Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report's Core View - In the week from August 25 to August 29, 2025, the REITs weighted index rose 1.20% to 101.29 points. Different types of REITs showed varied performance in terms of price changes, trading volume, turnover rate, and valuation. There are also 11 REITs in the exchange acceptance stage and 2 in the approved - to - be - listed state as of August 29, 2025 [2][5] Industry Investment Rating - No industry investment rating is provided in the report Summary by Relevant Catalog Secondary Market Performance - **Overall Index Performance**: The REITs weighted index rose 1.20%, while the CSI All - Share Index rose 1.84%, the CSI Convertible Bond Index fell 2.58%, the ChinaBond Net Price Index rose 0.05%, the London Gold Spot rose 1.32%, and the weighted crude oil varieties fell 1.44%. The order of performance from high to low is stocks > gold > REITs > pure bonds > crude oil > convertible bonds [2] - **Underlying Asset Type Performance**: This week, the property - right type fell 2.07% to 112.64, and the franchise type fell 1.08% to 84.97. By industry type, consumer - type REITs rose 2.21%, ecological and environmental - protection type rose 2.03%, and so on. The order of weekly return performance from high to low is consumer - type > ecological and environmental - protection type > affordable rental housing type > warehousing and logistics type > data center > industrial park type > highway type > energy type [2] - **Top Performers**: The top three REITs in terms of weekly increase are Guotai Junan Jinan Energy Heating REIT (5.70%), AVIC Yishang Warehousing and Logistics REIT (4.29%), and Jiashi Wumei Consumption REIT (4.22%). In terms of trading volume, CICC Hubei Ketou Optics Valley REIT, Huaxia Hefei High - tech REIT, and Huaxia Fund China Resources Youchao REIT led with 0.29 billion shares, 0.28 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Huatai Nanjing Jianye REIT, Huatai Baowan Logistics REIT, and Huaxia Huadian Clean Energy REIT had higher turnover rates of 14.75%, 12.66%, and 9.85% respectively [2][3][12] Secondary Market Valuation - **P/FFO Indicator**: This week, the dynamic P/FFO of many REITs such as Hongtu Innovation Yantian Port REIT, CICC GLP REIT is lower than the average of their respective industry types [4][19] - **P/NAV Indicator**: The top three REITs with lower valuation quantiles and showing an undervalued state are Huaxia Huadian Clean Energy REIT, Huaxia Yuexiu REIT, and CICC Hubei Ketou Optics Valley REIT [4][19] Primary Market Tracking - As of August 29, 2025, there are 11 REIT products still in the exchange acceptance stage and 2 in the approved - to - be - listed state [5] Market Correlation Statistics - **REITs and Major Asset Correlation**: This week, the correlation coefficient between REITs and the Shanghai Composite Index is the highest at 0.20. The correlation coefficients with other major assets such as the CSI 300, ChiNext Index also vary [23][24]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From August 25 to August 29, 2025, the weighted index of REITs rose 1.20% to 101.29 points. The performance of major asset classes from high to low was stocks > gold > REITs > pure bonds > crude oil > convertible bonds. Among REITs, the property - type decreased by 2.07% and the franchise - type decreased by 1.08%. By industry type, the weekly return performance from high to low was consumer - type > ecological and environmental protection - type > affordable rental housing - type > warehousing and logistics - type > data center - type > industrial park - type > highway - type > energy - type [2]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Index Performance**: The weighted index of REITs rose 1.20% this week. The weekly return performance of different types of REITs varied. For example, the consumer - type REITs rose 2.21%, while the property - type REITs decreased by 2.07% [2]. - **Top Performers**: The top three REITs in terms of weekly increase were Guotai Junan Jinan Energy Heating REIT (5.70%), AVIC Yishang Warehousing and Logistics REIT (4.29%), and Jiashi Wumei Consumption REIT (4.22%). In terms of trading volume, CICC Hubei KeTou Optics Valley REIT, Huaxia Hefei High - tech REIT, and Huaxia Fund Huarun Youchao REIT ranked high, with trading volumes of 0.29 billion shares, 0.28 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Huatai Nanjing Jianye REIT, Huatai Baowan Logistics REIT, and Huaxia Huadian Clean Energy REIT had relatively high turnover rates, which were 14.75%, 12.66%, and 9.85% respectively [2][3][12]. 3.2 Secondary Market Valuation Situation - **P/FFO Indicator**: This week, many REITs such as Hongtu Innovation Yantian Port REIT, CICC Puluosi REIT, etc. had a dynamic P/FFO lower than the industry average [4][14][18]. - **P/NAV Indicator**: The top three REITs with relatively low valuation quantiles and showing an undervalued state were Huaxia Huadian Clean Energy REIT, Huaxia Yuexiu REIT, and CICC Hubei KeTou Optics Valley REIT [4][18]. - **Expected Cash Distribution Rate**: The top three REITs in terms of expected cash distribution rate this week were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [18]. - **Internal Rate of Return (IRR)**: As of this Friday, the top three products in terms of IRR were Huaxia China Communications Construction REIT (9.63%), Ping An Guangzhou Guanghe REIT (8.89%), and CICC Hubei KeTou Optics Valley REIT (7.47%) [19]. 3.3 Market Correlation Statistics - **Correlation Coefficient between REITs and Major Asset Classes**: This week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest, reaching 0.20. The correlation coefficients with other major asset classes such as CSI 300, ChiNext Index, etc. also varied [22][23]. - **Correlation Coefficient by Project Nature and Industry Type**: Different types of REITs (such as property - type, franchise - type, and various industry - specific types) had different correlation coefficients with major asset classes and market indices [23]. 3.4 Primary Market Tracking - As of August 29, 2025, there were 11 REIT products still in the exchange acceptance stage and 2 REITs in the state of being approved and waiting for listing [5].