Report Industry Investment Rating No relevant information provided. Core View of the Report - The REITs index declined unilaterally this week, with a 2.85% drop, and sectors such as transportation and affordable housing led the decline. The newly - listed Anbo Warehouse REIT broke its issue price on the first day, while the Huaxia Zhonghe Hydropower REIT was highly sought after, with an effective subscription multiple of 340.5 times, attracting over 100 billion yuan in funds. There are also signs of expansion on the asset side, and the policy environment continues to be favorable [3]. - As of December 19, 2025, 19 new REITs have been successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease. This week, 3 new issuance and 1 expansion of public REITs made progress [3]. Summary by Directory 1. Primary Market - This week, 3 new issuance public REITs made progress: Huaxia Anbo Warehouse REIT was listed, with a 10.16% drop on the first day; Huaxia Zhonghe Clean Energy REIT has been priced at 5.015 yuan per share, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT has been queried. One expansion public REIT, Huaxia Fund CR Land Youchao REIT, has its expansion shares listed [3][12][13]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 999.19 points this week, with a 2.85% decline, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. Year - to - date, the index has a 3.24% increase, underperforming the CSI 300 by 12.86 percentage points but outperforming the CSI Dividend by 4.99 percentage points. By project attribute, equity - based REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, sectors such as warehousing and logistics, parks, data centers, and consumption performed better [3]. 2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.42% respectively, with a change of - 0.15BP and + 4.98BP compared to last week. The trading volumes were 365 million and 140 million shares respectively, with a week - on - week increase of 0.42% and 13.47%. The data center sector had the highest activity, and the environmental protection and water services sector saw a significant increase in liquidity [24]. 2.3 Valuation - The affordable housing sector has a relatively high valuation. From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 4.18% and 5.26% respectively [25][27]. 3. This Week's News and Important Announcements 3.1 This Week's News - The China Securities Regulatory Commission emphasized promoting the high - quality development of the private equity fund industry, accelerating the pilot of commercial real estate REITs, and researching the launch of new key futures varieties. - Jinjiang International's subsidiary launched a tender for the fund manager, special plan manager, and financial advisor of a public REITs project. - The National Development and Reform Commission proposed to continue to expand the scope of infrastructure REITs and support more private investment projects to be listed [31]. 3.2 Important Announcements - Multiple REITs announced dividend plans, and some REITs had strategic placement shares lifted from restrictions. In addition, some REITs released their operation data, showing an increase in traffic volume and toll revenue [32][33].

Report Title - "2025 December 20th: Subscription Multiple of CNNC Hydropower REIT Hits New High - Weekly Tracking of Publicly Offered REITs (2025.12.15 - 2025.12.19)" [1] Report Industry Investment Rating - Not provided in the content. Core Viewpoints - This week, the REITs index fell unilaterally, with transportation and affordable housing leading the decline. Newly - listed products were under pressure, but CNNC Hydropower REIT was highly sought after by funds. The asset side showed signs of expansion, and the policy side continued to support the REITs market [3]. - As of December 19, 2025, 19 REITs were successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease [3]. Summary by Directory 1. Primary Market: Three First - time Issued Publicly Offered REITs Made New Progress - This year, 19 REITs were successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, and 1 in November), with a scale of 38.8 billion yuan, down 40.0% year - on - year [3]. - This week, three first - time issued REITs made new progress: Huaxia Anbo Warehouse REIT was listed with a 10.16% drop on the first day; Huaxia CNNC Clean Energy REIT was priced at 5.015 yuan per share after inquiry, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT was under inquiry [3][13]. - One REIT for expansion made new progress: The expanded shares of Huaxia Fund CR Land Youchao REIT were listed, with the ex - right effective date on December 16 [3][14]. 2. Secondary Market: The Index Fell This Week 2.1 Market Review: The CSI REITs Total Return Index Fell 2.85% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 999.19 points, down 2.85%, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 3.24%, underperforming the CSI 300 by 12.86 percentage points and outperforming the CSI Dividend by 4.99 percentage points [3]. - By property type, equity REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, the warehouse logistics, park, data center, and consumption sectors performed better [3]. 2.2 Liquidity: The Liquidity of the Environmental Protection and Water Services Sector Increased Significantly - The average daily turnover rates of equity/concession - based REITs this week were 0.37%/0.42%, down 0.15BP/up 4.98BP compared with last week. The trading volumes during the week were 365 million/140 million shares, up 0.42%/13.47% week - on - week. The data center sector was the most active [3][26]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to ChinaBond valuation yields, the yields of equity/concession - based REITs were 4.18%/5.26%, with the transportation, warehouse logistics, and park sectors ranking top three [3]. 3. This Week's Important News and Announcements 3.1 This Week's News - On December 15, 2025, the CSRC emphasized promoting the high - quality development of the private equity fund industry, implementing the pilot of commercial real estate REITs as soon as possible, and researching and launching new key futures varieties [34]. - Also on December 15, Shanghai Jinjiang Asset Management Co., Ltd. launched the tender for the public REITs project, which may indicate the upcoming first hotel REIT [34]. - On the same day, Huatai Baowan Logistics REIT announced an expansion plan, planning to purchase four new infrastructure projects [34]. - On December 16, the National Development and Reform Commission proposed to play the role of new policy - based financial instruments, infrastructure REITs, and inclusive loans to stimulate investment vitality [34]. - On December 18, the National Development and Reform Commission proposed to continuously expand the scope of infrastructure REITs during the 15th Five - Year Plan period and support more private investment projects to be listed [34]. 3.2 Important Announcements - Multiple REITs announced dividend plans this week, including Zheshang Hu杭Yong REIT, Huatai Baowan Logistics REIT, etc. [35][36] - Some REITs announced the lifting of the ban on strategic placement shares, including China Merchants Science and Technology Innovation REIT, Huaxia Beijing Affordable Housing REIT, etc. [36] - Some REITs announced their operation data for November 2025, including Huatai Jiangsu Expressway REIT, Huaxia China Communications Construction Expressway REIT, etc. [36]

Group 1 - The core viewpoint of the article highlights that Jiangsu Guoxin (002608) has established green trust projects, including the "Jiangsu Trust. Green Point No. 1" asset management trust product [1] - The company is actively exploring and researching public REITs (Real Estate Investment Trusts) [1]

Core Viewpoint - The recent listing of the Huaxia Anbo Warehousing REIT on the Shenzhen Stock Exchange marks a significant development in China's public REITs market, which now approaches 80 funds, enhancing investment opportunities in logistics and infrastructure sectors [1] Group 1: Market Performance - The CSI REITs Index closed down 0.57% at 780.58 points, continuing a downward trend since late June, indicating that the REITs market has lagged behind the broader market [1] - The decrease in turnover rate is attributed to the stock market's rise, increased market observation, and stabilized trading, alongside a convergence of dividend distributions from certain projects [1] Group 2: Investment Opportunities - The successful issuance of the Huaxia Anbo Warehousing REIT provides an efficient investment tool for ordinary investors to participate in warehousing and logistics projects, thereby enriching the asset types available in China's public REITs [1] - Analysts from Pacific Securities highlight that in a landscape characterized by asset scarcity, public REITs demonstrate significant value due to their high dividends and moderate risk profile, making them an attractive investment option [1] Group 3: Economic Impact - The introduction of the Huaxia Anbo Warehousing REIT is expected to play a crucial role in modernizing logistics infrastructure and supporting sustained growth in the real economy [1] - According to Founder Securities, the characteristics of REITs, which lie between stocks and bonds, continue to attract medium to long-term capital due to their stable cash flow in a low-interest-rate environment [1]

Core Insights - Public REITs are becoming a key financial tool to support the real economy by revitalizing existing assets and facilitating investment and financing cycles [1][2] - The market for public REITs in China has entered a new phase of "normalization and scaling" after five years of exploration, with the total market value exceeding 220 billion yuan by the end of Q3 2025 [2][14] - ICBC Credit Suisse Asset Management has made significant strides in the public REITs market, launching notable products like the ICBC Galaxy North Expressway REIT and the ICBC Mengneng Clean Energy REIT, which have set records in investor subscriptions [2][8][13] Industry Development - The pilot program for public REITs in China was officially launched in April 2020, and the scope has since expanded to include commercial real estate, creating a dual-driven development model of "infrastructure + commercial real estate" [1][2] - As of Q3 2025, 13 transportation infrastructure REITs have been listed with a total issuance scale exceeding 68 billion yuan, highlighting the significant cluster effect in this sector [4] - The ICBC Galaxy North Expressway REIT has demonstrated strong operational resilience, achieving an annualized cash distribution rate of 9.30% as of Q3 2025 [4][6] Financial Performance - The ICBC Mengneng Clean Energy REIT, launched on December 10, 2024, achieved a subscription multiple of 357 times, setting a record for public REITs on the Shenzhen Stock Exchange [2][8] - The clean energy REIT is backed by wind power assets capable of generating 400 million kilowatt-hours of green electricity annually, contributing to significant carbon reduction efforts [8][10] - The financial indicators for the ICBC Galaxy North Expressway REIT show a revenue of 158 million yuan and a cash flow from operating activities of 134 million yuan for the reporting period [6] Strategic Initiatives - ICBC Credit Suisse Asset Management has established a three-tier collaborative system leveraging the comprehensive financial resources of its parent company, ICBC, to enhance project management and operational efficiency [11][12] - The company is focused on a diversified asset portfolio that includes transportation, clean energy, municipal infrastructure, and elder care services, aligning with national strategic directions [12] - The successful launch of these REITs reflects the company's commitment to revitalizing existing assets and facilitating economic circulation, contributing to the broader goal of a financial strong nation [13][14]

Core Viewpoint - The successful listing of the Huaxia Anbo Warehousing REIT marks a significant milestone for Anbo in the Chinese market, showcasing the recognition of asset quality and operational resilience by the capital market [1][4][9]. Group 1: Fund Details - The Huaxia Anbo Warehousing REIT is the first public REIT launched by Anbo in China, holding 20% of the fund shares, managed by Huaxia Fund Management Co., Ltd [1][4]. - It is the only listed warehousing logistics REIT with all assets located in the Guangdong-Hong Kong-Macao Greater Bay Area [3][7]. - The offline inquiry phase saw a subscription multiple of 235.8 times, indicating strong investor confidence in the project's investment value [3][7]. Group 2: Strategic Importance - The listing of the Huaxia Anbo Warehousing REIT reflects Anbo's commitment to leveraging financial innovation to support the real economy and demonstrates foreign capital's accelerated entry into the Chinese public REITs market [4][9]. - The underlying assets of the REIT include three high-quality logistics warehousing projects located in key logistics hubs of the Greater Bay Area, designed and managed to international standards [4][9]. Group 3: Market Outlook - The robust growth of the Chinese consumer market is a fundamental driver for the development of the warehousing logistics industry, with Anbo maintaining a positive outlook on the growth potential in China [4][9]. - The successful issuance of the REIT provides an efficient investment tool for ordinary investors and enriches the asset types available in China's public REITs, contributing to the modernization of logistics infrastructure and supporting sustained economic growth [5][9]. Group 4: Long-term Commitment - Anbo aims to continue its long-term investment strategy in the Chinese market, utilizing its global resources and international operational experience to develop future-oriented logistics infrastructure and sustainable solutions [5][10].

Core Viewpoint - The successful expansion of Huaxia Fund's Huazhong REIT marks a significant advancement in the public REITs market and the operational value of rental housing assets, potentially leading to more quality rental housing assets entering the capital market [1][3] Group 1: Expansion Details - Huaxia Fund's Huazhong REIT completed its first expansion successfully, raising approximately 1.133 billion yuan through a subscription price of 2.53 yuan per share, with a subscription rate of 99.51% [1] - The funds raised will be used to acquire the Youchao Majiao project located in Minhang District, Shanghai, with the fund size exceeding 2.3 billion yuan post-expansion [1][2] Group 2: Project Overview - The Youchao Majiao project, which opened in March 2023, is situated in a high-demand rental area near several industrial clusters, achieving a rental rate of 96% by June 2025 [2] - Since its listing in December 2022, Huaxia Fund's Huazhong REIT has distributed over 154 million yuan in dividends to its holders, demonstrating strong cash flow generation capabilities [2] Group 3: Market Implications - The expansion of Huaxia Fund's Huazhong REIT validates the operational capabilities of market-oriented entities in the rental housing sector and highlights the unique value of public REITs in supporting the real economy and promoting common prosperity [3] - The successful case of Huaxia Fund's expansion is expected to provide replicable asset operation experiences for the rental housing market, injecting strong momentum for high-quality development [3][4] Group 4: REITs Market Development - The expansion further enhances the market-oriented operational mechanism of public REITs, transitioning the market from a focus on initial offerings to a dual-phase of initial offerings and expansions [4] - As of November 2025, the public REITs market has established 78 funds with a total scale exceeding 200 billion yuan, indicating a growing interest in rental housing REITs as quality investment assets in a low-interest environment [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the China Securities REITs Index fell 0.5% for the week, with the average weekly price changes of equity REITs and franchise REITs being +0.4% and -0.6% respectively. REITs underperformed major stock and bond indices. As of December 12, 2025, the dividend yield of equity REITs was 35BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise REITs and the 10-year Treasury yield was 295BP [1]. - The year-to-date price change of the China Securities REITs Index was 1.0%. In the past year, the return rate of the China Securities REITs Index was 2.0%, with a volatility of 7.4%. The total market value of REITs on December 12 was 217.6 billion yuan, a decrease of 200 million yuan from the previous week, and the average daily turnover rate for the week was 0.37%, unchanged from the previous week [2][9]. Summary by Relevant Catalogs Secondary Market Trends - Main Index Weekly Price Changes: CSI Convertible Bonds > CSI All-Bond Index > CSI 300 > China Securities REITs. As of December 12, 2025, the closing price of the China Securities REITs (Closing) Index was 797.54 points, with a weekly price change of -0.5%, underperforming the CSI Convertible Bonds Index (+0.2%), the CSI All-Bond Index (+0.18%), and the CSI 300 Index (-0.1%) [2][6]. - In terms of different project attributes, the average weekly price changes of equity REITs and franchise REITs were +0.4% and -0.6% respectively. In terms of different project types, most REIT sectors closed up, with municipal facilities, new infrastructure, and water conservancy facilities leading the gains. The top three REITs in terms of weekly price increase were Huatai Nanjing Jianye REIT (+7.33%), CICC Chongqing Liangjiang REIT (+5.07%), and GF Chengdu Gaotou Industrial Park REIT (+5.06%) [3][14][18]. - New infrastructure REITs had the highest trading activity, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume this week, accounting for 25.8% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (11.84 million yuan), China Merchants Shekou Rental Housing REIT (5.95 million yuan), and Hongtu Innovation Yantian Port REIT (5.66 million yuan) [3][20][21]. Primary Market Issuance - As of December 12, 2025, there were 3 REIT products in the exchange's "accepted" stage, 2 in the "declared" stage, 2 in the "inquired" stage, 4 in the "feedback" stage, 7 products that had passed and were waiting to be listed, and 13 first-issue products that had passed and were listed [23]. Valuation Tracking - REITs have both bond and equity characteristics. As of December 12, the average annualized cash distribution rate of public REITs was 6.13%. Different project types had different relative net value discount/premium rates, P/FFO, IRR, and annualized dividend rates [25][26]. - As of December 12, 2025, the dividend yield of equity REITs was 35BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise REITs and the 10-year Treasury yield was 295BP [1][28]. Industry News - Huaxia Zhonghe Clean Energy REIT was approved for registration on December 8, 2025. It is the first public REIT product under China National Nuclear Corporation, with the underlying asset being the Bobona Hydropower Station in Hotan, Xinjiang. Boshi Shandong TieTou Road & Bridge REIT has been officially declared to the Shanghai Stock Exchange, with the underlying asset being the Changqing Yellow River Bridge [4][34].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 0.29% this week, with operational rights categories dropping by 0.33% and property rights categories increasing by 1.07% [5][18] - The total market capitalization of the REITs industry is approximately 222.47 billion, with a circulating market value of about 112.39 billion [2] - Recent market activity includes the registration and inquiry announcement for the Huaxia Nuclear Clean Energy REIT, with an inquiry range set between 3.356 yuan and 5.033 yuan per share [7][12] Market Performance - The trading volume for the week reached 1.96 billion yuan, reflecting a 6.2% increase, with an average daily turnover rate of 0.3% [44] - The performance of various asset types showed significant variations, with clean energy REITs seeing a 23.5% increase in trading volume [44] - The correlation of REITs with the ten-year treasury bond is 0.19, while the correlation with the Shanghai Composite Index is 0.39, indicating a moderate relationship with equity markets [20] Key Events - The Huaxia Nuclear Clean Energy REIT project has been registered and is set for offline inquiry on December 17, 2025 [12] - The report highlights the approval status of several REIT projects, including the submission of the Boshi Shandong Iron Investment Road and Bridge REIT [12][7] - Six REITs, including the Huaxia Fund's Huayuan REIT, announced dividend distributions this week [12][44] Trading and Valuation - The overall REITs market saw 17 REITs increase in value, while 58 declined, resulting in an overall drop of 0.85% [22] - The valuation yield for various REITs ranged from -0.54% to 9.80%, with the highest yield observed in Ping An Guangzhou Guanghe REIT at 9.80% [45] - The P/NAV ratio for the REITs is between 0.72 and 1.84, indicating varying levels of market valuation relative to net asset value [45]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The REITs market continued to adjust this week, but liquidity started to pick up, with sector differentiation. The data center and affordable housing sectors led the gains. The China Asset Management CNNC Clean Energy REIT is set to start the book - building process next Wednesday, with an expected offering of RMB 1.258 billion and a projected distribution rate of 5.64% in 2026 [3]. - As of December 12, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of RMB 38.79 billion, a year - on - year decrease of 37.9%. This week, 2 new issuance and 1 expansion REITs made progress [3]. - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points [3]. 3. Summary According to the Directory 3.1 Primary Market: Two New Issuance Public REITs Made Progress - This week, Bosera Shandong TieTou Road & Bridge REIT was filed, with the underlying asset being the Changqing Yellow River Highway Bridge in Jinan. China Asset Management CNNC Clean Energy REIT was registered and effective [3][13]. - As of December 12, 2025, there were 12 REITs in the filing stage, 2 that had responded to inquiries, 2 that had passed the review, and 2 that were registered and waiting to be listed. For expansion, 4 were filed, 2 had responded to inquiries, and 2 had passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: China Securities REITs Total Return Index Declined 0.29% - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points. Year - to - date, it was up 6.26%, underperforming the CSI 300 by 10.15 percentage points and outperforming the CSI Dividend Index by 9.04 percentage points [3]. - By project attribute, equity - based REITs fell 0.11% and concession - based REITs fell 0.75% this week. By asset type, the data center (+1.54%), affordable housing (+0.41%), environmental protection and water services (+0.23%), and park (+0.22%) sectors performed well [3]. 3.2.2 Liquidity: Liquidity in the Data Center Sector Increased Significantly - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.37% respectively, up 1.25BP and 3.52BP from last week. The trading volumes were 364 million and 123 million shares respectively, up 4.19% and 10.53% week - on - week. The data center sector had the highest activity [3][24]. 3.2.3 Valuation: The Affordable Housing Sector Had a High Valuation - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs were 4.01% and 4.54% respectively. The warehousing and logistics (5.62%), transportation (5.53%), and park (4.83%) sectors ranked in the top three [3]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On December 8, 2025, Jiazexineng adjusted its public REITs project application plan. Beibuwan Port announced the application for port infrastructure public REITs [32]. - On December 9, 2025, Han Zhuo, the director of the Bond Department of the China Securities Regulatory Commission, published an article, suggesting measures to promote the high - quality development of the REITs market. He also mentioned that the scale of China's REITs is expected to reach RMB 7.5 trillion. Hebei Development and Reform Commission solicited infrastructure REITs project intentions [3][32]. - On December 10, 2025, a competitive selection announcement for the fund manager service of Chongqing Shuangfu Agricultural Market REITs was released [32]. - On December 11, 2025, the winning bid announcement for the financial advisor of Beijing Shunyi Municipal Holding Group Co., Ltd.'s public REITs project was released [32]. 3.3.2 Important Announcements - Multiple REITs such as AVIC Jingneng Photovoltaic REIT, China Asset Management CR Land Youchao REIT, and others issued announcements regarding expansion, share unlocking, and dividends. For example, the expansion of AVIC Jingneng Photovoltaic REIT had a planned issuance amount between RMB 2.541 billion and RMB 2.92215 billion [33][34].