Core Viewpoint - The first non-directional public REITs expansion in China has officially launched, marking a significant milestone in the industry [1] Group 1: Market Confidence and Institutional Innovation - The listing ceremony gathered representatives from various sectors, including the Shanghai Municipal Development and Reform Commission, Housing Management Bureau, Minhang District Government, China Resources Group, CITIC Securities, and Huaxia Fund, highlighting the event's industry-leading significance [3] - China Resources Youchao REIT has become a representative product in the rental housing REITs sector, demonstrating strong performance with over 154 million yuan in cumulative dividends to investors by November 2025, showcasing its robust yield capability and asset resilience [4] Group 2: Fund Utilization and Asset Optimization - The funds raised from this expansion will be used exclusively to acquire the Shanghai Majiao affordable rental housing project, located in a high-demand area with a rental rate of 96% as of June 2025 [5] - Following the acquisition, China Resources Youchao REIT will achieve comprehensive coverage of three core industrial clusters in Shanghai, enhancing asset layout and risk resilience, thereby injecting new momentum into the fund's long-term stable operation and value growth [5] Group 3: Strategic Positioning Upgrade - The strategic positioning of China Resources Youchao has evolved from a "capital management + operation" platform to a "asset and capital circulation" platform, aimed at supporting national livelihood and quality growth for new citizens and youth [6] - This evolution reflects the establishment of a full-cycle closed-loop capability in investment, financing, construction, management, and exit, facilitated by the REITs expansion [6] Group 4: Professional Collaboration - Huaxia Fund, as the fund manager, has established significant management scale and professional advantages in the public REITs sector, managing 19 public REITs to date, which provides a solid foundation for the stable operation of REITs [7] - China Resources Youchao, as the original rights holder and operational management entity, enhances asset rental rates and service satisfaction through a multi-dimensional operational system, achieving a virtuous cycle of "management empowering value, operation creating revenue" [7] Group 5: Industry Outlook - The successful expansion of China Resources Youchao REIT is seen as a milestone not only for the individual product but also as an important practical example for the normalization of expansion mechanisms in the public REITs market, particularly in the rental housing sector [9]

北京市国资委党委委员、副主任贺昂表示，北京市国资委推动形成了上市数量与募集规模领先的多元 REITs集群，REITs已成为服务首都功能、探索国有资本高效循环的重要战略工具。市国资委将继续支 持京能集团等企业用好资本市场，为REITs发展提供"北京经验"，为做强做优国有资本贡献力量。 1月15日，中航京能光伏封闭式基础设施REIT（交易代码：508096）扩募份额正式在上海证券交易所上 市。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 云南省保山市人民政府副市长崔华清指出，此次水电站资产成功上市，是保山市深化国企改革、盘活存 量资产的关键突破，为当地建设千万千瓦级多能互补清洁能源基地、打造"绿电+先进制造业"示范区提 供了支撑。作为云南省首单水电公募REITs，该项目成为绿色金融与能源产业融合的示范样本，为"十五 五"能源投资注入了新动力。 中经记者 郝亚娟 夏欣 上海、北京报道 本次扩募不仅盘活了存量绿色能源资产、优化了企业资产负债结构，还通过水光互补效应平滑现金流、 分散区域气候风险，显著提升了基金的整体抗风险能力，为后续新能源基础设施REITs扩募提供了可借 鉴的资产配置和运营管理经验，对推动公募REITs ...

Core Insights - The report by CBRE highlights the evolving landscape of China's real estate investment market, focusing on capitalization rates and investor preferences for 2025 [1] Group 1: City Investment Preferences - First-tier cities like Beijing and Shanghai remain the top investment choices, reflecting strong investor confidence [2] - Non-first-tier cities such as Hangzhou, Chengdu, Suzhou, the Greater Bay Area (excluding Guangzhou and Shenzhen), and Nanjing are emerging as new focal points for investment due to economic growth and higher investment returns [2] Group 2: Asset Type Preferences - Long-term rental apartments and serviced apartments are gaining traction, with investment interest in Beijing and Shanghai at 61% and 64% respectively, significantly higher than in Guangzhou and Shenzhen [3] - Retail properties are seeing a resurgence in interest, particularly shopping centers, outlets, and community commercial spaces, driven by standardized operations and strong liquidity [3] - Industrial assets show a clear structural differentiation, with data centers and industrial plants gaining popularity, while warehouse logistics are experiencing a decline in interest [4] Group 3: Investment Strategies and Capitalization Rates - Different types of institutions exhibit varied strategy preferences, with private equity funds favoring high-risk, high-reward strategies, while insurance funds prefer stable investments [5] - Capitalization rates for most asset types are on the rise, indicating changing market risk expectations, with prime office capitalization rates in Beijing and Shanghai at 5.0%-6.0% [5] - Investors are cautious about future capitalization rate trends, anticipating an upward trajectory, but recognize the resilience of retail properties and long-term rental apartments [5] Group 4: Public REITs Market - As of December 2025, there are 78 publicly offered REITs in mainland China, totaling 210 billion yuan, making it the largest in Asia and second globally [6] - Investors prioritize operational management capabilities, policy direction, and secondary market liquidity when evaluating REITs [6] - The dynamic changes in capitalization rates are seen as a core pricing indicator for the real estate market, reflecting industry confidence and investment logic [6][7]

Core Viewpoint - The expansion of public REITs in China marks a significant milestone with the listing ceremony of the Huaxia Fund Huazhong REIT (508077) on January 12, 2026, at the Shanghai Stock Exchange, highlighting the growing recognition and acceptance of market-driven rental housing REITs in the domestic market [1][3]. Group 1: Expansion and Performance - The Huaxia Fund Huazhong REIT has demonstrated strong market performance over three years, achieving over 154 million yuan in cumulative dividends to holders by the end of 2025 [3]. - The recent expansion is the first for the Huaxia Fund Huazhong REIT, successfully completed in December 2025, utilizing a non-directional placement model to protect existing investors' rights, with a placement price of 2.53 yuan per share and a total of 450 million shares available for placement [3][4]. Group 2: Fund Utilization and Asset Acquisition - The funds raised from the expansion, approximately 1.1329 billion yuan (excluding subscription fees and interest), will be fully allocated to acquire high-quality assets under the Huazhong brand, specifically the Shanghai Majiao project, which is part of a demonstration project for affordable rental housing [4]. - The Shanghai Majiao project is strategically located near key industrial clusters, with a strong rental demand and an occupancy rate of 96% as of June 2025, enhancing the resilience of the operations [4]. Group 3: Strategic Vision and Future Development - The Huazhong brand aims to enhance its operational capabilities through a multi-dimensional operational system, focusing on specialized marketing, diverse leasing strategies, community operations, and safety supervision to maintain high occupancy rates and service quality [6]. - The successful expansion is viewed as a practical example of revitalizing existing rental housing assets and expanding effective investment, reflecting the capital market's recognition of the asset quality and operational capabilities of Huazhong [6]. - Future collaboration between Huazhong and Huaxia Fund is expected to enhance the quality and efficiency of public REIT projects, increasing the market influence and industry voice of rental housing REITs, and attracting more social capital into the affordable housing sector [6].

Group 1 - The core point of the news is the milestone achieved by the public REITs expansion, specifically the listing ceremony of the Huaxia Fund's China Resources Youchao REIT in Shanghai [1] - The Huaxia Fund's China Resources Youchao REIT is the first publicly offered rental housing REIT in China operated by market-oriented institutions, initiated by China Resources Youchao and managed by CITIC Securities and Huaxia Fund [1] - Since its establishment three years ago, the REIT has performed well in the market, distributing over 154 million yuan in dividends to holders by the end of 2025 [1] Group 2 - The expansion marks the first increase in fund size since its establishment, utilizing a non-directional expansion model that protects the rights of existing investors [2] - The expansion price is set at 2.53 yuan per share, with a total of 450 million shares available for subscription, achieving a subscription rate of 99.51% and raising approximately 1.1329 billion yuan [2] - The raised funds will be fully used to acquire the Shanghai Majiao project, a demonstration project for guaranteed rental housing, which has a high rental demand with a 96% occupancy rate as of June 2025 [2]

Group 1 - The real estate project under the fund is the Anhui Bo-Fu Expressway project, managed by China Merchants Highway Network Technology Holdings Co., Ltd. and its wholly-owned subsidiary [1] - The project spans a total length of 101.3 kilometers with a dual four-lane configuration, including three toll stations and two service areas [1] - The project starts at the Huangzhuang area at the border of Anhui and Henan provinces and connects to the Jiefu-Bang Expressway at the end [1] Group 2 - On January 12, 2026, the management team of the operating management institution underwent a personnel change, which is considered a normal adjustment and does not affect operational stability [4] - Song Rong was elected as the chairman of the fourth board of directors of China Merchants Highway [2] - Key appointments include Yang Xudong as General Manager, and Fu Xiaoqiang as Chief Legal Counsel and Chief Compliance Officer, with a background in risk management and legal affairs [3]

Core Viewpoint - The "China Asset Management and China Resources Housing REIT" has successfully launched its first expansion offering, demonstrating a stable performance and innovative fundraising approach in the REITs market [2][5]. Group 1: Expansion Offering Details - The fund's expansion shares totaled 447.803412 million units, with an issuance price of 2.53 yuan per share [2]. - The annualized distribution rate post-expansion is approximately 3.21%, which is above the average of 3.03% for similar REITs in the affordable housing sector [2]. - The expansion was well-received by existing holders, achieving a subscription rate of 99.51%, resulting in total raised funds of about 1.1329 billion yuan (excluding interest during the fundraising period) [2]. Group 2: Performance and Stability - Since its listing, the "China Asset Management and China Resources Housing REIT" has shown stable performance with a steady growth trend in revenue, despite some fluctuations at different stages [3]. - The latest disclosed occupancy rate for newly acquired assets has reached 95.87%, indicating a positive contribution to the fund's long-term stability [6]. Group 3: Innovative Fundraising Mechanism - This REIT is the first to adopt a non-directional expansion model, focusing on the rights of existing holders, which marks a significant innovation in the public REITs sector [5]. - The successful implementation of this model is seen as a practical exploration of multi-dimensional fundraising mechanisms within the industry [5].

Core Viewpoint - The Chinese real estate industry is transitioning from a phase of large-scale expansion to a new stage focused on optimizing existing assets, enhancing property services, and developing the rental market, indicating significant future growth potential [1][17]. Group 1: Historical Context and Current Trends - The real estate sector in China has undergone profound adjustments over the past five years, moving from a high-leverage, high-turnover development model to a more sustainable approach [2]. - From 2000 to 2013, the average annual growth rate of real estate development investment was 24%, making it a pillar of China's economic development and creating over 70 million jobs [2]. - The proportion of real estate investment in GDP has decreased from 14.9% in 2014 to an expected 6.67% by Q3 2025, with a negative average growth rate of -10% from 2022 to 2024 [2][3]. Group 2: Market Dynamics and Future Outlook - The current real estate market in China has shifted from a state of housing shortage to a balance, with a focus on quality rather than quantity [8]. - The development model for real estate companies is evolving from a manufacturing-like approach to an integrated model of product, service, and operation [8]. - The potential for commercial real estate is significant, with the expectation that its contribution to the real estate sector could rise, generating an annual industry volume of 423 billion yuan (approximately 60.4 billion USD) if its share increases to 5% [10]. Group 3: Financial Instruments and Policy Support - The expansion of REITs in China is underway, with 78 publicly listed infrastructure REITs and a total issuance scale of approximately 220 billion yuan, covering various asset classes [15]. - The development of real estate finance, particularly through REITs, is crucial for creating a healthy cycle of investment and management in commercial real estate [15]. - The central economic work conference in 2025 emphasized stabilizing the real estate market and implementing policies to promote healthy and stable industry development [17].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The REITs market achieved a "four - consecutive - positive" start in 2026, with all sectors rising. Data centers and industrial parks led the gains. Three new REITs projects received inquiries from the exchange, and the first local government - guided REITs theme fund was established. Meanwhile, the China Aviation Jingneng Photovoltaic REIT successfully completed its expansion offering, achieving a breakthrough in the "photovoltaic + hydropower" asset mix [3]. - As of January 9, 2026, 20 REITs were successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Four new public offering REITs made progress this week [3]. 3. Summary by Directory 3.1 Primary Market: Four Newly - Issued Public Offering REITs Made Progress - Since 2025, 20 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, 1 in November, and 1 in December), with an issuance scale of 40.3 billion yuan [3]. - This week, four newly - issued public offering REITs made progress: three REITs (Ping An Xi'an High - tech Industrial Park REIT, AVIC Zhonghe Energy REIT, and Dongfanghong Tunnel Expressway REIT) declared in November 2025 entered the exchange inquiry stage, and AVIC Beijing Changbao Rental Housing REIT was accepted. Currently, there are 14 declared REITs, 2 that have been inquired and responded, 1 that has passed the review, and 1 that has been registered and is pending listing. In terms of expansion, 3 have been declared [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 1.89% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1028.93 points, up 1.89%, underperforming the CSI 300 by 0.90 percentage points and outperforming the CSI Dividend by 0.28 percentage points. Since the beginning of 2025, it has risen 6.31%, underperforming the CSI 300 by 14.63 percentage points and outperforming the CSI Dividend by 6.11 percentage points [3]. - By project attribute, equity - type REITs rose 2.50% this week, and concession - type REITs rose 1.77%. By asset type, data centers (+4.42%), consumption (+3.18%), industrial parks (+3.16%), and warehousing logistics (+2.26%) sectors performed well. Among individual bonds, 74 rose and 4 fell. E Fund Huawei Farmers' Market REIT (+7.92%), China Merchants Science and Technology REIT (+7.72%), and GF Chengdu High - tech Investment Industrial Park REIT (+6.79%) led the gains, while China Asset Management Nanjing Traffic Expressway REIT (- 0.65%), China Asset Management China Resources Youchao REIT (- 0.30%), and Guotai Haitong Urban Investment Kuanting Rental Housing REIT (- 0.08%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover and Trading Volume Increased - The average daily turnover rates of equity - type/concession - type REITs this week were 0.65%/0.50%, up 26.05/8.68 basis points from last week. The trading volumes during the week were 667 million/168 million shares, with a week - on - week increase of 67.53%/20.90%. The data center sector was the most active [3]. 3.2.3 Valuation: The Valuation of the Rental Housing Sector was Relatively High - According to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 3.93%/4.92% respectively. The transportation (6.10%), warehousing logistics (5.48%), and industrial park (4.64%) sectors ranked in the top three [3]. 3.3 This Week's Important News and Announcements - On January 5, 2026, the first local government - guided REITs theme fund, "Yuanxin Jishi (Xiamen) REITs Investment Fund", was established in Xiamen, with a target scale of 5.5 billion yuan and a term of 10 years, mainly investing in listed REITs projects [35]. - On January 5, 2026, nine departments including the Ministry of Commerce issued a notice on promoting green consumption, proposing to explore the establishment of a green consumption infrastructure project library and support eligible projects to issue REITs in the infrastructure field [35]. - On January 7, 2026, the winning candidates for the public offering REITs project of Jinjiang Hotel were announced, with a bid price of 5 million yuan for issuance - stage fees and 0.2% for ongoing fees [35]. - On January 9, 2026, the expansion offering of AVIC Jingneng Photovoltaic REIT was successfully completed, raising a total of 2.922 billion yuan. It was the first expansion of a clean energy - themed public offering REIT in China and the first project with a "photovoltaic + hydropower" asset mix [35]. - Multiple REITs released their operating data on January 9, 2026, including information such as occupancy rates, rental prices, and rent collection rates [36][37][38].

Group 1 - The core viewpoint of the reports indicates that the Beijing real estate market is experiencing significant changes, with a shift towards tenant-led negotiations in the office sector and a decline in large transaction volumes in the investment market [1] - In 2025, the leasing of office spaces in Beijing is dominated by renewals, with tenants gaining increased bargaining power, leading to a more transparent pricing environment [1] - The total volume of large transactions in Beijing's commercial real estate market for 2025 is approximately 18 billion, representing a 58% decrease compared to 2024 [1] Group 2 - The recent expansion of public REITs to include commercial office and hotel projects is expected to enhance market liquidity and alleviate liquidity pressures for asset holders [2] - The hotel market in Beijing is anticipated to face challenges in price decline and slow revenue recovery in the second half of 2025, but demand remains optimistic due to improved customer structure and evolving consumer power [2] - The steady advancement of hotel asset securitization will compel asset holders to focus more on long-term value and stable performance, providing new investment opportunities [2]