Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index declined by 0.3%. The average weekly price changes of property - type REITs and franchise - type REITs were - 0.3% and - 0.1% respectively. In terms of the comparison of weekly price changes of major indices, China Securities All - Bond Index > China Securities Convertible Bond Index > China Securities REITs Index > CSI 300 Index. Most sectors ended in the red, with municipal facilities and ecological environmental protection leading the gains. As of October 10, the dividend yield of property REITs was 86BP higher than the average dividend yield of China Securities Dividend - paying Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year government bond yield was 207BP. The first foreign - funded consumer REIT was officially listed, which is a benchmark case for the internationalization, diversification, and specialization of China's public offering REITs market [1]. Summary According to Related Catalogs Secondary Market Trends - **Index Performance**: As of October 10, 2025, the closing price of the China Securities REITs (closing) Index was 826.77 points, with a weekly change of - 0.3%, performing worse than the China Securities All - Bond Index (+0.1%) and the China Securities Convertible Bond Index (0.0%), but better than the CSI 300 Index (- 0.5%). Year - to - date, the ranking of price changes of major indices was: CSI 300 (+17.3%) > China Securities Convertible Bond (+17.0%) > China Securities REITs (+4.7%) > China Securities All - Bond (+0.1%). In the past year, the return rate of the China Securities REITs Index was 5.4% with a volatility of 7.2%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index, but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index, but higher than that of the China Securities All - Bond Index [2][6]. - **Market Capitalization and Turnover**: The total market capitalization of REITs decreased to 220.3 billion yuan on October 10, a decrease of 700 million yuan from the previous week. The average daily turnover rate for the whole week was 0.31%, a decrease of 0.11 percentage points from the previous week [2][10]. - **Sector Performance**: Most sectors ended in the red. From the perspective of different project attributes, the average weekly price changes of property - type REITs and franchise - type REITs were - 0.3% and - 0.1% respectively. From the perspective of different project types, most REITs sectors ended in the red, with municipal facilities and ecological environmental protection leading the gains. The top three REITs in terms of weekly price increase were E Fund Guangzhou Development Zone High - tech Industrial Park REIT (+1.93%), Huatai Zijin Nanjing Jianye Industrial Park REIT (+1.35%), and China Asset Management Jinyu Intelligent Manufacturing Factory REIT (+1.03%) [1][3][17]. - **Trading Activity**: Among different project types, new infrastructure REITs had the highest average daily turnover rate this week, with an average daily turnover rate of 0.7%. Consumer infrastructure REITs had the highest proportion of trading volume this week, accounting for 24.9% of the total REITs trading volume. In terms of capital flow of different REITs products this week, the top three in terms of net inflow of main funds were CICC Principal Agricultural REIT (8.79 million yuan), China Asset Management China Resources Commercial REIT (4.45 million yuan), and Southern Runze Technology Data Center REIT (3.29 million yuan) [3][24][25]. Primary Market Issuance - As of October 10, 2025, there was 1 REIT product in the "accepted" stage, 1 in the "declared" stage, 1 in the "inquired" stage, 4 in the "feedback received" stage, 7 in the "approved and awaiting listing" stage, and 12 first - issued products that had been listed on the exchange [27]. Valuation Tracking - **Valuation Metrics**: REITs have both bond - like and stock - like characteristics. From the bond - like perspective, the annualized cash distribution rate is concerned, and as of October 10, the average annualized cash distribution rate of public offering REITs was 6.5%. From the stock - like perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term perspective, while P/FFO is a short - term perspective [29]. - **Valuation Comparison**: Property - type REITs focus on dividend yield, while franchise - type REITs focus on internal rate of return. As of October 10, 2025, the dividend yield of property REITs was 86BP higher than the average dividend yield of China Securities Dividend - paying Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year government bond yield was 207BP [32]. Industry News - On September 29, the first foreign - funded consumer REIT, Huaxia CapitaLand Commercial REIT, sponsored by CapitaLand Investment headquartered in Singapore, was successfully listed on the Shanghai Stock Exchange. The fund was planned to raise 2.2872 billion yuan, and the cumulative subscription funds before proportional allocation exceeded 309.17 billion yuan. The effective subscription multiples of public investors and offline investors reached 535.2 times and 252.6 times respectively [4][38]. - Huaxia CNOOC Commercial REIT will be officially offered for sale from October 13 to October 14, 2025, with an offering price of 5.281 yuan per share and a planned total fundraising of 1.5843 billion yuan. The underlying asset, Foshan Yingyuehu Ring Mall, is a benchmark self - held property of CNOOC in the mature operation stage, with significant location advantages [38].

Group 1 - The core viewpoint of the news is that the launch of Huaxia CapitaLand Commercial REIT marks a significant step in the internationalization of China's public REITs market and sets a new benchmark for the securitization of consumer assets [1][2] - Huaxia CapitaLand Commercial REIT, co-created by CapitaLand, Huaxia Fund, and CITIC Securities, completed its issuance from September 9 to September 10, with underlying assets being two high-quality shopping centers located in Guangzhou and Changsha [1] - The underlying assets, CapitaLand Yunshang and CapitaLand Yuhua Pavilion, have been operational for over nine years and feature a diverse range of brands, indicating strong fundamentals [1] Group 2 - The public offering of Huaxia CapitaLand Commercial REIT was highly recognized in the market, with the public offering ending early and a subscription multiple of 535.2 times for public investors and 252.6 times for offline investors, accumulating over 309.17 billion yuan in subscription funds [1] - With the addition of Huaxia CapitaLand Commercial REIT, the total number of consumer REITs in the market has reached 11, with a total fundraising scale exceeding 28.67 billion yuan, becoming an important financial tool for promoting consumption growth and supporting high-quality development of the real economy [2] - The successful issuance and listing of Huaxia CapitaLand Commercial REIT not only enrich the product types in the REITs market but also provide a model for foreign institutions to participate in China's public REITs market, offering significant reference value for future expansions and new product issuances in consumer REITs [2]