Core Viewpoint - Three public REITs triggered temporary suspensions due to excessive price increases, reflecting a heated secondary market and heightened institutional demand for stable cash flow assets [1][6][7] Group 1: REITs Performance and Suspension - On June 16, the Industrial Bank of China Mengneng Clean Energy REIT and Guotai Junan Jinan Energy Heating REIT both announced a suspension for one day after their prices rose over 70% from the benchmark [1][2] - The Industrial Bank of China Mengneng Clean Energy REIT closed at 9.145 CNY per share, marking a cumulative increase of 71.35% [2][5] - The Guotai Junan Jinan Energy Heating REIT closed at 12.749 CNY per share, with a cumulative increase of 70.44% [5] - The Bosera Jinkai Science and Technology Industrial REIT also announced a temporary suspension for one hour after a 52.88% increase, closing at 3.666 CNY per share [5] Group 2: Market Trends and Statistics - There have been 36 instances of public REITs triggering temporary suspensions due to high price increases this year [6] - The Huatai Suzhou Hengtai Rental Housing REIT has triggered suspensions four times since its listing on May 21, while the Huaxia Shouchuang Outlet REIT has triggered suspensions three times [6] - As of June 16, the CSI REITs Total Return Index and the CSI REITs (Closing) Index have increased by 15.5% and 12.54% respectively this year [6] Group 3: Market Conditions and Investor Behavior - The current low interest rate environment, with ten-year government bond yields around 1.6%, has led to increased institutional demand for REITs [7] - The nature of public REITs as listed assets provides relatively stable cash flow, but limited liquidity can lead to significant price volatility in the secondary market [7] - As prices rise, the distribution yield based on the benchmark market value decreases, prompting a recommendation for investors to participate in trading with caution [7]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The primary market has updates on two project statuses, with the secondary - market REITs index leading and market activity picking up. - The guaranteed rental housing sector leads the gains, and there are differences in trading volume and turnover rate among different sectors. - The valuation differences between equity - type and franchise - type REITs persist. [3] 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of June 13, 2025, 7 products have been successfully issued in the public REITs market this year, 2 less than the same period last year. There are currently no products in the declared stage, 2 in the accepted stage, 1 in the in - query stage, 8 in the feedback stage, and 5 that have passed the review and are waiting for listing. - This week, the review status of two projects has been updated: one from declared to accepted, and the other from accepted to feedback. [3][8][9] 3.2 Secondary Market Review and Analysis - **Market Scale and Liquidity**: As of June 13, 2025, the total market value of public REITs has risen to 204.081 billion yuan, an increase of 2.007 billion yuan from the previous week. The total circulating market value has also increased to 95.089 billion yuan, with a weekly increase of 1.509 billion yuan. The average daily turnover rate this week is 0.61%, up from 0.48% last week, indicating a slight increase in market trading activity. - **Index Performance**: The CSI REITs Total Return Index rose 0.69% this week, outperforming the Dividend Index (- 0.52%), the ChinaBond - New Composite Wealth Index (0.18%), the CSI 300 Index (- 0.25%), and the CSI Convertible Bond Index (- 0.02%). The volatility of the CSI REITs Total Return Index is 0.23%, lower than that of the Dividend Index (0.41%) and the CSI 300 Index (0.60%), and higher than that of the ChinaBond - New Composite Wealth Index (0.03%). - **Sector Performance**: By project attribute, equity - type REITs had a weighted average weekly increase of 0.95%, better than the 0.42% of franchise - type REITs. By underlying asset type, the guaranteed rental housing sector led with a weighted average weekly increase of 1.54%, followed by the municipal environmental protection and water conservancy sector with a 1.02% increase. The energy infrastructure sector had the smallest increase at 0.06%. - **Individual Bond Performance**: Huaxia Fund CR Land Youchao REIT (4.32%) and Hua'an Bailian Consumption REIT (4.19%) led the gains. - **Trading Volume and Turnover Rate**: In terms of weekly trading volume, the park infrastructure sector ranked first with 193 million shares, followed by transportation infrastructure (108 million shares), guaranteed rental housing (99 million shares), etc. In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.01%, followed by the guaranteed rental housing sector (0.81%). - **Valuation Level**: As of June 13, 2025, the average cash distribution rate of equity - type REITs is 3.78%, with the consumer infrastructure sector leading at 4.26%. The average cash distribution rate of franchise - type REITs is 8.05%, with the municipal facilities sector leading at 12.21%. The Zhongzhai REITs valuation yield (IRR) of equity - type REITs (4.02%) is higher than that of franchise - type REITs (3.23%), and the PV multiplier of franchise - type REITs (1.27) is lower than that of equity - type REITs (1.31). [3][11][14][19][23][25]

Core Viewpoint - The Chinese public REITs market has shown strong growth since its inception four years ago, driven by supportive policies and increasing investment demand, positioning itself as a significant asset class in a low-interest-rate environment [1][2][7]. Market Overview - The market has entered a policy dividend period, with the market capitalization of public REITs exceeding 200 billion yuan, comprising 66 projects, the highest in the Asia-Pacific region, indicating robust development momentum [2][7]. - New asset types have received high subscription multiples, reflecting strong market recognition and positive sentiment [2][7]. - The issuance of holding-type real estate ABS has contributed to the construction of a multi-tiered REITs market, with 8 issuances totaling 13.603 billion yuan as of June 13, 2025 [2][9]. Future Market Development Outlook - The expansion of asset types and acceleration of initial and follow-on offerings are anticipated, with new asset types such as data centers and senior living facilities enriching the market ecosystem [3][24]. - The construction of a multi-tiered REITs market is deemed necessary, focusing on differentiated product systems based on the development stage of underlying assets and varying investor risk preferences [3][25]. - Increasing the diversity of the investor base, including public funds, pension funds, and foreign capital, is recommended to enhance market liquidity [3][27]. Investment Attractiveness - The attractiveness of REITs as an investment is gradually increasing, with the secondary market valuation rebounding from the bottom [2][12]. - As of June 13, 2025, the overall return rate of the public REIT market was 17.4%, with the P/NAV ratio rising from 1.09x to 1.33x, indicating a strong demand for REITs in the current low-interest-rate environment [12][36]. Strategy Outlook for the Second Half of the Year - The REITs market is expected to maintain high valuations due to ongoing demand, although further upward movement will require additional catalysts [4][36]. - Key strategies include focusing on long-term holdings of quality assets, participating in new offerings, dividend trading, and navigating lock-up periods [4][36][41].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up. The performance of property - type REITs was stronger than that of concession - type REITs, with average weekly price changes of +1.1% and +0.6% respectively. The weekly price change ranking of major indices was: China Securities REITs > China Securities All - Bond > China Securities Convertible Bonds > CSI 300. The daily average turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed up, with consumer, affordable housing, and water conservancy REITs having the largest increases. As of June 13, the average annualized cash distribution rate of public REITs was 6.3%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property REITs is 281BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield is 155BP [1]. Summary by Related Catalogs Market Trends - **Index Performance**: As of June 13, 2025, the closing price of the China Securities REITs (closing) Index was 886.31 points, with a weekly price change (from 2025/6/6 to 2025/6/13) of +0.5%, outperforming the China Securities Convertible Bonds Index (-0.02%), the CSI 300 Index (-0.3%), and the China Securities All - Bond Index (+0.3%). Since the beginning of the year, the price change ranking of major indices was: China Securities REITs (+12.3%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+1.0%) > CSI 300 (-1.8%). In the past year, the return rate of the China Securities REITs Index was 12.1%, with a volatility of 6.9%. The return rate was higher than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index, while the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bond Index [2][8][13]. - **Total Market Value and Turnover Rate**: The total market value of REITs increased to 204.1 billion yuan on June 13, an increase of 2 billion yuan from the previous week. The daily average turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][13]. - **Performance by REIT Type**: Property - type REITs and concession - type REITs had average weekly price changes of +1.1% and +0.6% respectively. Among different project - type REITs, all types closed up, with the top three in terms of average increase being consumer (1.6%), affordable housing (1.5%), and water conservancy (1.4%). The top three REITs in terms of weekly price increase were Huaxia Fund China Resources Youchao REIT (+4.32%), Huaan Bailian Consumer REIT (+4.19%), and ICBC Mongolia Energy Clean Energy REIT (+3.97%) [1][3][18]. - **Trading Activity**: In terms of different project types, ecological and environmental protection REITs were the most actively traded this week, while transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.1% during the period, accounting for 3.9% of the total REIT trading volume, and the latter had an average daily turnover rate of 0.6%, accounting for 30.0% of the total REIT trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC Anhui Expressway REIT (9.46 million yuan), Yin Hua Shaoxing Raw Water Water Conservancy REIT (6.47 million yuan), and CITIC Construction Investment SPIC New Energy REIT (4.74 million yuan) [3]. Primary Market Issuance - As of June 13, 2025, there was 1 REIT product in the declared stage, 1 in the in -quired stage, 2 in the accepted stage, 8 in the feedback stage, 5 in the passed - awaiting - listing stage, and 3 first - issued products that had passed and were listed on the exchange [27]. Valuation Tracking - **Dividend - related Indicators**: From the perspective of debt characteristics, as of June 13, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. For property - type REITs, the focus is on the dividend yield, and for concession - type REITs, the focus is on the internal rate of return. Currently, the dividend yield of property REITs is 281BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield is 155BP [1][29][30]. - **Other Valuation Indicators**: From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash - flow method; P/FFO is the current price divided by the cash flow generated from operations. Different project - type REITs have different values for these indicators [29][30]. Industry News - On June 9, the CPIC Asset - Trina Home Energy New Energy Infrastructure Carbon - Neutral Green Hold - type Real Estate Asset - Backed Special Plan (Rural Revitalization) was accepted by the Shanghai Stock Exchange, with a proposed issuance of 240 million yuan, and the original equity holder was Trina Home Energy Co., Ltd. This project is the market's first hold - type real estate ABS with photovoltaic power plants as the underlying assets [35]. - On June 11, the CICC Yizhuang Industrial Park REIT launched its issuance and ended the public fundraising ahead of schedule on the first day due to over - subscription. The REIT planned to issue 400 million shares at a subscription price of 2.720 yuan per share, with an expected fundraising of 1.088 billion yuan. The public part was sold out in one day, and the offline subscription multiple reached 265.76 times, setting a new high for offline subscription multiples [35]. - On June 13, the CICC China Greentown Commercial REIT announced its share offering notice and launched its public offering. The fund determined the issue price of 3.160 yuan per share through inquiry, planned to issue 500 million shares, and the total fundraising was 1.58 billion yuan, with strategic配售 accounting for 70% [35]. - On June 13, the expansion and issuance of Huaxia Beijing Affordable Housing REIT was officially completed. This expansion and issuance used the method of targeted expansion and competitive offering, and a total of 24 specific objects were offered. The expansion and issuance price was 4.220 yuan per share, and the total number of expanded and issued fund shares was approximately 224 million, with a total fundraising of approximately 946 million yuan (excluding the interest during the fundraising period) [4][35].

Group 1 - The public REITs market in June continued to heat up, with significant activities including the successful expansion of the first public REIT for affordable rental housing, Huaxia Beijing [1][2] - The expansion of Huaxia Beijing REIT raised approximately 946 million yuan (about 94.6 million) through a targeted offering to 24 specific investors, with a final sale price of 4.220 yuan per share [2][3] - The successful issuance of the CICC Yizhuang Industrial Park REIT, which sold out in one day, indicates strong market interest, with a total fundraising scale of 236.823 billion yuan (about 23.68 billion) [5][6] Group 2 - The expansion of Huaxia Beijing REIT is seen as a breakthrough in the affordable rental housing REIT sector, setting a benchmark for similar products and providing a replicable model for future projects [3][4] - The management of Huaxia Beijing REIT emphasizes that the expansion not only enhances the growth potential of the product but also offers investors new opportunities in the development of affordable housing in Beijing [3][4] - As of June 13, 2023, there have been 8 public REITs successfully launched this year, with the total market value of public REITs surpassing 200 billion yuan for the first time [6]

Core Insights - The CICC Yizhuang Industrial Park REIT achieved a remarkable fundraising total of 236.8 billion yuan in just one day, marking a significant milestone in the public REIT market [1][2][4] Fundraising Details - The public offering attracted approximately 647.43 billion shares, equating to 1798.42 times the initial public offering size, with a total fundraising scale of 2368.23 billion yuan, which is 217.67 times its initial fundraising target of 10.88 billion yuan [2][4] - The allocation ratios for offline and public investors were recorded at 0.381% and 0.056%, respectively, both representing historical lows [2][4] Market Impact - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participants to share in the development dividends of the industrial park market [4] - The public REITs market has shown strong performance this year, with the CSI REITs total return index and closing index rising by 14.71% and 11.98%, respectively, indicating robust investor interest [5] Performance of REITs - Notable REITs such as Huazhong Bai Lian Consumer REIT and Huaxia Dayuecheng Commercial REIT have recorded impressive year-to-date gains of 57% and over 50%, respectively [5][6] - A public REITs fund manager highlighted that the strong performance is attributed to favorable interest rate environments and improved macroeconomic conditions, while cautioning against impulsive trading behaviors [5][7]

Group 1 - The core viewpoint of the news is the significant oversubscription of the CICC Yizhuang Industrial Park REIT, with public investors' effective subscription reaching 647.43 billion shares, approximately 1798.42 times the initial public offering amount [1][2] - The total fundraising scale for the CICC Yizhuang Industrial Park REIT reached 2368.23 billion yuan, which is 217.67 times the initial fundraising scale of 10.88 billion yuan [1] - The strategic investors will receive a 100% allocation, while the allocation ratios for offline and public investors are 0.38105434% and 0.05560442%, respectively [1] Group 2 - The CICC Yizhuang Industrial Park REIT aims to invest in high-end automotive and new energy vehicle key component industrial park projects located in Beijing Economic-Technological Development Area [2] - The issuance of the CICC Yizhuang Industrial Park REIT is expected to have a positive demonstration effect on revitalizing existing industrial park assets in Beijing and will provide important investment tools for capital market participation [2] - The successful issuance is anticipated to attract more investors' attention and support for public REITs products, contributing to the high-quality development of China's public REITs market [2]

【导读】中金亦庄产业园REIT发行一天，提前结募 公募REITs发行再现"一日售罄"。 6月11日，中金亦庄产业园REIT启动发行，仅一天时间，公众发售部分便因超额募集而提前结募。 随着公募REITs持续扩容，目前已有27家基金管理人下场，华夏基金、中金基金是其中的发行大户。 "一日售罄" 中金亦庄产业园REIT提前结募 6月11日，中金基金发布公告称，旗下中金亦庄产业园封闭式基础设施证券投资基金（以下简称中金亦庄产业园REIT）原定募集期为2025年6月10 日至2025年6月11日，由于公众投资者认购踊跃，截至6月10日，本基金公众投资者认购总量已超过公众发售总量，根据相关规定，公众发售基金 份额认购截止日提前至6月10日，公众投资者认购申请将采用"全程比例配售"的原则予以确认。 中金亦庄产业园REIT首次发行拟投资的基础设施资产，是位于北京经济技术开发区融兴北一街11号院的高端汽车及新能源汽车关键零配件产业园 N12-1地块建设项目及位于北京经济技术开发区融兴北一街4号院的高端汽车及新能源汽车关键零配件产业园N20-1地块建设项目。基础设施资产当 前入驻企业主要为知名整车企业和智能驾驶企业提供产业链上下 ...

Group 1 - The core viewpoint of the article highlights the strong performance of public REITs in the market, with significant year-to-date gains, particularly in the consumer sector [1][5]. - The Huazhong BaiLian Consumer REIT has achieved the highest increase of 52.77% this year, leading the performance among public REITs [1][5]. - As of June 9, the total market capitalization of public REITs has surpassed 200 billion yuan, indicating robust investor interest and market activity [5]. Group 2 - Multiple new public REITs are in the application process, including the Huazhong Nuclear Clean Energy REIT, which is currently listed as "submitted" on the Shanghai Stock Exchange [2][4]. - The Xinjiang water power asset, which is part of the Huazhong Nuclear Clean Energy REIT, is expected to be the underlying asset, specifically the Bopona Hydropower Station [2]. - Other public REITs, such as the Chuangjin Hexin Agricultural Park REIT and the Huazhong Huadian Clean Energy REIT, are also progressing through the approval process, with some experiencing valuation adjustments [4]. Group 3 - The China Securities REITs Total Return Index has shown a year-to-date increase of over 14%, with a cumulative increase of nearly 20% over the past six months, outperforming other asset indices [5]. - Among the 66 listed public REITs, 25 have seen gains exceeding 20% this year, with 11 surpassing 30% [5]. - The consumer sector dominates the top-performing public REITs, with six out of the top ten year-to-date gainers being consumer-related REITs [5]. Group 4 - The Shanghai Stock Exchange has implemented measures to protect investors, such as temporarily suspending trading for the Huazhong Tebian Electric REIT after its price rose significantly [6]. - The recent economic stability and low bond yields are expected to support the long-term attractiveness of REITs, suggesting potential investment opportunities in sector rotation and capital expansion [6]. - The Shanghai government has issued a notice to enhance the quality and expansion of infrastructure REITs, encouraging collaboration with existing REIT platforms for asset restructuring [6].

Core Viewpoint - The public REITs market in China has reached a total market value of over 200 billion yuan for the first time, driven by new issuances and a rising secondary market [3] Group 1: Public REITs Market - As of June 6, the total market value of public REITs has increased by 29% since the end of 2024, reaching over 200 billion yuan [3] - The public REITs market index closed at 113.91, reflecting a 19% increase since the end of 2024, positioning it at the 78th percentile historically [3] - The narrowing yield spread between public REITs and long-term bonds is a significant factor contributing to the market's upward trend, alongside new trading elements such as new issuances, dividends, and expansions [3] - Eight new products have been launched in 2025, with a total issuance scale of 13.4 billion yuan, and several more products are currently under review [3] Group 2: Infrastructure Projects - The Three Gorges Waterway New Channel project has begun bidding, with the aim to start construction within the year [4] - The project includes the Three Gorges Hub New Channel Engineering and the Gezhouba Navigation Capacity Expansion Project, with a static total investment of approximately 76.6 billion yuan and a total construction period of 100 months [4] - The project has received approval for its feasibility study, and funding sources have been secured, indicating a positive outlook for infrastructure investment in the transportation sector [4]