Group 1: Report's Overall Situation - The report is a weekly review of public REITs from November 3 - 7, 2025, focusing on market trends, investment opportunities, and risks in the REITs sector [1][10] - The overall market is weak, with the China Securities REITs Total Return Index closing at 1041.51 points, down 0.40% for the week, affected by factors such as weak fundamentals, share unlocks, and secondary offerings [10] - As of Friday, the total market capitalization of 77 listed REITs in China was 220.6 billion yuan, with a floating market capitalization of 110.9 billion yuan [1] Group 2: Secondary Market Overall Performance - After the third - quarter reports, the REITs sector continued to show divergence, with 33 rising, 1 falling, and 43 falling. Industrial parks and warehousing logistics led the decline with a 1.8% drop, while the municipal environmental protection sector led the gain with a 0.65% increase [2][19] - REITs trading sentiment weakened, with average daily trading volume, average daily turnover, and average daily turnover rate decreasing by 13.43%, 10.45%, and 0.05 percentage points respectively compared to the previous period [22] Sub - sectors - **Industrial Parks**: The sector continued to face pressure in the third - quarter reports, with significant divergence in individual bond fundamentals. Some projects' occupancy rates dropped to 60 - 70%. The average distribution rate of the sector has increased to 4.60%. Consider playing the oversold opportunities of some individual bonds, such as CICC Liandong Kechuang REIT [28] - **Rental Housing**: The sector was dragged down by China Resources Youchao REIT, which fell 3.21% this week. The project plans to conduct a secondary offering through private placement to original holders, which may bring risks such as price decline and equity dilution. However, the sector's liquidity is good, and the distribution rate has increased from 2.83% at the end of June to 3.14%, so it is still worthy of attention [31] - **Transportation Facilities**: Continue to focus on road assets in the eastern regions such as Huatai Jiangsu Expressway, China Merchants Expressway, etc. Note that three highway REITs will have large - scale share unlocks in November, which may bring trading pressure [34] - **Consumer Infrastructure**: It is the golden season for consumer REITs in the fourth quarter. Focus on projects with high distribution rates, stable leasing performance, and large consumption potential, such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5][36] - **Municipal Environmental Protection**: Guotai Haitong Jinan Energy Heating REIT performed best this week, rising 2.25%. Pay attention to the heating duration and heat source procurement price adjustment during the heating season [38] Group 3: Primary Market Shan Zheng Jinzhong Public Investment Ruiyang Heating REIT - On November 6, the Shanghai Stock Exchange issued a review opinion. Key concerns include heat source procurement (stability and unit price) and heating fee income (historical and predicted shutdown rates, "same - city, same - price" policy, etc.) [43] Other Upcoming Issuance Projects - As of November 7, 2025, there are about 3 potential issuance projects remaining this year. Currently, 1 is ready for sale after pricing (Huaxia Anbo Warehousing Logistics), 7 have received exchange feedback, and 1 has been accepted by the exchange [44] Group 4: Investment Recommendations - **Industrial Parks**: Consider the oversold opportunities of CICC Liandong Kechuang REIT, which has an occupancy rate of over 90% in the third - quarter report, and also pay attention to Guotai Haitong Dongjiu New Economy and Guotai Haitong Lingang Innovation Industrial Park [28] - **Rental Housing**: Focus on high - distribution - rate projects such as Shanghai Real Estate Rental Housing, Shekou Rental Housing, and Xiamen Anju, which fell significantly last week [4] - **Consumer Facilities**: In the fourth quarter, focus on high - distribution - rate, stable - leasing, and high - consumption - potential projects such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The REITs market continued to decline this week, with the park and warehousing logistics sectors leading the decline. The market is still concerned about their pressure on occupancy rates. The Shenyang International Software Park REIT listed on Thursday, showing a weak performance and breaking the issue price on the first day, which may suppress the market sentiment for subsequent new products. The short - term weak and volatile pattern may continue [2]. - As of November 7, 2025, 18 REITs have been successfully issued this year, with an issuance scale of 36.34 billion yuan, a year - on - year decrease of 25.8%. This week, 3 new public offering REITs made new progress [2]. - The CSI REITs Total Return Index closed at 1041.51 points this week, down 0.4%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. Property - type REITs fell 0.84%, while concession - type REITs rose 0.15%. The consumer, data center, environmental protection and water services, and transportation sectors performed better [2]. - In terms of liquidity, the average daily turnover rates of property - type and concession - type REITs this week were 0.60% and 0.45% respectively, down 8.70 and 0.36 basis points from last week. The trading volumes were 577 million and 129 million shares respectively, down 11.78% and 0.79% week - on - week [2]. - In terms of valuation, the ChinaBond valuation yields of property - type and concession - type REITs were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3. Summary According to the Directory 3.1 Primary Market: 3 New Public Offering REITs Made New Progress - As of November 7, 2025, a total of 77 REITs have been issued, with a total issuance scale of 202 billion yuan, a total market value of 220.6 billion yuan, and a circulating market value of 110.9 billion yuan. Among them, there are 54 property - type REITs and 23 concession - type REITs [12]. - This week, 3 new public offering REITs made new progress: the CITIC Construction Shenyang International Software Park REIT was listed, the Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT was under inquiry, and the E Fund Guangxi Beitou Expressway REIT was accepted. There was no new progress in the expansion of REITs this week [13][14]. 3.2 Secondary Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.4% - The CSI REITs Total Return Index closed at 1041.51 points this week, down 0.4%, underperforming the CSI 300 by 1.22 percentage points and the CSI Dividend by 2.63 percentage points. Property - type REITs fell 0.84%, while concession - type REITs rose 0.15%. The consumer, data center, environmental protection and water services, and transportation sectors performed better [2]. - Among individual bonds, 33 rose and 42 fell. The top three were the China AMC JINMAO Commercial REIT (+4.42%), the Zheshang Expressway REIT (+2.37%), and the Guotai Junan Jinan Energy Heating REIT (+2.25%); the bottom three were the GF Chengdu Gaotou Industrial Park REIT (-9.44%), the CICC Liandong Science and Technology Innovation REIT (-8.43%), and the E Fund Guangzhou Development Industrial Park REIT (-7.01%) [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.60% and 0.45% respectively, down 8.70 and 0.36 basis points from last week. The trading volumes were 577 million and 129 million shares respectively, down 11.78% and 0.79% week - on - week. The data center sector was the most active [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - The ChinaBond valuation yields of property - type and concession - type REITs were 3.89% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top three [2]. 3.3 This Week's News and Important Announcements - News: On November 4, 2025, Li Ming, the vice - chairman of the China Securities Regulatory Commission, stated at the 2025 International Financial Leaders Investment Summit that support will be provided to include REITs and other products in the Hong Kong Stock Connect [29]. - Announcements: Multiple REITs issued share unlocking announcements this week, including Huatai Jiangsu Expressway REIT, Yin Hua Shaoxing Raw Water Water Conservancy REIT, etc. Some REITs also announced dividend plans [29].

Core Viewpoint - Green ecological development is a crucial area for economic growth in China, with public REITs emerging as significant financial tools to activate existing assets and support the real economy [1] Group 1: Public REITs and Green Finance - The "ICBC Mengneng Clean Energy REIT," managed by ICBC Credit Suisse Asset Management and initiated by Inner Mongolia Energy Group, is set to be listed on the Shenzhen Stock Exchange on December 10, 2024 [1] - Public REITs are becoming important carriers for green finance practices, highlighting their role in promoting sustainable economic development [1] Group 2: Regional Focus - The article explores Ulanqab, known as the "Air Three Gorges" and "Wind Power Capital," to uncover the underlying green significance and value of the region [1]

Group 1: Public REITs Basic Information - The strategic placement shares of the fund will be locked for 12 months from the listing date, with the release date set for November 21, 2025. A total of 278,900,000 shares will be released, accounting for 55.78% of the total fund shares [1] - Before the release of the strategic placement shares, the tradable shares in the secondary market amount to 81,810,000, which is 16.36% of the total fund shares. After the release, the total tradable shares will be 360,710,000, representing 72.14% of the total fund shares [1] Group 2: Infrastructure Project Performance - The infrastructure project is the Anhui Bo-Fu Expressway, managed by the Anhui Bo-Fu Expressway Co., Ltd. The project spans 101.3 kilometers with three toll stations and two service areas [4][5] - As of the announcement date, the project is operating stably, with a toll revenue (including tax) of 33,723 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 7.1%. The average daily traffic volume is 15,637 vehicles, up 8.7% year-on-year [5] Group 3: Impact on Fund Shareholders' Rights - The closing price of the fund on November 6, 2025, was 7.401 yuan per share, representing a 5.85% increase from the issuance price. The predicted distributable amount for 2025 is 317,600,868.47 yuan [6] - The net cash flow distribution rate for an investor buying at the issuance price of 6.992 yuan per share is projected to be 9.08%, while for an investor buying at the market price of 7.401 yuan, it is projected to be 8.58% [6]

Core Insights - The successful listing of CITIC Construction Investment Shenyang International Software Park REITs marks a significant milestone for the Northeast region, indicating a new phase in capital operation and industrial upgrading, while injecting long-term capital into the digital economy development of the region [1][3] Fundraising and Asset Details - The CITIC Construction Investment Shenyang International Software Park REITs issued a total of 300 million fund shares, raising a total of 1.098 billion yuan [2] - The initial assets include 13 industrial buildings located in the core innovation area of Shenyang, with a total property area of 201,200 square meters, primarily focused on R&D and office operations [2] Capital Empowerment and Ecosystem - The successful listing of the REITs is expected to activate existing assets, create a positive capital cycle, and enhance operational efficiency, serving as a model for other industrial parks in Northeast China [3] - The REITs will attract more quality digital economy enterprises to settle and grow in Shenyang, contributing to the goal of making it a leading digital city in Northeast China [3] Development and Growth Potential - Shenyang International Software Park has become the largest digital economy industrial cluster in Shenyang, with 1,748 resident enterprises and over 40,000 employees as of Q3 2025 [4] - The second phase of the park, with an investment of 8 billion yuan, aims to create a hub for technological innovation and emerging industries, further enhancing the park's capacity and potential for future asset expansion [4] Transition to Capital Heights - The listing of the REITs signifies a critical transition from an "industrial highland" to a "capital highland," reflecting the recognition of the value of the park's assets and its role in regional high-quality development [5] - The park is expected to enhance asset management and operational standards, aiming for sustainable development and long-term stable returns for investors [5]

Core Insights - The launch of the CITIC Construction Investment Shenyang International Software Park REIT marks a significant step in China's public REITs market, supporting the national regional development strategy and the revitalization of Northeast China [1][2] Group 1: REIT Overview - The CITIC Construction Investment Shenyang International Software Park REIT is the first public REIT in China to implement the Northeast revitalization strategy, officially listed on the Shanghai Stock Exchange on November 6 [1] - The underlying assets of the REIT are located in Hunnan District, Shenyang, comprising 13 industrial buildings with a total ownership area of approximately 201,200 square meters, primarily focused on research and office operations [1] - The project has been operational for over five years, demonstrating stable operational capabilities and asset resilience, with a weighted average occupancy rate of around 84% over the past three years [1] Group 2: Market Response and Implications - The REIT received significant attention from the capital market during its issuance, with an offline subscription oversubscription rate of 83 times, indicating strong investor confidence in the asset quality and future revenue prospects [1][2] - As the 77th public REIT in the market, its introduction enriches the regional layout of industrial park assets within China's public REITs market and provides a standardized, market-oriented investment channel for capital market participation in Northeast revitalization [2] - The successful implementation of this product exemplifies the potential of private enterprises in infrastructure construction and operation, enhancing confidence among various market participants in the economic development of Northeast China [2]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 10.906 billion CNY, representing a year-on-year increase of 163.73% [2] - The net profit attributable to shareholders was 330 million CNY, marking a turnaround from losses [2] - The increase in revenue and profit is primarily due to the rise in sales recognition from real estate operations [2] Financial Costs - Financial expenses increased due to the expansion of interest-bearing liabilities and increased interest expenses [2] - The company has managed to reduce overall financing costs compared to the previous year due to improved liquidity in the financial market [2] Investment and Returns - The main source of investment income for 2024 is expected to come from the issuance of public REITs related to Baowan Logistics [2] - The company is actively promoting asset securitization to enhance its asset management capabilities [2] Long-term Investments - Long-term equity investments are concentrated in areas related to the main business, including real estate development partnerships and logistics investments [3] Credit Impairment - Credit impairment mainly arises from losses on other receivables, influenced by market conditions and policy adjustments [4] Real Estate Development - The gross profit margin for real estate development in the first half of 2025 was 19.27%, an increase from the previous year, driven by improved project delivery in key regions [5] Logistics Operations - The average warehouse utilization rate for Baowan Logistics was 91.1%, an increase of 4.1 percentage points year-on-year, despite overall market pressures [6] - Rental rates have faced downward pressure due to intensified industry competition [6] Market Conditions - The company is closely monitoring the impact of U.S.-China tariff policies on warehousing demand, particularly from e-commerce clients [7] Renewable Energy Investments - The company’s renewable energy operations are primarily through its stake in China Nuclear Technology, which operates 117 power stations with a total capacity of 2,030 MW [8][9] Dividend Policy - The company emphasizes the importance of capital reserves for long-term development and project investments, indicating a cautious approach to increasing dividends [9]

Core Insights - The report highlights a significant divergence in performance across various sectors within the public REITs market for Q3 2025, with utility, rental housing, and consumer sectors showing robust growth, while logistics and transportation sectors are underperforming [4][14] - The overall market experienced a V-shaped rebound in October, driven by the central bank's resumption of public bond trading, leading to a notable increase in trading volume and a recovery in valuations [5][14] Sector Performance Summary - **Utility Sector**: Demonstrated exceptional performance with EBITDA growth exceeding 10% year-on-year, indicating strong demand and operational efficiency [4][14] - **Rental Housing and Consumer Sectors**: Both sectors showed steady performance with positive year-on-year growth in revenue, EBITDA, and distributable amounts, reflecting resilience in consumer spending [4][14] - **Logistics and Transportation Sectors**: These sectors faced significant challenges, with over 80% of companies in the industrial park sector reporting declines in performance, and only a few companies in the transportation sector achieving growth [4][14] - **Energy Sector**: Overall performance declined, with most projects reporting significant year-on-year decreases in revenue and EBITDA, except for a few standout companies [4][14] Market Trends - **Dividend Yields**: The latest dividend yield for property REITs rose to 4.06%, with a spread of 2.27% over the 10-year government bond yield, indicating a favorable investment environment for income-seeking investors [5][14] - **Valuation Recovery**: Valuations for property and operating rights REITs have rebounded to the 66% and 72% percentiles, respectively, suggesting a recovery in investor confidence [5][14] - **New REITs Performance**: A significant disparity in the performance of newly established REITs was noted, with only 14% of those established in 2025 meeting their expected distributable amounts [4][14] Company-Specific Insights - **Ding Tai Gao Ke (301377)**: Reported a revenue of 1.457 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 29.13%, with a notable profit increase of 63.94% [13] - **Rongchang Bio (09995.HK)**: Achieved a revenue of 1.72 billion yuan in the first three quarters of 2025, a 42.3% increase year-on-year, with a significant reduction in net losses [15][16] - **Zhong Tung Gao Xin (000657)**: Announced plans for capacity expansion in response to high demand for PCB drill bits, with a projected increase in monthly production capacity [20][21]

Group 1: Market Overview - The Q3 2025 performance of public REITs shows significant differentiation, with utility sectors performing best, while warehousing, logistics, and transportation sectors are underperforming [2][3] - The market experienced a rebound in October, with leading assets showing significant gains and a widening interest margin, with valuations recovering to above the 60th percentile [3][10] - The latest dividend yield for property REITs has risen to 4.06%, with a spread of 2.27% over the 10Y government bond yield, indicating improved performance in utility and consumer sectors [3][10] Group 2: Sector Performance - Utility, affordable rental housing, and consumer sectors have shown positive year-on-year growth in revenue, EBITDA, and distributable amounts, with the utility sector's EBITDA growing over 10% [2][3][13] - The industrial park sector has seen the most significant decline, with over 80% of individual securities experiencing performance drops, and EBITDA and distributable amounts declining by over 10% [2][3][13] - The transportation sector has limited high-performing securities, with only Anhui Expressway and Hebei Expressway showing comprehensive growth [2][3][13] Group 3: Company-Specific Insights - Ding Tai Gao Ke reported a revenue of 1.457 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.13%, with Q3 revenue reaching 553 million yuan, up 32.94% year-on-year [12] - The company has improved its gross margin to 40.62% for Q1-Q3 2025, benefiting from product structure optimization and price increases [15] - The PCB industry is experiencing strong demand, with the company planning to accelerate capacity expansion to meet the growing needs [15][19]

1. Market Performance - The CSI REITs Total Return Index closed at 1045.73 points this week (October 27 - 31, 2025), up 0.06% weekly, continuing last week's stabilization trend. The market fluctuated during the week, with a 0.44% drop on Monday, a cumulative 1.1% increase on Tuesday and Wednesday driven by the central bank's restart of treasury bond trading information, and a cumulative 0.59% retracement on Thursday and Friday after the concentrated disclosure of the third - quarter reports. From a monthly perspective, the total return index has declined for four consecutive months, and the market remains weak [1][9]. - This week, 49 REITs closed higher and 27 closed lower, and the trading activity of REITs increased. As of Friday, the total market value of 76 listed REITs in China reached 220.6 billion yuan, with a circulating market value of 110.4 billion yuan [2][9]. - In terms of major asset classes, although the overall performance of REITs was average this week, four types of REITs, including consumer facilities, rental housing, municipal environmental protection, and new - type facilities, showed obvious recovery and outperformed the Shanghai - Shenzhen 300, CSI 500, and CSI 1000. The Hang Seng Tech and SHFE Gold declined by more than 2.5% [12]. 2. Sector - by - Sector Analysis 2.1 Municipal Environmental Protection - The sector exceeded expectations, with better recovery in charging prices or processing volumes. As the heating season approaches, heating - related projects are worth attention. For example, the available distribution amount of the Fuguo Shouchuang Water Service REIT in the third quarter increased by 30.12% year - on - year, mainly due to better accounts receivable collection in the Shenzhen project than in the same period last year, an increase in sewage treatment volume by 1.23% year - on - year, and an increase in the average sewage treatment unit price by 7.05% year - on - year [16][20]. - The available distribution amount of the China Aviation Capital Shougang Green Energy REIT in the third quarter increased by 97.4% year - on - year, mainly due to the collection of garbage treatment fees by the Beijing Urban Management Commission, an increase in national subsidy payments compared with the same period last year, and an increase in the amount of domestic garbage treatment [21]. 2.2 Data Centers - The sector is strong under the AIDC intelligent computing power boom, and the computing power demand is expected to remain strong in the future. There are currently only 2 REITs in this sector. Although the projects have a single tenant and a long - term lease, the tenants are China's three major telecommunications operators, with high reliability. At current prices, the distribution rates of the two REITs are below 4%, and Runze Technology is slightly higher than Wan Guo [3][24]. 2.3 Consumer Facilities - The sector enters the performance sprint period at the end of the year. The performance in the third quarter was generally stable, and the annualized distribution rate in the third quarter ranged from 3.59% (Huaxia Huarun Commercial) to 5.53% (E Fund Huawai Market). It is recommended to focus on projects with high distribution rates, stable rental performance, and good consumption scenarios, such as E Fund Huawai Market, Huaan Bailian Consumption, Jashi Wumei Consumption, and Huaxia Shouchuang Outlets [26]. 2.4 Rental Housing - The sector's performance is stable, with a high occupancy rate. Multiple projects are in the process of expansion. The annualized distribution rate in the third quarter ranged from 2.69% (Red Clay Innovation Shenzhen Affordable Housing) to 4.02% (Huitianfu Shanghai Real Estate Rental Housing). After the bond market stabilizes, it can be the first choice for investment [32]. 2.5 Industrial Parks - The sector continued to face pressure in the third quarter, with the distribution rate ranging from 1.90% (Jianxin Zhongguancun) to 5.73% (Huaxia Hefei High - tech). The projects are significantly differentiated, and it is recommended to focus on park bonds with an occupancy rate starting with "9" [36]. 2.6 Warehousing and Logistics - The sector is still affected by the impact of new supply. Projects with a large proportion of related - party leases can resist certain demand competition. It is recommended to focus on Red Clay Innovation Yantian Port, Jashi JD Warehouse Infrastructure, and Southern SF Logistics, which have a relatively high proportion of related - party leases [47]. 2.7 Transportation Facilities - The sector is significantly affected by surrounding competing projects. The passenger and freight traffic of road assets in the eastern region has recovered better overall. It is recommended to focus on road assets in the eastern region [16][50]. 2.8 Energy - The sector's performance is generally under pressure due to factors such as wind, light, and water resources, as well as market - based trading and other pressures. Some projects have carried out factoring to ensure current dividends [16]. 3. Other Important News - This week, the REITs with relatively large increases were Cinda Principal Agricultural ( + 4.22%), Southern Wan Guo Data Center ( + 4.09%), and CICC Yinli Consumption ( + 3.85%); the REITs with relatively large decreases were Huaxia Hefei High - tech ( - 7.78%), China Merchants Science and Technology Innovation ( - 4.74%), and E Fund Guangzhou Development Industrial Park ( - 4.19%) [59]. - The trading activity of REITs increased this week, with the average daily trading volume of 618 million yuan, the average daily trading volume of 149 million shares, and the average daily turnover rate of 0.61%, with a month - on - month change of + 13.68%, + 18.74%, and + 0.09 percentage points respectively [63]. - There are 5 projects to be unlocked in November 2025, including CICC Liandong Science and Technology Innovation (2025/11/5, 39.09%), Yin Hua Shaoxing Raw Water and Water Conservancy (2025/11/8, 18.06%), Huatai Jiangsu Expressway Control (2025/11/15, 55%), China Merchants Expressway (2025/11/21, 55.78%), and CICC Anhui Expressway Control (2025/11/22, 37.29%). Attention should be paid to the potential trading pressure brought by the recent unlocking projects [2][65]. - As of October 31, 2025, there are about 4 - 5 potential REIT issuance projects remaining this year, including 1 project that has been issued but not yet listed, 1 project that is currently being issued, 7 projects that have received feedback from the exchange, 1 project that has been accepted by the exchange, and 1 project that has been declared to the exchange [70].