Market Overview - The secondary market for publicly listed REITs in China experienced an overall price correction, with the weighted REITs index closing at 142.35 and a weekly return rate of -1.26%. Compared to other major asset classes, the return rates ranked as follows: convertible bonds > A-shares > crude oil > gold > US stocks > pure bonds > REITs [2] REITs Performance - Both property rights and franchise REITs showed a downward trend in the secondary market, with franchise REITs experiencing a smaller decline [3] - Energy REITs had the smallest decline among underlying asset types, with the top three performing asset types being energy, ecological environment, and warehousing logistics [4] Individual REITs Analysis - Among publicly offered REITs, there were 8 that increased in value while 60 decreased. The top three gainers were: - Harvest Jingdong Warehousing Infrastructure REIT - CICC China Green Development Commercial REIT - Southern SF Logistics REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 2.75 billion, with ecological environment REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.71% [6] Individual REITs Trading Activity - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huaxia Beijing Affordable Housing REIT - Harvest Jingdong Warehousing Infrastructure REIT - The top three REITs by trading amount were: - Huaxia Beijing Affordable Housing REIT - Huaxia China Resources Commercial REIT - CICC Anhui Transportation Control REIT [7] Net Inflow and Block Trading - The total net inflow for the week was 74.83 million, indicating a decrease in market trading enthusiasm. The top three asset types for net inflow were consumer infrastructure, energy infrastructure, and affordable rental housing. The top three REITs by net inflow were: - CICC China Green Development Commercial REIT - Huaxia China Resources Commercial REIT - CITIC Construction Investment National Electric Power New Energy REIT [8] - The total amount of block trading reached 628.09 million, with Thursday (July 10, 2025) seeing the highest single-day block trading amount of 201.42 million. The top three REITs by block trading amount were: - Huaxia China Resources Commercial REIT - Huaxia Beijing Affordable Housing REIT - Huaxia Deep International REIT [8] Primary Market - No new REIT products were launched during the week [9] - The status of the "Huaxia China Nuclear Clean Energy Closed-end Infrastructure Securities Investment Fund" project was updated to "feedback received" [10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rental rate of industrial parks is under pressure, and the first consumer REITs plans a secondary expansion. The overall rental rate of industrial parks is under pressure, and Huaxia China Resources Commercial REIT plans a secondary expansion. The Beijing Municipal Government supports the issuance of REITs for eligible consumer infrastructure, and Huaxia Fund wins the bid for the fund manager of Yulong Snow Mountain Public REITs [2]. - In the primary market, as of July 11, 2025, 12 REITs have been successfully issued this year, with a total issuance scale of 20.93 billion yuan, a year - on - year decrease of 23.3%. One new REITs has made progress this week, and there is no new progress in expansion [2]. - In the secondary market, the CSI REITs Total Return Index closed at 1103.87 points this week, down 1.12%. The market has fully corrected, and liquidity has declined [2][13]. Summary According to the Directory 1. Primary Market: One Newly Issued REITs Made Progress - As of July 11, 2025, 71 REITs have been issued, with a total issuance scale of 184.2 billion yuan, a total market value of 205.2 billion yuan, and a circulating market value of 96.9 billion yuan [8]. - This week, Huaxia Zhonghe Clean Energy REIT has been feedback, and there is no new progress in expansion. Currently, there are 15 newly issued REITs under application, 6 have been inquired and feedback, 0 have passed the review, and 1 is registered and waiting for listing; 10 expansion REITs have been applied, 4 have been inquired and feedback, and 3 have passed the review [2][9][11]. 2. Secondary Market: The Market Fully Corrected This Week, and Liquidity Declined 2.1 Market Review: The CSI REITs Total Return Index Closed Down 1.12% - The CSI REITs Total Return Index (932047.CSI) closed at 1103.87 points this week, down 1.12%, underperforming the SSE 500 by 1.94 percentage points and the CSI Dividend by 1.72 percentage points. The CSI REITs Total Return Index has risen 14.05% since the beginning of the year, outperforming the SSE 500/CSI Dividend by 12.02/14.54 percentage points [2][13][15]. - By project attribute, equity - based REITs fell 1.21% this week, and concession - based REITs fell 0.69%. By asset type, energy (-0.32%), warehousing and logistics (-0.51%), consumption (-0.54%), and water services (-0.76%) sectors performed better [2][14]. - Among individual bonds, 8 rose and 60 fell this week. Harvest JD Warehousing Infrastructure REIT (+4.25%), CICC China Green Development Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) led the gainers, while Huaxia Capital Outlet Mall REIT (-5.95%), CICC Chongqing Liangjiang REIT (-4.54%), and CICC Xiamen Anju REIT (-4.44%) led the losers [2]. 2.2 Liquidity: The Environmental Protection Sector Had the Highest Activity - The average daily turnover rates of equity - based/concession - based REITs this week were 0.63%/0.51%, down 15.43/11.45 basis points from last week. The trading volumes this week were 462 million/140 million shares, down 18.88%/17.88% week - on - week. The environmental protection sector was the most active [2][20]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the CCDC valuation yield, the yields of equity - based/concession - based REITs were 3.90%/4.09% respectively. The transportation (5.31%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked among the top three [2][22][24]. 3. This Week's News and Important Announcements - **News**: On July 10, 2025, the Beijing Municipal Government issued the "Special Action Plan for Deepening Reforms to Boost Consumption", supporting the issuance of REITs for eligible consumer infrastructure; on the same day, Huaxia Fund won the bid for the fund manager of Yulong Snow Mountain Public REITs [29]. - **Announcements**: Multiple REITs released semi - annual operating data, including rental rates and rent collection rates. Some REITs had news of share unlocking, dividends, and expansion plans [29][30][31].

Core Viewpoint - Insurance funds continue to show strong interest in Shanghai assets, specifically in rental housing projects, as evidenced by the recent investment in the Youmi community [2] Group 1: Investment Details - The "CITIC Jinshi Fund · Lingyu International Rental Housing Infrastructure Pre-REITs Fund" was established by AIA Insurance, Zhonghong Insurance, and others, focusing on rental housing investments [2] - The fund has invested in the Youmi community located in Songjiang, Shanghai, which consists of 2,252 rental units and covers an area of over 136,000 square meters [2][4] - The original shareholders of the asset include Lingyu International (20%), CITIC Jinshi (40%), Zhonghong Insurance (25%), and CITIC Securities (14.8462%) [4] Group 2: Future Plans - The Pre-REITs fund will be managed by CITIC Jinshi and operated by Lingyu International, with plans to incubate the Youmi community project for future public REITs listing [4] - The fund aims to further explore new project collaborations within the rental housing sector [4] Group 3: Other Investments - Beyond Shanghai, AIA Insurance has also acquired assets in Beijing, specifically a 95% stake in the CapitaLand Star Trade project for nearly 2.4 billion yuan [4]

Core Viewpoint - The public REITs market in China has seen a significant surge in fundraising, with two products raising over 400 billion yuan in a single day, indicating strong investor interest and market recovery [2]. Group 1: Fundraising Results - The 华夏华电清洁能源REIT attracted approximately 171.1 billion yuan in subscriptions before the allocation process, with a total of 35 million shares allocated to strategic investors, representing 70% of the total offering [4][5]. - The 创金合信首农REIT raised around 229.1 billion yuan, with strategic investors also taking 70% of the total shares, reflecting robust demand [6][8]. Group 2: Market Performance - As of July 9, the number of public REITs successfully issued this year reached 12, all of which sold out on the first day, with a total fundraising amount exceeding 1.7 trillion yuan [2]. - The 中证REITs index has increased by 14.20% year-to-date, although a recent market correction has been observed, with declines of 1.71% and 1.81% from peak levels [11]. Group 3: Future Outlook - The market is expected to continue seeing demand for REITs, particularly in new project launches and sectors with strong fundamentals, such as affordable rental housing [12].

Core Viewpoint - 华夏基金 integrates ESG factors throughout the entire lifecycle of REITs to enhance asset quality and operational efficiency, aiming for long-term stable returns and value creation for investors [2][12]. Group 1: ESG Integration in Investment Process - 华夏基金 has embedded ESG principles into its corporate DNA since becoming the first public institution in China to sign the PRI in 2017 [3]. - The company established an ESG Business Committee in 2020, marking a new phase in ESG governance [3]. - ESG research teams are integrated into investment departments, applying ESG factors across six key investment process stages: strategy formulation, fundamental analysis, portfolio management, risk control, communication with listed companies, and regular tracking [3][4]. Group 2: Post-Investment Management - A dynamic management system is in place for post-investment management, with quarterly monitoring of ESG risk exposure and rating changes [4]. - The company engages with listed companies regarding their ESG risks and opportunities, providing suggestions and tracking performance [4][5]. - The company has initiated a due diligence management exploration since 2018, focusing on companies with low ESG ratings but high sustainable development potential [5]. Group 3: ESG Investment 2.0 Era - The ESG investment 2.0 era emphasizes objective analysis of ESG factors' impact on business operations and financial metrics, adhering to fiduciary responsibilities to clients [7]. - The quality of ESG information disclosure in China is improving, which is expected to enhance the value of ESG data in investment decisions [8]. - The company aims to link ESG analysis with industry allocation and fundamental analysis to improve investment performance [8]. Group 4: Evolution of ESG Products - 华夏基金 began its ESG product design efforts in 2017, launching funds focused on clean energy and energy efficiency [9]. - By the end of Q3 2024, the company managed 15 ESG public funds with a total scale of 23.266 billion yuan, including both active and passive funds [9]. - ESG-themed funds have generally outperformed major broad-based indices in recent years [10]. Group 5: ESG as a Value Attribute in Public REITs - ESG is becoming a crucial value attribute for public REITs as the pilot programs deepen [11][12]. - Infrastructure REITs are closely related to ESG concerns, focusing on long-term value and stakeholder communication [12]. - The company prioritizes ESG factors in asset selection, ensuring projects have strong environmental and social performance [13]. Group 6: Balancing Short-term Returns and Long-term Value - The company employs multi-dimensional strategies to balance short-term returns with long-term value in REITs [14]. - High ESG-rated REITs tend to have better occupancy rates and rental levels due to their focus on sustainability and tenant services [14][15]. - Financial institutions are increasingly favoring high ESG-rated projects, leading to lower financing costs and higher market valuations [15]. Group 7: Challenges in ESG Investment - The ESG investment landscape in China is still in its early stages, facing challenges such as a lack of reliable evaluation systems and standards [16].

Core Viewpoint - The public REITs market in China is experiencing significant demand, with two products, 华夏华电清洁能源REIT and 创金合信首农REIT, achieving "one-day sell-out" status due to oversubscription [2][3][9]. Summary by Sections Public REITs Issuance - On July 7, 2025, 华夏华电清洁能源REIT and 创金合信首农REIT announced the early closure of public fundraising due to exceeding the initial subscription limits [4]. - The public subscription period was originally set from July 7 to July 8, 2025, but was concluded early due to high demand [4]. Fundraising Details - 创金合信首农REIT has a subscription price of 3.685 yuan per share, aiming to raise a total of 36.85 billion yuan, with a public offering of 90 million shares [5]. - The net demand for 创金合信首农REIT was 270.797 billion shares, 128.95 times the initial offline offering [5]. - 华夏华电清洁能源REIT has a subscription price of 3.789 yuan per share, targeting a total fundraising of 18.945 billion yuan, with a public offering of 4.5 million shares [6]. - The net demand for 华夏华电清洁能源REIT reached 215.70 billion shares, 205.43 times the initial offline offering [6]. Market Trends - The public REITs market has seen a surge in popularity this year, with multiple products achieving early closure and "one-day sell-out" status [9]. - Notable examples include 中银中外运仓储物流REIT and 中金亦庄产业园REIT, which also experienced high oversubscription rates [9]. - As of June 2023, the total market value of REITs in China surpassed 200 billion yuan, with 69 products available, indicating rapid growth since the first batch was approved in May 2021 [9]. Industry Outlook - The demand for REITs is driven by the need for innovative financing tools in China's vast infrastructure and real estate sectors [10]. - Regulatory support from the China Securities Regulatory Commission and the National Development and Reform Commission is fostering a normalized issuance phase and market expansion [10]. - Both institutional and individual investors are increasingly participating in the REITs market, contributing to its long-term healthy development [10].

《每日经济新闻》记者获悉，上周公募REITs市场又迎来多项重磅动态。 从单只产品来看，已上市的68只公募REITs中，二级市场价格环比上涨的达到55只，周均涨幅1.07%。其中涨幅最大的三只产品为中金中国绿发商业资产 REIT、易方达华威市场REIT和华夏南京交通高速公路REIT，周内涨幅分别达到6.50%、5.25%和3.91%。 首先，首单民企仓储物流类REITs正式启动扩募，嘉实京东仓储REIT拟购西安、合肥两个项目。这也是华夏北京保障房REIT扩募上市之后，年内第二单扩募 的产品。 另一方面，上周青城山-都江堰景区REIT确定基金管理人。公开评标结果显示，中航基金中标青城山-都江堰景区基础设施REIT项目，将负责后续基金管理 与运营。 此外，两只数据中心公募REITs定价完成，南方润泽科技数据中心REIT获超百倍认购等也都是上周重要的行业动态。 再来看看市场表现。截至上周五（7月4日），中证REITs（收盘）指数上涨0.65%，收于886.6点；中证REITs全收益指数上涨0.66%，收于1116.4点。 Wind数据显示，全市场已上市的68只公募REITs产品，二级市场价格环比上涨的达到55只，下跌 ...

Core Insights - The report by Cushman & Wakefield highlights the launch of the first consumer-focused REIT initiated by foreign capital in China, with a total scale of approximately 2.8 billion RMB [1] - Prologis, the world's largest logistics real estate company, has registered a foreign-owned private equity firm in China, indicating a growing interest in the Chinese market for logistics and warehousing [1] - The introduction of foreign projects is expected to enhance market confidence in public REITs, potentially attracting more quality assets to the market [1]

Office Market - In Q2, Beijing's office market saw no new supply, maintaining a total stock of 13.68 million square meters, with a net absorption of 39,677 square meters in the city and -3,984 square meters in the five core business districts [2] - The rental market experienced a 2.3% month-on-month decline to RMB 221.94 per square meter, while the five core business districts saw a 2.6% decline to RMB 257.58 per square meter, indicating a narrowing of the rental decline trend [2] - The vacancy rate decreased by 1.4 percentage points to 16.9% compared to the end of 2024, with a half-year net absorption of 194,000 square meters, up 2.5% year-on-year [2] Retail Market - The retail market in Beijing added three new projects, contributing 200,000 square meters of quality retail space, bringing the total stock to 1.686 million square meters [4] - Five new quality retail projects are expected to be added in the second half of the year, providing over 500,000 square meters of retail space, with a focus on suburban new builds and traditional business district upgrades [4] - Policies supporting the retail market's upgrade include the "Beijing Fashion Consumption Expansion Action Plan," which aims to enhance market consumption potential through upgrades and brand introductions [4] Capital Market - Foreign investment in China's public REITs market has significantly increased, reflecting long-term confidence in Chinese assets [5] - The first foreign-initiated consumption REIT, with a total scale of approximately RMB 2.8 billion, was reported by Huaxia Fund, including assets from Guangzhou and Changsha [5] - The establishment of foreign projects is expected to enhance market confidence in public REITs and attract more quality assets [5] Industrial Market - The industrial park market in Beijing is experiencing a phase of supply increase and structural demand changes, particularly in the biopharmaceutical sector [6] - Short-term supply-demand imbalances are leading to sustained downward pressure on rental prices, with operators shifting towards a "service + ecosystem" competitive landscape [6] - Long-term potential demand is anticipated from the development of high-tech industries and innovation in Beijing [6]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - This week (June 30 - July 4, 2025), the CSI REITs Total Return Index closed at 1116.42 points, rising 0.66% weekly, rebounding after a 1.38% correction last week. The CSI REITs (Closing) Index closed at 886.60 points, rising 0.65% weekly. The total market capitalization of China's listed REITs projects reached 207.9 billion yuan this week, a 0.87% increase from the previous week [1][8]. - In terms of major asset classes, A - shares, convertible bonds, and gold and silver performed well this week. The CSI 300, CSI 500, CSI Convertible Bonds, COMEX Gold, SHFE Gold, and SHFE Silver all outperformed REITs, while the Hang Seng Tech Index performed poorly [1][8]. Group 3: Summary According to the Table of Contents 1. Secondary Market 1.1 Price: Transportation Sector Stopped Falling and Led the Rise - Only the warehousing and logistics sector among the seven REITs sectors declined this week, while other assets rebounded. The transportation facilities sector, which had the largest decline of 2.19% last week, led with a 1.16% increase this week, driven by the strong rebound of road assets in the eastern economically developed regions. The traffic volume and toll revenue of these road assets also increased significantly year - on - year [2][15]. - The decline of the warehousing and logistics sector was mainly due to a 1.45% drop in CICC Puluosi, the largest - market - cap REIT in this sector. Taikang Life Insurance reduced its holdings of CICC Puluosi by a total of 1.38112 million shares, accounting for 0.71% of the total fund shares [18]. - At the individual bond level, CICC China Greentown Commercial Asset and E Fund Huayi Market, two consumer facilities REITs, led the gainers, with increases of 6.50% and 5.25% respectively. China Southern Beijing Affordable Housing and Guotai Junan Lingang Innovation Industrial Park led the decliners, mainly due to the correction after the recent rise of the expansion concept [19]. 1.2 Liquidity: Municipal and Environmental Protection Turnover Still Led - The overall trading activity in the market increased compared with last week. The average daily trading volume was 666 million yuan, the average daily trading volume was 148 million shares, and the average daily turnover rate was 0.74%, with a month - on - month increase of 14.96%, 23.47%, and 0.13 percentage points respectively [2][23]. - By sector, the sectors with the highest average daily turnover rates this week were municipal and environmental protection (1.70%), consumer facilities (1.18%), and industrial parks (0.82%). The municipal and environmental protection sector has been highly active for three consecutive weeks [26]. - At the individual bond level, the top three in terms of trading activity this week were CICC China Greentown Commercial Asset REIT, CICC Yizhuang Industrial Park REIT, and China Southern Jinmao Commercial REIT, with average daily turnover rates of 8.7%, 8.3%, and 2.5% respectively [28]. 1.3 Valuation: Transportation, Warehousing, and Industrial Park Valuations Led - The valuation of REITs projects remained differentiated. From the perspective of ChinaBond valuation yields, the transportation (5.17%), warehousing and logistics (4.93%), and industrial park (4.60%) sectors were at the forefront, with significant differences in project valuations, indicating potential for individual bond exploration [2][35]. 2. Primary Market 2.1 Jiashi JD Warehouse REIT Plans to Expand Two Logistics Projects in Xi'an and Hefei - On July 5, Jiashi JD Warehouse Infrastructure REIT announced plans to expand two projects in Xi'an and Hefei, becoming the third warehousing and logistics REIT project to initiate expansion after Hongtu Innovation Yantian Port and CICC Puluosi. The Xi'an project has a construction area of 107,200 square meters, and the Hefei project has a construction area of 145,600 square meters [3][43][44]. 2.2 Other Important News This Week - [Cinda Shougang Green Energy REIT] Temporarily used 40 million yuan of the reserved capital expenditure historically accumulated during the infrastructure project's life cycle to pay the relevant service fees of the operation management agency and will replenish it after receiving the domestic waste disposal fee from the Municipal Urban Management Commission in July 2025 [51]. - [CITIC Construction Investment State Power Investment New Energy REIT] Released its second - quarter operating data. The power generation, on - grid power, and settlement power of the infrastructure project increased by 34.06%, 33.53%, and 36.43% year - on - year respectively. The tax - free income and gross profit margin of the project company were approximately 243 million yuan and 54.35%, increasing by 40.03% and 20.16% year - on - year respectively [51]. - [AVIC Yishang Warehouse Logistics REIT] The original equity holder, Yishang Group, was privatized in the Hong Kong stock market [51]. - [Hua'an Waigaoqiao REIT] A tenant in Block W4 - 3, Warehouse 14, terminated the lease early, and the project company signed contracts with two new tenants. The new contract rent was basically the same as the expected income of the original tenant in the same period [53]. - [Jiashi JD Warehouse Infrastructure REIT] Plans to hold an investor relations event on July 11, 2025, from 14:30 to 16:30 [53].