Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Views - The C-REITs market is expected to continue warming up in 2025 due to a low interest rate environment and ongoing macroeconomic recovery [5] - The report emphasizes the importance of timing in secondary market investments, suggesting that investors should focus on asset resilience, secondary market prices, and P/NAV ratios when selecting individual REITs [5] - Strong cyclical sectors should be monitored for policy themes and project management capabilities, particularly in high-energy cities where signs of recovery are emerging [5] REITs Index Performance - The CSI REITs total return index increased by 0.66% this week, closing at 1116.4 points as of July 4 [1][11] - Year-to-date, the CSI REITs total return index has risen by 15.35% [2][11] - Comparatively, the CSI REITs index has increased by 12.29% this year, ranking second among various indices [2][11] REITs Secondary Market Performance - The C-REITs secondary market showed an upward trend this week, with a total market capitalization of approximately 207.87 billion yuan and an average market cap of about 3.1 billion yuan per REIT [3][13] - Among the listed REITs, 55 increased in value while 13 decreased, with an average weekly increase of 1.07% [3][13] - The ecological and consumer infrastructure sectors performed particularly well, while the municipal water conservancy sector experienced a pullback [3][13] REITs Trading Activity - The ecological and environmental protection sector had the highest trading activity this week, with an average daily trading volume of 2.115 million shares and a turnover rate of 1% [4] - The top three REITs by turnover rate were Zhongjin Yizhuang Industrial Park REIT (7.7%), Zhongjin China Green Development Commercial Asset REIT (7.4%), and Huaxia Jinmao Commercial REIT (2.5%) [4] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed significant differentiation, with the top three being Huaxia China Communications Construction REIT (10.9%), Ping An Guangzhou Guanghe REIT (10.3%), and Zhongjin Anhui Transportation Control REIT (8.1%) [5] - The P/NAV ratios for listed REITs ranged from 0.8 to 2, with the highest being Zhongjin Xiamen Anju REIT (2) and E Fund Huawai Agricultural Market REIT (1.8) [5]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From June 23 to June 27, 2025, the secondary - market prices of China's listed public REITs showed a downward trend overall, with a weighted REITs index return rate of - 1.22%. Compared with other mainstream asset classes, REITs performed averagely [1][11]. - Two new REITs were listed this week, and the project status of two first - issue REITs was updated [4]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.22%, lower than those of convertible bonds, US stocks, and A - shares, but higher than those of gold and crude oil [11]. - **At the underlying - asset level**: Both property - right and franchise - right REITs' prices fell, with property - right REITs having a smaller decline. Among different underlying - asset types, transportation infrastructure REITs had the largest decline, while the top three in terms of return rate were affordable housing, energy, and ecological environmental protection REITs [16][18]. - **At the single - REIT level**: After excluding the two newly listed REITs this week, 6 REITs rose and 60 REITs fell. The top three in terms of increase were AVIC Jingneng Photovoltaic REIT, China Resources Commercial REIT, and CICC Shandong Expressway REIT; the top three in terms of decline were China Merchants Nanjing Expressway REIT, Hua'an Waigaoqiao REIT, and Ping An Ningbo Expressway 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 2.9 billion yuan, and municipal - facility REITs had the highest average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable housing, and industrial - park infrastructure REITs; the top three in terms of average daily turnover rate were municipal - facility, ecological environmental protection, and industrial - park infrastructure REITs [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 Guotai Junan Dongjiu New Economy REIT, CICC Puluosi REIT, and China Merchants China Expressway REIT; the top three in terms of trading amount were China Merchants China Expressway REIT, China Resources Commercial REIT, and Guotai Junan Dongjiu New Economy REIT; the top three in terms of turnover rate were Guotai Junan Jinan Energy Heating REIT, Huatai Suzhou Hengtai Rental Housing REIT, and China Resources Commercial REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total main - force net inflow this week was 81.54 million yuan, indicating a decline in market trading enthusiasm. The top three underlying - asset types in terms of main - force net inflow were consumer infrastructure, industrial - park infrastructure, and energy infrastructure REITs. The top three single REITs in terms of main - force net inflow were China Resources Commercial REIT, Penghua Shenzhen Energy REIT, and China Merchants Heda High - tech REIT [31]. - **Block - trade situation**: The total block - trade amount this week reached 789.97 million yuan, a significant increase compared with last week. Tuesday had the highest single - day block - trade amount. The top three single REITs in terms of block - trade amount were Guotai Junan Urban Investment Kuanting Affordable Housing REIT, CITIC Construction Investment National Energy Investment New Energy REIT, and China Resources Commercial REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of June 27, 2025, there were 68 public REITs in China, with a total issuance scale of 177.061 billion yuan. Transportation infrastructure REITs had the largest issuance scale, followed by industrial - park infrastructure REITs. Two new REITs were listed this week: CICC Yizhuang Industrial Park REIT on June 26 and CICC China Green Development Commercial Asset REIT on June 27 [36]. 3.2.2 Projects to be Listed - There were 28 REITs in the pipeline, including 16 first - issue REITs and 12 REITs for expansion. The project status of "Huaxia Anbo Warehouse Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "declared", and that of "Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [39].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report From June 16 to June 20, 2025, the secondary - market prices of listed public REITs in China showed an overall upward trend, with the weighted REITs index closing at 145 and a weekly return of 1.06%. Compared with other mainstream asset classes, REITs performed well. The price trends of different types of REITs varied, and there were also differences in trading volume, turnover rate, and capital inflow. No new REITs were listed this week, but the status of some REITs' initial projects was updated [1][11]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trend - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed an upward trend. The REITs return rate was 1.06%, ranking second among mainstream asset classes after crude oil. The return rates of mainstream asset classes from high to low were: crude oil > REITs > US stocks > pure bonds > A - shares > convertible bonds > gold [11][15]. - **At the underlying asset level**: This week, the secondary - market prices of equity - based REITs showed an upward trend with a return of 2.15%, while those of concession - based REITs declined slightly with a return of - 0.43%. Among different underlying asset types, municipal facility - based REITs had the largest increase with a return of 8.1%, and transportation infrastructure - based REITs had the largest decline with a decline of 1.09% [17][20]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 49 rising and 17 falling. The top three in terms of increase were Guotai Junan Jinan Energy Heating REIT, Huaxia Fund Huarun Youchao REIT, and CICC Xiamen Anju REIT, with increases of 8.1%, 7.77%, and 7.72% respectively. The top three in terms of decline were Huaan Bailian Consumption REIT, Zheshang HuHangYong REIT, and Ping An Ningbo Jiaotou REIT, with declines of 4.59%, 3.53%, and 2% respectively [24]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.84 billion yuan, and the municipal facility - based REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure - based, affordable rental housing - based, and park infrastructure - based REITs, with trading volumes of 744 million, 465 million, and 449 million yuan respectively. The top three in terms of average daily turnover rate were municipal facility - based, affordable rental housing - based, and ecological environmental protection - based REITs, with rates of 1.24%, 0.96%, and 0.80% respectively [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 Huaan Bailian Consumption REIT, Huaxia Hefei High - tech REIT, and Huaxia Beijing Affordable Housing REIT, with trading volumes of 260 million, 260 million, and 240 million shares respectively. The top three in terms of trading amount were CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Penghua Shenzhen Energy REIT, with trading amounts of 144 million, 138 million, and 127 million yuan respectively. The top three in terms of turnover rate were Huatai Suzhou Hengtai Rental Housing REIT, Huaan Bailian Consumption REIT, and Huaxia Shenzhen International REIT, with rates of 12.28%, 9.75%, and 8.84% respectively [29]. 3.1.3 Main Force Net Inflow and Block Trading Situation - **Main force net inflow situation**: The total net inflow of the main force this week was 91.186 million yuan, and the market trading enthusiasm recovered. Among different underlying asset REITs, the top three in terms of net inflow were energy infrastructure - based, transportation infrastructure - based, and warehousing and logistics - based REITs, with net inflows of 39.94 million, 26.45 million, and 13.33 million yuan respectively. The top three single - REITs in terms of net inflow were Penghua Shenzhen Energy REIT, Ping An Guangzhou Expressway REIT, and Huaxia Huarun Commercial REIT, with net inflows of 25.91 million, 22.43 million, and 15.8 million yuan respectively, and the number of consecutive inflow days was 5 days for all [32]. - **Block trading situation**: The total block trading amount this week reached 706.2 million yuan, a significant increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 201.54 million yuan. The block trading amount on Thursday (June 19, 2025) was the highest in the week, reaching 104.31 million yuan. The top three single - REITs in terms of block trading amount were CICC Shandong Expressway REIT, Huaan Zhangjiang Industrial Park REIT, and Guotai Junan Dongjiu New Economy REIT, with trading amounts of 103.51 million, 20.94 million, and 20.31 million yuan respectively, and the corresponding average discount - premium rates were - 1.56%, - 0.68%, and - 1.21% respectively [33]. 4. Primary Market 4.1 Listed Projects As of June 20, 2025, there were 66 public REITs in China, with a total issuance scale of 17.4393 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. 4.2 Projects to be Listed There were 28 REITs in the state of being to be listed, including 16 initial REITs and 12 REITs to be expanded. The status of the initial projects of "Chuangjin Hexin Shounong Industrial Park Closed - end Infrastructure Securities Investment Fund" and "Southern Runze Technology Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "passed", and the status of the initial projects of "Huaxia Huadian Clean Energy Closed - end Infrastructure Securities Investment Fund" and "Southern Wan Guo Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].

Market Performance - The weighted REITs index rose to 142.42 with a weekly return of 1.74%[1] - REITs outperformed A-shares (1.47%), US stocks (0.97%), and pure bonds (0.08%), but lagged behind convertible bonds (2.39%), gold (1.93%), and crude oil (3.95%) in returns[1][15] - Among asset types, municipal facility REITs had the highest increase, with top three returns from municipal facilities (3.66%), transportation infrastructure (3.37%), and water conservancy facilities (2.12%)[20] Trading Volume and Turnover - Total trading volume for public REITs was 2.09 billion yuan, with an average daily turnover rate of 0.67%[2][26] - The top three asset types by trading volume were transportation infrastructure (718 million yuan), park infrastructure (490 million yuan), and warehousing logistics (218 million yuan)[26] - The highest turnover rates were seen in water conservancy (1.02%), park infrastructure (0.77%), and ecological environment (0.75%) REITs[26] Net Inflows and Block Trades - Total net inflow for the week was 9.05 million yuan, indicating increased market trading enthusiasm[2][32] - The top three asset types for net inflows were transportation infrastructure (10.64 million yuan), park infrastructure (5.91 million yuan), and water conservancy (3.05 million yuan)[32] - Total block trade volume reached 123.93 million yuan, with the highest single-day trade on June 4 at 38.25 million yuan[3][33]

Core Insights - The total market value of public infrastructure REITs has surpassed 200 billion yuan, indicating a growing interest in this asset class within just four years since the first projects were listed in 2021 [1] - REITs are recognized for their stable returns, risk diversification, and efficiency in portfolio management, leading to increased market attention [1] - Investors are advised to focus on fundamental asset research rather than short-term price fluctuations, emphasizing a long-term investment perspective [1][6] Market Performance - As of June 6, 2025, the total market value of public infrastructure REITs on the Shanghai Stock Exchange is approximately 135.14 billion yuan, while the Shenzhen Stock Exchange's total market value is about 66.94 billion yuan [2] - The total number of listed REITs has reached 66, with a total issuance scale of approximately 174.39 billion yuan, covering various asset types such as affordable rental housing and logistics [2] - The Shanghai market's 33 public REITs reported total revenue of 8.5 billion yuan in 2024, a year-on-year increase of 35%, with a total distributable amount of 6.2 billion yuan [2] Sector Highlights - Highway REITs have shown strong performance, with total dividends reaching 3.4 billion yuan, benefiting from their robust cash generation capabilities [3] - The 18 REITs listed on the Shenzhen market reported total revenue of approximately 4.8 billion yuan and a net profit of 136 million yuan, maintaining profitability [3] - The current low-risk interest rates have increased the risk premium for REITs, enhancing their allocation value as they provide stable income from underlying rents or toll fees [3] Investor Composition - The investor base for REITs is expanding to include both institutional and individual investors, with original equity holders, insurance funds, and brokerage proprietary trading accounting for over 60% of holdings [4] - Different types of funds have distinct investment strategies, focusing on cash flow, safety margins, and policy guidance, reflecting a deep recognition of REITs' long-term asset attributes [4] Future Outlook - The REITs market is expected to continue its quality expansion, with increased market participation and the potential to unlock a trillion-yuan market [5] - The investment logic surrounding REITs is becoming clearer, with a focus on their cash flow and long-term value rather than short-term price movements [6] Asset Evaluation - Investors are encouraged to return to fundamental asset research and long-term value assessment, focusing on the operational efficiency and long-term dividend capabilities of REITs [6] - For instance, industrial park REITs are gaining attention due to their stable rental returns and mature operating entities, but they are also subject to regional economic fluctuations [7] - Highway REITs are favored for their stable cash flow and dividends, although they face risks related to traffic volume and surrounding economic conditions [7]

Group 1 - As of May 31, 2025, the number of public REITs in China reached 66, with a total issuance scale of 174.39 billion yuan, primarily in transportation infrastructure and park infrastructure [2] - The weighted REITs index closed at 139.99 with a monthly return of 3.71%, outperforming A-shares, gold, and crude oil [3] - The top three asset types with the highest returns were affordable housing, warehousing logistics, and consumer-related REITs [3] Group 2 - The total trading volume of public REITs decreased compared to the previous month, with an average daily turnover rate of 0.65% [4] - The total net inflow of main funds reached 10.056 million yuan, indicating a decline in market trading enthusiasm [4] - The total amount of block trades decreased month-on-month, with a total of 1.12 billion yuan in block trades during the month [5]

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Report's Core View From May 12 to May 16, 2025, the secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, REITs ranked second in terms of return. In terms of different project attributes and underlying asset types, there were also varying degrees of price increases. The trading volume and turnover rate of REITs showed differentiation, and the net inflow of main funds continued. There were no new REITs listed in the primary market this week, but the status of several REITs' initial projects was updated [1][10]. Summary According to the Directory Secondary Market Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, the return ranking from high to low was: US stocks > REITs > convertible bonds > A - shares > pure bonds > crude oil > gold [1][10]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs showed an upward trend, with equity - type REITs having a larger increase. In terms of underlying asset types, consumer - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly return were consumer - type, park - type, and affordable housing - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 52 REITs rising and 13 falling. The top three in terms of increase were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumei Consumption REIT, and CICC Xiamen Anju REIT. The top three in terms of decrease were Guojin China Railway Construction REIT, AVIC Shougang Green Energy REIT, and AVIC Jingneng Photovoltaic REIT [22]. Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.442 billion yuan, and the average daily turnover rate of warehousing and logistics REITs was the highest among others. The top three REITs asset types in terms of trading volume were transportation infrastructure, park infrastructure, and warehousing and logistics. The top three in terms of average daily turnover rate were warehousing and logistics, affordable rental housing, 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 Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Guotai Junan Dongjiu New Economy REIT. The top three in terms of trading amount were Guotai Junan Dongjiu New Economy REIT, Dongwu Suyuan Industrial REIT, and CICC Anhui Expressway REIT [29]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 26.7254 million yuan, and the market trading enthusiasm continued. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, park infrastructure, and energy infrastructure. The top three single REITs in terms of net inflow were Hongtu Innovation Yantian Port REIT, Huaxia Shenzhen International REIT, and Huaxia China Resources Commercial REIT [32]. - **Block trading**: The total block trading amount this week reached 220.67 million yuan, a decrease compared with last week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on May 13, 2025, which was 82.28 million yuan. The top three single REITs in terms of block trading amount were CICC Yinli Consumption REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT [33]. Primary Market Listed Projects As of May 16, 2025, the number of public REITs products in China reached 65, with a total issuance scale of 17.3026 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. Projects to be Listed According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 27 REITs in the state of being to be listed, including 15 initial REITs and 12 REITs to be expanded. This week, the status of the initial project of "Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "declared"; the status of the initial project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received"; the status of the initial project of "Bank of China Sino - Sinotrans Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received" [41].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Directory Secondary Market Price and Volume Performance - The report provides detailed data on various REITs, including fund code, fund name, industry type, listing date, issue price, trading volume since listing, trading volume this week, trading volume last week, turnover rate this week, turnover rate last week, return this week, return last week, and return since the beginning of this year. For example, the trading volume of Southern Shunfeng Logistics REIT this week is 1.28 billion yuan, with a turnover rate of 42.70% [12] Secondary Market Valuation Situation - No relevant content is provided in the given text Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated, including stocks, convertible bonds, pure bonds, and commodities. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21 [24] - The correlation coefficients of different types of REITs (such as property rights, franchise rights, industrial parks, etc.) with various asset classes are also presented [24] Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the project valuation of Huatai Zijin Suzhou Hengtai Rental Housing REIT is 1.342 billion yuan [26]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index increased by 0.84% this week, while the Shanghai Composite Index rose by 0.59%, and the CSI 500 index fell by 0.37% [3][16] - The report highlights significant market activities, including the announcement of a second expansion for the Bosera Shekou Industrial Park REIT and the submission of the Huaxia Kaide Commercial Asset REIT to the Shanghai Stock Exchange [5][9] - The overall trading volume for REITs decreased to 2.85 billion, a decline of 3.4% from the previous week, with an average daily turnover rate of 0.7% [6] Summary by Sections Market Dynamics - Key events include the announcement of the second expansion for the Bosera Shekou Industrial Park REIT, the submission of the Huaxia Kaide Commercial Asset REIT, and the high demand for the Huatai Suzhou Hengtai Rental Housing REIT, which saw a subscription rate of 222.46 times the initial offering [5][9] - The report notes that the overall market for REITs is experiencing fluctuations, with 56 REITs rising and 8 falling this week [20] Market Performance - The REITs index's performance is contrasted with other indices, showing a positive trend in REITs compared to a mixed performance in broader market indices [16][20] - The report indicates that the REITs market is characterized by a low correlation with government bonds, suggesting a unique investment profile [16] Trading Activity - The report details the trading activity, noting a decrease in trading volume and highlighting specific sectors within the REITs market, such as the significant increase in trading for the consumption sector [6][20] - The report emphasizes the importance of monitoring macroeconomic conditions and policy environments for potential investment opportunities [6]

Investment Rating - The report does not provide a specific investment rating for the industry [2]. Core Insights - The REITs index decreased by 1.18% this week, while the Shanghai Composite Index fell by 2.87% and the CSI 500 Index dropped by 4.52% [6][19]. - The report highlights a correlation between REITs and various bond indices, with REITs showing a correlation of -0.08 with 10-year government bonds and 0.27 with the Shanghai Composite Index [19]. - Recent market activity includes announcements of dividends from several REITs and the initiation of inquiries for new REITs, indicating ongoing market engagement [12][18]. Industry Overview - The industry consists of 64 listed companies with a total market capitalization of 1871.44 billion yuan and a circulating market value of 858.19 billion yuan [2]. - The trading volume for REITs increased this week, with a total trading amount of 29.5 billion yuan, reflecting a 10.6% increase [9]. Market Performance - This week, 40 REITs experienced price increases, while 24 saw declines, with the largest gain being 6.45% for the Huaxia Beijing Affordable Housing REIT and the largest drop being 5.06% for the Hongtu Yantian Port REIT [23]. - The report notes that the REITs market is characterized by a strong correlation with the corresponding stock sectors, particularly in the logistics and consumption sectors [28][30].