Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced on November 28 the draft announcement for the pilot program of commercial real estate investment trusts (REITs) to promote high-quality development in the REITs market and enhance the service efficiency of the multi-level capital market for the real economy [1] Group 1: Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that hold commercial real estate to obtain stable cash flow and distribute profits to fund shareholders [1] Group 2: Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and commercial real estate, emphasizing the active operational management responsibilities of fund managers [1] Group 3: Role of Fund Managers and Professional Institutions - The announcement stresses the importance of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [1] Group 4: Strengthening Regulatory Responsibilities - It clarifies the responsibilities of various regulatory bodies to perform their duties in accordance with laws and regulations regarding the supervision and risk monitoring of commercial real estate REITs [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has proposed a pilot program for commercial real estate investment trusts (REITs) to enhance the development of the REITs market and support a new model for real estate development [1][2] Group 1: Announcement Details - The announcement includes eight main points, defining commercial real estate REITs as closed-end publicly raised securities investment funds that hold commercial real estate to generate stable cash flow and distribute profits to fund shareholders [1] - It outlines requirements for fund registration and operational management, including responsibilities for fund managers and custodians, due diligence, application materials, and active management responsibilities [1] - The announcement emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional norms and regulatory requirements [1] - It reinforces regulatory responsibilities, clarifying the duties of various regulatory bodies in overseeing commercial real estate REITs and monitoring risks [1] Group 2: Market Development - Over five years, the REITs market has developed steadily, with 77 REITs listed as of November 27, 2025, raising a total of 207 billion yuan and achieving a total market value of 220.1 billion yuan [2] - The market has shown stability, with the CSI REITs total return index increasing by 22.46% since 2024, indicating that REITs are becoming an important asset class [2] - The substantial existing stock of commercial real estate in China presents an inherent demand for revitalization and expanded equity financing channels through REITs [2] - Learning from global mature markets, commercial properties such as shopping centers, retail, office buildings, and hotels are identified as key underlying assets for REIT products [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft announcement regarding the pilot launch of commercial real estate investment trusts (REITs) to promote high-quality development of the REITs market and enhance the capital market's service to the real economy [1] Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly offered securities investment funds that hold commercial real estate to obtain stable cash flow and distribute profits to fund shareholders [2] Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and responsibilities for active management by fund managers [2][3] Role of Fund Managers and Professional Institutions - Emphasis is placed on the responsibilities of fund managers and professional institutions to adhere to professional standards and regulatory requirements [2][4] Strengthening Regulatory Responsibilities - The announcement clarifies the roles of regulatory bodies in overseeing commercial real estate REITs and monitoring risks [3] Operational Responsibilities - Fund managers are required to actively manage commercial real estate in accordance with legal and contractual obligations [4] REITs Functionality and Market Development - The REITs market has developed steadily over five years, with 77 listed REITs raising 207 billion yuan and a total market value of 220.1 billion yuan as of November 27 [5] - The market has shown a 22.46% increase in the CSI REITs total return index since 2024, indicating REITs are becoming a significant asset class [5] - There is a substantial demand for revitalizing commercial real estate through REITs in China, leveraging international experiences while aligning with domestic conditions [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on a draft announcement regarding the pilot launch of Commercial Real Estate Investment Trusts (REITs) to promote high-quality development in the REITs market and enhance the capital market's ability to support the real economy [1] Group 1: Product Definition and Structure - Commercial Real Estate REITs are defined as closed-end publicly offered securities investment funds that hold commercial real estate to obtain stable cash flows and distribute profits to fund shareholders [1] Group 2: Fund Management and Operational Requirements - The announcement outlines requirements for fund registration and operational management, including the responsibilities of fund managers and custodians, due diligence, application materials, and the active management responsibilities of fund managers [1] Group 3: Regulatory Framework - The draft emphasizes the role of fund managers and professional institutions, mandating strict adherence to professional standards and regulatory requirements [1] - It also clarifies the regulatory responsibilities of various agencies in overseeing Commercial Real Estate REITs and managing associated risks [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinions on the draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), aiming to enhance the quality of the REITs market and support a new model for real estate development [2][3]. Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that acquire commercial real estate to generate stable cash flows and distribute profits to fund shareholders [2]. Fund Registration and Management Requirements - The announcement outlines requirements for fund managers and custodians, due diligence, application materials, and responsibilities for proactive management by fund managers [2]. Role of Fund Managers and Professional Institutions - Emphasis is placed on the responsibilities of fund managers and professional institutions, requiring strict adherence to professional standards and regulatory requirements [2]. Strengthening Regulatory Responsibilities - The announcement clarifies the responsibilities of regulatory bodies in overseeing commercial real estate REITs, including risk monitoring and management [2]. Other Relevant Matters - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [2].

Report Information - Report Date: November 11, 2025 [1] - Report Source: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series Industry Investment Rating - Not provided in the report Core Viewpoints - Iron ore is expected to face inventory build - up pressure and decline from high levels [2][4] - Rebar, hot - rolled coil, ferrosilicon, and silicomanganese are expected to experience wide - range fluctuations [2][7][8][12] - Coke and coking coal are expected to fluctuate around high levels [2][16] - Logs are expected to fluctuate repeatedly [2][18] Summary by Commodity Iron Ore - **Fundamentals**: The previous day's closing price was 765.0 yuan/ton, up 4.5 yuan/ton (0.59%). The previous day's position was 541,602 lots, down 17,806 lots. Spot prices of imported and some domestic ores remained stable, while prices of some domestic ores decreased [4] - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [5] - **Trend Intensity**: 0 [5] Rebar and Hot - Rolled Coil - **Fundamentals**: For rebar RB2601, the previous day's closing price was 3,044 yuan/ton, up 8 yuan/ton (0.26%); for hot - rolled coil HC2601, it was 3,252 yuan/ton, up 2 yuan/ton (0.06%). There were changes in trading volume, position, and basis [8] - **News**: In October 2025, China imported 50.3 million tons of steel, a decrease of 4.5 million tons (8.2%) from the previous month. There were also changes in production, inventory, and apparent demand in November [9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil [10] Ferrosilicon and Silicomanganese - **Fundamentals**: There were price changes in futures contracts of ferrosilicon and silicomanganese. Spot prices and various price differences also had corresponding changes [12] - **News**: There were price changes in raw materials such as semi - coke, and changes in the tender quantity of a large steel group [12][13][14] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese [15] Coke and Coking Coal - **Fundamentals**: The previous day's closing price of JM2601 was 1,265.5 yuan/ton, down 4.5 yuan/ton (- 0.4%); J2601 was 1,743.5 yuan/ton, down 13 yuan/ton (- 0.7%). There were changes in trading volume, position, and basis [16] - **News**: In October 2025, the national consumer price index increased by 0.2% year - on - year [16] - **Trend Intensity**: 0 for both coke and coking coal [16] Logs - **Fundamentals**: There were price, trading volume, and position changes in different log futures contracts. Spot prices of some log varieties remained stable, while others had slight changes [19] - **News**: The General Administration of Customs decided to abolish the announcement on suspending the import of US logs from November 10, 2025 [21] - **Trend Intensity**: 0 [21]

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The report provides investment outlooks for various commodities in the black series, including iron ore, rebar, hot-rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and logs. The outlooks range from high-level fluctuations to weak and volatile trends, with most commodities showing a neutral trend strength [2] Summary by Commodity Iron Ore - **Price Movement**: Futures contract I 2601 closed at 776.0 yuan/ton, up 0.5 yuan (0.06%). Imported ore prices decreased by 6.0 yuan/ton across different grades, while some domestic ore prices remained stable. The basis for I 2601 against Super Special decreased by 7.1 yuan to 118.5 yuan [5] - **Trend**: High-level fluctuations, with a trend strength of 0 [2][6] Rebar and Hot-Rolled Coil - **Price Movement**: Rebar futures RB2601 closed at 3,024 yuan/ton, down 37 yuan (-1.21%); hot-rolled coil futures HC2601 closed at 3,253 yuan/ton, down 28 yuan (-0.85%). Spot prices for both decreased, and the basis for both futures contracts also decreased [9] - **Trend**: Weak and volatile due to sector sentiment, with a trend strength of 0 for both [2][12] Ferrosilicon and Silicomanganese - **Price Movement**: Ferrosilicon futures prices increased, with the 2601 contract closing at 5560 yuan/ton, up 50 yuan. Silicomanganese futures prices also rose, with the 2601 contract closing at 5776 yuan/ton, up 22 yuan. Spot prices for ferrosilicon decreased, while the price of silicomanganese:FeMn65Si17:内蒙 remained unchanged. The basis and various spreads showed different changes [13] - **Trend**: Wide-range fluctuations due to a combination of long and short factors, with a trend strength of 0 for both [2][15] Coke and Coking Coal - **Price Movement**: Coking coal futures JM2601 closed at 1268.5 yuan/ton, up 15.5 yuan (1.2%); coke futures J2601 closed at 1753 yuan/ton, up 24 yuan (1.4%). Some spot prices for coking coal increased, while others remained stable. Coke spot prices also showed some increases [16] - **Trend**: High-level fluctuations, with a trend strength of 0 for both [2][17] Logs - **Price Movement**: Different log futures contracts showed small price increases, while trading volume and open interest showed significant changes. Spot-futures spreads also changed [19] - **Trend**: Fluctuations, with a trend strength of 0 [18][21]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Both rebar and hot-rolled coil are experiencing weak and volatile trends due to sector sentiment disturbances [2]. - The trend strength of rebar and hot-rolled coil is 0, indicating a neutral outlook [6]. 3. Summary by Directory **Fundamental Tracking** - **Production**: In mid - October 2025, key steel enterprises produced 20.14 million tons of crude steel, with an average daily output of 2.014 million tons, a daily output decrease of 0.8% month - on - month. According to the November 30th weekly data from Shanghai Steel Union, rebar production increased by 55,200 tons, hot - rolled coil by 11,000 tons, and the total of five major varieties by 99,700 tons [2][4]. - **Inventory**: Rebar inventory decreased by 195,900 tons, hot - rolled coil by 83,300 tons, and the total of five major varieties by 410,900 tons [5]. - **Apparent Demand**: Rebar apparent demand increased by 61,700 tons, hot - rolled coil by 51,600 tons, and the total by 236,500 tons [5]. - **Futures Data**: For the RB2601 rebar futures contract, the closing price was 3,044 yuan/ton, down 44 yuan/ton (-1.42%); trading volume was 1,016,465 lots, open interest was 1,966,544 lots, an increase of 47,527 lots. For the HC2601 hot - rolled coil futures contract, the closing price was 3,265 yuan/ton, down 34 yuan/ton (-1.03%); trading volume was 375,271 lots, open interest was 1,396,130 lots, a decrease of 26,705 lots [2]. - **Spot Price**: Rebar and hot - rolled coil spot prices in major cities generally declined, with the largest drop of 30 yuan/ton for hot - rolled coil in Guangzhou. The price of Tangshan steel billet remained unchanged at 2,950 yuan/ton [2]. - **Basis and Spread**: The basis of RB2601 increased by 25 yuan/ton to 166 yuan/ton, and the basis of HC2601 increased by 10 yuan/ton to 25 yuan/ton. The RB2601 - RB2605 spread increased by 2 yuan/ton to -64 yuan/ton, and the HC2601 - HC2605 spread decreased by 2 yuan/ton to 7 yuan/ton [2]. **Macro and Industry News** - The Ministry of Commerce and four other departments support eligible commercial real estate projects to issue real estate investment trust funds (REITs) to provide long - term financing support for urban commercial upgrading [5]. - The 14th Five - Year Plan proposes to promote the quality improvement and upgrading of key industries and enhance the independent controllability of the industrial chain, with requirements for the high - quality development of the steel industry [5][6]. - In September 2025, China's steel exports were 10.465 million tons, a month - on - month increase of 10.0%, and the export average price was 679.1 US dollars/ton, a month - on - month decrease of 2.7%. From January to September, cumulative steel exports were 87.955 million tons, a year - on - year increase of 9.0%, and the average export price was 696.7 US dollars/ton, a year - on - year decrease of 9.5%. In September, steel imports were 548,000 tons, a month - on - month increase of 9.7%, and the average import price was 1,623.1 US dollars/ton, a month - on - month decrease of 1.8%. From January to September, cumulative steel imports were 4.532 million tons, a year - on - year decrease of 12.6%, and the average import price was 1,692.3 US dollars/ton, a year - on - year increase of 1.1% [6].

Group 1 - The report highlights the support from five government departments for the issuance of REITs in commercial real estate, aiming to provide long-term financing support for urban commercial quality improvement [1][7]. - The total issuance scale of listed REITs reached 198.2 billion yuan, with 76 REITs issued as of October 31, 2025 [8][9]. - The report indicates that the REITs market has shown positive performance, with the total REITs index rising by 0.28% during the week of October 27 to October 31, 2025, outperforming major indices [2][14]. Group 2 - The liquidity of the REITs market has improved, with a total trading volume of 661 million yuan, an increase of 21.4% compared to the previous week [3][34]. - The report details the trading volume of various REIT categories, with consumption infrastructure REITs accounting for 21.0% of the total trading volume [34][36]. - The report provides insights into the performance of individual REITs, with notable gains from Chuangjin Hexin Shounong REIT (+4.22%) and Southern Wanguo Data Center REIT (+4.09%) [2][26]. Group 3 - The report discusses the correlation of the REITs index with major asset classes, indicating varying degrees of correlation over different time frames [28][30]. - The internal correlation among different REIT categories is also analyzed, showing strong relationships among infrastructure and logistics REITs [29]. Group 4 - The report emphasizes the valuation aspects of REITs, although specific valuation metrics are not detailed in the provided content [41].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3] 2. Core View of the Report - The report indicates that both rebar and hot-rolled coil are experiencing repeated macro sentiments and wide-range fluctuations [2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: For RB2601, the closing price was 3,106 yuan/ton, down 12 yuan/ton (-0.38%), with trading volume of 1,440,978 lots and an open interest of 1,894,916 lots (up 909 lots). For HC2601, the closing price was 3,318 yuan/ton, down 11 yuan/ton (-0.33%) [3] - **Spot Price**: Rebar prices in Shanghai, Hangzhou, Beijing, and Guangzhou were 3230, 3290, 3180, and 3340 yuan/ton respectively, with price changes of -10, -10, 10, and 10 yuan/ton. Hot-rolled coil prices in Shanghai, Hangzhou, Tianjin, and Guangzhou were 3330, 3370, 3260, and 3340 yuan/ton respectively, with price changes of -30, -20, 0, and 0 yuan/ton. The price of Tangshan billet remained unchanged at 3000 yuan/ton [3] - **Basis and Spread**: The basis of RB2601 was 124 yuan/ton, and that of HC2601 was 12 yuan/ton. The spreads such as RB2601 - RB2605, HC2601 - HC2605, HC2601 - RB2601, HC2605 - RB2605, and spot coil - rebar spread all had corresponding changes [3] 3.2 Macro and Industry News - **Steel Union Weekly Data (Oct 30)**: Rebar production increased by 5.52 tons, hot-rolled coil production increased by 1.1 tons, and the total production of five major varieties increased by 9.97 tons. Rebar inventory decreased by 19.59 tons, hot-rolled coil inventory decreased by 8.33 tons, and the total inventory of five major varieties decreased by 41.09 tons. Rebar apparent demand increased by 6.17 tons, hot-rolled coil apparent demand increased by 5.16 tons, and the total apparent demand increased by 23.65 tons [4] - **Policy News**: Five departments including the Ministry of Commerce support eligible commercial real estate projects to issue real estate investment trust funds (REITs). The 15th Five - Year Plan proposes directions for the high - quality development of the steel industry, such as promoting the quality improvement and upgrading of key industries and enhancing the independent controllability of the industrial chain [4][5] - **Production Data**: In September 2025, China produced 7349 million tons of crude steel (down 4.6% year - on - year), 6605 million tons of pig iron (down 2.4% year - on - year), and 12421.00 million tons of steel (up 5.1% year - on - year). From January to September, the cumulative production of crude steel was 7.46 billion tons (down 2.9% year - on - year), pig iron was 6.46 billion tons (down 1.1% year - on - year), and steel was 11.04 billion tons (up 5.4% year - on - year) [5] - **Inventory Data**: In early October 2025, the steel inventory of key steel enterprises was 1588 million tons, up 121 million tons (8.2%) from the previous ten - day period, 351 million tons (28.4%) from the beginning of the year, 6 million tons (0.6%) from the same ten - day period of last month, 115 million tons (7.8%) from the same ten - day period of last year, and down 48 million tons (2.9%) from the same ten - day period of the year before last [5] 3.3 Trend Intensity - The trend intensity of rebar is 0, and that of hot - rolled coil is 0, both indicating a neutral trend [5][6]