Core Viewpoint - The company maintains a "buy" rating for Shoucheng Holdings (00697) due to strong performance in the first three quarters of 2025, with revenue and net profit increasing by 30% and 22% year-on-year respectively [1] Performance Summary - In the first three quarters of 2025, the company achieved revenue of HKD 1.215 billion (yoy +30%) and a net profit attributable to shareholders of HKD 488 million (yoy +22%) [1] - The company announced a new share buyback plan to repurchase up to HKD 1 billion worth of shares from the open market between November 17, 2025, and December 31, 2028 [1] Strategic Transformation - The company is committed to transforming into a comprehensive service platform for the robotics industry, focusing on "investment incubation, operational empowerment, and ecological co-construction" to enhance its full-cycle service capabilities [2] - Investments have been made in key enterprises within the robotics supply chain, including humanoid robots and flying robots, through various industry funds [2] Business Development - The company established the first regular operation robotics technology experience store, "Tao Zhu New Manufacturing Bureau," during the National Day holiday, with additional stores opening at Beijing Capital International Airport and Chengdu Chunxi Road [3] - The launch of the online robotics live streaming platform "Shoucheng W" aims to expand the consumer market for "new consumption + new technology" [3] Asset Management - The company has strengthened its asset management capabilities centered around REITs, completing strategic investments in multiple REITs covering technology innovation parks, data centers, and clean energy [4] - The company is actively expanding its asset reserves in quality rental housing and consumer infrastructure across key regions [4] Profit Forecast and Valuation - The company is expected to generate revenues of HKD 1.52 billion, HKD 1.71 billion, and HKD 1.89 billion for the years 2025 to 2027, with corresponding net profits of HKD 580 million, HKD 790 million, and HKD 960 million, leading to PE ratios of 30.7x, 22.4x, and 18.5x respectively [5]

Core Viewpoint - The public REITs market is experiencing a return to rationality, with ongoing volatility and differentiation expected in operations through 2026, while still maintaining good allocation value for high-dividend assets [1][4]. Market Performance - The secondary market for public REITs has shifted from a strong upward trend in the first half of the year to a more volatile state, with the CSI REITs total return index dropping over 7% since its peak in late June, although it remains up 7.89% year-to-date [1][2]. - The recent cooling in the primary market is reflected in the significantly lower subscription rates for new REITs, such as the Huaxia Anbo Warehousing REIT, which saw a final confirmation ratio of only 5.83%, compared to previous high-demand scenarios [2][4]. Investment Strategies - The effectiveness of new listing strategies has diminished, as evidenced by the performance of newly listed REITs like the CITIC Securities Shenyang International Software Park REIT, which saw its share price drop below the opening price on its first day [3]. - Investors are becoming more cautious, with some shifting towards more cost-effective asset classes due to the cooling of the secondary market and the weak performance of industrial park REITs, which are facing challenges such as uneven economic recovery and limited rent growth [3][4]. Future Outlook - Looking ahead to 2026, public REITs are expected to continue experiencing operational volatility, but projects with resilient fundamentals and high growth potential, such as data centers, consumer sectors, and affordable rental housing, are recommended for investment [1][4].

Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.16 and a weekly return of -1.02% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: pure bonds > gold > REITs > crude oil > US stocks > A-shares > convertible bonds [4] - Both property and concession REITs saw price declines in the secondary market, while water conservancy REITs had the highest increase [4] - The top three performing underlying asset types for the week were water conservancy, ecological protection, and transportation infrastructure [4] Individual REIT Performance - There were 9 REITs that increased in value, while 68 experienced declines during the week [4] - The top three REITs by increase were Zhongjin Yizhuang Industrial Park REIT, Ping An Ningbo Transportation REIT, and Huaxia Nanjing Highway REIT [4] - The total trading volume for public REITs was 2.38 billion yuan, with a daily average turnover rate of 0.56% [4] Trading Activity - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Huatai Jiangsu Traffic Control REIT [5] - The top three REITs by trading value were Huaxia Fund Huazhong REIT, Huatai Jiangsu Traffic Control REIT, and Southern Runze Technology Data Center REIT [5] - The total net inflow for the week was 17.32 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were consumer infrastructure, new infrastructure, and transportation infrastructure REITs [5] Bulk Trading - The total amount of bulk trading for the week was 368.22 million yuan, showing a decrease from the previous week [5] - There were five trading days with bulk transactions, with the highest single-day transaction occurring on November 21, totaling 168.55 million yuan [5] - The top three REITs by bulk trading value were Zhaoshang Highway REIT, Huaxia Fund Huazhong REIT, and Bank of China Zhongwai Logistics REIT [5] Primary Market - No new REIT products were listed during the week [6] - The status of two REIT projects was updated [6]

Report Industry Investment Rating No relevant content provided. Report's Core View - The REITs market has deviated from the unilateral decline trend but remains in a bottom - oscillation range. It is recommended to stay cautious overall, focus on projects with relatively high distribution rates in the energy and transportation sectors, and look for rebound opportunities in oversold varieties under the pressure of restricted shares lifting [2]. Summary According to the Directory 1. Primary Market: Three Newly Issued Public REITs Made Progress - As of November 21, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for approval. There are currently 9 newly issued and 5 expansion - issued REITs in the approval process [2][10]. 2. Secondary Market: Liquidity Continued to Contract This Week 2.1 Market Review: The CSI REITs Total Return Index Dropped by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%. It outperformed the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. Property - type REITs fell 1.25%, and concession - type REITs fell 1.06%. In terms of asset types, the environmental protection and water services (-0.38%), park (-0.77%), transportation (-1.01%), and consumption (-1.10%) sectors performed better [2]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, with a week - on - week decrease of 26.60% and 0.89%. The data center sector was the most active [2]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs were 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - This week, multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing supported the issuance of REITs for eligible consumption infrastructure; and many companies announced REITs - related projects such as public bidding and project applications [28]. - Multiple REITs released important announcements, including operation data, restricted shares lifting, and dividend distribution [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - REITs in various sectors declined across the board, with the data center sector, which had significant gains previously, leading the decline for the first time. The environmental protection and water utilities, and park sectors were relatively resilient this week. The REITs market has emerged from a unilateral decline but remains in a bottom - oscillating range. Given that the index is at around the 60% percentile level since 2024, overall caution is advised. Attention can be focused on projects with relatively high distribution rates in the energy and transportation sectors, as well as the rebound opportunities of oversold varieties under the pressure of restricted share unlocks [2]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly - Issued Public REITs Made Progress - As of 2025/11/21, 19 REITs have been successfully issued this year, with an issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly - issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for application. Currently, in the approval process, there are 9 newly - issued REITs that have been submitted, 2 that have been questioned and provided feedback, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For expansion, 5 have been submitted, 3 have been questioned and provided feedback, and 3 have passed the review [2][11]. 3.2 Secondary Market: Liquidity Continued to Contract This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%, outperforming the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. In terms of project attributes, equity - based REITs declined by 1.25%, and concession - based REITs declined by 1.06%. In terms of asset types, the environmental protection and water utilities (- 0.38%), park (- 0.77%), transportation (- 1.01%), and consumption (- 1.10%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, a week - on - week decrease of 26.60% and 0.89%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs are 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors rank among the top [2]. 3.3 This Week's News and Important Announcements - Multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing Shunyi Municipal Holding Group announced a public tender for financial and legal advisors for its public REITs project; Guangbai Co., Ltd. is carrying out the application for a consumption REITs project; Beijing supported the issuance of real - estate investment trust funds for eligible consumption infrastructure; Ji'an focused on promoting the issuance of REITs for projects in industrial parks and affordable rental housing; Qingdao Water Group's public REITs project has been submitted to the National Development and Reform Commission [29]. - Many REITs made important announcements, including operating data announcements, restricted share unlock announcements, and dividend announcements [30][31].

Core Points - The fund plans to distribute a cash dividend of RMB 15,900,000, which accounts for 99.8265% of the available distributable amount as of the distribution benchmark date [1] - The available distributable amount is calculated based on the net profit of the fund's consolidated financial statements, adjusted to EBITDA, and considers factors such as the project's sustainability and debt repayment capacity [1] - The total available distributable amount as of the benchmark date is RMB 15,927,634.11, consisting of undistributed amounts from previous periods and amounts available for distribution from July 1, 2025, to September 30, 2025 [1] Dividend Distribution Information - The cash dividend will be transferred from the fund's custodian account on November 26, 2025 [2] - The cash dividend payment dates are November 27, 2025, for on-market transactions and November 26, 2025, for off-market transactions [3] Other Important Notices - During the equity distribution period from November 20 to November 24, 2025, cross-system transfer business will be suspended [4] - The fund will be suspended for one hour from trading on the Shenzhen Stock Exchange on the morning of the distribution announcement and will resume trading at 10:30 AM [4]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3940 | -0.81 | 2.61 | -1.57 | | 深证综指 | 2486 | -1.04 | 3.71 | -1.26 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.53 | 1.15 | 17.53 | | 中盘指数 | -1.16 | 1.45 | 26.1 | | 小盘指数 | -0.94 | 4.27 | 23.91 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 广告营销 | 3.99 | 15.01 | 16.32 | | 数字媒体 | 3.41 | 5.75 | 10.21 | | 互联网电商 | 2.28 | -0.02 | 7.06 | | 渔业 | 2.02 | 20.85 | 26.74 | | ...

● 本报记者 陈露 近日，险资买楼又添新案例。陆家嘴国泰人寿发布公告称，与前安投资签订前滩汇N5房屋转让协议， 购买标的将作为公司总部办公职场。今年以来，险资加速涌入不动产领域。业内人士认为，不动产项目 通常规模大、期限长，能够提供相对稳定的现金流，较为契合险资的资产配置需求，而且不动产与股 票、债券相关性较低，有助于险资优化投资组合。 多家险企入局 根据陆家嘴国泰人寿发布的公告，交易标的为上海市浦东新区前滩大道131弄11号、耀体路32号3-9层 （前滩汇N5办公楼部分）房屋、3层储藏室及地下车库的50个车位，交易总价8.95亿元（含增值税）， 该交易已于10月31日完成。 今年以来，险资加速涌入不动产领域，参与方既有大型保险公司，也有中小型保险公司，涉及办公楼、 商业综合体、产业园区等物业类型。 比如，今年10月，由中邮保险领投的人民币基金完成对上海静安区地标项目——博华广场的收购。今年 1月，中邮保险发布消息，宣布公司作为领投机构，正式签约了上海博华广场不动产专项基金的投资协 议。该专项基金的关联方构成如下：中邮保险为领投方，美国汉斯旗下子公司担任普通合伙人并负责运 营管理，阿布扎比投资局作为共同投资方 ...

Core Viewpoint - China Nuclear Power has initiated the application for a public REITs focused on renewable energy infrastructure, with a valuation of approximately 1.5 billion yuan for the underlying assets [1][2]. Group 1: Project Details - The project is led by China Nuclear Huineng Co., Ltd., with management by AVIC Fund Management Co., Ltd. and special plan management by AVIC Securities Co., Ltd. [1] - The REITs will utilize wind power projects in Guangxi and Xinjiang as underlying assets, with an initial capacity of around 200,000 kilowatts [1]. - China Nuclear Huineng plans to subscribe for 34%-42% of the fund shares [1]. Group 2: Industry Context - This marks the second public REITs product within the China Nuclear Group, following the application of the Huaxia China Nuclear Clean Energy REIT [2]. - AVIC Securities and AVIC Fund Management have submitted a total of five public REITs applications, including the recently submitted AVIC Tianhong Consumer REIT [2]. - The existing public REITs managed by AVIC include AVIC Shougang Green Energy REIT, AVIC Jingneng Photovoltaic REIT, and AVIC Yishang Warehousing Logistics REIT, with the latter having received approval for the expansion of hydropower assets [2].