Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report. Group 2: Core Views of the Report - Market liquidity continues to improve, but attention should be paid to the selling pressure brought by concentrated share unlocks. The market was volatile this week, with the first three days in adjustment and the last two days in rebound. The data center and environmental protection water sectors led the gains, while the consumption and affordable housing sectors led the losses. The market trading activity is increasing during the third - quarter report window period, but the unlocking pressure of strategic allocation shares of REITs needs attention. On October 29, 46% of the shares of Huatai Baowan Logistics REIT will be unlocked (about 603 million yuan), and about 7.5 billion yuan of shares are expected to be unlocked in November [3]. - As of October 24, 2025, 18 new public REITs have been successfully issued this year, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two new public REITs achieved new progress this week. The CSI REITs Total Return Index closed at 1045.13 points, up 0.16% this week, underperforming the CSI 300 by 3.08 percentage points and the CSI Dividend by 0.89 percentage points [4]. Group 3: Summary by Directory 1. Primary Market: Two Newly Issued Public REITs Achieved New Progress - This year, 18 public REITs have been successfully issued, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two newly issued public REITs, CITIC Construction Investment Shenyang International Software Park REIT and China Asset Management China Overseas Commercial REIT, have been established. There are currently 10 newly issued REITs under application, 3 have been questioned and responded, 3 have passed the review, and 3 have been registered and are waiting for listing. For the expansion, 5 have been applied, 3 have been questioned and responded, and 2 have passed the review [4][15]. 2. Secondary Market: Liquidity Continued to Improve This Week 2.1 Market Review: The CSI REITs Total Return Index Fell 0.16% - The CSI REITs Total Return Index closed at 1045.13 points, up 0.16% this week, underperforming the CSI 300 by 3.08 percentage points and the CSI Dividend by 0.89 percentage points. Year - to - date, it has risen 7.98%, underperforming the CSI 300 by 10.46 percentage points and outperforming the CSI Dividend by 6.66 percentage points. This week, equity - based REITs fell 0.13%, while concession - based REITs rose 0.46%. In terms of asset types, the data center, environmental protection water, transportation, and warehousing logistics sectors performed well [4]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Increased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.53% and 0.47% respectively, an increase of 13.70BP and 11.36BP compared to last week. The trading volumes were 496 million and 134 million shares respectively, a week - on - week increase of 35.73% and 31.88%. The data center sector was the most active [4][24]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - The ChinaBond valuation yields of equity - based and concession - based REITs were 3.93% and 4.07% respectively. The warehousing logistics, transportation, and park sectors ranked among the top in terms of valuation [4][29]. 3. This Week's News and Important Announcements News - On October 22, Shenghao Group launched the issuance of communication tower infrastructure public REITs, and companies such as China Merchants Fund conducted in - depth discussions. On October 23, Guangzhou supported the issuance of REITs in the consumption and cultural tourism fields; Qingcheng Mountain - Dujiangyan Scenic Area REITs launched the selection of asset evaluation institutions; Zhoushan International Aquatic City's public REITs project passed the review; Hunan Province solicited opinions on promoting the issuance of REITs for urban renewal projects [32]. Announcements - Multiple REITs released operation data and share unlock announcements. For example, China Merchants Expressway REIT's daily average toll - paying traffic volume in September 2025 was 16,000 vehicles, with a year - on - year increase of 3.5% and a month - on - month decrease of 7.2%. Huatai Baowan Logistics REIT's 138 million strategic allocation shares will be unlocked on October 29 [32].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - REITs market liquidity continues to decline, with trading remaining sluggish. The weekly market trend was flat, with only a slight recovery in the index. The secondary - market liquidity of REITs has been decreasing since mid - to - late August, and the current (weekly) average daily turnover rate has dropped to 0.42%, indicating low trading sentiment among funds [2]. - As of September 19, 2025, 16 REITs have been successfully issued this year, with a issuance scale of 33.65 billion yuan, a year - on - year decrease of 9.2%. One new public offering REIT, Huaxia Kaide Commercial REIT, was established this week [2]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1071.34 points, up 0.12%, outperforming the Shanghai - Shenzhen 300 by 0.57 percentage points and the CSI Dividend by 1.23 percentage points. The CSI REITs Total Return Index has risen 10.69% since the beginning of the year, underperforming the Shanghai - Shenzhen 300 by 3.72 percentage points but outperforming the CSI Dividend by 12.71 percentage points [2]. 3. Summary According to the Table of Contents 3.1 Primary Market - One new public offering REIT has made progress, which is Huaxia Kaide Commercial REIT. As of September 19, 2025, there are 10 REITs in the application process for initial offerings, 4 of which have been questioned and responded, 1 has passed the review, and 1 is registered and effective but not yet listed. For the expansion and issuance, 8 REITs have been declared, 6 have been questioned and responded, and 6 have passed the review [2][14]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index rose 0.12%. By project attribute, property - type REITs rose 0.08%, while franchise - type REITs fell 0.50%. By asset type, the data center, warehousing and logistics, park, and energy sectors performed well [2]. 3.2.2 Liquidity - The average daily turnover rate of property - type/franchise - type REITs this week was 0.42%/0.42%, down 6.64/4.93 BP from last week. The trading volume this week was 364 million/117 million shares, a week - on - week decrease of 12.77%/10.49%. The data center sector had the highest activity [2]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, property - type/franchise - type REITs are 3.71%/3.70% respectively. The warehousing and logistics, transportation, and park sectors rank among the top three [2]. 3.3 This Week's News and Important Announcements - On September 17, Qianjiang Water Resources announced that its subsidiary, Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd., plans to issue infrastructure public offering REITs with operating assets such as Shanxi Reservoir and power stations as underlying assets. - On September 19, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the Construction of 15 - Minute Convenient Living Circles in Cities", proposing to give priority to supporting the issuance of REITs for consumer infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets that ensure people's livelihoods [32]. - There are also a series of announcements including dividends,解禁 announcements, and operating data announcements for multiple REITs [32][33][34].