1. Report's Industry Investment Rating - Not provided in the report 2. Core Views - This week, the REITs index fell 0.1%. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. In terms of the weekly price changes of major indices, CSI 300 > CSI REITs > CSI Aggregate Bond > CSI Convertible Bond Index [1]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1]. - The CSRC launched the pilot of commercial real - estate REITs, which is a key step for China's public REITs market to expand from infrastructure and consumption fields to all categories [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - As of November 28, 2025, the closing price of the CSI REITs index was 809.07 points, with a weekly price change of - 0.1%. It outperformed the CSI Aggregate Bond Index (- 0.2%) and the CSI Convertible Bond Index (- 0.3%), but underperformed the CSI 300 Index (+ 1.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond (+ 16.2%) > CSI 300 (+ 15.0%) > CSI REITs (+ 2.5%) > CSI Aggregate Bond (+ 0.6%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.7% with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index [2]. - As of November 28, the total market value of REITs was 219.9 billion yuan, an increase of 100 million yuan from last week; the average daily turnover rate for the whole week was 0.50%, up 0.03 percentage points from the previous week [2][8]. 3.2 Performance by REIT Types - In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. Among different project types, REITs showed differentiated price changes. The top three project types with the largest average price increases were new - type (1.8%), affordable housing (0.9%), and municipal facilities (0.4%) [1][3][14]. - The top three REITs in weekly price increase were CICC Xiamen Anju REIT (+ 3.65%), Huaxia Capital First - Outlets REIT (+ 2.67%), and Huaxia Beijing Affordable Housing REIT (+ 2.52%) [3][18]. - Among different project types, affordable rental housing REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; transportation infrastructure REITs had the highest trading volume share this week, accounting for 24.1% of the total REIT trading volume [3][19][20]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital China Resources Commercial REIT (20 million yuan), CICC In - City Mall REIT (8.44 million yuan), and Huatai - PINEBRIDGE Jiangsu Expressway REIT (5.22 million yuan) [3][20][21]. 3.3 Primary Market Issuance - From the beginning of the year to November 28, 2025, there were 2 REIT products in the exchange at the stage of acceptance, 2 at the stage of application, 2 at the inquiry stage, 5 at the feedback stage, 6 products that had passed the review and were waiting to be listed, and 14 first - issued products that had passed the review and were listed [22]. 3.4 Valuation Tracking - REITs have both bond and equity characteristics. As of November 28, the average annualized cash distribution rate of public REITs was 6.32%. From the perspective of equity, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs [24]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1][27]. 3.5 Industry News - The CSRC launched the pilot of commercial real - estate REITs on November 28, aiming to enrich capital market investment and financing tools, support the construction of a new real - estate development model, and enhance the effectiveness of the multi - level capital market in serving the real economy [29]. - The first public REIT in Shaanxi Province, "Ping An Xi'an High - tech Industrial Park Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying assets are 13 buildings in the Software New City of Xi'an High - tech Zone, with a total construction area of 325,000 square meters and an estimated net value of 1.36 billion yuan [4][35]. - The first tunnel infrastructure public REIT, "Orient Securities Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying asset is the "Qianjiang Tunnel" connecting Hangzhou and Haining, Jiaxing [4][35].