Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - This week (from July 28, 2025, to August 1, 2025), the REITs weighted index rose 1.81% to 102.69 points. The performance of major asset classes from high to low was: crude oil > REITs > pure bonds > stocks > convertible bonds > gold. Among REITs, the equity - type rose 2.54% to 117.51, and the concession - type rose 0.90% to 87.46. In terms of industry types, the weekly performance from high to low was: consumer - type > rental housing for security > energy - type > industrial park - type > ecological and environmental protection - type > highway - type [2]. - The top three REITs in terms of increase this week were Huaxia Capital - First Capital Outlets REIT (6.86%), ICBC Mengneng Clean Energy REIT (6.75%), and Huaxia China Resources Commercial REIT (5.77%). In terms of trading volume, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT were at the forefront. In terms of turnover rate, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT had relatively high turnover rates [3][12]. - In terms of valuation, for the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. For the P/NAV indicator, the top three undervalued REITs were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT [4][19]. - As of August 1, 2025, there were 11 REIT products still in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5]. Summary by Directory Secondary Market Price and Volume Performance - **Overall Index Performance**: The REITs weighted index rose 1.81% this week. The equity - type REITs rose 2.54%, and the concession - type rose 0.90%. Different industry - type REITs also had different increases [2]. - **Individual REIT Performance**: The top three REITs in terms of increase were Huaxia Capital - First Capital Outlets REIT, ICBC Mengneng Clean Energy REIT, and Huaxia China Resources Commercial REIT. The REITs with high trading volume and turnover rate were BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT [3][12]. - **Fund Inflow and Block Trading**: The top three REITs in terms of net inflow of main funds were BOC Sino - Sinotrans Logistics REIT, Penghua Shenzhen Energy REIT, and Hongtu Innovation Yantian Port REIT. The top three industries in terms of trading volume were park infrastructure, warehousing and logistics, and transportation infrastructure. The top three in terms of average daily turnover rate were warehousing and logistics, energy infrastructure, and park infrastructure. Among block trading, Friday had the highest block trading volume, and the top three REITs in terms of block trading turnover were Cinda Principal Agricultural REIT, CITIC Construction Mingyang Smart New Energy REIT, and ICBC Hebei Highway REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs had a dynamic P/FFO lower than the industry average. The top three undervalued REITs by P/NAV were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT. The top three in terms of expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [19]. - **IRR Ranking**: As of this Friday, the top three products in terms of internal rate of return (IRR) were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 11.28%, 11.07%, and 8.46% respectively [21]. Market Correlation Statistics - **Correlation with Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.19), ChiNext Index (0.12), small and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.06), gold (0.04), and crude oil index (0.09) [25]. - **Correlation of Different Types of REITs**: Different types of REITs (equity - type, concession - type, and various industry - type REITs) had different correlation coefficients with major asset classes [27]. Primary Market Tracking As of August 1, 2025, there were 11 REIT products in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5].