1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report This week, the public - offering REITs market declined slightly, but the trading volume increased. The indices of both property - type and franchise - type public - offering REITs dropped, with only the ecological and environmental protection - type REITs rising slightly and the consumer infrastructure - type REITs having the highest decline. The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs. The market is expected to continue to expand, and public - offering REITs have high - dividend and medium - low - risk advantages with high allocation cost - effectiveness [5][41]. 3. Summary According to the Table of Contents 3.1 Secondary Market: The Public - Offering REITs Market Declined Slightly This Week - The public - offering REITs market declined slightly. As of September 12, 2025, the China Securities REITs Index fell 0.84% from last week to 840.03, and the China Securities REITs Total Return Index was 1070.04, down 0.78% from last week [10]. - The trading volume in the REITs market increased. This week, the total trading volume was 639 million shares, a 3.23% week - on - week increase, and the trading value was 2.891 billion yuan, a 3.99% week - on - week increase. The interval turnover rate was 2.81%, compared with 2.73% last week [12]. - The indices of property - type and franchise - type public - offering REITs both declined, by 0.85% and 0.54% respectively. Among them, only the ecological and environmental protection - type REITs rose 0.87%, while the consumer infrastructure - type REITs had the highest decline [15][18]. - The trading volume and turnover rate of most types of public - offering REITs declined. Only the trading volume of consumer infrastructure - type public - offering REITs increased by 136.83% to 773 million yuan. The turnover rates of consumer infrastructure - type, new - type infrastructure - type, and ecological and environmental protection - type REITs were greater than 1 [21][23]. - Most public - offering REITs products declined. Among the 74 public - offering REITs, except for the newly - listed CICC Vipshop Outlet REIT, 12 rose and 61 fell [24]. 3.2 Primary Market: 23 Public - Offering REITs Funds Are Waiting to Be Listed - 15 public - offering REITs have been issued since 2025. As of September 12, 2025, a total of 74 public - offering REITs have been issued, with a total issuance scale of 194.5 billion yuan. In 2024, 29 REITs were issued, with a total issuance scale of 64.6 billion yuan. In 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [30]. - There are 23 public - offering REITs funds waiting to be listed, including 12 for initial offerings and 11 for follow - on offerings. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 1 has been accepted, and 1 has been declared [32]. 3.3 Public - Offering REITs Policies and Market Dynamics - Approximately 384 million shares of E Fund Guangzhou Development District High - tech Industrial Park REIT will be lifted from restrictions on September 23. After the lifting, the tradable shares will increase from 136 million shares (17%) to 520 million shares (65%) [36][37]. - The fundraising results of Huaxia CapitaLand Mall REIT were announced, with the strategic placement ratio reaching 100%. The total fundraising share was 400 million shares [38]. - The National Development and Reform Commission encourages listed infrastructure REITs to raise funds through follow - on offerings to purchase high - quality assets, simplifies the application process for new acquisitions, and broadens the asset scope of new acquisitions [39][40]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, but the trading volume increased. The China Securities REITs Index and the China Securities REITs Total Return Index fell 0.84% and 0.78% respectively from last week. The indices of property - type and franchise - type public - offering REITs also declined [5][41]. - The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs, and CICC Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. 15 public - offering REITs have been established this year, with a total scale of over 30 billion yuan, and 23 REITs funds are waiting to be listed. The market is expected to continue to expand [5][41]. - In the context of the asset shortage, public - offering REITs have high - dividend and medium - low - risk advantages, with high allocation cost - effectiveness [5][41].

Core Viewpoint - The government is actively promoting measures to stimulate private investment and reduce the differences in investment scope and returns between state-owned and private capital [2][3]. Group 1: Private Investment Development - The State Council emphasized the need to address key issues concerning enterprises, focusing on expanding access, removing obstacles, and strengthening guarantees to stimulate private investment [2]. - From January to August, private fixed asset investment decreased by 2.3% year-on-year, primarily due to a significant decline in real estate investment [2]. - However, private investment in infrastructure grew by 7.5% year-on-year during the same period, outpacing the overall infrastructure investment growth by 5.5 percentage points [2]. Group 2: Minimum Shareholding Requirements - Setting minimum shareholding ratios for private investment in key projects can drive overall investment growth and break down industry entry barriers [3]. - Recent policies have opened major projects to private capital, with notable progress in nuclear power investments, where private capital participation has increased to a minimum of 10% [2][3]. Group 3: Quality Projects and Financial Support - The "Private Economy Promotion Law" supports private economic organizations in participating in national major strategies and projects, providing legal space for private investment [4]. - As of June 25, over 10 trillion yuan worth of projects are being promoted to private capital, indicating a broadening scope of projects available for private investment [4]. - The government aims to enhance the multi-tiered capital market system to support private enterprises in obtaining direct financing through stock and bond issuance [4]. Group 4: Investor Rights Protection - Protecting investor rights is crucial, as private capital must assess its capabilities when investing in large-scale projects with long investment cycles [6]. - The "Private Economy Promotion Law" mandates that government and social capital cooperation projects should clearly define rights, obligations, and risk-sharing mechanisms [7]. - Future measures should focus on expanding the investment scope for private capital, providing more financial support, and ensuring rights protection to further invigorate private investment [7].

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Core Viewpoint - The National Development and Reform Commission has issued a notice to promote the high-quality development of infrastructure REITs through measures such as expanding the market, increasing fundraising support, and ensuring project quality [1][2]. Group 1: Market Expansion and Asset Types - The notice aims to expand the asset range and increase the market scale and quality, focusing on both mature and new asset types [2][3]. - It encourages the submission of large-scale projects in established asset categories like toll roads and clean energy while exploring new asset types such as railways, cultural tourism, and elderly care facilities [2][3]. - The introduction of new asset types is seen as a crucial step to diversify REITs, attracting more investment and enhancing market vitality [2][3]. Group 2: Support for Private Investment - The notice emphasizes support for qualified private investment projects, addressing the current high proportion of state-owned enterprise projects in the REITs market [3]. - It aims to lower costs and improve accessibility for private capital, which holds a significant amount of quality assets and has a pressing need for financing [3]. Group 3: Simplified Processes and Growth Potential - The notice provides clear guidelines for the process of expanding existing REITs to acquire new projects, simplifying the application process [4]. - It encourages existing REITs to evolve from single project financing tools to sustainable asset operation platforms, allowing for continuous injection of quality assets [4]. - This transformation is expected to create industry-leading REITs, providing long-term capital operation tools for original equity holders and more growth-oriented investment options for investors [4].

Group 1 - The REITs market is experiencing a downward trend, with the China Securities REITs Total Return Index declining by 0.81% as of September 12 [2][3] - Among the 74 publicly listed REITs, only 12 saw an increase this week, with the top performers including Zhongyin Zhongwai Logistics REIT and Huaxia Jinmao Commercial REIT, both rising over 0.8% [4][5] - The overall trading activity in the REITs market has decreased, with an average turnover rate of 0.99% across the market [7] Group 2 - A new infrastructure REIT, Shanxi Zhen Zhong Gong Investment Ruiyang Heating REIT, has been officially submitted for approval, marking the first REIT project in Shanxi [8] - The National Development and Reform Commission has issued a notice to accelerate the regular application and issuance of infrastructure REITs, emphasizing the importance of expanding the market and supporting private investment projects [11][12] - The notice also highlights the need for streamlined processes for new project acquisitions and improved project management efficiency [12]

Core Viewpoint - The article discusses the recent fluctuations in the public REITs market in China, highlighting a downward trend in the secondary market and the impact of new policies aimed at expanding the REITs market [2][3][4]. Market Performance - The public REITs secondary market experienced an overall decline, with the CSI REITs total return index dropping by 0.81% as of September 12 [5][6]. - The market's trading activity decreased compared to the previous week, with an average daily turnover rate of 0.99% across the market [11]. Sector Analysis - All project categories saw declines, with property rights down by 1.13% and franchise rights down by 0.52%. Specific sectors like water conservancy and municipal projects faced the largest declines, at 1.64% and 1.75% respectively [7]. - Among the 74 publicly listed REITs, only 12 saw an increase, with the top performers including Zhongyin Zhongwai Logistics REIT and Huaxia Jinmao Commercial REIT, both showing gains exceeding 0.8% [7][8]. Notable Declines - A total of 61 products experienced declines, with Huatai Nanjing Jianye REIT and Huaxia Hefei Expressway REIT dropping over 4% [9][10]. Policy Developments - On September 12, the National Development and Reform Commission issued a notice to accelerate the regular application and issuance of infrastructure REITs, emphasizing the importance of expanding the market and supporting private investment projects [17][18]. - The notice encourages the simplification of the application process for new projects and the expansion of asset types eligible for REITs [18]. New Project Submissions - The first REIT project from Shanxi has been submitted to the Shanghai Stock Exchange, marking a significant step in the region's REITs development [13][14].

Core Viewpoint - The National Development and Reform Commission (NDRC) is promoting the regular application and recommendation of infrastructure Real Estate Investment Trusts (REITs), focusing on new asset types and enhancing the quality and efficiency of project approvals [1][2][3]. Group 1: New Asset Types - The NDRC is actively exploring the issuance paths for new asset types such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [2]. - The promotion of these new asset types aligns with national economic growth and social development strategies, providing innovative financial models and promoting sustainable development in these sectors [2]. Group 2: Support for Private Investment - The NDRC encourages the issuance of REITs for private investment projects, establishing a coordination service mechanism at the provincial level to facilitate the issuance process [2]. - This initiative aims to help private investment projects meet regulatory requirements and accelerate the resolution of issues during project cultivation [2]. Group 3: Expansion of Existing REITs - The NDRC supports the acquisition of new projects by existing infrastructure REITs, allowing for the integration of assets across regions to strengthen the REITs market [3]. - Projects with a higher proportion of net recovery funds relative to the total fund amount will be prioritized for recommendation, enhancing the investment cycle [3]. Group 4: Financial Innovation and Investment Stability - Utilizing REITs can effectively revitalize existing assets and raise construction funds, creating a positive cycle between existing assets and new investments [4]. - The focus on key industries and regions, along with policy coordination and innovative models, aims to provide low-cost, long-term, and stable financing channels [4].

Core Viewpoint - The State Council's recent meeting emphasizes the importance of private investment in stabilizing employment and the economy, announcing a series of practical measures to stimulate private investment activity [1][2]. Group 1: Policy Measures - The meeting outlined plans to broaden the scope for private investment, particularly in new productive capacities, emerging service industries, and new infrastructure [2][5]. - There will be strict enforcement of bidding regulations to ensure that small and medium-sized enterprises (SMEs) have reserved shares in government procurement [2][4]. - The government aims to create a fair competitive market environment by removing hidden barriers to private investment and enhancing innovation and financing support [2][4]. Group 2: Economic Context - Experts highlight that private investment is crucial for stabilizing and expanding domestic demand amid ongoing economic downward pressure and adverse external conditions [2][4]. - The measures are seen as beneficial not only for the current economic situation but also for long-term growth, addressing concerns about policy continuity and fair competition for private enterprises [4][5]. Group 3: Implementation and Support - The National Development and Reform Commission (NDRC) is set to introduce a series of practical measures aimed at enhancing private investment, including establishing a long-term mechanism for private enterprises to participate in major national projects [5][6]. - The NDRC has been actively promoting over 3,200 projects to private capital, with a total investment exceeding 3 trillion yuan [5][6]. - A special coordination service mechanism will be established to support the issuance of infrastructure REITs for eligible private investment projects [6].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively exploring new asset types for Real Estate Investment Trusts (REITs) issuance, including railways, ports, ultra-high voltage transmission, communication towers, and more [1] Group 1: New Asset Types - The NDRC is focusing on asset types that currently lack recommended issuance cases, such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [1] - The initiative aims to enhance the issuance pathways for these new asset types to facilitate their entry into the REITs market [1] Group 2: Coordination and Support - The NDRC plans to increase efforts in coordinating and resolving existing challenges and bottlenecks that hinder the issuance of these new asset types [1] - The goal is to assist projects in meeting the necessary conditions for issuance as quickly as possible [1]

南方顺丰仓储物流封闭式基础设施证 券投资基金 2025 年中期报告 基金管理人：南方基金管理股份有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 8 月 30 日 南方顺丰仓储物流封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议。确保相关披露内 容的真实性、准确性和完整性。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中的财务资料未经审计。 本报告期自 2025 ...