1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - From August 11 - 15, 2025, the CSI REITs Total Return Index closed at 1080.91 points, down 1.49% for the week, with a relatively large correction. The total market capitalization of 73 listed REITs was 217.8 billion yuan, down 1.56% from the previous week. The increase in market risk appetite may reduce the allocation enthusiasm of investment institutions for REITs [1][8]. - In the secondary market, except for the data center sector, all other REIT asset types declined. The rental housing sector had the largest decline of 3.22%, and its cash distribution rate rose 9BP to 2.78% after the correction. It is still worth allocating after the bond market stabilizes and the cost - performance of individual bonds improves [1]. - In the primary market, Shenyang International Software Park and CapitaLand Commercial Assets responded to the exchange's opinions on their initial offerings, and Guotai Junan Dongjiu New Economy REIT responded to the exchange's opinions on its expansion [3][43][45]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price: Rental Housing Leads the Decline, with Few Rising Individual Bonds - Except for the data center continuing the new - bond popularity and rising, other asset types of REITs declined. The rental housing sector had the largest decline of 3.22%, becoming the asset with the largest correction since August. After the correction, its cash distribution rate rose to 2.78%. However, attention should be paid to the selling pressure and block trading opportunities of Beijing Affordable Housing, Xiamen Anju, and Shenzhen Anju, whose restricted shares will be lifted at the end of this month [1][15]. - At the individual bond level, only 6 out of 73 REITs rose, and 67 declined. The consumer facilities sector had the smallest decline this week, but only China Resources Commercial of Huaxia was in the green, and other consumer projects had a correction of about 2%. China Resources Commercial, with a market capitalization of over 10 billion yuan, has stable operations and excellent active management capabilities, and is currently promoting two expansions [2][18]. 3.1.2 Liquidity: Trading Activity Continues to Decline - Affected by the high - sentiment in the equity market, the trading activity of REITs continued to decline this week. The average daily trading volume was 496 million yuan, the average daily trading volume was 107 million shares, and the average daily turnover rate was 0.50%, down 16.75%, 19.95%, and 0.13 pct respectively from the previous week [2][26]. - By sector, the sectors with the highest average daily turnover rates this week were energy facilities (0.75%), rental housing (0.66%), and municipal environmental protection (0.61%), but the turnover rates of each sector continued to decline compared with last week [29]. 3.1.3 Valuation: The Overall Decline Leads to an Increase in the Distribution Rate - From the perspective of ChinaBond valuation yields, the energy and transportation infrastructure sectors had the largest changes, rising to 1.48% and 6.03% respectively. The transportation, warehousing and logistics, and industrial park sectors had relatively high valuation yields [38]. - From the perspective of cash distribution rates, the transportation - related projects had the largest change, rising to 9.01%. Affected by the newly listed Huaxia Huadian Clean Energy REIT, the distribution rate of energy - related projects decreased to 7.91%. Among equity - type projects, the industrial park, warehousing, and consumer sectors had relatively high distribution rates, and the average distribution rate of rental housing slightly rose to 2.78% [38]. 3.2 Primary Market 3.2.1 Initial Offerings: Shenyang International Software Park and CapitaLand Commercial Assets Respond to Exchange Opinions - On August 11, CITIC Construction Investment Shenyang International Software Park REIT responded to the exchange's review opinions. The exchange was concerned about issues such as the high proportion of start - up and small - medium - sized enterprises among tenants, the early termination of leases by some top - ten tenants, and the large differences in the occupancy rates of different buildings [43]. - On August 12, Huaxia CapitaLand Commercial Assets REIT responded to the exchange's review opinions. The exchange was concerned about issues such as the pre - emptive right, the incomplete equity restructuring of the two projects, and the project's external borrowing situation [44]. - On August 13, the initial offering inquiry of CICC Vipshop Outlet REIT was completed, with a subscription price of 3.480 yuan per share. The total number of fund shares is 1 billion, and the initial strategic placement, offline initial offering, and public investor initial offering are 700 million, 210 million, and 90 million shares respectively [44]. 3.2.2 Expansion: Guotai Junan Dongjiu New Economy Industrial Park Responds to Exchange Opinions - On August 11, Guotai Junan Dongjiu New Economy REIT responded to the exchange's review opinions. The exchange was concerned about issues such as the concentrated expiration of tenant leases, the project's competitiveness, and the potential impact of future new supplies on the occupancy rate and rent levels [45]. - On August 14, Guotai Junan Lingang Innovation Industrial Park REIT announced that it had received 1.723 billion yuan in funds from its targeted expansion (excluding interest during the fundraising period), equivalent to 388,788,630 fund shares at a price of 4.433 yuan per share [46][47]. 3.2.3 Other Key News This Week - As of August 17, 2025, there are about 7 - 8 potential issuance projects remaining this year, including 1 in the issuance stage, 9 that have received exchange feedback, and 1 that has been accepted by the exchange [44].

Core Viewpoint - Lin Yuan Investment, known for its active presence in the stock market, has made its first foray into the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT [1][2] Group 1: Lin Yuan Investment's Participation - Lin Yuan Investment has subscribed nearly 80 million yuan in the CICC Vipshop Outlet REIT, marking its first offline subscription in a REIT project [1][2] - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement and 210 million shares for offline placement [1][2] Group 2: Investor Structure and Market Trends - The public REITs market is increasingly dominated by institutional investors, with 96% of participants being institutions, including banks and insurance funds [4] - New entrants such as trusts, private funds, and small investment institutions are expected to accelerate their participation starting from Q4 2024, adding new dynamics to the market [4] - The involvement of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the integration of assets across regions and industries [4] Group 3: Market Development and Future Outlook - The CICC Fund indicates that the public REITs market is entering a new phase of regular issuance, with a growing variety of underlying asset types, enhancing the long-term allocation value of public REITs [5] - The development of this market is expected to support national strategies and the real economy, providing investors with richer investment choices and long-term value [5]

Core Viewpoint - Lin Yuan Investment, a prominent player in the stock market, has entered the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT, marking its first offline subscription for a REIT project [1][3]. Group 1: Investment Participation - Lin Yuan Investment participated with nearly 80 million yuan in the subscription for the CICC Vipshop Outlet REIT, with a total of 22.9 million shares planned for subscription at a price of 3.481 yuan per share [2][3]. - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement, 210 million shares for offline placement, and 90 million shares for public offering [3]. Group 2: Fund Details - The REIT is initiated by Vipshop Holdings Limited, with the original rights holder and operational management by Shanshan Commercial Group, and it aims to invest in the Shijie Outlet project in Ningbo, Zhejiang Province, which has been operational for over 13 years [3][4]. - A total of 11 private funds under Lin Yuan Investment participated in the offline subscription, with the largest subscription coming from Lin Yuan Investment No. 97 fund, which planned to subscribe for 570,000 shares [4]. Group 3: Market Trends - The public REITs market is experiencing rapid development, with institutional investors now accounting for 96% of the market, led by bank proprietary trading and insurance funds [6]. - Starting from the fourth quarter of 2024, trust funds, private equity funds, and small investment institutions are expected to accelerate their entry into the market, introducing new variables [6][7]. - The increasing participation of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the cross-regional and cross-industry integration of state-owned and central enterprises' assets [7].

Core Viewpoint - The rental housing market in Shanghai is becoming a popular investment avenue for insurance capital, with companies like Shanghai Urban Investment Holding Co., Ltd. planning to expand their investment through REITs [2][6]. Group 1: Company Actions - Shanghai Urban Investment Holding Co., Ltd. announced plans to use two rental housing projects, Chengtou Kuan Ting·Pujing Community and Chengtou Kuan Ting·Jiu Xing Community, as underlying assets for the expansion of the Chengtou Kuan Ting REIT [2][3]. - The chairman of Shanghai Urban Investment emphasized the need for innovative financial solutions to promote sustainable development in the rental housing sector [2][6]. - The two projects are fully rented, with high occupancy rates, making them suitable for capital market requirements [3][4]. Group 2: Market Trends - There has been a surge of interest from various funds and insurance capital in the rental housing and long-term apartment sectors this year, with significant transactions occurring in Shanghai [2][6]. - Data shows that in the first half of the year, there were 7 major transactions in the national affordable rental housing market, with Shanghai accounting for 4 of them [6][9]. - The entry of diverse capital sources, including insurance companies and technology firms, is reshaping the long-term rental apartment market, indicating a growing recognition of its investment value [7][9]. Group 3: Financial Performance - The Chengtou Kuan Ting REIT was listed on the Shanghai Stock Exchange with an initial fund size of 3.05 billion yuan and a term of 65 years, with a reported annual cash distribution rate of 4.19% [4][10]. - The REIT's market value reached 4.272 billion yuan as of mid-year, with a cumulative distributable amount of 63.37 million yuan [4][10]. Group 4: Future Outlook - The long-term rental apartment market is expected to stabilize, with a potential supply-demand imbalance for quality projects due to increased capital involvement [9][10]. - The introduction of REITs is anticipated to create new development models in the rental housing industry, enhancing the attractiveness of affordable rental housing as an investment asset [10].

Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in the public REITs market in China, with notable participation from insurance capital as strategic investors [1][3]. Group 1: Strategic Investors - Among the 76 strategic investors in Southern Runze Technology Data Center REIT, several insurance institutions are included, such as Ping An Health Insurance, Ping An Property Insurance, and Pacific Life Insurance [3]. - Southern Wanguo Data Center REIT also attracted investments from major insurance players like China Life Asset Management and Allianz Asset Management [3]. - The establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which includes investments from China Life and other firms, indicates a growing trend of insurance capital in the REIT sector [3]. Group 2: Investment Trends - Insurance capital has shown a strong interest in public REITs due to their characteristics aligning well with the investment needs of insurance companies, such as stable returns and strong liquidity [4]. - The current market environment has led insurance firms to adjust their asset allocation strategies, increasing their exposure to equity investments and alternative assets like public REITs to enhance investment returns [4]. - Data from Wind indicates that as of August 14, 14 public REITs have been issued this year, with insurance investment accounts participating significantly in offline offerings, with allocations exceeding 10% for both Southern Runze and Southern Wanguo REITs [3][4].

Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in China's public REITs market, attracting substantial interest from institutional investors, particularly insurance funds [1][2]. Group 1: Market Overview - Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed on August 8, with both products experiencing a price increase of 30% by the end of the trading day [2]. - The public offering of these REITs was met with enthusiastic subscription, with the public investor portion sold out in one day, leading to early closure and proportional allocation [2]. - Insurance institutions such as China Life Asset, Ping An Health Insurance, and others participated as strategic investors in these REITs [2][3]. Group 2: Investment Trends - Insurance funds are diversifying their investments into public REITs, with 14 public REITs issued this year, and insurance accounts participating in offline offerings, with allocations exceeding 10% for the two newly listed REITs [3]. - Public REITs are seen as a stable investment option that aligns well with the long-term investment needs of insurance funds, providing stable dividends and lower risk [4]. Group 3: Future Outlook - The public REITs market is expected to continue growing, with insurance funds likely to increase their allocation to these investment vehicles as they seek to optimize their asset allocation strategies [5]. - Despite the positive outlook, challenges remain, including the relatively small scale of public REITs and limited market liquidity, which may hinder large-scale investments from insurance funds [6].

Group 1: Market Overview - The average return of active equity funds this year is nearly 18%, with 96% of products achieving positive returns, and 180 funds exceeding 50% returns, particularly in technology and healthcare themes [1] - On August 14, A-shares experienced a narrow fluctuation in the morning, followed by a significant drop in the afternoon, with the Shanghai Composite Index closing down 0.46% at 3666.44 points, ending an eight-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 22,792.09 billion yuan, marking the second consecutive day of over 20 trillion yuan in trading volume, with more than 4600 stocks declining [1] Group 2: Fund News - On August 14, six new funds were launched, primarily equity and fund of funds (FOF), with the fundraising target for Wanji Qi Cheng Balanced Three-Month Holding Period Mixed (FOF) A not disclosed [2] - Recent trading has seen a continuous increase in volume, with financing balances returning to historical highs, and the three major indices hitting new highs for the year, indicating a strong upward momentum in the A-share market [2] - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks the first public REITs for data centers in China, attracting significant investor interest, particularly from insurance funds [2] Group 3: Fund Performance - On August 14, the best-performing fund was the Fangzheng Fubang CSI Insurance Theme Index A, with a daily growth rate of 2.1333%, followed by Fangzheng Fubang CSI Insurance Theme Index C at 2.0609% [4] - In the equity fund category, the top performer was the Jiashi Information Industry Equity Initiated C, with a daily growth rate of 1.7051% [4] - The top-performing bond fund was Minsheng Jianyin Tianrun Bond C, with a daily growth rate of 0.4280% [4]

Group 1: Core Insights - The report emphasizes the significant profit contribution of state-owned enterprises in the construction and mineral resources sector, indicating a potential for value reassessment [5] - Key recommendations include companies with high resource contribution and untapped performance potential, such as China Metallurgical Group A (PB 0.64X) and China Metallurgical Group H (PB 0.41X) [5] - Other highlighted companies include China Railway Group A (PB 0.46X) and China Railway Group H (PB 0.30X, 25E dividend yield 4.9%), which have abundant copper and molybdenum resources [5] Group 2: Industry Performance - The report notes that the construction and mineral resources sector is poised for a reassessment of value, driven by the performance potential of untapped resources [5] - The analysis suggests that companies involved in gold business, like Shanghai Construction Group (PB 0.69X), may benefit from rising gold prices [5] - The report indicates that the overall performance of the construction and mineral resources sector is critical for the broader economic landscape, highlighting its importance in the investment strategy [5]

Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in China's public REITs market, attracting substantial interest from institutional investors, particularly insurance funds [1][2]. Group 1: Market Development - Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed on August 8, with both products experiencing a price increase of 30% by the end of the trading day [1]. - The public offering of these REITs was met with enthusiastic subscription, leading to a full sell-out of the public investor portion in just one day [1]. - As of August 14, 73 public REITs have been listed in China, covering various asset categories including infrastructure and energy [3]. Group 2: Insurance Fund Participation - Insurance funds are increasingly diversifying their investments into public REITs, with significant participation noted in the strategic placements of the newly listed REITs [1][2]. - Notable insurance institutions such as China Life Asset, Ping An Health Insurance, and others have been involved in the strategic placements of these REITs [1]. - Insurance funds have also engaged in offline offerings, with over 10% of the allocation for both Southern Runze and Southern Wanguo REITs going to insurance investment accounts [2]. Group 3: Advantages of Public REITs - Public REITs are recognized for their stable dividends and lower risk, aligning well with the investment needs of insurance funds [2]. - The current market environment, characterized by asset scarcity, has led to increased attention on public REITs from insurance capital [2]. - REITs are seen as a long-term investment tool with stable returns, strong liquidity, and relative transparency, making them suitable for long-term capital like insurance funds [2]. Group 4: Future Outlook - The public REITs market is expected to continue growing, with insurance funds likely to increase their allocation to these investment vehicles [3]. - Regulatory improvements, such as adjustments to risk factors for insurance company investments in public REITs, are anticipated to enhance the attractiveness of these investments [3]. - Despite the growth potential, challenges remain, including the relatively small scale of public REITs and limited market liquidity, which may hinder large-scale allocations by insurance funds [4].

Investment Rating - The report maintains an "Overweight" rating for the REITs sector, indicating a positive outlook for investment opportunities in the coming years [7]. Core Insights - The REITs market is expected to benefit from a low interest rate environment in 2025, with three main investment strategies suggested: focusing on policy-driven projects, selecting resilient assets, and monitoring the expansion of REITs [4]. - The report highlights a trend of performance divergence among various REIT sectors, emphasizing the importance of timing in investment decisions [1][4]. Summary by Sections Warehousing and Logistics - In Q2 2025, the average occupancy rate for warehousing logistics REITs was 94.3%, with a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 4.4 percentage points [10]. - The average rental rate was 52.4 CNY/sqm/month, reflecting a competitive market where tenants are cautious about renewing leases [10][11]. Consumer Infrastructure - The average occupancy rate for consumer infrastructure REITs in Q2 2025 was 97.1%, with a quarter-on-quarter increase of 0.9 percentage points, although it saw a year-on-year decline of 1.3 percentage points [14]. - The average rental rate was 217.9 CNY/sqm/month, showing a quarter-on-quarter decrease of 3.9% but a year-on-year increase of 5.0% [14][15]. Affordable Housing - The average occupancy rate for affordable housing REITs was 96.0% in Q2 2025, with a quarter-on-quarter increase of 1.0 percentage points and a year-on-year increase of 0.9 percentage points [20]. - The average rental rate was 54.0 CNY/sqm/month, indicating stability in rental income despite slight fluctuations [20]. Industrial Parks - The report notes a decline in both occupancy rates and rental income for industrial parks, driven by increased competition and economic pressures [2]. Highways - In Q2 2025, highway REITs experienced a seasonal decline in traffic volume, but year-on-year comparisons showed recovery, particularly in freight traffic which increased by 1.3% [3]. Energy and Environmental Protection - The performance of energy and environmental protection REITs was mixed, with wind power projects performing well while solar projects faced challenges due to decreased sunlight and increased competition [3].