- The report focuses on the annual performance of public REITs in 2025, highlighting that the issuance scale and number of REITs declined year-on-year, with a total of 78 REITs listed by the end of 2025, amounting to an issuance scale of 2,109.11 billion yuan[4][5][6] - The REITs market in 2025 saw the addition of new asset categories, including municipal facilities and new infrastructure, with warehouse logistics, consumer infrastructure, and park infrastructure being the primary issuance sectors[13][14][15] - Consumer infrastructure REITs had the largest issuance scale in 2025, totaling 104.45 billion yuan, followed by warehouse logistics REITs at 103.10 billion yuan, while park infrastructure REITs maintained a stable issuance scale of 91.57 billion yuan[15][17][30] - The report highlights the operational performance of various REITs categories, noting that consumer infrastructure REITs showed significant growth in revenue and distributable income, while energy infrastructure REITs faced challenges due to policy changes and reduced electricity settlement prices[18][19][44] - The first municipal facilities REIT, focusing on municipal heating infrastructure, was launched in 2025, with its performance closely tied to seasonal characteristics[47][50] - New infrastructure REITs, launched in 2025, focused on data center facilities, benefiting from the growing demand for intelligent computing power, with tenants primarily being major telecom operators[50] - The report emphasizes the potential of commercial real estate REITs, which were introduced in late 2025, to revitalize existing commercial assets and support the transformation of the real estate industry towards a sustainable "hold-and-operate" model[11][53][54]

Report Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints of the Report - Event disturbance factors weakened. The market first declined and then rebounded this week, but did not fully recover the previous decline. After the "dip → recovery" ended, equity REITs rose slightly by 0.12%, while concession - based REITs still fell by 3.61%. [3] - The pace of project filings/acceptances on the Shanghai and Shenzhen Stock Exchanges accelerated significantly this week. The market expansion rhythm has changed substantially, laying a project reserve foundation for the growth of infrastructure REITs supply in 2026. [3] - A total of 4 newly - issued public REITs and 2 expanded - offering public REITs made new progress this week. [3] - This week, the CSI REITs Total Return Index rose 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend Index by 1.01 percentage points. [3] Summary According to the Directory 1. Primary Market - A total of 4 newly - issued public REITs made new progress. New filings/acceptances included Huatai Three Gorges Clean Energy REIT, CICC Torch Industrial Park REIT, and Bosera Shandong TieTou Road and Bridge REIT. The fundraising of Huaxia Zhonghe Clean Energy REIT ended, with the offline and public effective subscription multiples being 340 and 392 times respectively. [3][14] - A total of 2 expanded - offering public REITs made new progress. The expansion of AVIC Jingneng Photovoltaic REIT was completed, and the expanded shares of Guotai Junan Dongjiu New Economy REIT were listed. [3][15] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1014.80 points, with a gain of 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend Index by 1.01 percentage points. The year - to - date gain of the CSI REITs Total Return Index was 4.85%, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend Index by 6.06 percentage points. [3][17] - In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - based REITs rose 0.61%. In terms of asset types, the affordable housing (+3.14%), warehousing and logistics (+2.20%), park (+2.11%), and data center (+1.80%) sectors performed well. [3] 2.2 Liquidity - The average daily turnover rates of equity - type/concession - based REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared to last week. The trading volumes during the week were 5.09/2.02 billion shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water service sector was the most active. [3][26] 2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity - type/concession - based REITs were 4.08%/5.04% respectively. The transportation (6.20%), warehousing and logistics (5.61%), and park (4.82%) sectors ranked among the top three. [3][29] 3. This Week's News and Important Announcements 3.1 This Week's News - Shanghai Real Estate Group launched a tender for a commercial real estate REITs project. - Zhengzhou Chengfa Anju's public REITs project initiated a second selection. - The National Development and Reform Commission and the Energy Bureau supported eligible concentrated solar power projects to issue REITs. - The tender result for the fund manager of the infrastructure REITs of Southern Xinjiang Energy Group was announced. - The Sichuan Securities Regulatory Bureau encouraged enterprises to prepare for the pilot of commercial real estate REITs. - The central bank and other eight departments planned to use REITs and other diversified financing channels to support the construction of the New Western Land - Sea Corridor. - The CSRC was steadily promoting the pilot of commercial real estate REITs. [33] 3.2 Important Announcements - Multiple REITs announced dividends, operation data, and share unlocking information. For example, ICBC Hebei Expressway REIT announced its 2025 third - time dividend, and Huaxia Nanjing Transportation Expressway REIT announced its November 2025 operation data. [33][34]