点击注册小程序 从项目属性来看，产权类REITs和特许经营权类REITs的二级市场价格均有所下跌，其中，产权类REITs的 跌幅更大。从底层资产类型来看，本月仅新型基础设施类REITs有所上涨。本月，回报率表现前三的底层 资产类别为新型基础设施类、交通基础设施类和生态环保类。从单只REIT层面来看，有17只REITs上涨， 有62只REITs下跌。涨跌幅方面，涨幅排名前三的分别是华泰江苏交控REIT、南方润泽科技数据中心REIT 和中银中外运仓储物流REIT。 成交规模及换手率：从底层资类型产来看，本月公募REITs成交规模较上月有所下降，新型基础设施类 REITs区间日均换手率领先其他。截至2月28日，已上市的79只REITs月内总成交额为67.0亿元，月内区间 日均换手率均值为0.46%。从单只REIT层面来看，月内成交量前三的是嘉实京东仓储基础设施REIT/中航 易商仓储物流REIT/南方万国数据中心REIT；成交额方面，月内成交额前三的是嘉实京东仓储基础设施 REIT/华夏中核清洁能源REIT/华夏华润商业REIT。 报告摘要 1、一级市场 2026年2月，华夏中核清洁能源REIT于2026年2月2日 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、二级市场 从项目属性来看，本周产权类和特许经营权类REITs的二级市场价格均有所下跌，其中，产权类REITs回报 率为-1.46%，特许经营权类REITs回报率为-0.09%。 从底层资产类型来看，本周新型基础设施类REITs涨幅最大。本周回报率排名前三的底层资产类型分别为 新型基础设施类、生态环保类和交通基础设施类。 从单只REIT层面来看，有17只REITs上涨，有62只REITs下跌。涨跌幅方面，涨幅排名前三的分别是南方 润泽科技数据中心REIT、华泰江苏交控REIT和华安外高桥REIT。 成交规模及换手率：本周公募REITs成交规模为17.2亿元，新型基础设施类REITs区间日均换手率领先其 他。已上市的79只RE ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In January 2026, the secondary - market prices of publicly - offered REITs in China showed an overall fluctuating upward trend, with the secondary - market prices of both equity - type REITs and franchise - type REITs rising, and the equity - type REITs having a larger increase. The trading enthusiasm in the REITs market increased compared to the previous month, and the total net inflow of the main funds reached 588.19 million yuan. The total amount of block trades also increased compared to the previous month [2][3][4]. 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of January 31, 2026, there were 78 publicly - offered REITs products in China, with a total issuance scale of 20.1749 billion yuan (excluding expansion and fundraising). Among them, the transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by the park infrastructure - type REITs with a scale of 3.2933 billion yuan. No new REITs products were listed in January 2026 [11][12]. 3.1.2 Projects to be Listed - As of January 31, 2026, there were 22 REITs in the state of being to be listed, including 20 initial - offering REITs and 2 REITs to be expanded and raised. In January, the project status of AVIC Beijing Changbao Rental Housing Closed - end Infrastructure Securities Investment Fund (initial offering) and CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "inquired". Additionally, 8 commercial real - estate REITs were declared [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the large - asset level**: From January 1 to January 31, 2026, the secondary - market prices of publicly - offered REITs in China showed a fluctuating upward trend. The CSI REITs (closing) and CSI REITs total return index closed at 809.56 and 1052.42 respectively, with monthly returns of 3.98% and 4.22%. The weighted REITs index had a monthly return of 4.83%. Compared with other major asset classes, the return of REITs was 4.83%, ranking behind gold, crude oil, convertible bonds, and A - shares, but ahead of US stocks and pure bonds [17]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs saw price increases, with the equity - type REITs having a larger increase. The return of equity - type REITs was 5.7%, and that of franchise - type REITs was 3.42%. Among different underlying - asset types, water - conservancy facilities - type REITs had the largest increase this month. The underlying - asset categories with better returns this month were water - conservancy facilities, new - type infrastructure, and consumption, with returns of 9.7%, 8.38%, and 7.6% respectively [21][23]. - **At the single - REIT level**: Among the publicly - offered REITs this month, 74 rose, 1 remained the same as last month, and 3 fell. The top three in terms of increase were Huaan Bailian Consumption REIT, Huaxia Zhonghai Commercial REIT, and CICC Chongqing Liangjiang REIT, with increases of 17.43%, 13.68%, and 13.62% respectively. The top three in terms of decrease were E Fund Guangzhou Development Zone High - tech Industrial Park REIT, Huaxia Nanjing Transportation Expressway REIT, and Huaxia Fund China Resources Youchao REIT, with decreases of 3.17%, 1.46%, and 0.07% respectively [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of publicly - offered REITs this month increased compared to last month, and the new - type infrastructure - type REITs led in the average daily turnover rate during the period. As of January 30, the total trading volume of the 78 listed REITs within the month was 36.38 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three REITs categories were transportation infrastructure, consumption infrastructure, and park infrastructure, with trading volumes of 7.39 billion, 6.52 billion, and 6.42 billion yuan respectively. In terms of turnover rate, the top three REITs categories in the average daily turnover rate during the period were new - type infrastructure, water - conservancy facilities, and municipal facilities, with rates of 0.96%, 0.84%, and 0.67% respectively [28]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three within the month were Bosera Shekou Industrial Park REIT, CICC Puluosi REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 122 million, 121 million, and 120 million shares respectively. In terms of trading amount, the top three within the month were Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and CICC Puluosi REIT, with trading amounts of 819 million, 433 million, and 398 million yuan respectively. In terms of turnover rate, the top three within the month were CITIC Construction Investment Shenyang International Software Park REIT, AVIC Yishang Warehouse Logistics REIT, and Southern Wanguo Data Center REIT, with turnover rates of 35.05%, 28.66%, and 25.80% respectively [30]. 3.2.3 Main - Fund Net Inflow and Block - Trade Situation - **Main - fund net inflow situation**: This month, the total net inflow of main funds reached 588.19 million yuan, and the trading enthusiasm in the market increased compared to last month. From the perspective of different underlying - asset REITs, the top three underlying - asset types in terms of net inflow of main funds this month were consumption infrastructure, energy infrastructure, and transportation infrastructure, with net inflows of 366.47 million, 58.62 million, and 44.97 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds this month were Huaxia China Resources Commercial REIT, CICC Yinli Consumption REIT, and Huaxia Joy City Commercial REIT, with net inflows of 193.33 million, 68.38 million, and 42.48 million yuan respectively, and the consecutive inflow days were +1, +5, and +1 days respectively [33]. - **Block - trade situation**: The total amount of block trades this month was 1.55 billion yuan, an increase compared to last month. There were 20 trading days with block trades this month, and the total block - trade turnover was 1.55 billion yuan. The block - trade turnover on January 19, 2026, was the highest within the month, reaching 236.09 million yuan. In terms of single REITs, the top three in terms of block - trade turnover within the month were CITIC Construction Investment State Power Investment New Energy REIT, Ping An Ningbo Traffic Investment REIT, and Penghua Shenzhen Energy REIT, with turnovers of 195.04 million, 180.62 million, and 145.72 million yuan respectively, and the corresponding average discount - premium rates were - 0.19%, - 1.66%, and - 0.47% respectively [37]. 3.3 Related Policies - On January 4, the "Notice of the Ministry of Commerce and Other 9 Departments on Implementing the Action to Promote Green Consumption" was issued, emphasizing support for eligible projects to issue infrastructure - sector real - estate investment trusts (REITs). On January 15, the China Securities Regulatory Commission held the 2026 system work conference, proposing to promote the improvement of quality, adjustment of structure, and expansion of the total amount of the bond market, and to ensure the smooth implementation of the pilot program for commercial real - estate REITs [40].

2026 年 1 月 24 日 总量研究 REITs 二级市场价格上涨 ，多个项目状态更新至"中止" ——REITs 周度观察（20260119-20260123） 要点 1、 二级市场 2026 年 1 月 19 日-2026 年 1 月 23 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体呈现上行趋势：中证 REITs（收盘）和中证 REITs 全收 益指数分别收于 806.72 和 1047.51，本周回报率分别为 2.09%和 2.17%。与其 他主流大类资产相比，回报率由高至低排序分别为：黄金>可转债> REITs >A 股> 原油>纯债>美股。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格均有所上 涨，其中，产权类 REITs 回报率为 3.05%，特许经营权类 REITs 回报率为 1.63%。 从底层资产类型来看，本周新型基础设施类 REITs 涨幅最大。本周回报率排名前 三的底层资产类型分别为新型基础设施类、市政设施类和消费类。 从单只 REIT 层面来看，有 68 只 REITs 上涨，有 10 只 REITs 下跌。涨跌幅方面， 涨幅排名前三 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From November 24 to 28, 2025, the secondary - market prices of listed public REITs in China fluctuated and declined overall. Compared with other major asset classes, the performance of REITs was average [11]. - The price trends of equity - type and franchise - based REITs in the secondary market diverged this week. Equity - type REITs rose, while franchise - based REITs fell. Among different underlying asset types, new infrastructure - type REITs had the largest increase [17]. - This week, there was no new listing of REITs products in the primary market, but the project status of 3 REITs products was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends 1) At the major asset level - The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 809.07 and 1040.34 respectively, with weekly returns of - 0.14% and - 0.08%. The weighted REITs index closed at 182.04, with a weekly return of - 0.07%. The return ranking from high to low was: US stocks > Gold > Convertible bonds > A - shares > Crude oil > REITs > Pure bonds [11]. 2) At the underlying asset level - In terms of project attributes, equity - type REITs rose (with a weighted index of 154.32 and a return of 0.04%), while franchise - based REITs fell (with a weighted index of 129.82 and a return of - 0.18%). - In terms of underlying asset types, the new infrastructure - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were new infrastructure, affordable housing, and municipal facilities, with weighted indexes of 110.05, 138.64, and 129.72 respectively, and returns of 1.65%, 0.87%, and 0.36% respectively [17][19]. 3) At the single - REIT level - This week, public REITs showed mixed performance, with 35 rising, 1 remaining unchanged, and 41 falling. The top three in terms of increase were CICC Xiamen Anju REIT, Huaxia Capital First - Creation Outlets REIT, and Huaxia Beijing Affordable Housing REIT, with increases of 3.65%, 2.67%, and 2.52% respectively. The top three in terms of decline were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with declines of 5.92%, 4.55%, and 2.45% respectively. The top three in terms of annualized volatility were Hua'an Waigaoqiao REIT, CICC Yinli Consumption REIT, and Huaxia JINMAO Commercial REIT, with annualized volatilities of 34.01%, 25.49%, and 23.26% respectively [24]. 3.1.2 Trading Volume and Turnover Rate 1) At the underlying asset level - The trading volume of public REITs this week was 2.81 billion yuan. The affordable rental housing - type REITs led in the average daily turnover rate during the period. The total trading volume of 77 listed REITs this week was 2.81 billion yuan, and the average daily turnover rate during the week was 0.57%. The top three REITs asset types in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure, with trading volumes of 677 million, 555 million, and 419 million yuan respectively. The top three REITs asset types in terms of average daily turnover rate were affordable rental housing, new infrastructure, and ecological environmental protection, with rates of 0.99%, 0.75%, and 0.75% respectively [25]. 2) At the single - REIT level - This week, the trading volume and turnover rate of single - REITs continued to show differentiation. In terms of trading volume, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia Hefei High - tech REIT, and CICC Xiamen Anju REIT, with 0.56, 0.34, and 0.26 billion shares respectively. In terms of trading amount, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 172 million, 138 million, and 133 million yuan respectively. In terms of turnover rate, the top three were Huaxia Fund CR Land Youchao REIT, Huatai Nanjing Jianye REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 17.07%, 10.13%, and 8.61% respectively [28]. 3.1.3 Main - force Net Inflow and Block Trading 1) Main - force net inflow situation - The total main - force net inflow this week was - 25.45 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three REITs in terms of weekly main - force net inflow were consumer infrastructure, water conservancy facilities, and new infrastructure, with net inflows of 23.16 million, 4.83 million, and 4.51 million yuan respectively. At the single - REIT level, the top three REITs in terms of weekly main - force net inflow were Huaxia CR Land Commercial REIT, CICC Yinli Consumption REIT, and Huatai Jiangsu Expressway REIT, with net inflows of 20 million, 8.44 million, and 5.22 million yuan respectively, and continuous inflow days of + 5, + 4, and + 3 days respectively [31]. 2) Block trading situation - The total block trading amount this week reached 538.75 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 538.75 million yuan. The block trading amount on Thursday (November 27, 2025) was the highest within the period, reaching 178.68 million yuan. At the single - REIT level, the top three REITs in terms of weekly block trading amount were CITIC Construction MingYang Smart Energy REIT, China Merchants Expressway REIT, and Hua'an Bailian Consumption REIT, with trading amounts of 152.69 million, 133.04 million, and 97.82 million yuan respectively, and corresponding average discount/premium rates of - 0.59%, - 2.88%, and - 0.43% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of November 28, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [37][39]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the to - be - listed state, including 13 initial offering REITs and 7 to - be - expanded - offering REITs. This week, the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted", and the project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) and Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "reported" [42].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.48%. Compared with other major asset classes, REITs' performance was average. The return rate ranking from high to low was: convertible bonds > crude oil > A - shares > pure bonds > gold > REITs > US stocks. The secondary - market price trends of equity - type and franchise - type REITs diverged, and municipal facility - type REITs had the largest increase. In terms of single - REIT performance, there were 33 rising, 1 flat, and 42 falling REITs (excluding the newly - listed one). The trading volume, turnover rate, net inflow of main funds, and large - scale trading volume also showed differentiation among different REITs. In the primary market, a new REIT was listed, and the status of two REIT products was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The closing and total return indices of China Securities REITs and the weighted REITs index all had negative returns. Compared with other major asset classes, REITs' return rate was - 0.48%, ranking behind convertible bonds, crude oil, A - shares, etc. [11] - **At the underlying asset level**: The price trends of equity - type and franchise - type REITs diverged. Equity - type REITs declined with a return rate of - 0.86%, while franchise - type REITs rose with a return rate of 0.39%. Among different underlying asset types, municipal facility - type REITs had the largest increase, with a return rate of 2.25%. The top three in terms of return rate were municipal facility - type, ecological and environmental protection - type, and consumer - type REITs [17][19]. - **At the single - REIT level**: Excluding the newly - listed REIT, there were 33 rising, 1 flat, and 42 falling REITs. The top three in terms of increase were China AMC JINMAO Commercial REIT, Zheshang Expressway REIT, and Guotai Junan Jinan Energy Heating REIT, with increases of 4.42%, 2.37%, and 2.25% respectively. The top three in terms of decline were GF Chengdu Gaotou Industrial Park REIT, CICC Liandong Science and Technology Innovation REIT, and E Fund Guangzhou Development District High - tech Industrial Park REIT, with declines of 9.44%, 8.43%, and 7.01% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.88 billion yuan, and the new infrastructure - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were park infrastructure - type, transportation infrastructure - type, and affordable rental housing - type REITs, with trading volumes of 684 million, 507 million, and 442 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure - type, affordable rental housing - type, and park infrastructure - type REITs, with rates of 0.86%, 0.83%, and 0.80% respectively [25]. - **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 China AMC Hefei High - tech REIT, China AMC CR Land Youchao REIT, and Soochow Industrial Park REIT. The top three in terms of trading amount were China AMC Hefei High - tech REIT, China AMC CCCC REIT, and China AMC CCOF Commercial REIT. The top three in terms of turnover rate were CSC Shenyang International Software Park REIT, China AMC CCOF Commercial REIT, and China AMC Hefei High - tech REIT [28]. 3.1.3 Net Inflow of Main Funds and Large - scale Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 38.36 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow were consumer infrastructure - type, park infrastructure - type, and new infrastructure - type REITs. Among single REITs, the top three were China AMC CCOF Commercial REIT, China AMC CR Land Commercial REIT, and China AMC CR Land Youchao REIT [31]. - **Large - scale trading**: The total large - scale trading amount this week was 240.26 million yuan, a decrease compared with last week. There were large - scale trading transactions on 5 trading days, and the highest single - day trading amount was on November 3, 2025. The top three in terms of large - scale trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and Huatai Baowan Logistics REIT [32]. 3.2 Primary Market - **Listed projects**: As of October 31, 2025, there were 77 public REITs in China, with a total issuance scale of 19.9301 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by the park infrastructure - type. This week, CSC Shenyang International Software Park REIT was listed on November 6, 2025, and its asset type was park infrastructure [38][39]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 10 initial - offering REITs and 7 REITs pending for expansion. This week, the project status of "Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Feedback Received", and that of "E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Accepted" [42].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - From September 29 to October 10, 2025, the secondary - market prices of China's listed public REITs showed a continuous downward trend. The weighted REITs index closed at 183.91, with a return rate of - 0.47% during the period. Compared with other mainstream large - category assets, REITs ranked relatively low in terms of return rate [1][11]. - The trading volume and turnover rate of public REITs showed differentiation. The consumer infrastructure - type REITs led in terms of the average daily turnover rate during the period. The total net inflow of main funds decreased, indicating a decline in market trading enthusiasm compared with the previous period. The total amount of block trades also decreased compared with the previous period [2][29][30]. - In the primary market, Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.87 billion yuan. The status of two REIT projects was updated [4]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **Large - category Asset Level**: The secondary - market prices of China's listed public REITs showed a continuous downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 826.77 and 1058.71 respectively, with return rates of - 0.56% and - 0.54% during the period. The weighted REITs index closed at 183.91, with a return rate of - 0.47%. Compared with other mainstream large - category assets, the return rates from high to low were: gold > convertible bonds > A - shares > pure bonds > REITs > US stocks > crude oil [11]. - **Underlying Asset Level**: In terms of project attributes, the secondary - market prices of property - type and franchise - type REITs both decreased. In terms of underlying asset types, only municipal facilities - type and new infrastructure - type REITs increased. The top three underlying asset types in terms of return rate were municipal facilities, new infrastructure, and ecological environment protection, with weighted indexes of 127.98, 105.1, and 123.97 respectively, and return rates of 0.47%, 0.36%, and - 0.03% respectively [16][17]. - **Single REIT Level**: During the period, public REITs showed mixed performance. 17 REITs rose, 1 remained the same as the previous period, and 57 REITs fell. The top three in terms of increase were Huatai Nanjing Jianye REIT, Hua'an Waigaoqiao REIT, and GF Chengdu Gaotou Industrial Park REIT, with increases of 3%, 1.8%, and 1.01% respectively. The top three in terms of decline were China Merchants Expressway REIT, CICC Vipshop Outlet Mall REIT, and CICC Yinli Consumption REIT, with declines of 3.19%, 2.35%, and 2.02% respectively [23]. 3.1.2 Transaction Scale and Turnover Rate - **Underlying Asset Level**: The transaction scale of public REITs during the period was 1.78 billion yuan. The consumer infrastructure - type REITs led in terms of the average daily turnover rate during the period. The total transaction amount of the 75 listed REITs during the period was 1.78 billion yuan, and the average value of the average daily turnover rate during the period was 0.45%. In terms of transaction amount, the top three REIT asset types were consumer infrastructure, transportation infrastructure, and park infrastructure, with transaction amounts of 775 million, 294 million, and 186 million yuan respectively. In terms of turnover rate, the top three REIT asset types in terms of the average daily turnover rate during the period were consumer infrastructure, new infrastructure, and water conservancy facilities, with rates of 1.20%, 0.70%, and 0.49% respectively [24]. - **Single REIT Level**: The performance of single - REIT transaction scale and turnover rate continued to show differentiation. In terms of trading volume, the top three during the period were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Hefei High - tech REIT, with trading volumes of 94 million, 17 million, and 9 million shares respectively. In terms of transaction amount, the top three were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Guojin China Railway Construction REIT, with transaction amounts of 611 million, 73 million, and 53 million yuan respectively. In terms of turnover rate, the top three were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Huadian Clean Energy REIT, with turnover rates of 58.93%, 5.67%, and 3.87% respectively [27]. 3.1.3 Main Fund Inflow and Block Trade Situation - **Main Fund Inflow Situation**: The total net inflow of main funds during the period was 9.83 million yuan, indicating a decline in market trading enthusiasm compared with the previous period. From the perspective of different underlying asset REITs, the top three in terms of net inflow of main funds during the period were consumer infrastructure, new infrastructure, and ecological environment protection, with net inflows of 9.76 million, 4.40 million, and 3.13 million yuan respectively. From the perspective of single REITs, the top three REITs in terms of net inflow of main funds during the period were Southern Runze Technology Data Center REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT, with net inflows of 4.95 million, 3.32 million, and 2.53 million yuan respectively [29]. - **Block Trade Situation**: The total amount of block trades during the period reached 43.10 million yuan, a decrease compared with the previous period. There were block trades on 4 trading days during the period, with a total block - trade transaction amount of 43.10 million yuan. The block - trade transaction amount on Thursday (October 09, 2025) was the highest during the period, reaching 18.48 million yuan. In terms of single REITs, the top three in terms of block - trade transaction amount during the period were ICBC Hebei Expressway REIT, Huaxia Joy City Commercial REIT, and E Fund Guangzhou Development Industrial Park REIT, with transaction amounts of 27.73 million, 6.80 million, and 6.04 million yuan respectively, and corresponding average discount/premium rates of - 0.28%, - 1.78%, and - 1.93% respectively [30]. 3.2 Primary Market 3.2.1 Listed Projects - As of October 10, 2025, the number of China's public REIT products reached 75, with a total issuance scale of 196.619 billion yuan. Among them, the transportation infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 31.835 billion yuan [34]. - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 22.87 billion yuan [4][34]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 17 REITs in the state of being to be listed, including 11 initial - offering REITs and 6 REITs to be expanded. During the period, the project status of Huaxia Hubei Jiaotou Chutian Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback provided", and the project status of Huaxia China Resources Commercial Asset Closed - end Infrastructure Securities Investment Fund (expansion) was updated to "declared" [38].

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend in September 2025, with relatively poor performance compared to other mainstream asset classes. However, the total net inflow of main funds increased, indicating a rise in market trading enthusiasm. Meanwhile, relevant policies in September 2025 are expected to further expand the asset types of REITs [2][17][44] 3. Summary by Directory 3.1 Primary Market 3.1.1 Listed Projects - As of September 30, 2025, there were 75 publicly - offered REITs in China, with a total issuance scale of 196.62 billion yuan (excluding expansion). Among them, transportation infrastructure REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs with 31.835 billion yuan. In September 2025, two new REITs were listed: CICC Vipshop Outlet Mall REIT on September 12 with an issuance scale of 3.48 billion yuan, and Huaxia CapitaLand Commercial REIT on September 29 with an issuance scale of 2.287 billion yuan, both being of the consumption infrastructure type [11] 3.1.2 Pending - Listing Projects - As of September 30, 2025, there were 17 REITs pending listing, including 11 initial - offering REITs and 6 REITs pending expansion. In September, the project status of several REITs was updated, such as CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund being updated to "Approved" [14][15] 3.2 Secondary - Market Performance 3.2.1 Price Trends - **At the major - asset level**: From September 1 to September 30, 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating downward trend. The returns of REITs were - 1.08%, ranking behind other major asset classes. The order of returns from high to low was: gold > US stocks > A - shares > convertible bonds > pure bonds > crude oil > REITs [17] - **At the underlying - asset level**: In terms of project attributes, the secondary - market price trends of equity - type REITs and franchise - type REITs diverged in September. Equity - type REITs rose, with a return of 0.54%, while franchise - type REITs fell, with a return of - 0.77%. Among different underlying - asset types, energy - type REITs had the largest increase, and the underlying - asset categories with better returns were energy, new infrastructure, and ecological and environmental protection, with returns of 1.09%, 0.05%, and - 0.52% respectively [21][22] - **At the single - REIT level**: In September, 15 REITs rose and 60 REITs fell. The top three in terms of increase were CICC Liandong Science and Technology Innovation REIT, Hongtu Innovation Yantian Port REIT, and GF Chengdu High - tech Investment Industrial Park REIT, with increases of 3.87%, 2.33%, and 1.73% respectively. The top three in terms of decline were Huatai Jiangsu Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with declines of 8.16%, 7%, and 6.69% respectively [25] 3.2.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: In September, the trading volume of publicly - offered REITs decreased compared to the previous month. New infrastructure - type REITs led in the average daily turnover rate. The total trading volume of 75 listed REITs in September was 10.95 billion yuan, and the average daily turnover rate was 0.58%. The top three in terms of trading volume were consumption infrastructure, transportation infrastructure, and park infrastructure, with trading volumes of 2.36 billion, 2.16 billion, and 1.61 billion yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and consumption infrastructure, with rates of 1.09%, 0.87%, and 0.73% respectively [28] - **At the single - REIT level**: In terms of trading volume, the top three in September were CICC Vipshop Outlet Mall REIT, Bosera Shekou Industrial Park REIT, and Huaxia CapitaLand Commercial REIT, with trading volumes of 166 million, 84 million, and 78 million shares respectively. In terms of trading amount, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Southern Runze Technology Data Center REIT, with trading amounts of 729 million, 509 million, and 415 million yuan respectively. In terms of turnover rate, the top three were CICC Vipshop Outlet Mall REIT, Huaxia CapitaLand Commercial REIT, and Huatai Jiangsu Expressway REIT, with turnover rates of 55.41%, 48.89%, and 30.07% respectively [30] 3.2.3 Main - Fund Inflow and Block - Trading Situation - **Main - fund inflow situation**: In September, the total net inflow of main funds reached 87.51 million yuan, and the market trading enthusiasm increased compared to the previous month. At the underlying - asset level, the top three underlying - asset types in terms of net inflow of main funds were consumption infrastructure, new infrastructure, and park infrastructure, with net inflows of 56.13 million, 49.8 million, and 18.58 million yuan respectively. At the single - REIT level, the top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT, CICC Vipshop Outlet Mall REIT, and Huaxia Capital Outlets REIT, with net inflows of 51.33 million, 27.05 million, and 20.03 million yuan respectively [33] - **Block - trading situation**: In September, the total block - trading volume was 1.31 billion yuan, a decrease compared to the previous month. There were block trades on 20 trading days in September. The block - trading volume on September 8 was the highest in the month, reaching 233.35 million yuan. At the single - REIT level, the top three in terms of block - trading volume were Huaxia Shenzhen International REIT, Huaxia Capital Outlets REIT, and CICC Yinli Consumption REIT, with trading volumes of 242.86 million, 168.81 million, and 104.31 million yuan respectively, and corresponding average discount/premium rates of - 0.52%, + 0.12%, and + 0.20% respectively [39] 3.3 Relevant Policies - In September 2025, nine departments including the Ministry of Commerce jointly issued the "Notice on Strengthening and Promoting the Expansion and Upgrading of the 15 - Minute Convenient Living Circle in Cities", proposing to give priority to supporting the issuance of infrastructure - related real - estate investment trusts (REITs) for consumption infrastructure projects such as community commercial complexes, neighborhood centers, department stores, and vegetable markets. The General Office of the National Development and Reform Commission issued the "Notice on Further Improving the Regular Declaration and Recommendation of Real - Estate Investment Trusts (REITs) in the Infrastructure Sector", which proposed to accelerate the declaration of projects with mature asset types, increase the organization of projects with large potential issuance space, actively promote the issuance of projects with new asset types, and optimize the expansion mechanism [44][45]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From September 22 to September 26, 2025, the secondary - market prices of China's listed public REITs declined slightly compared to the previous week. Among mainstream asset classes, REITs had a relatively lower return rate. Only energy - type REITs showed an increase in price, while other types generally declined. The trading volume, turnover rate, and net inflow of institutional funds also showed different trends among different underlying asset types and individual REITs. There were no new REIT products listed in the primary market this week, but the status of 3 REIT projects was updated [1][11]. 3. Summary According to the Table of Contents 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: China's listed public REITs had a negative return rate of - 0.77% this week. Compared with other mainstream asset classes, the return rate ranking from high to low was: gold > crude oil > A - shares > convertible bonds > pure bonds > US stocks > REITs [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs' secondary - market prices declined. The weighted index of equity - type REITs was 157.26 with a return rate of - 0.89%, and that of franchise - type REITs was 118.06 with a return rate of - 0.59%. Among different underlying asset types, only energy - type REITs rose, with a return rate of 0.03%. The top three underlying asset types in terms of return rate were energy, ecological and environmental protection, and warehousing and logistics, with weighted indices of 153.78, 124.00, and 124.86 respectively, and return rates of 0.03%, - 0.08%, and - 0.46% [17][19]. - **At the single - REIT level**: Among the 74 REITs, 10 rose, 1 remained unchanged, and 63 declined. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, CSC Guodian New Energy REIT, and CICC Liandong Science and Technology Innovation REIT, with increases of 1.64%, 0.98%, and 0.71% respectively. The top three in terms of decline were CICC Chongqing Liangjiang REIT, Huaxia Joy City Commercial REIT, and Jiashi Wumei Consumption REIT, with declines of 3.95%, 2.99%, and 2.7% respectively [24]. 3.1.2 Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 1.86 billion yuan, and the average daily turnover rate of new infrastructure - type REITs was the highest. The top three in terms of trading volume were transportation infrastructure, energy infrastructure, and park infrastructure, with trading volumes of 488 million, 299 million, and 274 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and energy infrastructure, with rates of 1.08%, 0.79%, and 0.52% respectively [25]. - **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, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT, with trading volumes of 160 million, 150 million, and 140 million shares respectively. The top three in terms of trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Expressway REIT, with trading amounts of 124 million, 94 million, and 81 million yuan respectively. The top three in terms of turnover rate were Huatai Jiangsu Expressway REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT, with rates of 6.84%, 6.46%, and 6.34% respectively [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 26.88 million yuan, indicating a decline in market trading enthusiasm. At the underlying asset level, the top three in terms of net inflow were park infrastructure, new infrastructure, and consumption infrastructure, with net inflows of 15.51 million, 10.59 million, and 7.95 million yuan respectively. At the single - REIT level, the top three were Chuangjin Hexin Shounong REIT, Southern Runze Technology Data Center REIT, and Huaxia Huarun Commercial REIT, with net inflows of 14.67 million, 10.93 million, and 8.37 million yuan respectively [32]. - **Block trading situation**: The total block trading amount this week was 42.11 million yuan, a decrease compared to the previous week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on September 25, 2025, reaching 14.34 million yuan. The top three in terms of block trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and CSC Mingyang Smart New Energy REIT, with trading amounts of 17.99 million, 7.81 million, and 7.01 million yuan respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of September 26, 2025, there were 74 public REIT products in China, with a total issuance scale of 19.4332 billion yuan. Among them, transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.1835 billion yuan. There were no new REIT products listed this week [37][38]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 12 initial - offering REITs and 5 to - be - expanded REITs. This week, the project status of Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund, CSC Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, and Huaxia Anbo Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund was updated to "approved" [41][42].

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].