Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Shenyang Software Park REIT is the first public REIT in Northeast China with a private background. After its listing, especially during the dividend guarantee period, its valuation multiples may be comparable to the industry average. The reasonable price range is estimated to be 3.80 - 4.51 yuan, 4 - 23% higher than the issue price [1][5] 3. Summary by Related Catalog 3.1 REIT Basic Information - The underlying assets of the China CITIC Construction Shenyang International Software Park REIT (508029.SH) are the Shenyang International Software Park, including three parks: Angli Information Park, Shenyang International Software Park Phase I, and Shenyang Digital Economy Industrial Park (Shenyang International Software Park Phase II). The original equity holder is Mr. Zhao Jiuhong. In 2024, the revenue was 103 million yuan, and EBITDA was 75.55 million yuan. Affected by the expiration and withdrawal of the original largest tenant, the weighted - average occupancy rate in 2024 decreased by 2.13% to 83.86% compared to 2023, and the occupancy rate in Q1 2025 was 83.93%. The collection rate in 2024 was 86.03%, dropping to 77.04% in Q1 2025 [3] 3.2 Issuance Situation and Valuation - The planned issuance is 300 million shares with a designed duration of 37 years. The proportions of strategic placement, offline subscription, and public subscription are 70%, 21%, and 9% respectively. The offline inquiry was on September 29, 2025, and the payment was on October 13, 2025, with an expected listing in early November. The effective offline subscription multiple was 99.42 times, and the estimated winning rate was 1.01%. The issue price was 3.66 yuan, at the 67.54% quantile of the inquiry range. The asset value evaluated by DTZ was 1.026 billion yuan, with a discount rate of 7.00% and a long - term growth rate assumption of 1.5%. The issue price corresponds to a P/NAV of 1.07x. The predicted distributable amounts for this year and next year are 57 million yuan (annualized) and 58 million yuan respectively, with predicted annualized dividend yields of 5.53% and 5.61%. The issue price corresponds to annualized dividend yields of 5.17% and 5.24%, and a 2026E P/FFO of 19.80x [4] 3.3 Secondary Market Valuation Deduction - There are currently 19 listed property - type park infrastructure REITs. In the past three months, the median P/NAV was 1.11 times, the median P/FFO was 23.51 times, and the median TTM dividend yield was 4.25%. Although the underlying assets are average and the original equity holder lacks high - quality expandable assets, the original equity holder has provided a guarantee for the distributable amount. From 2025 - 2029, the actual distributable amount will probably not be lower than the predicted value [5]

Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].