Core Viewpoint - Infrastructure public REITs represent an innovative financial tool that provides new financing pathways for the infrastructure sector, enhancing resource allocation efficiency and promoting sustainable development in the industry [1][2][17]. Participants and Their Roles - **Investors**: Comprising various institutional and individual investors, they participate in infrastructure public REITs by holding fund shares, providing financial support for projects, and sharing in the returns [3]. - **Original Rights Holders**: Typically the previous owners or operators of infrastructure projects, they sell ownership or revenue rights to recoup funds for new infrastructure projects or debt repayment [3]. - **Public Funds**: Serving as the core vehicle for infrastructure public REITs, public funds hold 100% of asset-backed securities (ABS), pooling investor funds to invest in infrastructure ABS for centralized management [3]. - **Asset-Backed Securities (ABS)**: Established by special plan managers, ABS hold the equity and debt of infrastructure project companies, packaging the underlying assets into securities for public funds [4]. - **Infrastructure Project Companies**: These entities own and operate the infrastructure projects, transferring assets or rights to ABS for funding support while managing daily operations [4]. - **Fund Custodians**: Responsible for the safe custody of public fund assets and supervising fund managers to ensure compliance and security of funds [4]. - **Fund Managers**: They handle daily management of public funds, including investment decisions and client services, requiring professional investment management skills [4]. - **ABS Managers**: They oversee the establishment, issuance, and management of ABS, ensuring compliance and protecting investor interests [5]. - **Financial Advisors (Securities Firms)**: Conduct due diligence on infrastructure projects and assist in issuance, pricing, and allocation, ensuring smooth issuance and fair pricing of REITs [6]. - **Operational Management Institutions**: Provide operational management services for infrastructure projects, enhancing operational efficiency and revenue levels [7]. Transaction Structure and Operation Process - **Asset Restructuring and ABS Establishment**: Original rights holders inject infrastructure project assets into project companies, and special plan managers establish ABS to acquire equity and debt, marking the first step in asset securitization [8]. - **Public Fund Establishment and Investment**: Fund managers create public funds, and investors subscribe to fund shares, with the funds fully invested in ABS, creating a closed-loop operation of capital [9]. - **Revenue Distribution**: Revenue generated from infrastructure projects, such as rental and operational income, is distributed to public funds after deducting relevant fees, based on investors' shareholdings [10]. - **Operational Management**: Operational management institutions ensure the normal operation of projects and stable revenue, while fund managers and ABS managers supervise and manage the projects to protect investor interests [11]. Advantages of the Model - **Activating Existing Assets**: Infrastructure public REITs convert existing infrastructure assets into tradable financial products, allowing original rights holders to recoup funds and enhance asset liquidity [12]. - **Reducing Financing Costs**: By utilizing securitization for financing, infrastructure projects can attract social capital, broadening the investor base and reducing reliance on traditional debt financing, thus lowering costs [13]. - **Diversifying Investment Risks**: Investors can indirectly invest in multiple infrastructure projects through public fund shares, achieving risk diversification, as infrastructure projects typically offer stable cash flows and lower volatility [14]. - **Promoting Infrastructure Development**: Infrastructure public REITs provide new financing channels for infrastructure construction, addressing funding bottlenecks and fostering sustainable industry growth while improving public service levels [15].

Core Viewpoint - The report highlights the significant growth in CICC's financial performance for the first three quarters of 2025, driven by robust business lines and strategic alignment with national policies [1][2]. Financial Performance - CICC achieved operating revenue of 20.761 billion yuan, a year-on-year increase of 54.36% [1][2]. - The net profit attributable to shareholders reached 6.567 billion yuan, reflecting a year-on-year growth of 129.75% [1][2]. - The weighted average return on equity (ROE) rose to 6.29%, an increase of 3.65 percentage points compared to the previous year [1][2]. Quarterly Breakdown - In Q3, CICC reported operating revenue of 7.93 billion yuan, a substantial year-on-year increase of 74.78% [2]. - The net profit attributable to shareholders for Q3 was 2.236 billion yuan, showing a remarkable year-on-year growth of 254.93% [2]. - Compared to Q2, Q3 revenue increased by 11.62% [2]. Business Line Performance - CICC's investment banking business showed significant advantages, with net income from investment banking fees reaching 2.940 billion yuan, a year-on-year increase of 42.55% [3]. - The brokerage business benefited from favorable market conditions, with net income from brokerage fees at 4.516 billion yuan, up 76.31% year-on-year [4]. - Asset management business also performed well, with net income from asset management fees at 1.062 billion yuan, a year-on-year growth of 26.61% [4]. Strategic Initiatives - CICC has been actively supporting high-level opening-up and initiatives like the Belt and Road, contributing to the internationalization of the RMB [4]. - The company has made strides in international business development, achieving notable successes in various sectors [3]. Shareholder Composition - The report noted the presence of Brunei Investment Agency and Allianz Insurance Asset Management products among CICC's top ten shareholders, indicating growing institutional interest [5]. - As of the end of Q3, Brunei Investment Agency held 10.3183 million shares, representing 0.21% of the total shares [5]. - Allianz's two products held 9.576 million shares, accounting for 0.2% [5].

Core Insights - The outdoor sports market in China is experiencing significant growth, with participation exceeding 400 million people as of early April 2023, making it one of the strongest sectors in the sports industry [1][4] - The sports industry is viewed as a "new blue ocean" with long-term growth potential, but faces challenges such as long investment return cycles and financing difficulties [1][4] - Financial innovation is essential for the sustainable development of the sports industry, particularly in addressing the unique challenges faced by outdoor sports [6][9] Industry Trends - The sports industry's contribution to GDP in China is currently just over 1%, indicating substantial room for growth compared to other countries where it exceeds 4% [4] - The sports service sector has seen a significant increase in its share of the sports industry from 2015 to 2023, primarily driven by fitness and recreational activities [4] - The spectator sports sector has lagged behind, with its contribution to the sports industry only increasing from 1% in 2015 to 2% in 2023, highlighting a lack of high-quality competitive products [4] Future Development - The sports industry is expected to maintain an average annual growth rate of around 10%, transitioning from a "single-driven" model to a "three-driven" model that includes event economics, sports goods, and collaborative development [5] - The integration of sports with other sectors is crucial for meeting consumer demands and creating sustainable business models [5] Financial Innovation - The outdoor sports industry requires tailored financial solutions due to its early-stage development and the steady growth of revenue in many projects [9] - Examples like ski resorts demonstrate the potential for profitability despite high initial investments, suggesting that financial instruments like asset securitization could be explored to alleviate funding challenges [9][10] - The introduction of public REITs for sports infrastructure is seen as a way to enhance liquidity and lower investment barriers, which could lead to a new phase of financing for outdoor sports facilities [10]

Core Insights - The Chinese real estate market in 2024 is transitioning towards stock optimization and high-quality development, driven by policy guidance and market adjustments [1] - Jiangsu Province is establishing itself as a leader in the public REITs market, with significant achievements in various sectors such as smart cities, transportation, rental housing, and data centers [1] Group 1: Public REITs Development in Jiangsu - As of September 2025, Jiangsu has successfully launched 8 public REITs, raising a total of 24 billion yuan, with 12 REITs having 19 underlying assets located within the province [1] - The Dongwu Suyuan REIT, launched in June 2021, has attracted over 9 billion yuan in incremental funding for infrastructure development in various industries, promoting regional industrial structure upgrades [1] - The Huatai Jiangsu Expressway REIT, launched in November 2022, set multiple records and raised funds for the expansion of the Hu-Wu Expressway, totaling 36.05 billion yuan in investment [2] Group 2: Innovative Models and New Projects - The Suzhou Hengtai Rental Housing REIT, launched in May 2025, serves as a model for integrating talent housing projects with capital markets, achieving a rental rate of 93.33% [2] - The Nanfang Wanguo Data REIT, one of the first data center REITs, raised 2.4 billion yuan to support the construction and upgrade of data centers, showcasing a commitment to green finance and digital infrastructure [3] Group 3: Government Support and Policy Framework - Jiangsu Province has prioritized the development of infrastructure REITs in its 14th Five-Year Plan, implementing various supportive policies to encourage innovation and healthy growth in the sector [4] - Local governments in Jiangsu have introduced measures to support REITs, including specific action plans in cities like Nanjing and Suzhou [4] - The Jiangsu Securities Regulatory Bureau is actively promoting the use of public REITs by state-owned enterprises to enhance financing and investment efficiency [5] Group 4: Future Outlook and Collaboration - The Shanghai Stock Exchange is enhancing communication with local governments to address key issues in REIT project advancement and is collaborating with various departments to train and support project development [6] - There is a focus on identifying and reserving high-quality projects across various asset categories, including rental housing, industrial parks, and renewable energy [6]

Core Insights - Jiangsu Province is actively promoting the issuance of public REITs in infrastructure, establishing a multi-track approach of "reserve + cultivation + issuance" [1] - By September 2025, a total of 75 products are expected to be listed in the market, with a fundraising scale exceeding 200 billion yuan [1] - The Shanghai Stock Exchange has 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the total number and scale [1] Group 1 - Jiangsu Province has successfully launched 8 REITs, raising 24 billion yuan, with 12 underlying assets located within the province [1][2] - The first batch of data center REITs, such as the Southern Universal Data REIT, has been launched, indicating a diversification of asset types [2] - Local government support has been crucial, with policies included in the province's "14th Five-Year Plan" to accelerate infrastructure investment [2][3] Group 2 - The Jiangsu Securities Regulatory Bureau has developed a plan to help state-owned enterprises utilize public REITs to revitalize existing assets [3] - The provincial government is enhancing policy implementation and simplifying application procedures to support REITs development [3] - The Shanghai Stock Exchange is collaborating with various departments to provide training and support for REITs project advancement [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

1. Report Industry Investment Rating - This part of the content is not provided in the text 2. Core Viewpoints of the Report - The liquidity of the REITs market continues to decline, and trading remains sluggish. The market has shown only a slight recovery this week, and the daily average turnover rate has dropped to 0.42% since mid - August, indicating weak trading sentiment [1]. - On September 19, nine departments including the Ministry of Commerce jointly issued a notice, proposing to prioritize support for consumer infrastructure projects such as community commercial complexes and neighborhood centers to issue REITs [1]. - As of September 19, 2025, 16 REITs have been successfully issued this year, with a total issuance scale of 33.65 billion yuan, a year - on - year decrease of 9.2% [1]. 3. Summary by Directory 3.1 Primary Market: One New Progress in Initial Public Offering of Public REITs - As of September 19, 2025, a total of 75 REITs have been issued, with a total issuance scale of 196.9 billion yuan, a total market value of 221.4 billion yuan, and a circulating market value of 106.3 billion yuan [11]. - This week, one new initial public offering of a public REIT, Huaxia Kaide Commercial REIT, was successfully established. There are currently 10 REITs in the initial public offering application process, 4 of which have been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For the expansion and issuance, 8 REITs have been declared, 6 have been questioned and responded, and 6 have passed the review [1][12]. 3.2 Secondary Market: Liquidity Continued to Weaken This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.12% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1071.34 points, up 0.12%, outperforming the CSI 300 by 0.57 percentage points and the CSI Dividend by 1.23 percentage points. Since the beginning of the year, it has risen 10.69%, underperforming the CSI 300 by 3.72 percentage points but outperforming the CSI Dividend by 12.71 percentage points [1]. - By project attribute, equity - based REITs rose 0.08% this week, while concession - based REITs fell 0.50%. By asset type, data centers (+1.32%), warehousing and logistics (+0.23%), parks (+0.07%), and energy (-0.03%) sectors performed well. Among individual bonds, 37 rose and 36 fell. Huaxia Fund China Resources Youchao REIT (+2.20%), China Merchants Expressway REIT (+1.89%), and E Fund Shenzhen Expressway REIT (+1.57%) led the gainers, while Huaxia Tebian Electric New Energy REIT (-6.62%), Guojin China Railway Construction Expressway REIT (-6.32%), and Fuguo First - created Water Service Closed - end REIT (-4.83%) were the top losers [1]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rates of equity - based and concession - based REITs this week were 0.42% and 0.42% respectively, down 6.64 and 4.93 basis points from last week. The trading volumes were 364 million and 117 million shares respectively, down 12.77% and 10.49% week - on - week. The data center sector was the most active [1][20]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 3.71% and 3.70% respectively. The warehousing and logistics (5.24%), transportation (4.47%), and park (4.30%) sectors rank among the top [1]. 3.3 This Week's News and Important Announcements - **News**: On September 17, Qianjiang Water Resources announced that its subsidiary plans to issue infrastructure public REITs with the operating assets of Shanxi Reservoir and power stations as the underlying assets. On September 19, nine departments including the Ministry of Commerce jointly issued a notice, proposing to prioritize support for consumer infrastructure projects to issue REITs and make full use of relevant policies [28]. - **Announcements**: Multiple REITs announced dividends, and some strategic placement shares of REITs will be lifted from restrictions. In addition, some REITs released their operating data for August 2025 [28][29][30].

Core Viewpoint - The newly released regulations for public REITs in China aim to enhance the market's expansion and support the high-quality development of infrastructure REITs through streamlined processes and increased project availability [1][2]. Group 1: Market Expansion and Support - The regulations emphasize the importance of accelerating the regular application of mature asset types and promoting the issuance of new asset types, including private investment projects [2][4]. - The new rules support the issuance of private investment projects, allowing private enterprises to revitalize assets, optimize liabilities, and enhance operational efficiency [4][5]. - The total market currently has 74 publicly listed REITs with a total market capitalization of 221.678 billion yuan as of September 12 [1]. Group 2: Project Management and Efficiency - The regulations simplify the application process for new projects and broaden the asset range for new acquisitions, allowing for a more efficient project approval process [3][6]. - A focus on quality project management is mandated, ensuring that investment management procedures are complete and that funds are effectively utilized [3][5]. - The establishment of a dynamic project promotion mechanism is encouraged to ensure a continuous supply of quality projects, enhancing market liquidity and resilience [5][6]. Group 3: Organizational Support and Communication - The regulations call for improved organizational support and communication mechanisms to enhance operational efficiency and information management [3][5]. - The emphasis on a rolling project promotion mechanism aims to prevent supply gaps in the REITs market, ensuring a steady flow of quality projects [5][6]. Group 4: Importance of Expansion Mechanisms - The expansion of REITs through new acquisitions is crucial for optimizing asset portfolios and diversifying investment risks, particularly through cross-regional expansions [6][7]. - The expansion mechanism is expected to enhance management levels and create positive market demonstration effects, contributing to the overall maturity of the REITs market [7].

Core Viewpoint - Zhejiang New Energy Investment Group Co., Ltd. (referred to as "the company") announces that its subsidiary, Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd. (referred to as "Shanxi Water Conservancy"), plans to issue public infrastructure REITs based on operational assets such as the Shanxi Reservoir and power station, with the company participating as an original equity holder [2][3]. Group 1: Transaction Details - The transaction involves Shanxi Water Conservancy issuing public infrastructure REITs with the company and its affiliate Qianjiang Water Development Co., Ltd. intending to subscribe for a certain amount of fund shares [2][3]. - The board of directors and senior management of the company hold positions in Qianjiang Water, establishing an associated relationship, thus classifying this transaction as a related party transaction [2][3]. - The transaction has been approved by the company's independent directors and board meetings, confirming it does not constitute a major asset restructuring as per relevant regulations [2][3][19]. Group 2: REITs Project Plan - The REITs project aims to revitalize existing assets, improve capital structure, and enhance project compliance, with an estimated asset valuation of approximately 3 billion yuan (30.04 billion) and a proposed issuance scale of 2.474 billion yuan [5][6]. - The underlying assets include the Shanxi Reservoir, which has a total capacity of 1.824 billion cubic meters and an installed capacity of 222,000 kilowatts, generating an average annual power output of about 410 million kilowatt-hours [5][6]. - The REITs will have a 30-year term, with 80% of the shares intended for original equity holders and 20% for public investors [5][6]. Group 3: Related Party Transaction Overview - The company will subscribe for fund shares in the REITs, with the actual subscription ratio and amount to be determined by the final issuance plan [13][19]. - The transaction price for the fund shares will be based on the final project valuation and market inquiry results, ensuring fairness and reasonableness [18][19]. - The issuance of REITs is expected to help the company activate existing assets, generate asset disposal income, and enhance dividends, aligning with the company's interests and sustainable development goals [19][20]. Group 4: Approval Process - The independent directors have reviewed and approved the REITs issuance proposal, emphasizing its benefits for asset revitalization and shareholder interests [20][21]. - The board meeting also approved the company's participation in the REITs subscription and authorized management to handle related matters, subject to regulatory approvals [21]. Group 5: Future Steps - The REITs project is currently in the application stage, pending approval from relevant regulatory bodies, with the company committed to timely information disclosure as required by law [3][12][22].

Group 1 - The company Qianjiang Water Conservancy (600283.SH) plans to issue public infrastructure REITs backed by operational assets such as the Shanxi Reservoir and power station to enhance asset utilization and improve capital structure [1] - The estimated valuation of the underlying assets for the REITs is approximately 3.004 billion yuan, with a proposed issuance scale of 2.474 billion yuan [1] - Four shareholders, including Wenzhou Public Utilities as the initiator, will participate in the subscription, with 80% of the total scale allocated to them and 20% available for public investors [1]