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Group 1: Primary Market - As of September 30, 2025, the number of public REITs in China reached 75, with a total issuance scale of 196.62 billion yuan (excluding expansions) [4] - Among the underlying asset types, transportation infrastructure REITs had the largest issuance scale at 68.77 billion yuan, followed by park infrastructure REITs at 31.83 billion yuan [4] - There are currently 17 REITs awaiting listing, including 11 for initial issuance and 6 for expansion [4] Group 2: Secondary Market Performance - From September 1 to September 30, 2025, the secondary market prices of listed public REITs showed a downward trend, with returns ranked from high to low as follows: gold > US stocks > A-shares > convertible bonds > pure bonds > crude oil > REITs [5] - Price trends varied by project attributes, with property REITs experiencing an increase while concession REITs saw a decline; energy REITs had the highest increase among underlying asset types [5] - A total of 15 REITs increased in price while 60 decreased; the top three performing REITs were Zhongjin Liandong Kechuang REIT, Hongtu Innovation Yantian Port REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Group 3: Trading Volume and Turnover Rate - The trading volume of public REITs decreased compared to the previous month, with new infrastructure REITs leading in average daily turnover rate; the total trading volume for the month was 10.95 billion yuan, with an average daily turnover rate of 0.58% [6] - The top three REITs by trading volume were Zhongjin Vipshop Outlet REIT, Bosera Shekou Industrial Park REIT, and Huaxia Kaide Commercial REIT [6] Group 4: Net Inflow and Block Trading - The total net inflow for the month reached 87.51 million yuan, indicating increased market trading enthusiasm compared to the previous month; the top three asset types for net inflow were consumer infrastructure, new infrastructure, and park infrastructure [7] - The total amount of block trading for the month was 1.31 billion yuan, showing a decrease from the previous month; the highest single-day block trading amount was 233.35 million yuan on September 8, 2025 [7]

Market Overview - The secondary market for publicly listed REITs in China experienced a slight decline, with the weighted REITs index closing at 184.79 and a weekly return rate of -0.77% [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Oil > A-shares > Convertible Bonds > Pure Bonds > US Stocks > REITs [4] Project Attributes - Both property rights and franchise REITs saw a decrease in secondary market prices, while only energy-related REITs experienced an increase [5] - The top three performing underlying asset types in terms of return rates were energy, ecological and environmental protection, and warehousing and logistics [5] - Among the publicly offered REITs, there were 10 that increased in value, 1 that remained stable, and 63 that decreased [5] - The top three REITs by increase in value were Bosera Tian Kai Industrial Park REIT, CITIC Construction National Electric Power New Energy REIT, and CICC Lian Dong Science and Technology REIT [5] Trading Volume and Turnover Rate - The total trading volume for publicly offered REITs was 1.86 billion yuan, with new infrastructure REITs leading in average daily turnover rate [5] - The average daily turnover rate for all listed REITs was 0.45% [5] - The top three REITs by trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT; the top three by trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Traffic Control REIT [5] Net Inflow and Block Trading - The total net inflow of main funds was 26.88 million yuan, indicating a decrease in market trading enthusiasm [6] - The top three REITs by net inflow were Park Infrastructure, New Infrastructure, and Consumer Basic Social REITs [6] - The total amount of block trading reached 42.11 million yuan, which was lower than the previous week [7] - The highest single-day block trading amount was 14.34 million yuan on September 25, 2025 [7] - The top three REITs by block trading amount were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and CITIC Construction Mingyang Intelligent New Energy REIT [7] Primary Market - No new REIT products were launched during the week [8] - Three REIT projects had their status updated [9]

Core Viewpoint - Historical trends suggest a positive outlook for investors, indicating potential growth opportunities in the market [1] Group 1 - The article implies that past performance can serve as a reliable indicator for future investment success [1]

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Insights - The REITs market is experiencing significant growth, with the market trading volume reaching 806 million shares, a year-on-year increase of 46.81%, and the trading value reaching 3.614 billion yuan, a year-on-year increase of 68.64% [3][26][28] - The Central Enterprise Natural Gas Power Public REIT has successfully listed, marking a significant step in revitalizing quality clean energy assets and innovating financing models [4][12] - The REITs sector is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Review - The CSI REITs closing index for the 31st week of 2025 is 870.82, up 6.76% year-on-year and up 1.25% month-on-month [5][14] - The CSI REITs total return index is 1100.9, up 16.53% year-on-year and up 1.25% month-on-month [19] Weekly Performance - Weekly performance for various REITs sectors shows: affordable housing +3.87%, environmental +0.65%, highway +0.14%, industrial park -0.02%, warehousing and logistics +1.45%, energy +1.62%, and consumption +3.98% [36] Primary Tracking - There are currently 13 REITs funds awaiting listing, indicating a vibrant issuance market [6][31]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - From July 28 to August 1, 2025, the secondary - market prices of China's listed public REITs showed an overall upward trend, with a weighted REITs index return of 2.2%. Compared with other mainstream asset classes, REITs ranked second in terms of return [1][11]. - This week, two new REITs were listed, and the status of two first - offering projects was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of listed public REITs in China showed an upward trend. The weighted REITs index closed at 143.13 with a return of 2.2%. The return ranking from high to low was: crude oil > REITs > gold > pure bonds > convertible bonds > A - shares > US stocks [1][11]. - **At the underlying asset level**: Both property - right and franchise - right REITs showed a fluctuating upward trend, with property - right REITs having a larger increase. Among the underlying asset types, consumer - related REITs had the largest increase, and the top three in terms of return were consumer - related, municipal facilities, and water conservancy facilities [16][18]. - **At the single - REIT level**: After excluding the newly listed REITs this week, 57 REITs rose and 12 fell. The top three in terms of increase were China Merchants Shekou Industrial Zone REIT, Industrial and Commercial Bank of Inner Mongolia Energy Clean Energy REIT, and China Resources Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 3.61 billion yuan. Warehouse logistics REITs led in terms of daily average turnover rate. The top three in terms of trading volume were park infrastructure, warehouse logistics, and transportation infrastructure; the top three in terms of daily average turnover rate were warehouse logistics, park infrastructure, and energy infrastructure [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Bank of China Sinotrans Warehouse Logistics REIT, CICC Jinhua Agricultural REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of trading amount were CICC Jinhua Agricultural REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Huaxia Huadian Clean Energy REIT; the top three in terms of turnover rate were Bank of China Sinotrans Warehouse Logistics REIT, Huaxia Huadian Clean Energy REIT, and CICC Jinhua Agricultural REIT [27]. 3.1.3 Main Capital Inflow and Block Trading - **Main capital inflow situation**: The total main capital inflow this week was 30.86 million yuan, and the market trading enthusiasm decreased. The underlying asset types with positive main capital inflow were energy infrastructure and warehouse logistics. The top three REITs in terms of main capital inflow were Huaxia Huadian Clean Energy REIT, Bank of China Sinotrans Warehouse Logistics REIT, and Penghua Shenzhen Energy REIT [31]. - **Block trading situation**: The total block trading amount this week reached 205.55 million yuan, an increase compared with last week. There were block trading transactions on five trading days this week, and the highest single - day block trading amount was on August 1, 2025. The top three REITs in terms of block trading amount were CICC Jinhua Agricultural REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Industrial and Commercial Bank of Hebei Expressway REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of August 1, 2025, the number of public REITs products in China reached 71, with a total issuance scale of 183.952 billion yuan. Transportation infrastructure had the largest issuance scale, followed by park infrastructure [36]. - This week, Bank of China Sinotrans Warehouse Logistics REIT was listed on July 29, 2025, with an asset type of warehouse logistics and an issuance scale of 1.311 billion yuan; Huaxia Huadian Clean Energy REIT was listed on August 1, 2025, with an asset type of energy infrastructure and an issuance scale of 1.895 billion yuan [36]. 3.2.2 Pending - Listing Projects - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 24 REITs in the pending - listing state, including 13 first - offering REITs and 11 REITs pending expansion [40]. - This week, the status of the first - offering project of "China International Capital Corporation Vipshop Outlets Closed - end Infrastructure Securities Investment Fund" was updated to "approved", and the status of the first - offering project of "China Aerospace Hong Consumer Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].

Core Viewpoint - The report from CITIC Construction Investment indicates that 66 REITs have disclosed their Q2 2025 results, showing a mixed performance with overall pressure on earnings despite some sectors performing steadily [1] Performance Metrics - Among the 66 REITs, 31 provided data on achievement rates, with average achievement rates for three core metrics being 94.1% for revenue, 101.5% for EBITDA, and 91.5% for distributable amounts [1] - Year-on-year growth rates for the three key metrics across all REITs were -3.5% for revenue, -4.7% for EBITDA, and -7.0% for distributable amounts, indicating ongoing performance pressure [1] Sector Analysis - There is a notable divergence in performance across different sectors, with consumer and rental housing sectors showing overall stable operations, while warehousing, industrial parks, transportation, and energy sectors exhibit significant internal disparities [1] Market Conditions - Recent market pullbacks are attributed to decreased risk appetite and factors such as lock-up expirations, impacting investor sentiment [1] - Despite current challenges, the long-term logic of REITs as a core asset for dividend allocation remains unchanged, with expectations for better investment opportunities in the secondary market following adjustments [1] Investment Focus - The report suggests focusing on high-quality domestic demand sectors and areas with potential for recovery in market conditions as key investment themes moving forward [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5][6] - The market remains active with 12 REITs funds waiting to be listed, indicating ongoing interest and activity in the sector [8] Market Overview - As of the 30th week of 2025, the CSI REITs (closing) index was 860.11, up 8.11% year-on-year but down 1.79% month-on-month; the CSI REITs total return index was 1087.36, up 16.32% year-on-year but down 1.56% month-on-month [5][21] - The trading volume in the REITs market reached 741 million units, a year-on-year increase of 12.1%, with a transaction value of 3.348 billion yuan, up 29.17% year-on-year [28][30] Sector Performance - Weekly and monthly performance for various REIT sectors showed declines: affordable housing (-3.09%), environmental (-2.02%), expressways (-1.32%), industrial parks (-0.87%), warehousing and logistics (-0.69%), energy (-3.75%), and consumer REITs (-0.82%) [38][55] - Monthly performance for these sectors included declines for affordable housing (-5.88%), environmental (+0.04%), expressways (-1.64%), industrial parks (-1.22%), warehousing and logistics (+0.15%), energy (-4.85%), and consumer (-0.90%) [38] Recent Developments - Tianhong Consumer REIT has submitted its initial public offering application to the Shenzhen Stock Exchange, while Chuangjin Hexin Shounong REIT has successfully listed on the Shanghai Stock Exchange, raising 3.685 yuan per share with a total fundraising of 3.685 billion yuan [6][14]

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].