1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - On November 28, 2025, after the market closed, the China Securities Regulatory Commission (CSRC) released the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds (Draft for Comment)", planning to introduce a new product, "Commercial Real Estate REITs," in addition to infrastructure REITs. The scope of public - offering REITs will include commercial properties such as commercial complexes, commercial retail, office buildings, and hotels. This is a significant milestone after five years of development [3]. - The CSRC emphasizes the fund manager's active role in the operation and management of commercial real estate, which is expected to shift the domestic commercial real estate from a development - oriented to an operation - oriented model and make the institutional arrangement closer to that of mature international REITs markets [3]. - The review process of REITs may change marginally, potentially simplifying the review chain of commercial real estate REITs and accelerating product expansion [3]. - The launch of commercial real estate REITs provides a market - based financing and exit channel for real - estate enterprises and local state - owned enterprises holding high - quality commercial properties, alleviating their liquidity pressure and supporting the construction of a new real - estate development model [3]. 3. Summary According to the Catalog 3.1 Primary Market: Three Newly Issued Public - Offering REITs Made Progress - As of November 28, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 24.1%. This week, three newly issued public - offering REITs made progress: the Orient Hong Kong Tunnel Expressway REIT (the first tunnel REIT in China) was accepted, the Ping An Xi'an High - tech Industrial Park REIT was declared, and the AVIC CNNC Energy REIT was accepted [3]. - Currently, there are 11 REITs in the declaration stage, 2 have responded to inquiries, 1 has passed the review, and 1 has been registered and is awaiting listing. In terms of expansion, 5 have been declared, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.08% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1040.34 points, down 0.08%, underperforming the CSI 300 by 1.72 percentage points and outperforming the CSI Dividend Index by 0.08 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.49%, underperforming the CSI 300 by 7.55 percentage points and outperforming the CSI Dividend Index by 8.13 percentage points [4]. - By project attribute, equity - type REITs fell 0.02% this week, and concession - type REITs fell 0.43%. By asset type, data centers (+1.84%), affordable housing (+0.77%), consumption (-0.13%), and warehousing and logistics (-0.30%) sectors performed well [4]. - Among individual bonds, 34 rose and 42 fell this week. CICC Xiamen Anju REIT (+3.65%), Huaxia Capital First - Initiative Outlets REIT (+2.67%), and Huaxia Beijing Affordable Housing REIT (+2.52%) led the gainers, while Huatai Nanjing Jianye REIT (-5.92%), CICC Chongqing Liangjiang REIT (-4.55%), and China Merchants Expressway REIT (-4.41%) were the biggest losers [4]. 3.2.2 Liquidity: The Liquidity of the Affordable Housing Sector Increased Significantly - The average daily turnover rates of equity - type and concession - type REITs this week were 0.51% and 0.47% respectively, up 7.22BP and 2.49BP from last week. The trading volumes this week were 490 million and 157 million shares respectively, up 16.59% and 15.38% week - on - week. The affordable housing sector was the most active [4]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - The ChinaBond valuation yields of equity - type and concession - type REITs were 3.95% and 4.17% respectively [29]. 3.3 This Week's Important News and Announcements - On November 25, 2025, the bidding announcement for the fund manager of the infrastructure REITs of the Southern Xinjiang Energy Group was released. The service location is Alar City, the service period is 3 years, and the opening time is December 16 [34]. - On November 26, 2025, the winning candidate for the public - offering REITs project of the Lanzhou Thermal Group was announced. The first winning candidate is Dongxing Securities, with a consulting service fee of 2.8 million yuan, a fund management fee of 0.193% per year, and an ABN underwriting fee of 0.13% per year [34]. - On November 27, 2025, the National Development and Reform Commission (NDRC) stated that it is actively promoting the expansion of infrastructure REITs to more industries and asset types such as urban renewal facilities, hotels, sports stadiums, and commercial office facilities, and will continue to cooperate with the CSRC to optimize the application and recommendation process [34]. - On November 28, 2025, the CSRC drafted and solicited public opinions on the "Announcement on the Pilot Program of Commercial Real Estate Investment Trust Funds", which contains eight articles, emphasizing the manager's operation responsibility and other aspects [34].

Summary of the Conference Call for 首城控股 (Shoucheng Holdings) Company Overview - **Company**: 首城控股 (Shoucheng Holdings) - **Industry**: Robotics and Infrastructure - **Date of Call**: November 16, 2025 Key Financial Highlights - **Revenue**: HKD 1.215 billion for the first three quarters of 2025, a 30% year-on-year increase [2][3] - **Net Profit**: HKD 488 million, up 22% year-on-year [2][3] - **Total Assets**: HKD 16.34 billion [2][4] - **Share Buyback Plan**: Announced a buyback plan of up to HKD 1 billion from November 17, 2025, to December 31, 2028, reflecting confidence in the company's value and future [2][4] Robotics Industry Developments - **Investment in Robotics**: The company is involved in both upstream (core materials) and downstream (consumer market) segments of the robotics industry [2][5] - **Experience Stores**: Opened three robotics technology experience stores in Beijing and Chengdu, with plans for more in major cities [2][5][10] - **Strategic Partnerships**: Collaborated with 阿尔特汽车 (Alte Automotive) to develop new applications for robotics in the automotive sector [2][5] Infrastructure Investments - **Housing Projects**: Completed investments in rental housing projects in Beijing and is actively acquiring quality assets in key regions [2][6] - **Investment Fund**: Established a HKD 10 billion stabilization fund with China Life to invest in data centers and clean energy projects [2][6] Future Outlook and Strategy - **Growth in Robotics**: Anticipates four to five portfolio companies in the robotics sector may go public in 2026 [11] - **VLA Model**: The company is optimistic about the VLA (Vision, Language, Action) model as a future paradigm in robotics [12] - **Investment Strategy**: Focuses on high-quality enterprises in the robotics sector, with a bifurcated strategy targeting both intelligent body and consumer applications [8][9] Operational Insights - **Experience Store Performance**: The experience stores exceeded expectations, with an average daily footfall of 10,000 and daily sales of approximately HKD 100,000 during peak periods [3][10] - **Investment in Key Technologies**: Investments made in core components and sensory technologies to enhance robotics applications [8][12] Challenges and Market Position - **Market Volatility**: The company maintains a long-term investment approach to navigate market fluctuations [32] - **Competitive Landscape**: Currently, there is no significant competition in the experience store segment, allowing the company to leverage its unique position [35] Shareholder Engagement - **Dividend Policy**: Plans to maintain a high dividend payout, with a commitment to distribute at least 80% of net profits by 2027 [30] - **Communication with Investors**: The management emphasizes transparent communication and actively seeks investor feedback [53] Conclusion 首城控股 is strategically positioned in the robotics and infrastructure sectors, demonstrating robust financial performance and a proactive approach to market opportunities. The company's focus on innovation, strategic partnerships, and shareholder value positions it well for future growth in a rapidly evolving industry.

Group 1 - The report highlights a slight adjustment in the A-share market post-National Day, with the ChiNext index dropping by 3.86% [2] - The central bank's net withdrawal of funds amounted to 426.3 billion yuan after the holiday, indicating a return to liquidity in the market [2] - The report anticipates a more proactive fiscal policy and moderately loose monetary policy in the fourth quarter to address potential geopolitical risks and economic targets [2] Group 2 - The convertible bond market is experiencing a TACO trading phenomenon again, with a significant decrease in the scale of convertible bonds held by insurance institutions [4][32] - The report suggests maintaining a neutral to low position in convertible bonds in the short term while focusing on low-priced bonds with favorable terms [4][32] - The domestic micro-enterprise performance recovery is gaining consensus, with a focus on sectors like AI, semiconductors, and military electronics for potential growth [4][32] Group 3 - The public REITs market in China has undergone several phases, with the current stage focusing on normalizing issuance and addressing structural differentiation [6][34] - The cash flow discounting method is the primary valuation method for public REITs, with differences in valuation based on the type of underlying assets [6][36] - The report emphasizes the importance of macroeconomic conditions, regulatory changes, and liquidity in influencing the performance of public REITs [6][36] Group 4 - The report on Wuling Motors indicates a steady revenue growth of 2.0% year-on-year, with a significant increase in net profit by 306.2% [19][37] - The company has improved its gross margin to 12.0%, reflecting enhanced product value and cost control [19][39] - Wuling Motors is strategically focusing on new energy and intelligent vehicle layouts, with its joint venture brand showing a 9% increase in sales [19][40]

Core Points - The company held the sixth meeting of the second board of independent directors on August 4, 2025, in Beijing, which was legally valid and attended by three independent directors [1] - The meeting approved the proposal to issue public REITs based on the Dalian Zhuanghe III offshore wind power project as the underlying asset, which is expected to help the company activate existing assets and optimize its capital structure [1] - The pricing of the fund subscription will be determined based on the final market inquiry results, ensuring a fair and reasonable pricing method [1] - The independent directors unanimously agreed that the related transactions do not harm the legitimate rights and interests of the company and all shareholders, especially minority shareholders, and consented to submit the matter to the company's 41st board meeting for further review [1] - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the overall market rebounded, with consumer - related REITs leading the gains. The market capitalization of C - REITs exceeded 210 billion yuan for the first time. The frequent listing of new products may drive market attention and enthusiasm for REITs, thereby pushing up valuations [1]. - As of August 1, 2025, 14 public REITs have been successfully issued this year, with a total issuance scale of 27.87 billion yuan, a year - on - year increase of 2.1%. Four new public REITs made progress this week [2]. - The CSI REITs Total Return Index closed at 1100.90 points this week, up 1.25%, outperforming the CSI 300 by 3.00 percentage points and the CSI Dividend by 3.89 percentage points. The CSI REITs Total Return Index has risen 13.74% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 10.69/15.48 percentage points [2]. Summary by Directory 1. Primary Market: Four Newly Issued Public REITs Made Progress - As of August 1, 2025, 73 public REITs have been issued, with a total issuance scale of 191.1 billion yuan, a total market capitalization of 213.1 billion yuan, and a free - float market capitalization of 101.5 billion yuan [9]. - This week, four newly issued public REITs made progress, including the listing of Huaxia Huadian Clean Energy REIT and Bank of China Sino - Sinotrans Warehouse Logistics REIT, and the approval of CICC Vipshop Outlet REIT by the Shanghai Stock Exchange. There was no new progress in the expansion of existing REITs this week [2][10][11]. - Currently, there are 11 newly issued REITs under application, 5 of which have been questioned and responded, and 2 of which have been registered and are awaiting listing. There are 9 REITs applying for expansion, 4 of which have been questioned and responded, and 3 of which have passed the review [2]. 2. Secondary Market: Market Rebounded in All Sectors This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 1.25% - The CSI REITs Total Return Index closed at 1100.90 points this week, up 1.25%, outperforming the CSI 300 by 3.00 percentage points and the CSI Dividend by 3.89 percentage points. Since the beginning of the year, it has risen 13.74%, outperforming the CSI 300/CSI Dividend by 10.69/15.48 percentage points [2]. - In terms of project attributes, equity - based REITs rose 3.78% and concession - based REITs rose 0.26% this week. In terms of asset types, consumer (+5.42%), water services (+3.75%), affordable housing (+3.53%), and industrial park (+2.67%) sectors performed well [2]. - Among individual bonds, 59 rose and 12 fell this week. Huaxia Huadian Clean Energy REIT (+27.47%), Bank of China Sino - Sinotrans Warehouse Logistics REIT (+23.59%), and Huaxia Capital First - Mall REIT (+6.86%) led the gains, while CICC Hubei KeTou Optics Valley REIT (-2.92%), Huatai Jiangsu Expressway REIT (-2.01%), and Huaxia Yuexiu Expressway REIT (-1.51%) were at the bottom [2]. 2.2 Liquidity: Trading Volume Declined - The average daily turnover rate of the CSI REITs this week was 0.52%, a decrease of 1.53 basis points from last week. The average daily turnover rates of equity - based/concession - based REITs were 0.79%/0.70% this week, an increase of 0.14/15.85 basis points from last week. The trading volumes within the week were 611 million and 195 million shares respectively, a week - on - week increase of 3.14%/31.86%. The energy sector was the most active [2]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - based/concession - based REITs were 3.68%/4.33% respectively. The transportation (5.63%), warehousing and logistics (5.14%), and industrial park (4.13%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - On July 30, 2025, YinHua Fund was pre - selected to win the bid for Wuxi Xishan Huaneng Group's infrastructure public REITs, with a winning bid price of 2.5 million yuan [32]. - Bank of China Sino - Sinotrans Warehouse Logistics REIT was listed on the Shanghai Stock Exchange on July 29, 2025. Huaxia Huadian Clean Energy REIT was listed on the Shanghai Stock Exchange on August 1, 2025. ICBC Hebei Expressway REIT announced its first dividend in 2025 and released its operation data [32].