Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The second-quarter reports of REITs were released this week, with overall revenue down 2.6% year-on-year and 5.8% quarter-on-quarter, and distributable income up 4.1% year-on-year and down 8.7% quarter-on-quarter. The performance of affordable housing and consumer sectors was the most robust, while the energy sector was greatly affected by seasonal factors. The distributable income of AVIC Jingneng Photovoltaic improved significantly. The distributable income of warehousing and logistics was differentiated year-on-year and increased quarter-on-quarter. The transportation (highway) sector was affected by the diversion effect of surrounding road networks and increased rainfall, with only Huatai Jiangsu Expressway REIT achieving a year-on-year increase in distributable income. The performance of industrial parks declined significantly [3]. - As of July 25, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.87 billion yuan, a year-on-year increase of 2.1%. Two new REITs made progress this week: the newly declared Zhonghang Tianhong Consumer REIT with the underlying asset of Xiangcheng Tianhong Shopping Center in Suzhou, and the listing of Chuangjin Hexin Shounong REIT with a first-day increase of 28.47%. There was no new progress in the expansion of existing REITs this week [3]. - The CSI REITs Total Return Index closed at 1087.36 points this week, down 1.56%, underperforming the CSI 300 by 3.25 percentage points and the CSI Dividend by 3.86 percentage points. The CSI REITs Total Return Index has increased by 12.34% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 7.46/11.41 percentage points. In terms of project attributes, equity REITs fell 1.91% and concession REITs fell 2.67%. In terms of asset types, the industrial park (-1.07%), ecological environment protection (-1.33%), consumer (-1.59%), and warehousing and logistics (-2.06%) sectors performed relatively well [3]. - The average daily turnover rate of CSI REITs this week was 0.54%, a decrease of 2.13 basis points from last week. The average daily turnover rates of equity/concession REITs were 0.79%/0.54%, an increase of 21.16/5.99 basis points from last week. The trading volumes within the week were 592 million/148 million shares, a week-on-week increase of 37.23%/14.10%. The ecological environment protection sector was the most active [3]. - From the perspective of ChinaBond valuation yields, the yields of equity/concession REITs were 3.89%/4.62%. The transportation (5.79%), warehousing and logistics (5.31%), and industrial park (4.32%) sectors ranked among the top three [3]. Summary by Relevant Catalogs 1. Primary Market: Listing of Chuangjin Hexin Shounong REIT - As of July 25, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan, a total market value of 204.6 billion yuan, and a circulating market value of 96.8 billion yuan. In terms of project attributes, 49 were equity REITs and 24 were concession REITs. In terms of asset types, there were 8 affordable housing, 10 warehousing and logistics, 19 industrial parks, 9 consumer, 2 data centers, 13 transportation, 9 energy, and 3 ecological environment protection and water service REITs [10]. - This week, two new REITs made progress: the newly declared Zhonghang Tianhong Consumer REIT with the underlying asset of Xiangcheng Tianhong Shopping Center in Suzhou, and the listing of Chuangjin Hexin Shounong REIT on July 25, 2025, with a first-day increase of 28.47%. Currently, there are 16 REITs under application for initial public offering, 6 of which have been questioned and responded, and 4 of which have been registered and are awaiting listing. There are 10 REITs under application for expansion, 4 of which have been questioned and responded, and 3 of which have passed the review [3][11]. 2. Secondary Market: General Decline in All Sectors This Week, with Improved Liquidity 2.1 Market Review: The CSI REITs Total Return Index Fell 1.56% - The CSI REITs Total Return Index closed at 1087.36 points this week, down 1.56%, underperforming the CSI 300 by 3.25 percentage points and the CSI Dividend by 3.86 percentage points. In terms of project attributes, equity REITs fell 1.91% and concession REITs fell 2.67%. In terms of asset types, the industrial park, ecological environment protection, consumer, and warehousing and logistics sectors performed relatively well [3]. 2.2 Liquidity: Increased Trading Volume - The average daily turnover rate of CSI REITs this week was 0.54%, a decrease of 2.13 basis points from last week. The average daily turnover rates of equity/concession REITs were 0.79%/0.54%, an increase of 21.16/5.99 basis points from last week. The trading volumes within the week were 592 million/148 million shares, a week-on-week increase of 37.23%/14.10%. The ecological environment protection sector was the most active [3]. 2.3 Valuation: High Valuation in the Energy Sector - From the perspective of ChinaBond valuation yields, the yields of equity/concession REITs were 3.89%/4.62%. The transportation, warehousing and logistics, and industrial park sectors ranked among the top three [3]. 3. Important Announcements - Multiple REITs released their second-quarter reports this week, including information on revenue, distributable income, occupancy rates, and traffic volumes. For example, Huaxia TBEA New Energy REIT reported electricity sales revenue of 47.5273 million yuan (excluding tax) in the reporting period; Huatai Jiangsu Expressway REIT's toll revenue increased by 17.05% year-on-year, and its average daily natural traffic volume increased by 12.86% year-on-year [31]. - Some REITs released operation data, such as the average daily toll traffic volume and toll revenue of some expressway REITs in June 2025 [32][37]. - Chuangjin Hexin Shounong REIT was listed on the Shanghai Stock Exchange on July 25, 2025 [37].