Product Performance - The average net value growth rate of equity public funds in the past six months is 11.76%, with all products achieving positive returns [3] - Among the products, Huaxia's five industry index theme products ranked in the top ten, with the "Micro-Plate Growth Style" product achieving the highest growth rate of 28.84%, followed by Xinyin's "Baibao Elephant Stock Selection Weekly Open 1" at 25.48% [3] - The lowest performing products include ICBC's "Quantitative Wealth Management - Hengsheng Allocation" at 1.39%, Huaxia's "Tiangong Daily Open Wealth Management Product No. 2" at 2.71%, and Bank of China’s "Huifu Equity Dividend Strategy 180-Day Holding Period A" at 3.47% [3] Product Dynamics - Recently, the equity public fund market has seen expansion, with Minsheng Wealth Management's "Jinzhu Quantitative Enhanced Half-Year Holding Period No. 1" starting fundraising on August 19 and Huaxia's "Tiangong Daily Open No. 12" on August 22, both ending on August 25 [4] - Minsheng's product utilizes a quantitative strategy based on the CSI 500 index, aiming to exceed benchmark returns while controlling tracking errors [4] - The outlook for the market remains optimistic, with expectations of sustained positive beta contributions and active market trading under supportive policies [4] REITs Market Overview - Huaxia's new product "Tiangong Daily Open No. 12" tracks the "Zhongcheng-Huaxia Wealth Management Public REITs Selected Index," which selects at least 20 REITs based on various criteria [5] - The index primarily includes REITs in park infrastructure (33.98%), affordable rental housing (14.76%), and energy infrastructure (11.90%) [5] - Since the beginning of 2025, 14 public REITs have been issued, totaling over 25 billion, with 23 additional funds awaiting listing [5] Market Trends - The public REITs market has shown volatility this year, with a notable decline since August, where the CSI REITs total return index has increased by 9.9% year-to-date but has dropped by 3.95% since August [6] - Despite the short-term market pullback, public REITs are considered to have certain allocation value due to their high dividends and moderate risk [6] - Currently, only seven public REITs theme products have been issued by wealth management companies, indicating a relatively low number and scale in this segment [6]

1. Report Industry Investment Rating No relevant content found. 2. Core View of the Report This week, the public offering REITs market weakened, but the trading volume increased. The indices of both property - type and concession - type public offering REITs declined. There are 23 public offering REITs funds awaiting listing. The market is expected to continue expanding, and its activity is likely to further increase. In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [2][5][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market - The public offering REITs market weakened this week. The China Securities REITs Index and the China Securities REITs Total Return Index fell by 1.87% and 1.74% respectively compared to last week [2][10]. - The trading volume in the REITs market increased. The total trading volume was 861 million shares, a week - on - week increase of 24.78%, and the trading amount was 3.633 billion yuan, a week - on - week increase of 11.24%. The interval turnover rate this week was 3.83%, up from 3.18% last week [11]. - The indices of both property - type and concession - type public offering REITs declined, by 3.04% and 1.12% respectively. Among property - type REITs, only park infrastructure REITs rose by 3.21%, while others declined. Among concession - type REITs, all subtypes declined [13][17]. - The trading volume and turnover rate of most types of public offering REITs increased. The trading volume of consumer infrastructure, ecological environmental protection, park infrastructure, and other types of REITs increased, while that of new infrastructure, municipal facilities, and energy infrastructure REITs decreased. The turnover rate of some types increased, while that of others decreased [19][21]. - Most public offering REITs products declined. Among the 73 products, 9 rose and 64 fell. The top - gainers and top - losers are listed in the report, along with information on high - turnover and high - trading - volume products [23]. 3.2 Primary Market - As of August 22, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. 14 public offering REITs have been issued since 2025, and there were no new issuances in August 2025 [3][30]. - There are 23 public offering REITs funds awaiting listing, including 12 for initial offerings and 11 for expansions. In terms of project status, 8 have passed, 9 have been feedback, 4 have been questioned, and 2 have been accepted. By type, there are different numbers of various subtypes of industrial and concession - type REITs [32]. 3.3 Public Offering REITs Policies and Market Dynamics - The first transportation infrastructure public offering REITs of the year was filed. On August 18, Huaxia Hubei Jiaotou Chutian Expressway REIT was officially filed, and it was accepted on August 22 [35][36]. - Shenzhen Securities Regulatory Bureau aims to build an integrated investment - financing chain for public offering REITs to help Shenzhen become a national REITs market high - ground [37]. - Huaxia Shouchuang Outlet Mall REIT lifted its restricted shares, increasing the tradable shares to 528 million [38]. - Guotai Junan Lingang Innovation Industrial Park REIT raised 1.723 billion yuan through expansion [39]. 3.4 Investment Suggestions - This week, the REITs index weakened, but the trading amount increased. Park infrastructure REITs had the highest increase, while consumer infrastructure REITs had the highest decline [5][40]. - 14 public offering REITs have been established this year, with a total scale exceeding 25 billion yuan. With 23 REITs funds awaiting listing, the market is expected to expand, and its activity is likely to increase. Public offering REITs have high - dividend and medium - low - risk advantages, with a relatively high allocation cost - performance [5][40].

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - This week, the REITs market showed a pattern of first declining and then rising, with an overall decline. The liquidity improved significantly, but the main funds turned into a net outflow. The first high - speed REIT of the year was declared and accepted. The issuance scale of REITs this year increased year - on - year [5]. - The CSI REITs Total Return Index fell this week, underperforming the Shanghai and Shenzhen 300 and CSI Dividend Indexes. Different asset - type REITs had different performance, and the data center, transportation, energy, and warehousing logistics sectors performed better [5]. Summary According to the Directory 1. Primary Market: Two First - Issue Public REITs Made New Progress - As of August 15, 2025, 15 REITs have been successfully issued this year, with a total issuance scale of 31.35 billion yuan, a year - on - year increase of 2.9%. This week, two first - issue public REITs made new progress: the ChinaAMC Vipshop Outlet Mall REIT completed its fundraising, with an expected fundraising of 3.48 billion yuan; the Huaxia Jiaotou Chutian Expressway REIT was declared on August 18 and accepted on August 22 [5]. - The underlying assets of the Huaxia Jiaotou Chutian Expressway REIT are the toll rights and ancillary facilities of the main line of the Macheng - Xishui section of the Daqing - Guangzhou Expressway in Hubei Province, with a toll - collection mileage of 147.1 kilometers. The original equity holders are Chutian Expressway (listed on the A - share market) and Hubei Communications Investment Construction Group [5]. - In the current approval process, there are 10 first - issue REITs that have been declared, 2 that have been questioned and responded, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For the expansion and issuance, 9 have been declared, 7 have been questioned and responded, and 6 have passed the review [5]. 2. Secondary Market: The Index Accelerated Its Decline and Then Had a Slight Recovery This Week 2.1 Market Review: The CSI REITs Total Return Index Fell by 1.74% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1062.06 points, a decline of 1.74%, underperforming the Shanghai and Shenzhen 300 by 5.92 percentage points and the CSI Dividend by 2.57 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 9.73%, underperforming the Shanghai and Shenzhen 300/CSI Dividend by 1.53/9.41 percentage points [5]. - By project attribute, property - type REITs fell 2.03%, and concession - type REITs fell 1.13%. By asset type, the data center (- 0.96%), transportation (- 1.03%), energy (- 1.06%), and warehousing logistics (- 1.23%) sectors performed better. Among individual bonds, 9 rose and 64 fell this week [5]. 2.2 Liquidity: Both the Turnover Rate and Trading Volume Increased - The average daily turnover rates of property - type and concession - type REITs this week were 0.85% and 0.56% respectively, an increase of 17.88 and 3.64 basis points compared with last week. The trading volumes during the week were 706 million and 154 million shares respectively, a week - on - week increase of 29.48% and 6.99%. The data center sector had the highest activity [5]. 2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - From the perspective of the ChinaBond valuation yield, the yields of property - type and concession - type REITs are 3.88% and 3.81% respectively. The warehousing logistics (5.32%), transportation (4.62%), and park (4.34%) sectors rank among the top three [5]. 3. This Week's News and Important Announcements - On August 15, 2025, Linyuan Investment subscribed to the public REITs market for the first time. A number of private funds under Linyuan Investment participated in the offline subscription of the ChinaAMC Vipshop Outlet Mall REIT, with a total subscription amount of nearly 80 million yuan [38]. - On August 15, 2025, the first private - owned private - placement consumer REIT, the Guojin Asset Management - Wuyue Square Hold - type Real Estate Asset - Backed Special Plan, was officially approved, with an issuance scale of 1.064 billion yuan [38]. - There are also announcements such as the lifting of strategic placement share restrictions, operating data announcements, and expansion progress announcements for multiple REITs [39][40].

登录新浪财经APP 搜索【信披】查看更多考评等级 一、公募REITs基本信息 ■ 二、基础设施项目基本情况 本基金基础设施项目为长沙览秀城项目，项目类型属于消费基础设施。本基金以获取基础设施项目租金 等稳定现金流为主要目的，通过积极主动运营管理基础设施项目，力求提升基础设施项目的运营收益水 平，实现基础设施项目现金流长期稳健增长。 本基金运营管理机构为金茂商业房地产（上海）有限公司，截至本公告发布日，运营管理机构未发生变 更且运营管理能力稳定。 截至本公告发布日，基础设施项目公司整体运营情况良好，无安全生产事故，未发生重大租约变化。 三、运营管理机构高级管理人员变更情况 本基金管理人于2025年8月20日收到金茂商业房地产（上海）有限公司通知，因工作调整，金茂商业房 地产（上海）有限公司财务负责人由邓晏变更为谭乐磊，运营管理机构已履行完成内部决议。 谭乐磊，男，本科学历，财务管理专业，曾就职于德勤、安永，现任金茂商业房地产（上海）有限公司 财务负责人。 四、对基础设施项目运营情况、经营业绩、现金流和基金份额持有人权益的影响分析 目前本基金运营管理机构经营管理团队稳定，履职正常，本次运营管理机构高级管理人员变动 ...

Core Viewpoint - Ingka Group, the parent company of IKEA, plans to sell its shopping centers in Beijing, Wuxi, and Wuhan, potentially clearing out the remaining seven centers in the future, raising questions about the timing and motivations behind this decision [5][6][14]. Summary by Sections Sale of Shopping Centers - Ingka Group intends to sell three shopping centers with a total estimated value of 16 billion yuan, with the buyer being a fund led by Taikang Life Insurance [6][18]. - The three centers have been operational for about ten years and are among the most popular shopping destinations in their respective cities [14][12]. Financial Performance - Ingka Group reported a revenue decline of 5.5% to 41.864 billion euros in the 2024 fiscal year, with net profit dropping by 46.5% to 0.806 billion euros [16]. - The operating cash flow for 2024 was 2.9 billion euros, down 17% from the previous year, marking a significant performance drop compared to the previous years [16]. Investment and Valuation - The investment of 16 billion yuan for the three shopping centers represents a 60% increase from the initial investment of 10 billion yuan [18]. - The average valuation per square meter for the three centers is approximately 1.39 million yuan, which is higher than some recently listed REITs but lower than others [20][21]. Market Context - The shopping centers have shown strong performance, with Wuxi's center achieving sales of 4.3 billion yuan in 2024 and Beijing's center expected to reach around 10 billion yuan in sales [12][16]. - The sale is seen as a strategy for Ingka to recover cash and alleviate financial pressure while maintaining operational control over the centers [17][24]. Future Prospects - The deal is structured as a Pre-REITs investment, indicating potential for future appreciation and a commitment from Ingka for a return rate close to 7% during the investment period [22][24].

Market Performance - The public REITs market has shown a weakening trend since August, with the CSI REITs Total Return Index declining nearly 4% as of August 20, and experiencing seven consecutive days of losses from August 11 to 19 [1] - As of August 20, the index ended its seven-day decline with a slight increase of 0.43%, but the overall decline for August reached 3.95% [1] - Among the 73 listed REITs, only two data center REITs and Huatai Baowan Logistics REIT saw price increases, while the remaining 70 REITs experienced declines, particularly in the affordable rental housing category, which averaged a drop of over 8% [1] Trading Activity - The trading activity in the public REITs market has decreased, with overall trading volume and value declining for three consecutive weeks. The recent week's trading value was 1.715 billion yuan, and the trading volume was 422 million units, representing declines of 47.49% and 38.75% respectively [1] Upcoming Challenges - The public REITs market is expected to face challenges due to a concentration of strategic placement shares set to be unlocked. Certain REITs, such as Hongtu Innovation Shenzhen Talent Housing REIT, CICC Xiamen Housing REIT, and Huaxia Beijing Affordable Housing REIT, will see the unlocking of original rights holders' strategic placement shares soon [2] - In 2024, a total of 29 public REITs are expected to be launched, with 16 of them listed after September, indicating a significant unlocking of market-oriented strategic placement shares [2] Strategic Investor Participation - Strategic investors have been the main participants in the placement of REITs, with each product having a placement share ratio of 67% or higher. A large-scale unlocking of public REITs is anticipated from September to December 2025, with a total of 3.83 billion shares set to be unlocked, accounting for 8.9% of the total issued shares in the market [3] - Specific categories, such as park infrastructure and transportation infrastructure, are expected to face significant selling pressure due to the unlocking of shares, with 1.44 billion shares and 872 million shares respectively set to be released [3]

Group 1 - The core point of the news is the formal application of the Huaxia Hubei Traffic Investment Chutian Expressway REIT, marking the first traffic infrastructure REIT application of the year [1] - The initiators and original rights holders of the REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Traffic Investment Construction Group Co., Ltd., with CITIC Securities as the special plan manager [3] - The underlying assets for the REIT include the toll rights and ancillary facilities of the Hubei section of the Daqing to Guangzhou Expressway, specifically the section from Macheng to Xishui [3] Group 2 - As of August 17, there are 73 public REITs listed in the market, with various statuses in the application and issuance process [3] - The 74th public REIT, the CICC Vipshop Outlets REIT, has completed its inquiry with a determined issuance price of 3.48 yuan per share, set to be sold starting August 20 [3] - The total market value of public REITs has dropped below 220 billion yuan, currently at 212.619 billion yuan, reflecting a decline compared to the strong performance in the first half of the year [4]

楚天高速此前在2024年年度报告披露，2024年大广北高速公募REITs项目进入国家发改委审核程序， 2025年将探索多元融资方式，稳步推进公募REITs项目发行。 2023年4月，湖北楚天智能交通股份有限公司宣布开展公募REITs申报发行工作。楚天高速拟以控股子 公司湖北大广北高速公路有限责任公司持有的大庆至广州高速公路湖北省麻城至浠水段作为底层资产， 开展公募REITs申报发行工作。 大广北高速起于鄂豫两省交界处麻城市周家湾，经麻城市、武汉市新洲区、黄冈市团风县、黄冈市黄州 区，止于黄冈市浠水县，收费里程147.115公里，设乘马岗、麻城、铁门、新洲等8个收费站。项目收费 期限自2009年4月1日至2039年6月18日止。 （文章来源：新华财经） 新华财经北京8月19日电据上交所官网，华夏湖北交投楚天高速公路封闭式基础设施证券投资基金正式 申报，该项目发起人为湖北楚天智能交通股份有限公司和湖北交投建设集团有限公司，管理人为华夏基 金管理有限公司，专项计划管理人为中信证券股份有限公司。 ...

Group 1 - The core point of the news is the ongoing enthusiasm for public REITs in China, highlighted by the recent application for a new public REIT product by Huaxia Fund, named "Hubei Jiao Investment Chutian Expressway Closed-End Infrastructure Securities Investment Fund" [2][4] - The initiators of the new REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiao Investment Construction Group Co., Ltd., with the special plan managed by CITIC Securities [4][6] - The underlying assets for the REIT include the toll rights and ancillary facilities of the Hubei section of the Daqing-Guangzhou Expressway, specifically the section from Macheng to Xishui, which spans 147.115 kilometers and has a toll period from April 1, 2009, to June 18, 2039 [5][4] Group 2 - As of August 17, there are 73 public REITs listed in the market, with several products currently awaiting approval, including the Huaxia Jiao Investment Chutian Expressway REIT [6][4] - The public REIT market has experienced fluctuations, with the total market capitalization dropping below 220 billion yuan, despite a year-to-date increase in the indices [10][11] - Analysts suggest that the current low-interest-rate environment presents investment opportunities in the REIT market, emphasizing the importance of focusing on quality projects and the potential for recovery in undervalued assets [11][10]

Core Viewpoint - The public REITs market in China continues to show strong issuance momentum, with the recent application for the "Hubei Jiaotou Chutian Expressway REIT" indicating ongoing interest and activity in this sector [2][4]. Group 1: Product Information - The newly submitted public REIT is named "Hubei Jiaotou Chutian Expressway Closed-End Infrastructure Securities Investment Fund" [3]. - The initiators of this REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiaotou Construction Group Co., Ltd. [5]. - The management of the REIT is handled by Huaxia Fund Management Co., Ltd. [3]. Group 2: Project Status and Background - The project has been officially submitted for approval and is currently awaiting acceptance [6]. - The underlying assets for this REIT include the toll rights and associated facilities of the Hubei section of the Daqing-Guangzhou Expressway, specifically the segment from Macheng to Xishui, which spans 147.115 kilometers [7]. - The toll collection period for this project is set from April 1, 2009, to June 18, 2039 [7]. Group 3: Market Overview - As of August 17, there are a total of 73 public REITs listed in the market [8]. - The market has seen a recent adjustment, with the total market capitalization of public REITs dropping below 220 billion yuan, currently at 212.619 billion yuan [13]. - The year-to-date performance of the market indices shows a rise of 9.78% for the CSI REITs Total Return Index and 6.27% for the CSI REITs Closing Index [13]. Group 4: Future Outlook - Analysts express optimism regarding the REITs market in a low-interest-rate environment expected in 2025, suggesting three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of existing REITs alongside new issuances [14].