Core Points - The fund plans to distribute a cash dividend of RMB 15,900,000, which accounts for 99.8265% of the available distributable amount as of the distribution benchmark date [1] - The available distributable amount is calculated based on the net profit of the fund's consolidated financial statements, adjusted to EBITDA, and considers factors such as the project's sustainability and debt repayment capacity [1] - The total available distributable amount as of the benchmark date is RMB 15,927,634.11, consisting of undistributed amounts from previous periods and amounts available for distribution from July 1, 2025, to September 30, 2025 [1] Dividend Distribution Information - The cash dividend will be transferred from the fund's custodian account on November 26, 2025 [2] - The cash dividend payment dates are November 27, 2025, for on-market transactions and November 26, 2025, for off-market transactions [3] Other Important Notices - During the equity distribution period from November 20 to November 24, 2025, cross-system transfer business will be suspended [4] - The fund will be suspended for one hour from trading on the Shenzhen Stock Exchange on the morning of the distribution announcement and will resume trading at 10:30 AM [4]

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3940 | -0.81 | 2.61 | -1.57 | | 深证综指 | 2486 | -1.04 | 3.71 | -1.26 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.53 | 1.15 | 17.53 | | 中盘指数 | -1.16 | 1.45 | 26.1 | | 小盘指数 | -0.94 | 4.27 | 23.91 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 广告营销 | 3.99 | 15.01 | 16.32 | | 数字媒体 | 3.41 | 5.75 | 10.21 | | 互联网电商 | 2.28 | -0.02 | 7.06 | | 渔业 | 2.02 | 20.85 | 26.74 | | ...

Core Viewpoint - Insurance capital is increasingly entering the real estate sector, driven by the need for stable cash flows and the long-term nature of real estate investments [1][2][3] Group 1: Recent Transactions - Lujiazui Guotai Life Insurance announced the purchase of the Qiantan Hui N5 office building in Shanghai for a total price of 895 million yuan (approximately 8.95 billion yuan, including VAT), completed on October 31 [2] - Other insurance companies, including Zhong Postal Insurance, have also made significant real estate investments, such as the acquisition of the landmark project Bohua Plaza in Shanghai [2] Group 2: Investment Characteristics - Real estate, particularly commercial office buildings in first-tier cities, offers long-term stable returns and aligns well with the long-term liabilities of insurance capital [3] - The value stability and strong anti-inflation capabilities of real estate help diversify investment risks and reduce the impact of price fluctuations on overall investment portfolios [3] Group 3: Market Trends - In the current asset scarcity environment, high-quality real estate projects are expected to provide stable rental income and potential appreciation [4] - The insurance sector is diversifying its investment methods in real estate, with examples including the listing of Huaxia Kaide Commercial REIT and the establishment of a 16 billion yuan Pre-REITs acquisition fund [4] Group 4: Professional Investment Capabilities - Real estate investment is complex and requires high professional capabilities from investment institutions, necessitating the establishment of a robust research and investment system [5] - Insurance companies must enhance their asset valuation capabilities and develop differentiated assessment models for various types of underlying assets [6]

Core Viewpoint - China Nuclear Power has initiated the application for a public REITs focused on renewable energy infrastructure, with a valuation of approximately 1.5 billion yuan for the underlying assets [1][2]. Group 1: Project Details - The project is led by China Nuclear Huineng Co., Ltd., with management by AVIC Fund Management Co., Ltd. and special plan management by AVIC Securities Co., Ltd. [1] - The REITs will utilize wind power projects in Guangxi and Xinjiang as underlying assets, with an initial capacity of around 200,000 kilowatts [1]. - China Nuclear Huineng plans to subscribe for 34%-42% of the fund shares [1]. Group 2: Industry Context - This marks the second public REITs product within the China Nuclear Group, following the application of the Huaxia China Nuclear Clean Energy REIT [2]. - AVIC Securities and AVIC Fund Management have submitted a total of five public REITs applications, including the recently submitted AVIC Tianhong Consumer REIT [2]. - The existing public REITs managed by AVIC include AVIC Shougang Green Energy REIT, AVIC Jingneng Photovoltaic REIT, and AVIC Yishang Warehousing Logistics REIT, with the latter having received approval for the expansion of hydropower assets [2].

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]