Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft announcement regarding the pilot program for commercial real estate investment trusts (REITs), which is seen as a crucial step for the development of the REITs market in China [1][2]. Group 1: Impact on the Real Economy - The pilot program is expected to activate existing commercial real estate assets and support the establishment of a new development model for the real estate sector [1]. - It will help broaden direct financing channels for enterprises and optimize their capital structures, facilitating a strategic shift from "developers" to "asset managers" [1]. Group 2: Benefits for Investors - The introduction of commercial real estate REITs will enrich investment options for the public, providing a tool that combines stable cash flow with asset appreciation potential [1]. - This development will assist in optimizing investment portfolios for both individual and institutional investors, allowing them to share in the long-term benefits of high-quality growth in the real economy and real estate market [1]. Group 3: Capital Market Implications - Commercial real estate REITs represent a typical practice of financial services aimed at supporting the real economy, enhancing market inclusivity and attractiveness [1]. - The pilot program will diversify the underlying asset types of REITs, accelerating the expansion of the public REITs market and contributing to the improvement of a multi-tiered capital market system [1]. Group 4: Regulatory and Operational Framework - The Shanghai Stock Exchange (SSE) plans to steadily advance the pilot program under the guidance of the CSRC, continuously improving relevant business rules and fostering market development [2]. - The SSE emphasizes the importance of selecting high-quality commercial real estate for the pilot, ensuring effective risk management and encouraging responsible participation from all stakeholders [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

Report Industry Investment Rating No information provided in the given documents. Core Viewpoints of the Report - The REITs market experienced an overall correction this week, with all eight major sectors closing lower, and liquidity continued to decline. The current (weekly) average daily turnover rate has dropped to 0.3% - 0.4%, hitting a new low for the year. - Despite the market correction, there was a window for the registration of initial projects before the National Day. Three public REITs were registered and became effective on September 23. - As of September 26, 2025, 16 REITs have been successfully issued this year, with a total issuance scale of 33.66 billion yuan, a year - on - year decrease of 12.4%. [1] Summary by Directory 1. Primary Market - A total of 3 initial public REITs made new progress. Among them, CITIC Construction Investment Shenyang International Software Park REIT will conduct price inquiries and set prices next week, and Huaxia CNOOC Commercial REIT completed price inquiries this week and will set prices next week. Both will be officially issued on the 13th after the holiday. Additionally, Huaxia CapitaLand Commercial REIT will be officially listed on the Shanghai Stock Exchange on September 29. [1][4] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1064.42 points, a decline of 0.65%, underperforming the CSI 300 by 1.71 percentage points and the CSI Dividend Index by 0.39 percentage points. - In terms of project attributes, equity - type REITs fell by 0.97%, and concession - based REITs fell by 1.07%. In terms of asset types, the energy (-0.24%), warehousing and logistics (-0.46%), environmental protection and water services (-0.49%), and park (-0.64%) sectors performed relatively well. [1][14] 2.2 Liquidity - The average daily turnover rates of equity - type and concession - based REITs this week were 0.30% and 0.40% respectively, down 11.86BP and 2.39BP from last week. The trading volumes during the week were 276 million and 112 million shares respectively, a week - on - week decrease of 24.24% and 3.64%. The data center sector was the most active. [1][22] 2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity - type and concession - based REITs were 3.78% and 3.86% respectively. The warehousing and logistics (5.29%), transportation (4.70%), and park (4.34%) sectors ranked among the top. The affordable housing sector had a relatively high valuation. [1][24] 3. This Week's News and Important Announcements - On September 22, the Shenzhen Stock Exchange approved two public REITs projects: Huaxia CNOOC Commercial Asset REIT and Huaxia Anbo Warehousing and Logistics REIT. - On September 23, the China Securities Regulatory Commission approved the registration of CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, the first public REIT in Northeast China. - There were also a series of important announcements regarding the operation data and dividends of various REITs. [30][31]