1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The REITs market is in a weak range - bound oscillation. The CSI REITs Total Return Index closed at 1028.5 points this week, down 0.29% weekly, returning to around the end - February 2025 level. The total market value of 77 listed REITs reached 217.6 billion yuan as of December 12 [1][11]. - The China Securities Regulatory Commission's Bond Department proposed measures to promote the high - quality development of the REITs market, including cultivating large - scale and high - quality national leading REITs entities and small - scale and refined regional high - quality entities, improving the governance structure and incentive mechanism, and expanding the market coverage [2][3]. - The primary market: The Huaxia CNNC Clean Energy REIT has good new - share subscription attractiveness. Its underlying assets have relatively stable volume and price, and participating in the primary issuance may be more cost - effective than secondary purchases [3][24]. - The secondary market: The data center sector continued to lead the rise, but the trading sentiment remained weak. The performance of REITs sectors was differentiated, with the traffic facilities sector having the largest decline [5][34]. 3. Summary According to the Directory 3.1 China Securities Regulatory Commission's Bond Department: Promoting the High - quality Development of Real Estate Investment Trust Funds - The REITs market aims to serve the transformation and development of the real estate industry, with a potential scale of 7.5 trillion yuan. It can help form a virtuous cycle between stock assets and new investments [20][21]. - Cultivate strong - operation real - estate projects into "large and excellent" national leading REITs entities, and transform real - estate projects with relatively limited market - oriented operation into "small and refined" regional high - quality entities. Central enterprises and local projects are recommended to build unified REITs platforms [21]. - Improve the governance structure and incentive mechanism, increase the participation of industrial parties in governance, and explore a mechanism linking the manager's fees to asset management scale and income [22]. - Expand the REITs market coverage, increase the supply of high - quality projects, promote the coordinated development of commercial real - estate and infrastructure public REITs, and appropriately relax leverage ratio restrictions [23]. 3.2 Primary Market: Huaxia CNNC Clean Energy REIT Launches Inquiry - The Huaxia CNNC Clean Energy REIT will launch an inquiry on December 17, 2025. The inquiry range is 3.356 - 5.033 yuan per share, with 300 million shares to be issued, and the expected raised funds are 1.0068 - 1.5099 billion yuan [24]. - The underlying asset is a hydropower station with a total installed capacity of 1.5 million kilowatts. The proportion of priority power generation plan electricity is still large, and the impact of photovoltaic power generation on water abandonment and consumption is controllable [25][26]. - Compared with the listed Jiashi China Power Construction Clean Energy REIT, participating in the primary issuance of Huaxia CNNC Clean Energy REIT is more cost - effective. If the issuance price is lower than the upper limit of the inquiry range, the cost - effectiveness will further increase [29][30]. 3.3 Secondary Market: Data Centers Continue to Lead the Rise, and Trading Sentiment Remains Weak - The performance of REITs sectors is differentiated. The data center sector rose 1.54%, leading other asset types, while the traffic facilities sector fell 0.81%, the largest decline [34]. - In the data center sector, Runze Technology Data Center and Wanguo Data Center rose 1.87% and 0.94% respectively, and their trading volumes increased. Their dynamic distribution rates are 3.79% and 3.40% respectively [36]. - The municipal environmental protection sector rose 0.53%, mainly driven by the rise of Jinan Energy Heating and Shaoxing Raw Water. Attention should be paid to the stability of waste sources in the Zhonghang Shougang Green Energy project and the impact of the heating season on the distributable income of Jinan Energy Heating [39]. - The rental housing sector rose 0.41%. Attention can be paid to Huaxia Beijing Affordable Housing, China Merchants Shekou Rental Housing, etc. The placement of China Resources Youchao to original holders has been completed, and attention can be paid to the placement abandonment rate and the ex - rights filling situation after resumption [43]. - The industrial park sector rose 0.23%. Some bonds with poor fundamentals and large previous declines rebounded strongly, but the de - stocking pressure in the park sector still exists, and caution is needed for bonds with high distribution rates [48]. - The trading activity of REITs increased marginally but remained weak, with an average daily trading volume of 430 million yuan, an average daily trading volume of 97 million shares, and an average daily turnover rate of 0.37% [56].