Group 1: Industry Dynamics - The Shanghai Stock Exchange released new guidelines for public REITs expansion, which includes three methods: issuance to specific objects, allocation to existing fund holders, and public fundraising [1][7] - The Shenzhen Stock Exchange announced that the non-directional expansion function for REITs will officially start on June 30, allowing fund managers to handle various expansion-related tasks [1][7] Group 2: Primary Market - As of June 28, 2025, the total issuance scale of listed REITs reached 177.1 billion, with 68 funds issued [8][10] Group 3: Market Performance - For the week of June 23-27, 2025, the CSI REITs total return index fell by 1.38%, while the total REITs index decreased by 1.99% [2][18] - The total REITs index underperformed the CSI 300 index by 3.94 percentage points and the CSI All Bond index by 1.93 percentage points, but slightly outperformed the Nanhua Commodity index by 0.01 percentage points [2][18] - Individual REITs such as Zhongjin Yizhuang Industrial Park REIT, Zhongjin China Green Development Commercial REIT, and AVIC Jingneng Photovoltaic REIT led the gains with increases of 43.01%, 30.00%, and 0.95% respectively [2][18] Group 4: Liquidity - The total trading activity of REITs increased, with a total trading volume (MA5) of 579 million, up 1.8% from the previous week [3][37] - The MA5 trading volumes for property and operating rights were 325 million and 249 million respectively, with changes of 2.3% and -0.9% [3][37] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 25.9% of total trading [3][37] Group 5: Valuation - The report includes various valuation metrics and trends for REITs, indicating ongoing assessments of their market positions and performance [42]

Core Viewpoint - Guotai Junan Dongjiu New Economy REIT has gained significant attention from investors since its listing, reflecting its role as a key player in the development of industrial park REITs in the Yangtze River Delta region [1] Group 1: Asset Overview - Guotai Junan Dongjiu New Economy REIT holds four industrial parks, including Dongjiu (Wuxi) Intelligent Manufacturing Park, with a total building area of approximately 283,934 square meters and a leasable area of about 278,282 square meters [2] - The Dongjiu (Wuxi) Intelligent Manufacturing Park is strategically located near major transportation hubs, enhancing its appeal to high-end manufacturing and semiconductor industries [2] Group 2: Operational Performance - As of Q1 2025, the REIT has 44 tenants primarily in precision machinery, high-tech materials, information industry, and automotive equipment, aligning with national industrial policies [3] - The park has established a "iron triangle" tenant structure centered around high-end manufacturing, enhancing lease stickiness due to significant customization investments by leading enterprises [3] Group 3: Expansion Plans - The REIT is actively pursuing expansion, with plans to add Dongjiu (Nantong) Intelligent Manufacturing Park and Dongjiu (Chongqing) Intelligent Manufacturing Park as new assets [4] - The REIT's historical performance has been strong, maintaining an average occupancy rate of over 95% since its launch in October 2022, which supports the rationale for expansion [5]

Core Viewpoint - The Guangdong Provincial Government has released a notification aimed at deepening the reform of the investment and financing system, focusing on clarifying government investment responsibilities, stimulating social capital investment, and expanding diversified financing channels for projects [1][2]. Group 1: Support for Private Capital in Major Projects - The notification emphasizes the need to enhance the cultivation and application of infrastructure Real Estate Investment Trusts (REITs), supporting more eligible private capital projects to issue infrastructure REITs [2][4]. - Currently, there are 66 publicly listed REITs on the Shanghai and Shenzhen stock exchanges, primarily focused on infrastructure projects such as parks, transportation, and affordable rental housing, with many assets located in cities like Guangzhou and Shenzhen [2][3]. Group 2: Future Focus Areas - Future efforts will concentrate on sectors such as railways, highways, ports, airports, water conservancy, nuclear power, thermal power, charging stations, energy storage, advanced manufacturing, and modern facility agriculture, aiming to attract private capital for project construction [3]. Group 3: REITs Expansion and Financing - REITs are recognized as innovative financing tools, with the potential for future expansion to serve as a refinancing channel for invested assets. Some public REITs have already completed expansions, indicating a growing interest in this area [4]. - From the initial public offering of REITs to the present, four public REITs have undergone expansion, including CICC ProLogis REIT and Bosera Shekou Industrial Park REIT [4]. Group 4: Challenges and Considerations - The issuance of REITs requires credit ratings, and attracting institutional investors necessitates high credit and returns, making it challenging for private capital projects to meet these criteria [5]. - The unique expansion mechanism of REITs may impact the equity structure of original rights holders, raising questions about whether private capital can accept such changes [5].