Core Insights - The infrastructure REITs sector showed significant divergence in Q3 2025, with structural opportunities emerging for quality assets supported by oversold recovery and institutional allocation demand [1][2] Group 1: Sector Performance - The affordable housing sector demonstrated the most robust performance, benefiting from stable rental rates and occupancy, with most projects achieving positive revenue growth [1] - The municipal environmental protection sector also performed well, with overall revenue indicators showing year-on-year increases and a simultaneous rise in both volume and price [1] - In contrast, the industrial park sector continued to decline, facing significant challenges due to supply-demand imbalances, with most projects experiencing revenue pressure [1] - The warehousing sector faced marginal pressure, with market-driven projects impacted by increased competition from new entrants [1] - The energy sector's Q3 operational data was disappointing, with only 1 out of 6 comparable projects achieving positive year-on-year revenue growth, influenced by regional natural resource changes and electricity market reforms [1] Group 2: Market Trends - Following the disclosure of Q3 REIT reports, the divergence in operating performance across different REIT sectors was reflected in the secondary market, with significant declines in industrial park and warehousing sector stock prices [2] - The REITs total return index briefly returned to the 1030-point level, indicating market volatility [2] - Future focus should remain on quality assets supported by oversold recovery and institutional allocation demand, while weaker projects may face further declines [2] - Attention is needed on the pace of market recovery to prevent oversold recovery from turning into an overshoot, with a cautious approach to trading and timely portfolio optimization recommended [2]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - In Q3 2025, infrastructure REITs sectors showed a pattern of intensified differentiation, both between sectors and within different projects of the same sector [3]. - The affordable housing sector was the most stable, with most projects achieving positive revenue growth due to rising occupancy rates and rents. The municipal environmental protection sector also performed well, with overall revenue indicators rising year - on - year, showing a trend of increasing volume and price. In contrast, the industrial park sector continued to decline, with supply - demand imbalance remaining a major problem. The warehousing sector faced marginal pressure, and the energy sector's operating data in Q3 was also poor [3]. - After the release of REITs Q3 reports, the differentiation in operating performance was also reflected in the secondary - market. Pay continuous attention to the structural opportunities of high - quality targets supported by oversold repair and institutional allocation demand. Oversold repair and institutional allocation demand are still important supports for the REITs market, but opportunities are mainly concentrated in high - quality projects, and weak projects may face a supplementary decline. Also, pay attention to the rhythm of market repair and prevent the risk of oversold repair turning into over - rising [3]. Group 3: Summaries According to Related Catalogs 1. Affordable Housing - The affordable housing sector maintained stable operations with strong bond - like attributes. Most projects achieved positive revenue growth, but some market - oriented rental projects had controllable performance fluctuations. For example, the Beijing affordable housing project's new expansion assets significantly increased revenue, while the Shenzhen Anju and Suzhou Hengtai projects saw a decline in EBITDA [6]. - Specific projects' data on revenue, EBITDA, distributable amount, occupancy rate, rent pricing, and other indicators are presented in detail in Figures 1, 2, and 3 [7][8][9]. 2. Warehousing - The warehousing sector faced marginal pressure. Projects with a high proportion of related - party transactions had relatively more stable operating performance, while market - oriented projects were affected by new warehouse entries. For example, in the CICC Puluosi, Huaxia Shenguoji, and Huatai Zijin Baowan projects, occupancy rates fluctuated due to new supplies [10]. - The SF project's operation was stable, but its profitability indicators weakened due to the cancellation of lease contracts by former tenants. The occupancy rate of the Hongtu Innovation Yantian Port REIT in Q3 2025 declined marginally due to a tenant's early termination of business [10]. - Figures 4, 5, 6, and 7 show detailed data on the profitability and operating indicators of warehousing projects [11][12][13][14]. 3. Consumption - The consumption sector remained stable overall, with most projects actively adjusting and reforming, and most revenue indicators rising. However, some projects with a high correlation between rent and performance had a slight decline in profitability due to seasonal factors. For example, the Shouchuang Outlet project had a slow - sales season in spring and summer, but its cumulative operating data in 2025 exceeded the comparable forecast data in the project's issuance - stage evaluation report [15]. 4. Industrial Park - Not provided in the given content 5. Transportation - Not provided in the given content 6. Energy - Not provided in the given content 7. Municipal Environmental Protection - Not provided in the given content 8. New Infrastructure - Not provided in the given content 9. Investment Suggestions - Not provided in the given content