Group 1 - The public REITs market has shown signs of recovery after a period of decline, with the CSI REITs Total Return Index rising by 0.42% on September 4, 2023, and several public REITs increasing by over 2% [1][2] - During the week of August 25-29, the CSI REITs Total Return Index increased by 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [2] - A total of 65 REITs saw price increases, while only 8 experienced declines, indicating a positive trend in the market [2] Group 2 - The REITs market has faced pressure recently, with 47 public REITs showing negative returns over the past 60 trading days, and some experiencing declines of over 10% [3] - The overall revenue of REITs in the first half of 2023 saw a slight increase of 0.6% year-on-year, but net profit decreased by 7.5%, leading to a reduction in distributable income and actual dividend amounts [3] - Consumer assets have performed strongly due to policy support, while industrial and energy assets have shown weakened fundamentals [3] Group 3 - The market sentiment in the equity market has been high, which has led to reduced liquidity in the REITs market, causing significant index adjustments [2][3] - The research team suggests focusing on quality projects that have stabilized fundamentals and tenant structures, particularly in sectors like affordable housing, consumption, and municipal environmental protection [4] - Long-term investment in public REITs is recommended due to their independent asset allocation function and the requirement to distribute at least 90% of available cash to investors annually [5]

Core Viewpoint - The secondary market for publicly offered REITs in China experienced a mixed performance leading up to the May Day holiday, with a slight overall decline in indices, while consumer REITs showed resilience and positive growth [1][2]. Market Performance - As of April 30, the CSI REITs Index closed at 846.01 points, down 1.43% week-on-week, while the CSI REITs Total Return Index closed at 1057.92 points, down 0.1% week-on-week [1][2]. - Year-on-year, the CSI REITs Index increased by 4.48%, and the Total Return Index rose by 12.19% [2]. - The performance of various asset classes ranked from highest to lowest as follows: pure debt > REITs > stocks > convertible bonds > gold > oil [1]. Sector Performance - Consumer REITs outperformed other categories, with a weekly increase of 1.19% and a monthly increase of 2.18% [1][2]. - Among the different asset types, the weekly performance was as follows: - Consumer: +1.70% - Rental housing: +0.68% - Eco-environmental: +0.45% - Warehousing and logistics: +0.34% - Highways: +0.09% - Energy: -0.48% - Industrial parks: -1.28% [2]. Individual REIT Performance - Out of 65 publicly offered REITs, 34 saw an increase, while 31 experienced a decline [3]. - The top three performing REITs were: - CICC Chongqing Liangjiang REIT: +4.99% - CICC Lian Dong Sci-Tech REIT: +3.9% - Huaxia Huayun Commercial REIT: +2.7% [3]. Market Activity - The trading volume for the 65 publicly offered REITs reached 1.63 billion yuan, with energy infrastructure REITs leading in average daily turnover rate at 0.71% [6]. - The top three REITs by trading volume were: - Bosera Shekou Industrial REIT - Southern SF Logistics REIT - CICC Xiamen Rental Housing REIT [6]. Fundraising and Issuance - The CICC Xiamen Rental Housing REIT has initiated an expansion of its fundraising, with plans to acquire additional rental housing assets [8]. - CICC China Green Development Commercial REIT responded to an inquiry regarding its valuation adjustment, which was minor at 2.26% [8]. - As of April 30, there were 11 REIT products under review and 2 approved but not yet listed, indicating a vibrant issuance market [9].