Report Summary 1. Investment Rating The provided content does not mention the investment rating of the REITs industry. 2. Core Viewpoints - This week (July 28 - August 1, 2025), the China Securities REITs Total Return Index closed at 1100.90 points, rising 1.25% weekly, and rebounding to the 1100 - point level. The market showed a volume - increasing upward trend in the second half of the week. The REITs and gold performed well as the "anti - involution" commodity market sentiment weakened, the equity sector significantly corrected, and market risk appetite cooled [1][9]. - The seven REITs sectors stopped falling and rebounded. The consumer facilities and rental housing sectors led the gains, with increases of 4.58% and 3.70% respectively. The tax new - rule on August 1, 2025, which restores the VAT on the interest income of newly - issued government bonds, marginally benefits the allocation of REITs, especially rental housing REITs [2]. - The overall trading sentiment in the market was average this week, only warming up in the second half of the week. The daily average trading volume, turnover, and turnover rate decreased compared to last week. The trading activity of each sector continued to decline, and the turnover rate of all sectors dropped below 1% [3]. - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with an estimated value of 2.9 billion yuan and a predicted 2026 cash distribution rate of 5.65% [4]. 3. Summary by Directory 3.1 Secondary Market - **Price: Consumer Facilities and Rental Housing Lead the Gains** - The seven REITs sectors stopped falling and rebounded. Consumer facilities and rental housing had the highest increases of 4.58% and 3.70% respectively. The consumer facilities sector had the largest decline in July, but the China Resources Commercial REIT rebounded this week. The predicted 2025 distribution rate of China Resources Commercial is between 3.4 - 3.5%. Eight rental housing REITs generally rose 2 - 4% this week [16][19]. - At the individual bond level, the top - performing REITs this week were China First - Capital Outlet, ICBC Inner Mongolia Energy Clean Energy, and China Resources Commercial, with increases of 6.86%, 6.75%, and 5.77% respectively. The new - listed Huaxia Huadian Clean Energy and BOC Sinotrans Warehouse Logistics had first - day increases of 27.47% and 19.90% respectively [21]. - **Liquidity: Slightly Decreased Trading Activity** - The overall trading sentiment in the market was average this week, warming up in the second half of the week. The daily average trading volume was 554 million yuan, the daily average turnover was 124 million shares, and the daily average turnover rate was 0.60%, decreasing by 4.95%, 4.51%, and 0.03 percentage points respectively compared to last week [24]. - By sector, the rental housing, municipal environmental protection, and consumer facilities sectors had the highest average daily turnover rates this week, but the turnover rates of all sectors continued to decline and dropped below 1%. At the individual bond level, the top three in trading activity were Hua'an Bailian Consumption, CICC China Greentown Commercial Asset, and CICC Yizhuang Industrial Park [28][30]. - Five projects will be unlocked in August. The market trading sentiment has declined recently, and attention should be paid to the potential trading pressure brought by the unlocking projects [33]. - **Valuation: The Distribution Rates of the Park and Warehouse Sectors Remain Above 4%** - This week, REITs stopped falling and rebounded, and the valuation was adjusted. From the perspective of ChinaBond valuation yield, the energy facilities sector had the largest change, dropping to 1.18%. The transportation (5.64%), warehouse logistics (4.99%), and industrial park (4.73%) sectors were at the forefront, with a large number of individual bonds and obvious valuation differentiation [37]. - From the perspective of cash distribution rate, energy - related projects still had the largest change, dropping to 8.08%. The cash distribution rates of the transportation facilities and municipal environmental protection in the franchise - right category were 8.82% and 5.39% respectively. Among the property - right projects, the industrial park (4.28%), warehouse (4.04%), and consumer (3.65%) sectors had higher distribution rates, while the average distribution rate of rental housing was only 2.67% [37]. 3.2 Primary Market - **Initial Offering: CICC Vipshop Outlet REIT Passed the Shanghai Stock Exchange Review** - On August 1, the CICC Vipshop Outlet REIT passed the Shanghai Stock Exchange review. The underlying asset is the Shanjing Outlet in Ningbo, with a total construction area of 104,300 square meters, a total estimated value of 2.901 billion yuan, and a predicted 2026 cash distribution rate of 5.65% [43]. - As of August 1, 2025, there are about 7 - 10 potential issuance projects remaining this year. Currently, there are 2 projects that have been approved and are waiting to be listed, 1 project has passed the exchange review, 9 projects have received feedback from the exchange, and 1 project has been accepted by the exchange [43]. - **Other Key News This Week** - The ICBC Hebei Expressway REIT will have its first dividend in 2025, with a proposed distribution amount of 130 million yuan, accounting for 99.28% of the distributable amount. The main operating data in June 2025 showed that the monthly toll revenue was 45.7645 million yuan, a month - on - month increase of 2.34% and a year - on - year decrease of 2.75%. The average daily traffic volume was 15,200 vehicle - times, a month - on - month increase of 16.11% and a year - on - year decrease of 13.27%. The decrease in the average daily toll - paying traffic volume and toll revenue in June was mainly due to the increase in road control time caused by rainfall [49].

Group 1 - The successful listing of the Huaxia Huadian Clean Energy REIT on August 1 marks the 71st public REIT in China's infrastructure sector, expanding the number of clean energy REITs to 8 [3][4] - The total issuance scale of the 73 public REITs currently established in China has reached 190.852 billion yuan, covering various asset types including industrial parks, warehousing logistics, and affordable rental housing [4][5] - The Huaxia Huadian Clean Energy REIT has an issuance scale of 1.8945 billion yuan, with over 170 billion yuan in subscription funds, setting new records for clean energy REITs [3][4] Group 2 - The expansion of public REITs is expected to include new categories such as elderly care and cultural tourism, reflecting the diversification of the new economy [4][5] - The continuous growth of public REITs is significant for the market, as it can activate existing assets and create a closed-loop financing model for infrastructure investment [5] - There is a need to lower subscription thresholds and address valuation issues to enhance the attractiveness of REITs to individual investors, which is crucial for the future development of the market [5]

依托REIT平台，中国外运将进一步盘活存量资产，扩大有效投资，持续加大关键物流节点建设，完善国内外物流网络布局，不断强化供应链安全和韧 性，服务"双循环"新发展格局。 据了解，中银中外运仓储物流REIT溢价率、报价机构户数和全场倍数，均位于市场前列。在询价阶段，该项目采用上下限打开的市场化定价策略，给予 投资者充分的定价权，发挥"公募REITs首单市场化定价试验田"的带头示范作用。 据介绍，中银中外运仓储物流REIT是中国外运为拓宽融资渠道、盘活存量资产、扩大有效投资所打造的公募REITs平台，6处底层资产可租赁面积约30万 平方米，均坐落于长三角、京津冀及成渝经济圈等国家物流枢纽核心节点，区位优势显著，经济辐射力强，物流需求强劲，有稳定的客户基础和货物流通 量。 中银中外运仓储物流REIT由招商证券担任财务顾问，招商银行担任托管行，是招商局集团"实业强国、金融报国、产融结合"理念的又一积极实践。 冯波鸣表示，中银中外运仓储物流REIT是招商局集团在上交所落地的首单REIT，也是招商局集团旗下第五单公募REIT、招商局集团与上交所签署战略合 作协议的首个落地项目。其成功上市，代表了资本市场对招商局集团品牌价值 ...

7月29日，全国首单央企仓储物流REITs上市仪式在上海证券交易所隆重举办。伴随着清脆响亮的锣声，中银中外运仓储物流封闭式基础设施证券投资基金 （简称"中银中外运仓储物流REIT"，基金代码：508090）正式在上交所鸣锣上市，央企通过公募REITs推动盘活存量资产、扩大有效投资迈上新台阶。 中银中外运仓储物流REIT的原始权益人为中国外运股份有限公司，基金管理人为中银基金管理有限公司，基金托管人为招商银行股份有限公司，专项计划 管理人为中银资产管理有限公司。这是中银基金入局公募REITs市场首只公募REITs产品。 7月29日，全国首单央企仓储物流REITs上市仪式在上海证券交易所隆重举办。伴随着清脆响亮的锣声，中银中外运仓储物流封闭式基础设施证券投资基金 （简称"中银中外运仓储物流REIT"，基金代码：508090）正式在上交所鸣锣上市，央企通过公募REITs推动盘活存量资产、扩大有效投资迈上新台阶。 招商局集团、中国外运、中国银行、中银基金、招商证券、投资人代表等各界嘉宾共同出席本次仪式。 活动现场，招商局集团表示，中银中外运仓储物流REIT的成功上市是资本市场对招商局品牌价值和中国外运底层资产价值的认 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 7月30日，记者从华电国际电力股份有限公司（以下简称"华电国际"）获悉，华夏华电清洁能源封闭式 基础设施证券投资基金将于8月1日在上海证券交易所上市。 华电国际是中国华电集团有限公司旗下核心上市发电公司之一，总股本超百亿股，拥有境内外两条融资 渠道，资产总额达2230亿元，控股装机容量7695万千瓦，发展区域遍布全国21个省市区，资产布局涵盖 煤电、煤炭、气电、供热、水电、储能等能源类型。 近年来，该公司持续强化资本运作，在盘活存量资产和扩大增量资产上做文章，有效提升了资产规模与 发电能力，实现上市公司质量与价值双提升。本次上市的华电清洁能源REIT是我国首单央企天然气发 电公募REIT，是公募REITs市场发展进程中的又一重要里程碑，为公募REITs市场注入了新的活力。 提升价值创造能力 推进国有上市公司做强做优做大 华电国际充分发挥上市公司资本运作功能，统筹推进常规能源资产重组和公募REITs项目发行。 2024年7月，启动了有史以来最大规模的常规能源资产重组项目，通过收购控股股东旗下优质火电资 产，同步推进配套融资，提升资产规模，优化资产布局。2025年 ...

资本运作发力 ——华电国际打造强而大的一流能源上市公司 7月30日，记者从华电国际电力股份有限公司（以下简称"华电国际"）获悉，华夏华电清洁能源封闭式基础设施证券投资基金将于8月1日 在上海证券交易所上市。 推进公司治理体系和治理能力现代化 华电国际一体推进内控合规风险管理，定期组织合规培训，开展内控专项检查，推动上市公司系统合规意识全面增强；建立完善且系统 的风险评估机制，定期开展风险评估和合法合规审查，有效防范化解重大风险。严格执行"三重一大"事项决策权责清单及相关议事规 则，保证了公司重大事项集体决策、科学决策、民主决策、依法依规决策。深入开展制度清理优化工作，制度的全面性、时效性、适用 性进一步提升。 加强企业品牌建设 塑造一流能源上市公司良好形象 华电国际是中国华电集团有限公司旗下核心上市发电公司之一，总股本超百亿股，拥有境内外两条融资渠道，资产总额达2230亿元，控 股装机容量7695万千瓦，发展区域遍布全国21个省市区，资产布局涵盖煤电、煤炭、气电、供热、水电、储能等能源类型。 近年来，该公司持续强化资本运作，在盘活存量资产和扩大增量资产上做文章，有效提升了资产规模与发电能力，实现上市公司质量与 ...

Group 1: Basic Information on Public REITs - The infrastructure projects involved include Beijing Shougang Biomass Energy Project, Beijing Shougang Kitchen Waste Collection and Transportation Integration Project (Phase I), and Beijing Shougang Rujia Mountain Residue Storage Project, with the underlying project company being Beijing Shougang Biomass Energy Technology Co., Ltd. [1] - The main products and services of the biomass company include household waste disposal services, kitchen waste collection and disposal services, and electricity sales [1]. Group 2: Temporary Capital Expenditure and Progress - On July 2, 2025, the fund manager announced a temporary call of 40 million yuan from reserved capital expenditures due to a cash flow tightness caused by the delay in receiving waste disposal fees from the Beijing Municipal Commission of Urban Management [1]. - By July 29, 2025, the biomass company received 69.2 million yuan in waste disposal fees for the first half of 2025, with 40 million yuan used to replenish the temporarily called capital expenditure, and the remaining amount to supplement the company's working capital [1]. Group 3: Impact Analysis on Fund Shareholders - The fund manager's flexible adjustment of the reserved capital expenditures effectively alleviated the temporary cash flow tightness of the infrastructure project without incurring any funding costs [3]. - The capital expenditure called was promptly replenished upon receipt of the waste disposal fees, ensuring stable operation of the infrastructure project and positively impacting the rights of fund shareholders [3]. Group 4: Future Plans - The fund manager and the operational management organization will continue to optimize production organization and capital expenditure arrangements to further explore project potential and enhance the quality and efficiency of the infrastructure projects [2]. - Future plans will involve coordinating fund usage based on annual budgets and revenue collection from infrastructure projects to ensure stable operations [2].

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

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

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