs Fund Index decreased by 2.43%, with a cumulative return of 31.01% since inception [12][19].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints - This week, the China Securities REITs Index declined by 1.5%. The average weekly price - change rates of property - type REITs and franchise - type REITs were - 1.6% and - 0.9% respectively. The weekly price - change comparison of major indices shows that China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index > China Securities Convertible Bond Index. Most sectors closed down, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline [1]. - As of October 17, 2025, the dividend yield of property REITs was 76 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 216 basis points [1]. - On October 16, the release results of Huaxia Zhonghai Commercial REIT and CITIC Construction Shenyang International Software Park REIT were announced. The total subscription amount of the two public REITs exceeded 200 billion yuan [1][4]. Summary by Relevant Catalogs Secondary Market Trends - As of October 17, 2025, the closing price of the China Securities REITs (closing) Index was 814.73 points, with a weekly price - change rate of - 1.5%. It performed worse than the China Securities All - Bond Index (+0.3%) but better than the China Securities Convertible Bond Index (-2.4%) and the CSI 300 Index (-2.2%). Year - to - date, the price - change ranking of major indices is: CSI 300 (+14.7%) > China Securities Convertible Bond (+14.4%) > China Securities REITs (+3.2%) > China Securities All - Bond (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was 4.4% with a volatility of 7.2%. 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. The total market value of REITs decreased to 217.4 billion yuan on October 17, a decrease of 2.9 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.08 percentage points from the previous week [2][7]. - Most sectors closed down, with water conservancy facilities, affordable housing, and warehousing and logistics leading the decline. The top three REITs in terms of weekly gains were China Merchants Expressway REIT (+1.65%), Huatai - PineBridge Jiuzhitong Pharmaceutical REIT (+0.99%), and Harvest China Power Construction Clean Energy REIT (+0.71%) [3][14][17]. - Among different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 2.3%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 18.8% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Huaxia Kaide Commercial REIT (7.49 million yuan), CICC Yinli Consumption REIT (5.11 million yuan), and Huaxia Fund China Resources Youchao REIT (4.2 million yuan) [3][20][21]. Primary Market Issuance - From the beginning of the year to October 19, 2025, there were 2 REITs products in the "accepted" stage, 1 in the "declared" stage, 1 in the "in - query" stage, 5 in the "feedback - received" stage, 7 in the "approved and pending listing" stage, and 12 first - issued products that had been approved and listed on the exchange [23]. Valuation Tracking - REITs have both bond and equity characteristics. As of October 17, the average annualized cash distribution rate of public REITs was 6.6%. Different valuation indicators are used from the bond and equity perspectives. The relative net - value premium/discount rate, IRR, and P/FFO are used to judge the valuation of REITs [25]. - The relative net - value premium/discount rate, P/FFO, IRR, and annualized dividend rate vary among different project types. For example, the relative net - value premium rate of affordable housing REITs was 39.5%, with a P/FFO of 34.7, an IRR of 3.6%, and an annualized dividend rate of 3.4% [26]. - Property - type REITs focus on dividend yield, while franchise - type REITs focus on internal rate of return. As of October 17, 2025, the dividend yield of property REITs was 76 basis points higher than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 216 basis points [28]. Industry News - On October 16, Huaxia Zhonghai Commercial REIT announced that the effective subscription application confirmation ratios of public investors and offline investors were 0.2763% and 0.3120% respectively, corresponding to effective subscription multiples of 361.9 times and 320.5 times. The total pre - ratio - allocation raised amount was 159.33 billion yuan, 100.5 times its planned raised amount [34]. - On the same day, CITIC Construction Shenyang International Software Park REIT announced its subscription results. Before ratio allocation, the total effective subscription amount was approximately 44.434 billion yuan. It is the first successfully issued public REITs project in Northeast China [34].

Core Insights - The public REITs market has seen a surge in demand, with multiple funds selling out in a single day, indicating strong investor interest [1][2] Group 1: Fund Performance - On October 14, the 华夏中海商业REIT announced that its public offering was sold out in one day, with effective subscriptions reaching approximately 201.9 billion shares, translating to a pre-allocation fundraising scale of about 1066.21 billion yuan [1] - The public offering for 华夏中海商业REIT saw a subscription rate of 361.9 times the initial offering, with a pre-allocation fundraising scale of approximately 516 billion yuan [1] - Similarly, 中信建投沈阳国际软件园REIT also ended its public offering early due to exceeding the initial fundraising limit, with effective subscriptions amounting to approximately 444.34 billion yuan [2] Group 2: New Developments in REITs - The 易方达广西北投高速公路REIT has been officially submitted for approval, marking the first public REIT project from Guangxi to be submitted to the exchange [2] - 华夏基金 has received approval from the China Securities Regulatory Commission for its application to change the registration of the 华夏华润商业资产封闭式基础设施证券投资基金, which aims to acquire three projects located in Hangzhou, Shenyang, and Zibo [3] Group 3: Policy Support - The National Development and Reform Commission has issued a notice to enhance the regular application and recommendation process for infrastructure REITs, aiming to simplify the approval process for new projects [4] - The expansion mechanism is expected to provide more quality financial products for small and medium investors, contributing to the formation of a scale effect in the market [4] - Increased policy support for expansion is anticipated to lead to more infrastructure REITs focusing on transportation, energy, logistics, and rental housing, potentially creating a nationally influential capital operation platform [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The secondary - market of REITs was weak this week, with the CSI REITs Total Return Index down 1.44% weekly, showing a four - week consecutive decline. However, the primary - market issuance was hot, with high subscription multiples for newly issued REITs. Attention should be paid to the investment opportunities of rental housing and projects with income distribution adjustment mechanisms [1][7]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price - Except for data centers, other seven types of REIT assets declined this week. Rental housing had the largest decline of 2.19%, and only 7 REITs rose while 68 fell. The significant correction of the rental housing sector increased its cost - effectiveness, with the current distribution rate rising to 3.23%. After the bond market stabilizes, especially the expansion - concept rental housing projects are worth attention [1][14]. - The industrial park sector fell 1.47% this week. Only 3 REITs had positive cumulative returns in the second half of 2025. Projects with income distribution adjustment mechanisms are recommended [2][20]. - In the consumer facilities sector, only the newly - listed Cade Commercial REIT rose slightly, while the rest declined. Some projects showed cost - effectiveness and their adjustment plans are worth following [2][24]. 3.1.2 Liquidity - The trading activity of REITs marginally recovered this week but remained low overall. The average daily trading volume, turnover, and turnover rate were 414 million yuan, 93 million shares, and 0.39% respectively, with环比 changes of - 6.92%, + 5.67%, and + 0.02pct [2][29]. - By sector, the top - ranked sectors in terms of average daily turnover rate were new - type facilities, rental housing, and municipal environmental protection. The turnover rate of rental housing increased the most, with a net inflow rate of 1.53%. The warehousing and logistics sector had a low turnover rate and negative net inflow rate [32]. 3.1.3 Valuation - In terms of China Bond valuation yield, warehousing and logistics, transportation facilities, and industrial parks ranked high. From the perspective of cash distribution rate, industrial parks, consumer facilities, and warehousing and logistics had relatively high distribution rates among equity - type projects. In a weak market, projects in economically developed regions with "performance guarantee clauses" should be preferred [40]. 3.2 Primary Market 3.2.1 Initial Offering - The primary - market issuance was hot. On October 13, the offline subscription multiple of China Overseas Commercial REIT reached 320.47 times, setting a new record in the whole market. On the same day, the offline and public subscription multiples of Shenyang International Software Park REIT were 83.3 and 247.5 times respectively [1]. - On October 17, E Fund Guangxi Beibu Gulf Expressway REIT was submitted to the Shanghai Stock Exchange, being the first project in Guangxi to be submitted to the exchange [2]. 3.2.2 Expansion - The expansion of China Resources Commercial REIT has been accepted, and the expansion of China Resources Youchao REIT has received feedback. The performance of Bosera Shekou Industrial Park REIT after the equal - amount replacement of external borrowings is also worthy of attention [2]. 3.2.3 Other Key News This Week - The expressway sector disclosed its September operating data. Nanjing Transportation Expressway REIT and Shenzhen Expressway REIT's revenue completion met the forecast values [19].

Group 1: REITs Market Overview - E Fund's Guangxi Beitou Expressway REIT has officially been submitted for approval, marking the first public REIT project in Guangxi [3] - The market for REITs has seen a decline, with the CSI REITs Total Return Index dropping by 1.44% during the week of October 13-17, 2023, and 90% of products experiencing a decrease [6][7] - The trading activity in the secondary market has decreased, with the average turnover rate dropping from 0.9% in September to 0.45% in October [7] Group 2: Performance of Specific REITs - The top-performing REITs for the week included Guotai Junan Jinan Energy Heating REIT with a weekly increase of 1.65%, followed by Huatai-PB Jiuzhoutong Pharmaceutical REIT and Harvest China Power Construction Clean Energy REIT with increases of 0.99% and 0.71% respectively [7] - Despite the overall market decline, over 90% of REITs have shown positive year-to-date performance, with 14 products exceeding a 20% increase [8] Group 3: Recent Developments in REITs - Multiple public REITs have made progress, including the second expansion of Huaxia Huaren Commercial REIT, which is the first consumer REIT to initiate a second expansion [4] - Huaxia Fund's Huaren Youchao REIT has updated its expansion application status to "feedback received" [5] - The market has seen significant capital inflow, with Huaxia Zhonghai Commercial REIT receiving nearly 160 billion yuan in subscription applications, indicating strong investor interest [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - After the holiday, the REITs market continued to adjust, but the overall liquidity has bottomed out and rebounded this week, with the most obvious improvement in the affordable housing sector [3]. - The enthusiasm for new subscriptions in the primary market of REITs remains high. The net subscription multiples of Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have reached new highs [3]. - This week, the CSI REITs Total Return Index fell by 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points [4]. 3. Summary by Directory 3.1 Primary Market - A total of 3 single - issue public REITs made new progress this week. E Fund Guangxi Beitou Expressway REIT has been declared, while Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][15]. - As of October 10, 2025, 18 single - issue REITs have been successfully issued this year, with a issuance scale of 36.34 billion yuan, a year - on - year decrease of 21.5% [4]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [4]. - By project attribute, equity - based REITs fell by 2.09% this week, and concession - based REITs fell by 1.64%. By asset type, the data center (+0.62%), transportation (-1.56%), environmental protection and water services (-1.70%), and park (-1.74%) sectors performed better [4]. 3.2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points from last week. The weekly trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [4][24]. - The affordable housing sector showed the most obvious improvement in liquidity [3]. 3.2.3 Valuation - The ChinaBond valuation yields of equity - based and concession - based REITs are 3.94% and 4.16% respectively. The affordable housing sector has a relatively high valuation [26][28]. 3.3 This Week's News and Important Announcements - On October 13, 2025, the Ministry of Civil Affairs supported the initial cultivation of elderly - care REITs, and carried out practical exploration work in 11 regions [32]. - On October 16, 2025, 9 departments including the Ministry of Housing and Urban - Rural Development supported eligible new urban infrastructure to issue REITs [32]. - On October 17, 2025, the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs was announced, with CICC winning the bid at 5 million yuan [32]. - There were also important announcements such as dividends, operating conditions, and strategic placement share unlocks of some REITs [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The liquidity of the REITs market has bottomed out and rebounded, with two new projects attracting over 200 billion yuan in funds. The first - level market's new - issue enthusiasm remains high, and the overall liquidity has improved, especially in the affordable housing sector [3]. - As of October 10, 2025, 18 REITs have been successfully issued this year, with a scale of 36.34 billion yuan, a year - on - year decrease of 21.5%. Three new - issue and two expansion - issue REITs have made new progress this week [4]. - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%. The liquidity of both property - type and franchise - type REITs has increased, and the data center sector is the most active. In terms of valuation, the warehousing and logistics, transportation, and park sectors rank among the top [5]. 3. Summary According to the Directory 3.1 First - level Market: Three New - issue Public REITs Made New Progress - As of October 17, 2025, 77 REITs have been issued, with a total issuance scale of 199.6 billion yuan, a total market value of 217.4 billion yuan, and a circulating market value of 108 billion yuan. Among them, property - type REITs account for a large proportion in terms of quantity and scale [16]. - This week, three new - issue REITs made progress: E Fund Guangxi Beitou Expressway REIT has been declared, and China AMC China Overseas Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT have completed fundraising [4][17]. - Two expansion - issue REITs made progress: China AMC China Resources Commercial REIT has been accepted, and China AMC China Resources Youchao REIT has received feedback [4][18]. 3.2 Second - level Market: Liquidity Bottomed out and Rebounded this Week 3.2.1 Market Review: CSI REITs Total Return Index Fell 1.44% - This week, the CSI REITs Total Return Index closed at 1043.46 points, down 1.44%, outperforming the CSI 300 by 0.78 percentage points and underperforming the CSI Dividend by 2.11 percentage points. Year - to - date, it has risen 7.81%, underperforming the CSI 300 by 6.91 percentage points and outperforming the CSI Dividend by 7.54 percentage points [5]. - By project attribute, property - type REITs fell 2.09%, and franchise - type REITs fell 1.64%. By asset type, the data center, transportation, environmental protection and water services, and park sectors performed better [5]. - Among individual bonds, 4 rose and 70 fell. The top three were Huatai - PineBridge Nanjing Jianye REIT, Southern Runze Technology Data Center REIT, and Huatai - PineBridge Baowan Logistics REIT, while the bottom three were Yin Hua Shaoxing Raw Water Conservancy REIT, Hongtu Shenzhen Anju REIT, and Huatai - PineBridge Baowan Logistics REIT [5]. 3.2.2 Liquidity: Turnover Rate Bottomed out and Rebounded, with the Affordable Housing Sector Improving Most Significantly - The average daily turnover rates of property - type and franchise - type REITs this week were 0.39% and 0.36% respectively, an increase of 8.58 and 4.88 basis points compared to last week. The trading volumes were 366 million and 102 million shares respectively, a week - on - week increase of 28.35% and 15.87% [5][27]. - The data center sector was the most active, and the affordable housing sector had the most significant improvement in liquidity [3][27]. 3.2.3 Valuation: The Affordable Housing Sector has a Higher Valuation - According to the China Bond valuation yield, the yields of property - type and franchise - type REITs are 3.94% and 4.16% respectively. The warehousing and logistics, transportation, and park sectors rank among the top [5][32]. 3.3 This Week's News and Important Announcements - News: The Ministry of Civil Affairs supports the cultivation of pension REITs; 9 departments including the Ministry of Housing and Urban - Rural Development support eligible new - type urban infrastructure to issue REITs; the bid - evaluation result of the financial advisor for Qingcheng Mountain - Dujiangyan Scenic Area REITs has been announced [36]. - Announcements: China AMC Joy City Commercial REIT will conduct a second dividend in 2025; the Q3 operating conditions of AVIC Shougang Green Energy REIT and CITIC Construction Investment Mingyang Smart New Energy REIT have been announced; the strategic placement shares of China Merchants Shekou Rental Housing REIT will be lifted from restrictions [37].

Group 1 - The core viewpoint of the article is the formal application of the Yifangda Guangxi Beitou Expressway REIT, marking it as the first public REIT project in Guangxi [2][4] - The project is initiated by Guangxi Beibu Gulf Investment Group, a state-owned enterprise responsible for a significant portion of transportation infrastructure in Guangxi, including 70% of design and 30% of construction in the region [4] - The Guangxi Beitou Group has invested in 44 projects totaling 3,226 kilometers with a total investment of 442.9 billion yuan, of which 282.5 billion yuan has been completed [4] Group 2 - The market for public REITs has seen a decline, with the CSI REITs Total Return Index dropping by 1.44% during the week of October 13-17, with 90% of products experiencing a decrease [7][8] - The trading activity in the secondary market has decreased, with the average turnover rate dropping from 0.9% in September to 0.45% in October [9][10] - Despite the overall downturn, some REITs have shown positive annual growth, with over 90% of products having a positive year-to-date return, and 14 products exceeding a 20% increase [10][11] Group 3 - Several public REITs have made progress, including the acceptance of the second expansion of the Huaxia Huayuan Commercial REIT and updates on the Huaxia Fund Huayuan Youchao REIT [5][6] - The Huaxia Zhonghai Commercial REIT reported a subscription amount nearing 160 billion yuan, indicating strong investor interest [6] - The week also saw a significant number of REITs experiencing price declines, with only 7 out of 77 listed products recording an increase [8][9]

Core Viewpoint - The establishment of the E Fund Guangxi Beitou Expressway Closed-End Infrastructure Securities Investment Fund marks the first public REITs product application by a local enterprise in Guangxi, initiated by Guangxi Beibu Gulf Investment Group Co., Ltd. and managed by E Fund Management Co., Ltd. [1] Company Overview - Guangxi Beibu Gulf Investment Group Co., Ltd. is a large state-owned enterprise directly under the Guangxi Zhuang Autonomous Region government, serving as a key player in infrastructure construction in Guangxi. The company has total assets of 468.2 billion yuan and ranks 389th in the 2025 China Enterprise 500 list [1]. Infrastructure Development - The company focuses on comprehensive transportation, port logistics, and environmental water services, with a strong emphasis on infrastructure investment and construction. It holds the only Class A comprehensive design enterprise in the transportation sector in Guangxi and three out of four Class A comprehensive credit consulting institutions [1]. - Guangxi Beibu Gulf Investment Group is responsible for 70% of the surveying and design business and 30% of the construction business in the transportation infrastructure sector in Guangxi. It has invested in 44 projects, including the Hezhou to Bama expressway, covering a total length of 3,226 kilometers and a total investment of 442.9 billion yuan, with cumulative investments reaching 282.5 billion yuan [1]. - The company operates 2,010 kilometers of expressways, accounting for 20% of the total expressway length of 10,060 kilometers in the region [1].