1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (2025/09/15 - 2025/09/19), the weighted index of REITs decreased by 0.14% to 100.42 points. The performance of major asset classes from high to low was: crude oil > pure bonds > gold > REITs > stocks > convertible bonds. [2] - In terms of the nature of underlying asset projects, property - type REITs rose 0.13% to 113.97, while concession - type REITs fell 0.46% to 84.48. From the perspective of industry types, the weekly performance from high to low was: data centers > warehousing and logistics > industrial parks > consumer - type > energy - type > rental housing for affordable housing > highways > ecological and environmental protection. [2] 3. Summary According to Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Market Performance**: The weighted index of REITs decreased by 0.14% this week. The performance of major asset classes varied, with crude oil having the highest return at 2.09% and convertible bonds having the lowest return at - 1.55%. [2] - **Performance by Project Nature**: Property - type REITs rose 0.13%, and concession - type REITs fell 0.46%. [2] - **Performance by Industry Type**: Data centers had the highest return of 1.32%, while ecological and environmental protection had the lowest return of - 2.00%. [2] - **Top - Performing REITs**: In property - type REITs, the top five in terms of increase were Huaxia Fund China Resources Youchao REIT (2.20%), CICC Yizhuang Industrial Park REIT (1.54%), Huaxia Joy City Commercial REIT (1.43%), Southern Runze Technology Data Center REIT (1.41%), and AVIC Yishang Warehousing and Logistics REIT (1.37%). In concession - type REITs, the top five were China Merchants Expressway REIT (1.89%), E Fund Shenzhen Expressway REIT (1.57%), Ping An Ningbo Jiaotou REIT (1.40%), AVIC Jingneng Photovoltaic REIT (1.15%), and Yin Hua Shaoxing Raw Water and Water Conservancy REIT (0.87%). [3] - **Turnover Rate**: Among property - type REITs, CICC Vipshop Outlets REIT, Hua'an Waigaoqiao REIT, Southern Wanguo Data Center REIT, CICC Hubei KeTou Optics Valley REIT, and China Merchants Fund Shekou Rental Housing REIT had relatively high turnover rates. Among concession - type REITs, Huatai Jiangsu Jiaokong REIT, Guojin China Railway Construction REIT, Fuguo First - Created Water Service REIT, Huaxia Huadian Clean Energy REIT, and Huaxia Tebian Electric New Energy REIT had relatively high turnover rates. [3] 3.2 Secondary Market Valuation Situation - **Property - type REITs**: The top three in terms of internal rate of return (IRR) were CICC Hubei KeTou Optics Valley REIT (7.70%), Boshi Shekou Industrial Park REIT (6.69%), and Huaxia HeDa High - tech REIT (6.61%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were E Fund Guangkai Industrial Park REIT, CICC China Green Development Commercial REIT, and Huitianfu Shanghai Real Estate Rental Housing REIT. [4][23] - **Concession - type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.65%), Ping An Guangzhou Guanghe REIT (8.96%), and ICBC Hebei Expressway REIT (6.18%). The three REITs with relatively low P/NAV valuation quantiles and showing undervaluation were Huaxia Yuexiu REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT. [4] 3.3 Market Correlation Statistics - **Correlation between REITs and Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index at 0.20, followed by CSI 300 at 0.18, ChiNext Index at 0.11, small - and - medium - cap stocks at 0.16, CSI Convertible Bond Index at 0.17, CSI All - Bond Index at 0.07, gold at 0.04, and crude oil index at 0.09. [27] - **Correlation of Different Types of REITs with Major Asset Classes**: Different types of REITs had different correlations with major asset classes. For example, industrial park - type REITs had a relatively high correlation with the Shanghai Composite Index at 0.21, while rental housing for affordable housing - type REITs had a correlation coefficient of 0.00 with the Shanghai Composite Index. [28] 3.4 Primary Market Tracking As of September 19, 2025, there were 11 REITs products still in the exchange acceptance stage and 1 REIT in the state of having passed the review and waiting for listing. [5][31]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 to July 25, 2025, the REITs weighted index fell 1.94% to 101.89 points, with the performance of major asset classes ranked as stocks > convertible bonds > gold > pure bonds > crude oil > REITs. By underlying asset nature, property - type REITs fell 1.72% and concession - type REITs fell 2.19%. By industry type, industrial park - type REITs had the best performance and rental - housing - type REITs had the worst performance [2]. - This week, the top three gainers among REITs were Bosera Jinkai Industrial Park REIT (8.49%), China Merchants Science and Technology Innovation REIT (3.79%), and Huatai Jiangsu Expressway REIT (2.20%). In terms of trading volume, Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT led. In terms of turnover rate, China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high rates [3]. - In terms of valuation, many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT [4]. Summary by Related Catalogs Secondary Market Performance - **Overall Market Performance**: The REITs weighted index declined, and different types of REITs (by underlying assets and industries) showed varying degrees of decline. The performance ranking of different industry - type REITs was industrial park - type > warehousing and logistics - type > expressway - type > consumer - type > ecological and environmental protection - type > energy - type > rental - housing - type [2]. - **Individual REIT Performance**: The top three gainers were Bosera Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT. Huaan Zhangjiang Industrial Park REIT, Southern SF Logistics REIT, and Bosera Shekou Industrial Park REIT had high trading volumes. China Asset Management Jinyu Zhizao Factory REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT had high turnover rates [3]. - **Fund Flow and Block Trading**: The top three REITs with net inflows of main funds were China Asset Management Shenzhen International REIT, Red Soil Innovation Yantian Port REIT, and Bosera Shekou Industrial Park REIT. The top three industries in terms of trading volume were industrial park infrastructure, transportation infrastructure, and consumer infrastructure. The top three in terms of average daily turnover rate were industrial park infrastructure, ecological and environmental protection, and municipal facilities. In block trading, Tuesday had the highest trading volume of 50.1225 million yuan. The top three REITs in block trading turnover were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Mingyang Smart New Energy REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs' dynamic P/FFO was lower than the industry average. The top three REITs with low valuation quantiles (showing undervaluation) were Huatai Suzhou Hengtai Rental Housing REIT, CICC Yizhuang Industrial Park REIT, and CICC China Greentown Commercial REIT. The top three in expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Ping An Ningbo Transportation REIT [4][19]. - **IRR**: As of Friday, the top three REITs in internal rate of return (IRR) were China Asset Management China Communications Construction REIT (11.16%), Ping An Guangzhou Guanghe REIT (10.92%), and CICC Anhui Expressway REIT (8.54%) [20]. Market Correlation Statistics - **Correlation with Major Assets**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.20), ChiNext Index (0.12), small - and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.05), gold (0.04), and crude oil index (0.09) [25]. - **Correlation by Industry Type**: Different industry - type REITs had different correlation coefficients with major assets. For example, industrial park - type REITs had a relatively high correlation with stocks, while rental - housing - type and consumer - type REITs had a relatively low or negative correlation with stocks [27]. Primary Market Tracking As of July 25, 2025, there were 12 REIT products in the exchange acceptance stage and 3 in the approved - to - be - listed stage. This week, China Aerospace Rainbow Consumer REIT was declared, with Tianhong Digital Commerce Co., Ltd. as the original equity holder [5].