1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From August 4 to August 8, 2025, the secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The overall performance was average compared with other mainstream asset classes. The prices of both property - right and franchise - based REITs declined, with property - right REITs having a larger decline. Ecological and environmental protection REITs had the largest increase. There were also changes in trading volume, turnover rate, and capital flow, and two new REITs were listed in the primary market [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The returns of China's public REITs were - 0.44%, ranking behind stocks, convertible bonds, A - shares, gold, and pure bonds, but ahead of crude oil [1][11]. - **At the underlying asset level**: Both property - right and franchise - based REITs' secondary - market prices declined, with property - right REITs having a larger decline. Among different underlying asset types, ecological and environmental protection REITs had the largest increase, followed by energy and warehousing and logistics REITs [17][19]. - **At the single - REIT level**: Excluding the newly listed REITs, 21 REITs rose, 1 remained flat, and 49 declined. The top three in terms of increase were Huatai Baowan Logistics REIT, ICBC Mengneng Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT. The top three in terms of decline were Huaxia Shouchuang Outlet Mall REIT, ICBC Hebei Expressway REIT, and CICC Hubei Ketou Optics Valley REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.67 billion yuan. New - type infrastructure REITs led in terms of average daily turnover rate. The top three in terms of trading volume were new - type infrastructure, transportation infrastructure, and park infrastructure REITs. The top three in terms of average daily turnover rate were new - type infrastructure, energy infrastructure, and municipal facilities REITs [27]. - **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 Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT. The same three were also the top three in terms of trading amount. In terms of turnover rate, Huaxia Huadian Clean Energy REIT, Southern Runze Technology Data Center REIT, and Southern Wanguo Data Center REIT led [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 242.81 million yuan, indicating an increase in market trading enthusiasm. In terms of different underlying asset REITs, the top three in terms of net inflow were new - type infrastructure, energy infrastructure, and water conservancy facilities REITs. In terms of single REITs, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [32]. - **Block trading situation**: The total block trading amount this week reached 336.25 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with the highest single - day trading amount on August 6, 2025. The top three in terms of block trading amount were Southern Shunfeng Logistics REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Chuangjin Hexin Shounong REIT [33]. 3.2 Primary Market - **Listed projects**: As of August 8, 2025, there were 73 public REITs in China, with a total issuance scale of 190.852 billion yuan. This week, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed, both belonging to new - type infrastructure, with issuance scales of 4.5 billion yuan and 2.4 billion yuan respectively [36]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 11 first - issuance REITs and 6 REITs pending expansion. This week, the expansion project of "AVIC Jingneng Photovoltaic Closed - end Infrastructure Securities Investment Fund" and the first - issuance project of "CICC Vipshop Outlet Mall Closed - end Infrastructure Securities Investment Fund" were updated to "Passed" [40].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In July 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating trend, with a relatively average performance compared to other mainstream asset classes. The return rates of different types of REITs varied, and the trading volume and net inflow of main funds also had different characteristics [1][2]. - Policies were introduced in various regions in July 2025 to support the issuance of REITs for eligible infrastructure projects, which is expected to promote the development of the REITs market [41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Listed Projects - As of July 31, 2025, there were 70 publicly - offered REITs in China, with a total issuance scale of 182.057 billion yuan (excluding expansion). The transportation infrastructure - type REITs had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure - type at 31.835 billion yuan [11]. - In July 2025, two REITs were newly listed: CICC Jinhui First Agricultural Park REIT on July 25 with an issuance scale of 3.685 billion yuan, and BOC Sinotrans Logistics REIT on July 29 with an issuance scale of 1.311 billion yuan [11]. 3.1.2 Pending - listing Projects - As of July 31, 2025, there were 19 REITs pending listing, including 13 first - offering REITs and 6 REITs for expansion. The project status of several REITs was updated in July [14]. 3.2 Secondary - market Performance 3.2.1 Price Trend - **At the major asset level**: In July 2025, the secondary - market prices of publicly - offered REITs showed a fluctuating trend. The return rates from high to low were: crude oil > convertible bonds > A - shares > US stocks > REITs > pure bonds > gold [2]. - **At the underlying asset level**: The secondary - market prices of equity - type REITs and franchise - type REITs showed differentiation in July. Equity - type REITs rose, while franchise - type REITs fell. The consumer - type REITs had the largest increase this month, and the underlying asset types with positive returns were consumer - type and ecological environmental protection - type [20][23]. - **At the single - REIT level**: In July, publicly - offered REITs showed mixed performance, with 27 rising and 43 falling. The top three in terms of increase were China Merchants Science and Innovation REIT, Huaxia China Resources Commercial REIT, and Boshi Tianjin - Binhai New Area Industrial Park REIT [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying asset level**: In July, the trading volume of publicly - offered REITs increased compared to the previous month, and the ecological environmental protection - type REITs led in the average daily turnover rate. The total trading volume of 70 listed REITs in July was 13.91 billion yuan, and the average daily turnover rate was 0.83% [28]. - **At the single - REIT level**: In terms of trading volume, the top three were Huaxia Hefei High - tech Industrial Park REIT, CICC Jinhui First Agricultural Park REIT, and Huaxia Beijing Affordable Housing REIT; in terms of trading amount, the top three were CICC Jinhui First Agricultural Park REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia China Resources Commercial REIT; in terms of turnover rate, the top three were CICC China Greentown Commercial REIT, BOC Sinotrans Logistics REIT, and CICC Jinhui First Agricultural Park REIT [32]. 3.2.3 Main Capital Inflow and Block Trading - **Main capital inflow**: In July, the total net inflow of main funds was 197.81 million yuan, and the market trading enthusiasm declined compared to the previous month. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and ecological environmental protection. The top three single - REITs in terms of net inflow were CICC Jinhui First Agricultural Park REIT, BOC Sinotrans Logistics REIT, and AVIC Shougang Green Energy REIT [33][35]. - **Block trading**: In July, the total block - trading amount was 1.49 billion yuan, a decrease compared to the previous month. The top three single - REITs in terms of block - trading amount were Huaxia China Resources Commercial REIT, Huaxia Beijing Affordable Housing REIT, and CICC Shandong Expressway REIT [4][38]. 3.3 Relevant Policies In July 2025, governments in various regions introduced policies to support the issuance of REITs for eligible infrastructure projects, covering consumption, culture and tourism, logistics, and other fields [41][42][44].

Group 1: Secondary Market - The overall price trend of publicly listed REITs in the secondary market showed an initial increase followed by a decline, with the weighted REITs index closing at 142.5 and a weekly return rate of 0.11% [2] - Among major asset classes, the return rates ranked from high to low are: crude oil, convertible bonds, US stocks, A-shares, REITs, pure bonds, and gold [2] - By project attributes, both property and concession REITs exhibited fluctuating price trends, with property REITs increasing while concession REITs decreased [3] - The municipal facilities REITs had the highest increase in this week, with the top three asset types by return rate being municipal facilities, park, and consumer types [4] - A total of 40 REITs increased in value while 28 decreased, with the top three gainers being China Merchants Science and Technology REIT, Huaxia Jinmao Commercial REIT, and Zhongjin Hubei Keti Guanggu REIT [5] - The total transaction scale for public REITs this week was 2.48 billion, with ecological and environmental protection REITs leading in average daily turnover rate [6] - The top three REITs by transaction volume were Huaxia Hefei High-tech REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia Zhangjiang Industrial Park REIT, while the top three by transaction amount were Huaxia Beijing Affordable Housing REIT, Huaxia China Resources Commercial REIT, and Zhongjin Xiamen Anju REIT [7][8] - The total net inflow for the week was -6.1 million, indicating a decrease in market trading enthusiasm, with the top three asset types by net inflow being affordable rental housing, consumer infrastructure, and energy infrastructure [8] - The total amount of block trades reached 270.02 million, showing a decrease from the previous week, with the highest single-day block trade occurring on July 17, 2025, at 170.16 million [8] Group 2: Primary Market - No new REIT products were launched this week [9] - There were updates on the project status for four REIT products this week [10]

Market Overview - The secondary market for publicly listed REITs in China showed an upward trend during the week of June 3-6, 2025, with a weighted REITs index closing at 142.42 and a weekly return of 1.74% [2] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: crude oil, convertible bonds, gold, REITs, A-shares, US stocks, and pure bonds [2] - Among different project attributes, both property-type REITs and concession-type REITs experienced overall price increases, with concession-type REITs showing a larger increase [2] - The municipal facilities REITs had the highest increase in returns, followed by transportation infrastructure and water conservancy facilities [2] Individual REIT Performance - A total of 54 REITs increased in value while 12 decreased during the week, with the top three gainers being China Merchants Highway REIT, Huatai Jiangsu Transportation REIT, and Ping An Ningbo Transportation REIT [2] - The total trading volume for publicly offered REITs was 2.09 billion yuan, with water conservancy facilities REITs leading in average daily turnover rate [2] - The average daily turnover rate for all listed REITs was 0.67% during the week [2] Trading Activity - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Bosera Shekou Industrial Park REIT, and Huaxia China Communications Construction REIT [3] - The top three REITs by trading value were Huaxia China Communications Construction REIT, CICC Anhui Transportation REIT, and Guojin China Railway Construction REIT [3] - The total net inflow from major investors was 9.05 million yuan, indicating increased market trading enthusiasm, with the top three asset types for net inflow being transportation infrastructure, park infrastructure, and water conservancy facilities [3] Bulk Trading - The total amount of bulk trading reached 123.93 million yuan, showing an increase from the previous week, with four trading days featuring bulk transactions [3] - The highest single-day bulk trading amount was 38.25 million yuan on June 4, 2025 [3] - The top three REITs by bulk trading value were CICC Yinyi Consumption REIT, Huaxin Zhangjiang Industrial Park REIT, and CICC Shandong Expressway REIT [3] Primary Market - No new REIT products were launched during the week [5] - As of the end of the week, there were 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [5]