Macro Insights - The growth rate of general fiscal expenditure in October slowed down year-on-year, influenced by a high base effect, but the seasonally adjusted month-on-month growth continued to rise, indicating stronger growth in fiscal expenditure than the apparent rate [2][3] - The year-on-year growth rate of general fiscal expenditure (including general public budget and government funds) fell to -19.1% in October from 2.3% in September, while the adjusted month-on-month growth increased from 9.3% in September to 15.7% in October [2][3] Fixed Income Insights - In the second week of November, the real estate market showed a divergence between new and second-hand housing transactions, with new home sales slightly recovering but remaining low year-on-year, while second-hand home activity weakened [3] - Industrial freight volume remained strong, but production rates varied, with coking and blast furnace operating rates declining, while other sectors like oil refining and automotive remained stable [3] - The liquidity in the market was tight due to tax periods and the Double Eleven shopping festival, with the average DR007 and R007 rates rising to 1.49% and 1.50% respectively [4] REITs Analysis - The public REITs market experienced a downturn in the second half of the year due to high previous gains, stock market diversion, and rising interest rates, leading to a need for selective investment in quality assets [5] - Projects with stable fundamentals, such as rental housing and municipal environmental projects, are recommended for investment, while caution is advised for industrial parks and logistics warehouses [5] Power Equipment and New Energy - The Ministry of Industry and Information Technology issued guidelines to promote the healthy development of the wind power equipment industry, encouraging companies to enhance green and intelligent levels [6] - The report suggests focusing on companies like Goldwind Technology and Mingyang Smart Energy, which are expected to benefit from improved profitability in wind turbine manufacturing [6] Key Company Insights - GaoNeng Environment is positioned for a performance release period due to ongoing upgrades and capacity ramp-up in its metal resource recycling projects, contributing significantly to its revenue [7] - China Petroleum & Chemical Corporation (Sinopec) is expected to benefit from a recovery in the refining sector due to a global sulfur supply-demand imbalance, with a projected increase in sulfur consumption in 2024 [8][10]

Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - The REITs market showed signs of stability and recovery in the first half of November 2025, with the CSI REITs index rising 0.4%. The spread between REITs and dividend - paying stocks turned positive, making REITs more attractive compared to stocks and bonds. - REITs offline subscription remained highly popular, but the narrowing gap between primary and secondary market valuations led to the Shenyang Software Park REIT breaking below its issue price on the offline unlocking day. - Multiple REITs expansion projects were in progress, and the government supported the issuance of public REITs for private projects, with new asset types expected to make their debut. 3. Summary by Directory 1. Market Volume and Price Stabilized, and the Spread with Dividend Stocks Turned Positive - **Index Performance**: The CSI REITs index first declined and then rose in the first half of November 2025, accumulating a 0.4% increase. The equity market was in a consolidation phase, with the CSI 300 falling 0.3%, while the CSI Dividend and commodities rose 2.5% and 2.8% respectively. The 10 - year Treasury yield remained around 1.8% [3][12]. - **Sector Performance**: The consumption sector led the rise (+1.62%), followed by transportation (+1.42%) and rental housing (+1.11%). The industrial park sector was under pressure, with a 1.96% decline, and the logistics sector's decline narrowed to 0.40% [17][18]. - **Individual Securities**: More than 90% of transportation individual securities rose, and the JINMAO Commercial REIT led the gainers with an 8.19% increase. All the declining individual securities were from the industrial park and logistics sectors [23]. - **Liquidity**: The average daily turnover rate of the REITs market in the first half of November was 0.49%, up 0.20 pcts from the same period in October. The industrial park sector had a significant increase in turnover rate, but was still dominated by selling pressure [24]. - **Dividend Yield and Valuation**: As of November 14, 2025, the dividend yield of equity - type REITs was 4.40%, with a 2.58% spread to the 10 - year Treasury yield (at the 59% quantile) and a 0.17% spread to the CSI Dividend yield (at the 82% quantile). The P/NAV of equity - type REITs was 1.27X (at the 69% quantile), and the P/FFO of concession - type REITs was 13.44X (at the 52% quantile) [32][38]. - **Internal Rate of Return (IRR)**: The latest IRR of equity - type REITs was 3.9% (at the 23% quantile), and that of concession - type REITs was 4.1% (at the 7% quantile) [44]. 2. Offline Subscription Remained Popular, and Low Safety Margin Led to Shenyang Software Park REIT Breaking Below Issue Price - **New Issues**: As of November 14, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 222.5 billion yuan. In the first half of November, the Huaxia Anbo Warehouse Logistics REIT was issued offline, with a scale of 2.448 billion yuan [46][48]. - **Subscription Scale**: The top - up subscription scale for the Huaxia Anbo Warehouse Logistics REIT rebounded to 514 million yuan due to its larger issuance scale [49]. - **Subscription Enthusiasm**: 1,052 products from 132 offline institutions participated in the inquiry for the Huaxia Anbo Warehouse Logistics REIT, setting a new record. The offline subscription multiple (excluding invalid quotes) was 236 times, remaining at a high level [53]. - **Pricing and Allocation**: The Huaxia Anbo Warehouse Logistics REIT was priced at a high level (90% quantile of the inquiry range), with a limited discount. The offline winning rate was 0.68%, and the one - two - level valuation difference continued to narrow [54][64]. - **Initial Listing Performance**: The gap between primary and secondary market valuations gradually narrowed, and the Shenyang Software Park REIT broke below its issue price on the offline unlocking day. The offline subscription return rate for 100 million yuan of funds from January to November 2025 was 3.49% [66][67]. 3. Multiple Expansion Projects Progressed, and Private Projects Received Strong Support - **Dividend Announcements**: In the first half of November, 8 REITs announced dividend plans [74]. - **Unlocking and Expansion**: Three transportation REITs' strategic placement shares were to be unlocked in the second half of November. The holder meetings for the expansion of Huaxia China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were to be held [78]. - **Policy Support**: The government issued policies to support the issuance of public REITs for private projects and promoted the expansion of the REITs market and the debut of new asset types [79]. 4. New Assets Added to the REITs Market, and the Shenghao Communication Tower Project was Signed - **Under - Review Projects**: In the first half of November, the E Fund Guangxi Beitou Expressway REIT was accepted by the exchange, and the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT received an inquiry letter. As of November 14, there were 9 first - issuance projects and 3 expansion projects under review [86]. - **New Asset Progress**: The Shenghao Group's communication tower public REITs project was signed, and 4 public REITs bidding information was updated in the first half of November [87][89].

Group 1 - The company has received acceptance for its public REITs project from the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and it is currently in the inquiry feedback stage [1] - As of October 31, 2025, the company has repurchased 200,000 shares through centralized bidding, which accounts for 0.0171% of the total share capital [1]

Core Viewpoint - The 华夏安博仓储 REIT experienced a highly successful issuance, selling out in one day and initiating a proportional allocation for investors, indicating strong market confidence in logistics assets in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4][6]. Summary by Sections Issuance and Subscription Details - The public investor subscription confirmation ratio for 华夏安博仓储 REIT was 5.83%, with offline investors at a low of 0.68%, reflecting high demand [4][6]. - The total effective subscription amount reached 617.2682 million shares, exceeding the initial fundraising cap, leading to an early closure of the fundraising period [4][6]. - The subscription price was set at 6.121 yuan per share, with a total expected fundraising amount of 2.4484 billion yuan [6]. Market Performance - The 中证 REITs total return index rose by 0.86% this week, showing signs of stabilization in the secondary market [3][8]. - As of November 14, the index closed at 1050.45 points, with a year-to-date increase of 8.53% despite a previous decline of over 6.6% since June [8]. - Among the 77 listed public REITs, 56 saw weekly gains, particularly in sectors like parks, highways, rental housing, and logistics [8][11]. Notable Performers - The top performer for the week was 中金联东科创 REIT, with a weekly increase of 6.24%, followed by 中金山东高速 REIT and 招商基金蛇口租赁住房 REIT with increases of 5.18% and 4.10%, respectively [11]. - Several REITs have shown significant annual gains, with 9 exceeding 30% growth, and 嘉实物美消费 REIT surpassing 50% [11].

Core Insights - Guangzhou Development reported a revenue of 37.934 billion yuan for the first nine months of 2025, representing a year-on-year growth of 5.46%, and a net profit attributable to shareholders of 2.159 billion yuan, up 36.05% year-on-year [1] Group 1: Business Strategy and Operations - The company aims to build a leading green and low-carbon comprehensive smart energy enterprise group, with a full energy industry chain covering power, energy logistics, gas, new energy, energy storage, and energy finance, expanding its business to 26 provinces and 11 countries [1] - In the coal and natural gas sectors, the company is enhancing market analysis and management of upstream and downstream sales, optimizing inventory, and improving turnover efficiency to mitigate price volatility risks [1] - The company is actively adapting to new power market reforms and leveraging its integrated coal-gas-electricity industry chain to enhance competitiveness in coal and gas power generation [1] Group 2: Renewable Energy and Investment - The company's investment in the new energy business grew by 105.60% year-on-year in the third quarter [2] - The company is focusing on the construction of a new energy system and new power system, prioritizing efficiency and risk control in investments in new energy and energy storage [2] - The company is planning to issue public REITs based on three wind power projects in Shandong, with a total scale of 250 MW, to support sustainable equity funding [2] Group 3: Financial Health and Shareholder Returns - The company's asset-liability ratio is at a relatively low level within the industry, with controllable financial leverage and over 70% of installed capacity being green and low-carbon [3] - The company has maintained a cash dividend for 26 consecutive years, with an average dividend payout ratio exceeding 40% of net profit attributable to shareholders [3] - The company plans to increase the cash dividend ratio in its future three-year shareholder return plan, with a profit distribution ratio exceeding 50% for 2025 and plans for mid-term dividends [3] Group 4: Energy Storage Initiatives - The company's subsidiary, Guangzhou Energy Storage Group, is the first mixed-ownership enterprise in the domestic energy storage industry, contributing to the development of a new energy storage industry cluster in Guangzhou [3] - As of October 2025, the company has a total operational and under-construction project scale of approximately 579 MW/1244 MWh, covering key areas in Guangdong, Jiangsu, and Hebei [3] - The largest independent energy storage project in the province, the Foshan Gaoming project (208 MW/416 MWh), is set to commence operations soon [3]

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48%. Compared to other major asset classes, the return rates ranked from high to low are convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [4] - There was a divergence in price movements between property-type REITs, which saw a decline, and concession-type REITs, which experienced an increase [4] - Among underlying asset types, municipal facility REITs had the highest increase in value, with the top three performing asset types being municipal facilities, ecological protection, and consumer-related [4] Trading Activity - The total trading volume for publicly listed REITs was 2.88 billion yuan, with a weekly average turnover rate of 0.63%. The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Dongwu Suyuan Industrial REIT [5] - The net inflow of capital was 38.36 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were consumer infrastructure, park infrastructure, and new infrastructure [5] Block Trading - The total amount of block trading reached 240.26 million yuan, showing a decline from the previous week. The highest single-day block trading amount was 72.28 million yuan on November 3, 2025. The top three REITs by block trading volume were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and Huatai Baowan Logistics REIT [6] New Listings - The CITIC Construction Investment Shenyang International Software Park REIT was listed on November 6, 2025, focusing on park infrastructure [7]

Group 1: Report's Overall Situation - The report is a weekly review of public REITs from November 3 - 7, 2025, focusing on market trends, investment opportunities, and risks in the REITs sector [1][10] - The overall market is weak, with the China Securities REITs Total Return Index closing at 1041.51 points, down 0.40% for the week, affected by factors such as weak fundamentals, share unlocks, and secondary offerings [10] - As of Friday, the total market capitalization of 77 listed REITs in China was 220.6 billion yuan, with a floating market capitalization of 110.9 billion yuan [1] Group 2: Secondary Market Overall Performance - After the third - quarter reports, the REITs sector continued to show divergence, with 33 rising, 1 falling, and 43 falling. Industrial parks and warehousing logistics led the decline with a 1.8% drop, while the municipal environmental protection sector led the gain with a 0.65% increase [2][19] - REITs trading sentiment weakened, with average daily trading volume, average daily turnover, and average daily turnover rate decreasing by 13.43%, 10.45%, and 0.05 percentage points respectively compared to the previous period [22] Sub - sectors - **Industrial Parks**: The sector continued to face pressure in the third - quarter reports, with significant divergence in individual bond fundamentals. Some projects' occupancy rates dropped to 60 - 70%. The average distribution rate of the sector has increased to 4.60%. Consider playing the oversold opportunities of some individual bonds, such as CICC Liandong Kechuang REIT [28] - **Rental Housing**: The sector was dragged down by China Resources Youchao REIT, which fell 3.21% this week. The project plans to conduct a secondary offering through private placement to original holders, which may bring risks such as price decline and equity dilution. However, the sector's liquidity is good, and the distribution rate has increased from 2.83% at the end of June to 3.14%, so it is still worthy of attention [31] - **Transportation Facilities**: Continue to focus on road assets in the eastern regions such as Huatai Jiangsu Expressway, China Merchants Expressway, etc. Note that three highway REITs will have large - scale share unlocks in November, which may bring trading pressure [34] - **Consumer Infrastructure**: It is the golden season for consumer REITs in the fourth quarter. Focus on projects with high distribution rates, stable leasing performance, and large consumption potential, such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5][36] - **Municipal Environmental Protection**: Guotai Haitong Jinan Energy Heating REIT performed best this week, rising 2.25%. Pay attention to the heating duration and heat source procurement price adjustment during the heating season [38] Group 3: Primary Market Shan Zheng Jinzhong Public Investment Ruiyang Heating REIT - On November 6, the Shanghai Stock Exchange issued a review opinion. Key concerns include heat source procurement (stability and unit price) and heating fee income (historical and predicted shutdown rates, "same - city, same - price" policy, etc.) [43] Other Upcoming Issuance Projects - As of November 7, 2025, there are about 3 potential issuance projects remaining this year. Currently, 1 is ready for sale after pricing (Huaxia Anbo Warehousing Logistics), 7 have received exchange feedback, and 1 has been accepted by the exchange [44] Group 4: Investment Recommendations - **Industrial Parks**: Consider the oversold opportunities of CICC Liandong Kechuang REIT, which has an occupancy rate of over 90% in the third - quarter report, and also pay attention to Guotai Haitong Dongjiu New Economy and Guotai Haitong Lingang Innovation Industrial Park [28] - **Rental Housing**: Focus on high - distribution - rate projects such as Shanghai Real Estate Rental Housing, Shekou Rental Housing, and Xiamen Anju, which fell significantly last week [4] - **Consumer Facilities**: In the fourth quarter, focus on high - distribution - rate, stable - leasing, and high - consumption - potential projects such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The REITs market continued to decline this week, with the park and warehousing logistics sectors leading the decline. The market is still concerned about their pressure on occupancy rates. The Shenyang International Software Park REIT listed on Thursday, showing a weak performance and breaking the issue price on the first day, which may suppress the market sentiment for subsequent new products. The short - term weak and volatile pattern may continue [2]. - As of November 7, 2025, 18 REITs have been successfully issued this year, with an issuance scale of 36.34 billion yuan, a year - on - year decrease of 25.8%. This week, 3 new public offering REITs made new progress [2]. - The CSI REITs Total Return Index closed at 1041.51 points this week, down 0.4%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. Property - type REITs fell 0.84%, while concession - type REITs rose 0.15%. The consumer, data center, environmental protection and water services, and transportation sectors performed better [2]. - In terms of liquidity, the average daily turnover rates of property - type and concession - type REITs this week were 0.60% and 0.45% respectively, down 8.70 and 0.36 basis points from last week. The trading volumes were 577 million and 129 million shares respectively, down 11.78% and 0.79% week - on - week [2]. - In terms of valuation, the ChinaBond valuation yields of property - type and concession - type REITs were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3. Summary According to the Directory 3.1 Primary Market: 3 New Public Offering REITs Made New Progress - As of November 7, 2025, a total of 77 REITs have been issued, with a total issuance scale of 202 billion yuan, a total market value of 220.6 billion yuan, and a circulating market value of 110.9 billion yuan. Among them, there are 54 property - type REITs and 23 concession - type REITs [12]. - This week, 3 new public offering REITs made new progress: the CITIC Construction Shenyang International Software Park REIT was listed, the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT was under inquiry, and the E Fund Guangxi Beitou Expressway REIT was accepted. There was no new progress in the expansion of REITs this week [13][14]. 3.2 Secondary Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.4% - The CSI REITs Total Return Index closed at 1041.51 points this week, down 0.4%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. Property - type REITs fell 0.84%, while concession - type REITs rose 0.15%. The consumer, data center, environmental protection and water services, and transportation sectors performed better [2]. - Among individual bonds, 33 rose and 42 fell. The top three were the China AMC JINMAO Commercial REIT (+4.42%), the Zheshang Expressway REIT (+2.37%), and the Guotai Junan Jinan Energy Heating REIT (+2.25%); the bottom three were the GF Chengdu Gaotou Industrial Park REIT (-9.44%), the CICC Liandong Science and Technology Innovation REIT (-8.43%), and the E Fund Guangzhou Development Industrial Park REIT (-7.01%) [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.60% and 0.45% respectively, down 8.70 and 0.36 basis points from last week. The trading volumes were 577 million and 129 million shares respectively, down 11.78% and 0.79% week - on - week. The data center sector was the most active [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - The ChinaBond valuation yields of property - type and concession - type REITs were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - News: On November 4, 2025, Li Ming, the vice - chairman of the China Securities Regulatory Commission, stated at the 2025 International Financial Leaders Investment Summit that support will be provided to include REITs and other products in the Hong Kong Stock Connect [29]. - Announcements: Multiple REITs issued share unlocking announcements this week, including Huatai Jiangsu Expressway REIT, Yin Hua Shaoxing Raw Water Water Conservancy REIT, etc. Some REITs also announced dividend plans [29].

Core Viewpoint - Green ecological development is a crucial area for economic growth in China, with public REITs emerging as significant financial tools to activate existing assets and support the real economy [1] Group 1: Public REITs and Green Finance - The "ICBC Mengneng Clean Energy REIT," managed by ICBC Credit Suisse Asset Management and initiated by Inner Mongolia Energy Group, is set to be listed on the Shenzhen Stock Exchange on December 10, 2024 [1] - Public REITs are becoming important carriers for green finance practices, highlighting their role in promoting sustainable economic development [1] Group 2: Regional Focus - The article explores Ulanqab, known as the "Air Three Gorges" and "Wind Power Capital," to uncover the underlying green significance and value of the region [1]

Group 1: Public REITs Basic Information - The strategic placement shares of the fund will be locked for 12 months from the listing date, with the release date set for November 21, 2025. A total of 278,900,000 shares will be released, accounting for 55.78% of the total fund shares [1] - Before the release of the strategic placement shares, the tradable shares in the secondary market amount to 81,810,000, which is 16.36% of the total fund shares. After the release, the total tradable shares will be 360,710,000, representing 72.14% of the total fund shares [1] Group 2: Infrastructure Project Performance - The infrastructure project is the Anhui Bo-Fu Expressway, managed by the Anhui Bo-Fu Expressway Co., Ltd. The project spans 101.3 kilometers with three toll stations and two service areas [4][5] - As of the announcement date, the project is operating stably, with a toll revenue (including tax) of 33,723 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 7.1%. The average daily traffic volume is 15,637 vehicles, up 8.7% year-on-year [5] Group 3: Impact on Fund Shareholders' Rights - The closing price of the fund on November 6, 2025, was 7.401 yuan per share, representing a 5.85% increase from the issuance price. The predicted distributable amount for 2025 is 317,600,868.47 yuan [6] - The net cash flow distribution rate for an investor buying at the issuance price of 6.992 yuan per share is projected to be 9.08%, while for an investor buying at the market price of 7.401 yuan, it is projected to be 8.58% [6]