1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From February 24 to February 27, 2026, the secondary - market prices of publicly - listed REITs in China fluctuated and declined overall. The returns of publicly - listed REITs were relatively weak compared to other mainstream asset classes. Among them, franchise - based REITs performed relatively better, and new infrastructure - based REITs had the highest increase in returns [1][11]. - In the primary market, no new REIT products were listed this week, but the project status of 12 REIT products was updated [4]. 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of publicly - listed REITs in China fluctuated and declined. The returns of REITs were - 0.96%, and the returns of other major asset classes from high to low were: crude oil (5.45%) > gold (4.68%) > convertible bonds (3.44%) > A - shares (2.74%) > US stocks (0.54%) > pure bonds (- 0.14%) > REITs [11]. - **At the underlying asset level**: Both property - based and franchise - based REITs' secondary - market prices declined. The return of property - based REITs was - 1.46%, and that of franchise - based REITs was - 0.09%. Among different underlying asset types, new infrastructure - based REITs had the highest increase, with a return of 2.01%. The top three underlying asset types in terms of returns were new infrastructure, ecological and environmental protection, and transportation infrastructure, with returns of 2.01%, 0.41%, and 0.11% respectively [16][17]. - **At the single - REIT level**: Among the 79 REITs, 17 rose and 62 fell. The top three in terms of increase were Southern Runze Technology Data Center REIT (2.68%), Huatai Jiangsu Expressway REIT (2.33%), and Huaan Waigaoqiao REIT (1.7%). The top three in terms of decline were Huatai Nanjing Jianye REIT (- 6.19%), CICC Chongqing Liangjiang REIT (- 4.96%), and ICBC Mengneng Clean Energy REIT (- 3.91%) [19]. Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of publicly - listed REITs this week was 1.72 billion yuan, and the new infrastructure - based REITs had the highest average daily turnover rate. The total trading volume of the 79 listed REITs was 1.72 billion yuan, and the average daily turnover rate was 0.44%. The top three underlying asset types in terms of trading volume were transportation infrastructure (319 million yuan), warehousing and logistics (309 million yuan), and consumer infrastructure (251 million yuan). The top three in terms of average daily turnover rate were new infrastructure (1.47%), warehousing and logistics (0.54%), and water conservancy facilities (0.45%) [22]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Wanguo Data Center REIT (190 million shares), AVIC Yishang Warehousing and Logistics REIT (190 million shares), and嘉实京东仓储基础设施 REIT (180 million shares). The top three in terms of trading value were Southern Runze Technology Data Center REIT (104 million yuan), Southern Wanguo Data Center REIT (90 million yuan), and嘉实京东仓储基础设施 REIT (65 million yuan). The top three in terms of turnover rate were Southern Wanguo Data Center REIT (8.00%),嘉实京东仓储基础设施 REIT (5.45%), and Southern Runze Technology Data Center REIT (4.79%) [25]. Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 42.87 million yuan, and the market trading enthusiasm increased compared to the previous period. At the underlying asset level, the top three in terms of net inflow were consumer infrastructure (12.21 million yuan), affordable rental housing (11.41 million yuan), and new infrastructure (10.52 million yuan). At the single - REIT level, the top three in terms of net inflow were Southern Runze Technology Data Center REIT (8.53 million yuan), Huatai Jiangsu Expressway REIT (8.40 million yuan), and Huaxia Anbo Warehousing REIT (7.75 million yuan) [28]. - **Block trading situation**: The total block trading volume this week was 216 million yuan, which was lower than the previous period. There were block trades on 3 trading days, with the highest single - day trading volume on February 27, 2026, reaching 122.87 million yuan. The top three REITs in terms of block trading volume were AVIC Yishang Warehousing and Logistics REIT (93.55 million yuan), Guotai Haitong Jinan Energy Heating REIT (51.30 million yuan), and Huaxia Jinyu Zhizao Factory REIT (48.06 million yuan), with average discount/premium rates of - 1.90%, + 0.13%, and - 1.71% respectively [30]. Primary Market Listed Projects As of February 27, 2026, there were 79 publicly - listed REIT products in China, with a total issuance scale of 205.039 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 32.933 billion yuan. No new REIT products were listed this week [36][37]. Projects to be Listed According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 30 REITs in the state of being to be listed, including 28 initial - offering REITs and 2 REITs to be expanded. The project status of 12 REIT products was updated this week [40][41].

Group 1 - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan, excluding expansions [3] - The largest issuance scale among underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 28.15 billion yuan [3] - There are currently 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [3] Group 2 - From June 1 to June 30, 2025, the secondary market prices of listed public REITs initially rose and then fell, with a weighted REITs index closing at 142.71 and a monthly return rate of 1.95% [4] - The return rates of various asset classes ranked from highest to lowest are: crude oil, US stocks, convertible bonds, A-shares, REITs, gold, and pure bonds [4] - Among the underlying asset types, municipal facilities, affordable housing, and water conservancy facilities had the highest return rates for the month [4] Group 3 - The total trading volume of public REITs increased compared to the previous month, with an average daily turnover rate of 0.80% [5] - The top three REITs by trading volume were 华夏中国交建REIT, 华夏合肥高新REIT, and 博时蛇口产园REIT [5] - The total net inflow for the month was 24.27 million yuan, indicating a recovery in market trading enthusiasm [5] Group 4 - The total amount of block trades increased compared to the previous month, with a total block trade volume of 1.86 billion yuan [6] - There were 20 trading days with block trades, with the highest single-day block trade amount reaching 30.96 million yuan on June 24, 2025 [6] - The top three REITs by block trade volume were 国泰君安城投宽庭保租房REIT, 华夏华润商业REIT, and 中金山东高速REIT [6]