1. Report Industry Investment Rating There is no information provided in the content about the industry investment rating. 2. Core Viewpoints of the Report - The issuance volume of REITs this week was the same as the same period last year, and considering the 23 REITs under review or awaiting listing, the scale of REITs this year still has strong support. The approval of the first - batch of data center REITs and the launch of the Yulong Snow Mountain cultural and tourism REITs will enrich the market asset types. The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, indicating that the enthusiasm for primary - market subscription of REITs has reached a new high. [1] - In the primary market, the number of REITs issued in 2025 was the same as last year, but the issuance scale decreased by 40.7% year - on - year. In the secondary market, the CSI REITs Total Return Index continued to rise this week, with the affordable housing sector being the most active. [3] 3. Summary According to the Directory 3.1 Primary Market: One Newly Issued Park REIT and One Newly Issued Consumption REIT - As of June 20, 2025, a total of 68 REITs have been issued, with a total issuance scale of 177.3 billion yuan, a total market value of 206.6 billion yuan, and a circulating market value of 95.1 billion yuan. Among them, there are 45 property - type REITs and 23 franchise - type REITs. [10] - In 2025, 9 REITs have been successfully issued (6 in Q1, 1 in April, and 2 in June), with the same number as last year but a 40.7% year - on - year decrease in issuance scale to 14.03 billion yuan. This week, 5 first - issuance public REITs made new progress, including the establishment of CICC Yizhuang Industrial Park REIT and CICC China Green Development Commercial REIT, with a total issuance scale of 2.684 billion yuan. There was no new progress in expansion and fundraising this week. [3] - Currently, in the approval process, there are 13 first - issuance REITs declared on the exchange, 6 with inquiries and feedback, 1 passing the review, and 3 registered and awaiting listing with the CSRC. For expansion and fundraising, there are 10 declared on the exchange, 4 with inquiries and feedback, and 4 passing the review. [3] 3.2 Secondary Market: The Uptrend Continued This Week, with the Affordable Housing Sector Being the Most Active 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1124.63 points, up 0.88%, outperforming the CSI 300 by 1.33 percentage points and the CSI Dividend by 1.29 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 16.20%, outperforming the CSI 300/CSI Dividend by 18.44/19.56 percentage points. [3] - By project attribute, property - type REITs rose 2.42% this week, while franchise - type REITs fell 0.22%. By asset type, the affordable housing (+4.65%), water service (+4.16%), warehousing and logistics (+3.74%), and park (+1.78%) sectors performed well. Among individual bonds, 49 rose and 17 fell. [3] 3.2.2 Liquidity: The Affordable Housing Sector Was the Most Active - The average daily turnover rate of CSI REITs this week was 0.56%, down 3.12 BP from last week. The average daily turnover rates of property - type/franchise - type REITs this week were 0.62%/0.58%, up 1.27 BP and down 5.43 BP from last week respectively. The trading volumes within the week were 443 million and 148 million shares, up 2.10% and down 8.56% week - on - week respectively. The affordable housing sector had the highest activity. [3] 3.2.3 Valuation: The Energy Sector Had a High Valuation - From the perspective of ChinaBond valuation yields, the property - type/franchise - type REITs were 3.73%/3.75% respectively. The warehousing and logistics (5.00%), park (4.81%), and transportation (4.80%) sectors ranked among the top three. [3] 3.3 This Week's Important News and Announcements - On June 18, the CSRC Chairman Wu Qing stated at the Lujiazui Forum that the first two data center REITs in the country would be approved for registration, and support for technology companies to use new assets such as intellectual property and data assets for asset securitization and REITs financing would continue. [1] - On June 16, Lijiang Tourism Investment announced the launch of the Yulong Snow Mountain cultural and tourism REITs project, with an expected issuance scale of no less than 2.5 billion yuan. [29] - The public subscription multiple of CICC Yizhuang Industrial Park REIT reached 1798.42 times, setting a new record. [29] - There were also a series of important announcements from various REITs, including operation data announcements, expansion and fundraising announcements, dividend announcements, and changes in fund usage announcements. [30][32]

证券研究报告 | 2025年06月22日 公募 REITs 周报（第 22 期） 指数继续收涨，首批数据中心 REITs 获批 核心观点 固定收益周报 主要结论：本周中证REITs指数收涨，产权类REITs走势强于经营权类REITs， 产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为+2.5%、+0.3%。从主要 指数周涨跌幅对比来看：中证 REITs>中证转债>中证全债>沪深 300，REITs 全周日均换手率较前一周略有下降。全市场各类型 REITs 收涨，消费、保障 房、水利类 REITs 涨幅最大。截至 6 月 20 日，公募 REITs 年化现金分派率 均值为 6.2%，高于当前主流固收资产的静态收益率。当前产权 REITs 股息率 比中证红利股股息率均值低 124BP,经营权类 REITs 内部收益率均值与十年 期国债收益率利差为 188BP。首批数据中心 REITs 获批，两单 5A 景区启动公 募 REITs 招投标，REITs 底层资产实现战略性扩容。 中证 REITs 指数周涨跌幅为+0.87%，年初至今涨跌幅为+13.2%。截至 2025 年 6 月 20 日，中证 REI ...

Core Viewpoint - REITs have become an important strategy for many small and medium-sized public funds seeking differentiated competition in the market [1][2]. Group 1: Market Dynamics - Many small and medium-sized public funds are actively expanding in the REITs sector despite facing strong competition from leading public funds with established brands and distribution channels [2][3]. - Several small public funds have made significant moves in the REITs business this year, with some securing multiple projects and others preparing for their first deals [2][4]. Group 2: Competitive Advantages - Small public funds are showing remarkable activity in the REITs space, with funds like Hongtu Innovation Fund securing two REITs projects, including Hongtu Innovation Yantian Port REIT and Hongtu Innovation Shenzhen Anju REIT [5]. - Notably, smaller public funds like Zhongjin Fund and Zhongxin Jiantou Fund have established a competitive edge in the REITs market, surpassing their own industry status and scale [5][6]. Group 3: Shareholder Influence - Small public funds with strong industrial capital shareholders are seizing opportunities in the REITs market [7][8]. - For instance, Changcheng Fund is preparing to enter the REITs market, with a project involving Huaneng International and its subsidiary [9]. Group 4: Future Outlook - The REITs market is expected to expand in terms of asset types, driven by increasing investor demand and policy support, leading to a rapid development of the market [10][11]. - The domestic REITs market is relatively new compared to its overseas counterparts, but it is anticipated to grow significantly due to the abundance of quality assets from China's infrastructure development [11].

Core Viewpoint - The public REITs market in China is experiencing rapid expansion, with four new public REITs approved within a week, indicating a growing interest and activity in this investment sector [2][3]. Group 1: New Public REITs Approved - Four public REITs have been approved recently: 华夏华电清洁能源 REIT, 创金合信首农产业园 REIT, 南方万国数据中心 REIT, and 南方润泽科技 REIT [2][4]. - 华夏华电清洁能源 REIT is backed by assets from 华电国际 and other subsidiaries, focusing on a natural gas combined heat and power project with a capacity of 480.25 MW [4][5]. - 创金合信首农产业园 REIT is the first public REIT from 创金合信基金, with its underlying asset being the high-quality industrial park located in Beijing, which has a stable occupancy rate of approximately 94.8% [5][6]. Group 2: Market Activity and Temporary Suspensions - The secondary market for public REITs is active, with several products triggering temporary suspensions due to significant price increases [7][8]. - For instance, 汇添富上海地产租赁住房 REIT saw a price increase of 52.50%, leading to a temporary suspension for one hour [8][9]. - Other REITs, such as 招商蛇口租赁住房 REIT and 华夏华润有巢租赁住房 REIT, also experienced substantial price increases, resulting in similar temporary suspensions [9].

Group 1 - The public REITs market is expanding again with the approval of the first public REIT by Chuangjin Hexin Fund, marking a significant step in supporting the development of technology innovation parks [1] - The project is initiated by Beijing Shounong Food Group and aims to enhance the capital market's role in serving the real economy and promoting technological innovation [1][2] - The underlying asset of the REIT is the Shounong Yuan Center, a high-quality industrial park located in Beijing, which has been transformed from the old site of the Sanyuan Milk Factory [1][2] Group 2 - Since its operation in 2021, the Shounong Yuan Center has attracted major companies like Kuaishou and Xiaomi, achieving a high occupancy rate of approximately 94.8% as of December 31, 2024 [2] - Shounong Food Group is one of the first state-owned capital investment companies in Beijing, focusing on asset quality improvement and the release of value from existing assets [2] - Chuangjin Hexin Fund has established a professional team and governance mechanism for REITs, ensuring the smooth progress of projects and providing attractive investment opportunities [3] Group 3 - The second public REIT project by Chuangjin Hexin Fund, the Chuangjin Hexin Electronic City Industrial Park REIT, has been formally accepted by the Shanghai Stock Exchange [3] - The public REITs market is experiencing a significant increase in issuance speed and scale, driven by policy support and market demand, reaching record highs in product issuance and listing numbers [3]

自2021年首批公募REITs获批以来，公募REITs发展迅猛。首 单央企仓储物流基础设施REITs——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）正式开启募集，募集期为6月23日至6 月24日。 作者： 墨川 封图：图片资料室 近年来，国家对仓储物流基础设施建设的重视程度不断加强， 同时 各地不断大力提振消费、多渠 道促进居民增收 ， 在此背景下仓储物流租赁市场有望迎来需求修复。 基金发售公告显示，中银中外运仓储物流 REIT 询价工作已于 6 月 1 6 日完成， 最终定价 3.277 元 / 份，将通过战略配售、网下发售、公众发售相结合的方式进行发售。按照认购价格 3.277 元 / 份和 4 亿份的发售份额计算，若发售成功，预计募集资金总额为 13.108 亿元（不 含认购费用和认购资金在募集期产生的利息）。 中银中外运仓储物流 REIT 首次发行拟投资的 基础设施资产共 6 处 ，均为仓储物流类基础设施 项目 。从区位来看，产品首发资产聚焦于长三角、京津冀、川渝地区的重要物流节点，深度嵌入 长江经济带与京津冀协同发展区，区域物流需求强劲， ...

Group 1 - The public REITs announced a distribution of approximately RMB 49 million, which accounts for about 99.88% of the available distributable amount as of the distribution benchmark date [1][2] - The distributable amount is calculated based on the net profit of the fund's consolidated financial statements, adjusted to EBITDA, considering factors such as the project's sustainability, debt repayment capacity, and operating cash flow [2] - The fund's available distributable amount from January 1, 2025, to March 31, 2025, is RMB 49,059,769.97 after adjustments [2] Group 2 - The distribution period is from June 19, 2025, to June 23, 2025, during which cross-system transfer of custody business will be suspended [1] - Fund shares purchased on the record date will be entitled to the distribution, while those sold on the same day will not [1]

自2021年首批公募REITs获批以来，公募REITs发展迅猛。首单央企仓储物流基础设施REITs ——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）正式开启募集，募集期为6月23日至6月24日。 近年来，国家对仓储物流基础设施建设的重视程度不断加强，同时各地不断大力提振消费、 多渠道促进居民增收，在此背景下仓储物流租赁市场有望迎来需求修复。 中银中外运仓储物流REIT的发起人/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，专项计划管理人为中银基金全资子公司中银资产管理有限公司，中国外运旗下中外运 瑞达（上海）供应链管理有限公司担任运营管理机构。 作为招商局集团第5个REITs产品，中银中外运仓储物流REIT是中国外运盘活存量资产、扩大 有效投资，推动实体经济高质量发展的重要举措。中国外运是招商局集团物流业务的统一运 营平台和统一品牌，是中国领先的综合物流企业，拥有完善的服务网络和丰富的物流资源和 客户资源。本次发行，中国外运选取位于经济发达地区、同时也是中国外运业务经营的核心 区域的优质资产作为首发资产，其 具备现金流稳健、抗风险能力强等 ...

6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，进一步强化股债联动，大力发展科创债。中 国证监会将批复全国首批两只数据中心REITs注册，下一步将继续支持科技企业利用知识产权、数据资 产等新型资产开展资产证券化、REITs等融资，进一步盘活科技创新领域存量资产。 《每日经济新闻》记者获悉，今日，首批两单数据中心公募REITs——南方万国数据中心REIT和南方润 泽科技REIT已正式获批。两单产品都由南方基金担任基金管理人，将分别在上交所和深交所上市。 有业内人士评价，这两只产品的获批标志着国内REITs底层资产实现战略性扩容，首次填补数据中心领 域市场空白，为资本市场注入全新活力，也为数据中心行业通过资产证券化拓展融资渠道提供了创新性 实践范例。 首批数据中心公募REITs获批，南方基金担任基金管理人 公募REITs又迎来新业态。 6月18日，中国证监会和上交所、深交所官网显示，由南方基金担任基金管理人的南方万国数据中心 REIT、南方润泽科技REIT获批。这两只产品是全国首批数据中心公募REIT。 近年来，国家层面密集出台政策为数据中心等新型基础设施建设 "保驾护航"。证监会先后发布《资本 市场服 ...

Group 1 - On June 17, three public REITs announced suspension and resumption of trading due to significant price increases triggering suspension rules [1] - Guotai Junan Jinan Energy Heating REIT issued a notice regarding the suspension and trading risk, indicating a one-day suspension starting from June 17 and resuming trading on June 18 [1]