1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 15th Five - Year Plan clearly proposes to actively promote the regular issuance of infrastructure REITs. This week, the REITs market showed weak oscillations, trading volume declined, and the data center rebounded from oversold conditions. Two REITs under China Merchants Shekou released their annual reports first: the rental housing REIT had stable performance with a distributable amount completion rate of 102.7%, while the industrial park REIT performed weakly with a year - on - year decrease of 14.8% in distributable amount. Attention should be paid to the upcoming partial share unlocks of SPIC New Energy REIT and Shanghai Real Estate Rental Housing REIT on March 29th and March 31st respectively, with potential selling pressure due to the expansion of the floating shares. The concentrated disclosure window of REITs annual reports from March 28th to 31st may intensify price fluctuations at the end of the month, and it is recommended to manage liquidity in advance [2]. 3. Summary According to the Directory 3.1 Primary Market - A total of 1 new public offering of REITs made progress this week. The Hongtu Innovation Xinghe Group Commercial Real Estate REIT was officially declared on March 10th, being the second commercial real estate REIT on the Shenzhen Stock Exchange, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder. As of March 13, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Currently, in the approval process, there are 32 first - time offerings (1 has been questioned and responded, 0 have passed the review, and 0 are registered and awaiting listing), and 4 expansion offerings (1 has been questioned and responded, 0 have passed the review) [2][5]. 3.2 Secondary Market 3.2.1 Market Review - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1023.15 points, a decline of 0.43%, underperforming the CSI 300 by 0.62 percentage points and the CSI Dividend by 2.04 percentage points. The CSI REITs Total Return Index has risen 1.32% since the beginning of the year, outperforming the CSI 300 by 0.47 percentage points but underperforming the CSI Dividend by 6.87 percentage points. By project attribute, property - type REITs fell 0.52% and franchise - type REITs fell 0.17% this week. By asset type, the data center (+0.74%), energy (+0.10%), consumption (-0.22%), and transportation (-0.24%) sectors performed relatively well. Among individual bonds, 31 rose and 47 fell this week. The top three were Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+1.86%), Guotai Haitong Jinan Energy Heating REIT (+1.45%), and Southern Runze Technology Data Center REIT (+1.43%), while the bottom three were Harvest JD Logistics Infrastructure REIT (-5.60%), Bosera Tianjin Economic - Technological Development Area Industrial Park REIT (-5.17%), and Bosera China Merchants Shekou Industrial Park REIT (-3.89%) [2][16]. 3.2.2 Liquidity - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.35%, down 0.67/4.31 basis points from last week. The trading volumes during the week were 388 million shares/119 million shares, down 1.84%/10.87% week - on - week. The data center sector had the highest activity [2][23]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 4.00%/4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors ranked in the top three [2][25]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On March 7, 2026, New Town Holdings Group planned a direct financing of up to 20 billion yuan (including equivalent foreign currency overseas), and it or its subsidiaries would subscribe for at least 34% of the offering shares of the GF Xincheng Wuyue Commercial Real Estate REIT. On March 10, the tender announcement for the Langham Hotel Commercial Real Estate REITs project was released. On March 11, Wuxi held a financial work symposium and signed 5 REITs cooperation projects; Shandong proposed to implement the "Ten - Hundred - Thousand" listing cultivation plan. On March 13, Sichuan held a work meeting on promoting the pilot of commercial real estate REITs, and the 15th Five - Year Plan proposed to actively promote the regular issuance of infrastructure REITs [31]. 3.3.2 Important Announcements - On March 11, 2026, Huaxia Fund China Resources Youchao REIT announced its 4th dividend in 2025, with a dividend plan of 0.1462 yuan per 10 fund shares. On March 14, Bosera Shekou Industrial Park REIT and China Merchants Fund Shekou Rental Housing REIT released their annual reports, disclosing information such as rental area, occupancy rate, and rent collection rate [32].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to accelerate the regular issuance of infrastructure Real Estate Investment Trusts (REITs), aiming to expand the market and promote the issuance of both mature and new asset types [1][2]. Group 1: Current Market Status - As of the end of August, there are 73 infrastructure REITs listed in China, with a total issuance scale of 198.6 billion and a total market value of 218.8 billion [2]. - The infrastructure REITs cover various asset types, including transportation, energy, heating, ecological protection, logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure, making China the largest public REITs market in Asia [2]. Group 2: Promotion of Mature Asset Types - The NDRC encourages the regular application for mature asset types such as toll roads, clean energy, logistics, and affordable rental housing, while also increasing efforts for potential asset types like heating, water conservancy, and data centers [2][4]. - The continuous expansion of the infrastructure REITs market is expected to enhance asset utilization, improve resource allocation efficiency, and promote effective investment and financing cycles [2]. Group 3: New Asset Types and Private Investment - The notice emphasizes the need to explore new asset types for REITs, including railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, and elderly care facilities [4][5]. - There is a strong demand from enterprises for the issuance of new asset types, particularly in sectors like railways and ports, which traditionally rely on bank loans and bonds for financing [4][5]. Group 4: Regional Developments - Beijing has issued 13 REITs projects, raising over 31.1 billion, with a diverse range of industries represented [3]. - Shanghai has also shown vitality in its infrastructure REITs market, with 9 projects listed and total fundraising of 17 billion [3]. Group 5: Support for Private Enterprises - The NDRC aims to support the issuance of infrastructure REITs by private enterprises, which can provide efficient and low-cost financing, significantly contributing to the development of the private economy [5][6]. - The notice highlights the importance of ensuring high-quality project vetting and prioritizing projects with a high proportion of net recovery funds [5][6].

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notice to accelerate the normalization of the application and recommendation process for infrastructure Real Estate Investment Trusts (REITs), aiming to expand the market and promote new asset types [1][2]. Group 1: Current Market Status - As of the end of August, China has successfully listed 73 infrastructure REITs, with a total issuance scale of 198.6 billion yuan and a total market value of 218.8 billion yuan [2]. - The existing infrastructure REITs cover various asset types, including transportation, energy, heating, ecological protection, logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure, making it the largest public REITs market in Asia [2]. Group 2: Promotion of New Asset Types - The notice encourages the exploration of new asset types for REITs, such as railways, ports, ultra-high voltage transmission, communication towers, market-oriented rental housing, cultural tourism, specialized markets, and elderly care facilities [6][7]. - There is a significant demand from enterprises for the issuance of new asset type projects, particularly in the railway and port sectors, which traditionally rely on bank loans and bonds for financing [7]. Group 3: Regional Developments - Beijing has been proactive in promoting infrastructure REITs, with an average of three projects listed annually since the first pilot projects in 2021, raising over 31.1 billion yuan [5]. - Shanghai's infrastructure REITs market has also shown vitality, with nine projects listed by the end of August, raising a total of 17 billion yuan [5][8]. Group 4: Support for Private Investment - The notice emphasizes the importance of supporting private investment projects in issuing REITs, which can provide efficient and low-cost financing for private enterprises [9]. - The NDRC will prioritize recommending projects with a high proportion of net recovery funds relative to the total fund amount, ensuring a balance between innovation and risk [9].

Core Insights - The public REITs market in China has been steadily developing, with over 50 REITs listed and a total issuance scale exceeding 100 billion yuan, driven by accelerated issuance and the gradual unlocking of previously restricted shares [1][4][6] - Institutional investors, particularly insurance funds, have shown significant interest in public REITs, with notable participation in recent listings [1][3][8] Group 1: Market Development - The issuance of public REITs has been normalized since the pilot program initiated in 2020, with the first batch of 9 public infrastructure REITs listed in June 2021 marking a significant milestone [4][6] - As of February 28, the market has approved 52 REIT projects, covering various asset types such as toll roads, industrial parks, and clean energy, with a total market size exceeding 110 billion yuan [6][9] Group 2: Insurance Capital Participation - Insurance capital has become a major player in the REITs market, with significant allocations in recent funds, such as the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, where insurance companies contributed over 80% [8][9] - The stable cash flow and policy support for infrastructure REITs align well with the investment characteristics of insurance funds, making them an attractive option for long-term stable returns [3][7][9] Group 3: Policy Support - Recent regulatory changes have encouraged insurance funds to participate in REITs by lowering risk factors and increasing the equity asset allocation limits, thereby optimizing asset allocation structures [9][10] - The National Financial Regulatory Administration has announced plans to expand the scope of long-term investment trials for insurance funds, aiming to inject more capital into the market [10]