Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the REITs market continued its decline, with the CSI REITs Index down 0.1% for the week. The guarantee housing, transportation, ecological environment protection, data center, and energy sectors rose, while other sectors fell. In terms of the weekly percentage changes of major indices, CSI All-Bond > CSI REITs > CSI 300 > CSI Convertible Bond. As of March 20, 2026, the dividend yield of property REITs was 48BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession-based REITs and the 10-year Treasury yield was 336BP. The underlying assets of REITs continued to diversify, with the first tunnel public offering project approved, filling the gap in the transportation segment, and the first household photovoltaic project listed, demonstrating the innovative breadth of revitalizing existing assets [1]. Market Trends Secondary Market Trends - As of March 20, 2026, the closing price of the CSI REITs (closing) Index was 785.00 points, with a weekly change of -0.1%, performing worse than the CSI All-Bond Index (0.0%) but better than the CSI 300 Index (-2.2%) and the CSI Convertible Bond (-3.2%). Since the beginning of the year, the percentage changes of major indices were in the order of CSI REITs (+0.8%) > CSI All-Bond (+0.6%) > CSI Convertible Bond (+0.1%) > CSI 300 (-1.4%) [2][9]. - In the past year, the return rate of the CSI REITs Index was -8.7%, with a volatility of 6.8%. The return rate was lower than that of the CSI Convertible Bond Index, the CSI 300 Index, and the CSI All-Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All-Bond Index. The total market value of REITs on March 20 was 223.9 billion yuan, a decrease of 200 million yuan from the previous week; the average daily turnover rate for the whole week was 0.30%, a decrease of 0.06 percentage points from the previous week [2][12]. - Concession-based REITs outperformed property REITs. As of March 20, 2026, the average weekly percentage changes of property REITs and concession-based REITs were -0.1% and 0.4% respectively. In terms of different project types, REITs in the affordable rental housing, transportation infrastructure, ecological environment protection, new infrastructure, and energy infrastructure sectors rose, while other types of REITs fell [18]. - In terms of specific targets, the top three REITs in terms of weekly percentage increase were CICC Chongqing Liangjiang REIT (+3.18%), Huaxia Beijing Affordable Housing REIT (+2.77%), and CICC Xiamen Anju REIT (+2.38%) [3][20]. - New infrastructure REITs had the highest trading activity. In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 0.6%; transportation infrastructure REITs had the highest trading volume share this week, accounting for 22.0% of the total trading volume of REITs [3][24]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Harvest JD Warehouse Infrastructure REIT (5.59 million yuan), Huaxia CNNC Clean Energy REIT (5.33 million yuan), and Huaxia Yuexiu Expressway REIT (4.82 million yuan) [3][25]. Primary Market Issuance - From January 1 to March 20, 2026, there were 4 REIT products in the inquired stage, 16 products in the feedback stage, and 5 products in the accepted stage on the exchange [27]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is of concern. As of March 20, the average annualized cash distribution rate of public REITs was 6.4%. From the equity perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the cash flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long-term perspective, evaluating the secondary market valuation level from the valuation of the underlying assets; P/FFO is a short-term perspective, valuing the distributable cash flow based on the recent operating conditions of the assets to judge the current investment return rate [29]. - Property REITs and concession-based REITs have significant differences in asset rights, income sources, term characteristics, and risk characteristics. For property REITs, the focus is on the dividend yield, while for concession-based REITs, the focus is on the internal rate of return. As of March 20, 2026, the dividend yield of property REITs was 48BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession-based REITs and the 10-year Treasury yield was 336BP [31]. Industry News - The first tunnel public REIT in the country was officially approved. On March 16, according to the official website of the Shanghai Stock Exchange, the Dongfanghong Tunnel Co., Ltd. Expressway Closed-end Infrastructure Securities Investment Fund was officially approved. The initiator of the project was Shanghai Infrastructure Construction and Development (Group) Co., Ltd., and the manager was Shanghai Oriental Securities Asset Management Co., Ltd. This project was the first public REIT for tunnel infrastructure in the current market. The underlying asset of the Dongfanghong Tunnel Co., Ltd. Expressway REIT was the Qianjiang Tunnel section of the Qianjiang Channel and Connecting Line Project, with a total route length of 4,450m. The project was expected to raise 4.356 billion yuan [4][36].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Multiple factors such as the diversion of commercial real - estate REITs, concerns about the accelerated pace of primary supply, and the rise in long - term bond interest rates have led to an intensified correction in the REITs market. The liquidity is running at a low level, but the decline has narrowed. The CSI REITs Total Return Index fell 1.7% in the first half of March 2026, with the decline widening compared to the same period last month [4]. - The dividend yield of REITs has caught up with that of dividend - paying stocks. The valuation of equity - type REITs has decreased, while that of concession - type REITs has increased. The internal rate of return (IRR) of both types has increased compared to the end of February [4]. - Two infrastructure REITs projects have been registered and are awaiting issuance. One new commercial real - estate REIT has been reported, and the fundraising scale of new projects has decreased. The market is expected to see an increase in the enthusiasm for offline subscriptions with the issuance of the first project of the year and the progress of commercial real - estate projects [4]. - Annual reports will be released one after another. It is recommended to pay attention to the dividend window in April. After the release of the annual reports, the concentrated dividend season of the year will follow [4]. 3. Summary According to the Directory 3.1 Market Correction Amplifies, Liquidity Decline at Low Level Narrows - **Market Performance**: In the first half of March 2026, the equity market was weak, with the 300 Return Index falling 0.8% and only the CSI Dividend Total Return Index rising 1.5%. The 10 - year Treasury yield continued to rise, reaching 1.83%. Affected by multiple factors, the CSI REITs Total Return Index fell 1.7%, with the decline widening compared to February [10]. - **Sector Performance**: In the first half of March 2026, various types of assets generally corrected, with only the energy sector rising slightly. Equity - type assets had a large decline, with the warehousing and logistics, IDC, and rental - housing sectors falling more than 3%. Concession - type sectors were relatively resistant to decline, and the energy sector rose 0.58% [11][16]. - **Individual Bond Performance**: The proportion of rising and falling individual REITs was 18% and 82% respectively. The National Electric Power Investment New Energy REIT led the rise (+2.58%), while the JD Warehouse REIT led the decline (-10.95%) [20]. - **Turnover Rate**: In the first half of March 2026, the average daily turnover rate of Shanghai and Shenzhen REITs was 0.37%, a slight narrowing of 0.01 percentage points compared to February. The selling pressure of rental - housing assets increased, the trading activity of industrial park and consumer assets continued to cool, and the turnover rate of IDC assets showed an upward trend [26]. 3.2 Dividend Yield Catches Up with Dividend - Paying Stocks, Equity Valuation Decreases while Concession Valuation Increases - **Dividend Yield**: As of March 16, 2026, the dividend yield (TTM) of equity - type REITs was 4.67% (at the 64th percentile), and that of concession - type REITs was 8.46% (at the 73rd percentile). The overall dividend yield of equity - type REITs increased by 0.08 percentage points compared to the end of February, and the dividend yield of consumer REITs reached the 90th percentile of the historical high [31]. - **Comparison with Other Assets**: The spread between the dividend yield of equity - type REITs and the 10 - year Treasury yield was 2.83% (at the 72nd percentile of history), widening by 0.07 percentage points compared to the end of February. The spread between the dividend yield of equity - type REITs and the CSI Dividend yield was 0.00% (at the 78th percentile of history), widening by 0.27 percentage points compared to the end of February, and the dividend yields of the two were equal [36]. - **Valuation**: The latest P/NAV of equity - type REITs was 1.23X, at the 66th percentile of history, and the valuation decreased compared to the end of February. The latest P/FFO of concession - type REITs was 13.45X, at the 55th percentile of history, and the valuation increased compared to the end of February [46]. - **IRR**: The latest IRR of equity - type REITs was 4.2%, at the 42nd percentile of history; the latest IRR of concession - type REITs was 5.2%, at the 32nd percentile of history. The IRRs of both types increased compared to the previous period [51]. 3.3 Two Projects Registered and Awaiting Issuance, New Commercial Fundraising Amount Decreases - **Market Status**: As of March 16, 2026, there were 79 listed REITs in Shanghai and Shenzhen, with a total market value of 222.9 billion yuan. There have been no new REITs issued in the market since 2026 [53]. - **Subscription Yield**: Only the Huaxia Zhonghe Clean Energy REIT was listed in 2026. The offline cash subscription yields for 10 million yuan, 30 million yuan, and 100 million yuan were 0.83 million yuan, 2.48 million yuan, and 8.27 million yuan respectively, and the cumulative offline subscription yield for cash below 100 million yuan was 0.08% [59]. - **Infrastructure REITs**: As of March 16, there were 15 infrastructure REITs projects that had been accepted but not issued. The Dongfanghong Tunnel Intelligent Operation and Maintenance Expressway REIT (initial offering) and the CICC Xiamen Anju REIT (expansion) had been registered and approved. Two projects, Guojin Jize New Energy REIT and Jianxin Tianjin Lingang Development REIT, were newly accepted [63]. - **Commercial Real - Estate REITs**: As of March 16, there were 15 commercial real - estate REITs projects under review. Three new projects were accepted, and five projects received inquiry letters from the exchange. The fundraising scale of newly accepted projects has decreased, concentrating in the range of 1 - 2 billion yuan [66]. - **Bidding**: In the first half of March 2026, there were updates on the bidding progress of 5 public REITs projects, covering multiple fields such as cultural tourism, hotels, and energy [80]. 3.4 Annual Reports to be Released, Recommend Paying Attention to the Dividend Window in April - **Annual Report Release**: As of now, the 2025 annual reports of China Merchants Shekou Rental Housing REIT and Boshi China Merchants Shekou Industrial Park REIT have been released. The Yinhuashangyuanshui Water Conservancy REIT has not lifted the primary - level emergency response for raw water supply, and the CITIC Construction Investment National Electric Power Investment New Energy REIT carried out factoring financing [88]. - **Performance in 2025**: From the perspective of distributable amount, the year - on - year growth rates of Huatai Jiangsu Jiaokong REIT (+21%) and Fuguo Shouchuang Water Service REIT (+27%) in 2025 were the highest. Attention should be paid to the differences between the annual report and the quarterly summary, such as the large impairment provisions for investment real estate of Jianxin Zhongguancun REIT every year [92]. - **Dividend Window**: After the release of the annual reports, April will be the concentrated window period for REITs dividend distribution. There are obvious differences in the distributable amount per unit among different asset categories and projects within the same asset [93]. - **Block Trades**: Since 2026, the activity of block trades in public REITs has cooled down. In the first half of March, there were 61 block trades in the public REITs market, with a total amount of 1.442 billion yuan. Ping An Ningbo Jiaotou REIT had the largest total block - trade amount, and CICC ProLogis REIT had the largest single - transaction amount [98].

Investment Rating - The report maintains a "Recommended" rating for the REITs industry [2] Core Insights - The total market capitalization of public REITs reached 225 billion yuan, with 79 listed REITs [2] - The cumulative return of the CSI REITs total return index increased by 2.6% in January-February 2026, outperforming the broader market [6][8] - The report highlights a significant increase in the potential issuance scale of commercial real estate and infrastructure REITs, totaling 65 billion yuan, exceeding the peak issuance amount of 64.6 billion yuan in 2024 [11][13] Market Review - In the secondary market, the CSI REITs total return index saw a 4.2% increase in January, attributed to a reasonable valuation reset and strong earnings reports [6][8] - The average daily trading volume for REITs was 590 million yuan, with a turnover rate of 0.49%, indicating a historical 26% percentile level [6] - The performance of various sectors showed that IDC and consumer sectors outperformed, while the rental housing sector lagged with a negative return [8][9] Primary Market Review - No new issuance or expansion projects were launched in January-February 2026, with only one REIT, Huaxia Zhongke Clean Energy REIT, listed in February [11] - The report notes that the issuance of commercial real estate REITs is expected to exceed 400 billion yuan, with a diverse range of issuers and asset types [13][18] Valuation Insights - As of February 2026, the average P/NAV for the REITs market was 1.17 times, positioned at the historical 55th percentile [6] - The report indicates that the rental housing sector's average dividend yield of 3.0% is less attractive compared to other sectors, contributing to its underperformance [8][18] Investment Recommendations - In the secondary market, the report suggests focusing on stable fundamentals and high-performance expectations for the first quarter, particularly in sectors like commercial real estate and infrastructure [6][11] - For the primary market, it emphasizes the importance of assessing project fundamentals and valuations due to current liquidity constraints [11][18]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The C-REITs market is experiencing fluctuations, with the CSI REITs total return index declining by 1.08% this week, closing at 1035.8 points, while the year-to-date increase is 2.57% [8][10] - The report highlights the first public offering of a port-related REIT, which is expected to set a precedent for financing reforms in the port industry [11] - The report suggests three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acknowledgment of the benefits of affordable housing, and monitoring the expansion of REITs alongside new issuances [3] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 1.08% this week, with a year-to-date increase of 2.57% [8][9] - Other indices such as the Hang Seng and CSI 300 showed positive performance, with increases of 0.82% and 1.08% respectively [8] C-REITs Secondary Market Performance - The secondary market for C-REITs showed a mixed trend, with a total market capitalization of approximately 227.38 billion yuan and an average market cap of about 2.9 billion yuan per REIT [10] - Data center and ecological environmental REITs performed well, while affordable housing and industrial park REITs experienced a pullback [10] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.1%), Huaxia China Communications Construction REIT (9.7%), and E Fund Guangkai Industrial Park REIT (9.6%) [10] - The price-to-net asset value (P/NAV) ratio for various REITs ranged from 0.7 to 1.9, with the highest being the E Fund Huawai Agricultural Market REIT at 1.7 [10]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The C-REITs market has shown resilience, particularly in the consumer REITs segment, which has maintained strong operational metrics despite market fluctuations [3][13] - The overall market capitalization of listed REITs is approximately 228.02 billion, with an average market value of about 2.9 billion per REIT [12] - The report highlights three main investment strategies: focusing on high-quality undervalued projects, recognizing the market's acceptance of weak-cycle assets like affordable housing, and monitoring the expansion of REITs alongside new issuances [3] REITs Index Performance - The CSI REITs total return index increased by 2.17% this week, closing at 1047.5 points, while the CSI REITs index rose by 2.09% to 806.7 points [10][11] - Year-to-date, the CSI REITs total return index has risen by 3.73% [10] Secondary Market Performance - The secondary market for C-REITs has shown an overall upward trend, with a weekly average increase of 2.63% and 68 out of 78 listed REITs experiencing price increases [12] - The data center and municipal water sectors have performed particularly well, while energy and transportation infrastructure REITs have seen smaller gains [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs has shown significant differentiation, with the top three being Guangzhou Guanghe REIT (10.8%), China Communications Construction REIT (9.4%), and Guangkai Industrial Park REIT (8.6%) [3] - Price-to-NAV ratios range from 0.7 to 1.9, with the highest being Anbo Warehousing REIT (1.9) and Wumart Consumer REIT (1.8) [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests focusing on high-quality undervalued projects and themes related to policy [3]. Core Insights - The C-REITs market has shown resilience, particularly in the consumer REITs sector, which maintains high occupancy rates and stable rental prices [3][12]. - The overall market capitalization of listed REITs is approximately 2280.2 billion, with an average market value of about 29 billion per REIT [2][11]. - The report highlights three main investment strategies: focusing on quality undervalued projects, recognizing the market's acknowledgment of weak-cycle assets, and paying attention to the expansion of REITs alongside new issuances [3]. Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 2.17% this week, closing at 1047.5 points, while the CSI REITs index rose by 2.09% to 806.7 points [1][9]. - Year-to-date, the CSI REITs total return index has risen by 3.73% [1][9]. C-REITs Secondary Market Performance - The C-REITs secondary market exhibited an overall upward trend, with data center and municipal water conservancy REITs performing particularly well [2][11]. - The average weekly increase for listed REITs was 2.63%, with 68 REITs rising and 10 declining [2][11]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with Guangzhou Guanghe REIT leading at 10.8% [3]. - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.9, with the highest being 1.9 for Anbo Warehousing REIT [3]. Investment Recommendations - The report recommends focusing on policy-driven themes and high-quality undervalued projects, particularly in high-energy cities and professional operations [3]. - It also suggests that the market has recognized the dividend attributes of weak-cycle assets, although current prices reflect market expectations [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View This week, the China Securities REITs Index rose 1.9% throughout the week, with all sectors posting gains and market trading activity also increasing. From the comparison of the weekly price changes of major indices, China Securities Convertible Bonds > CSI 300 > China Securities REITs > China Securities Aggregate Bonds. As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - The weekly price change of the China Securities REITs Index was +1.9%, and the price change since the beginning of the year was +0.4%. As of January 9, 2026, the closing price of the China Securities REITs (closing) Index was 793.05 points. Throughout the week (from January 5 to January 9, 2026), its performance was weaker than the China Securities Convertible Bonds Index (+4.4%) and the CSI 300 Index (+2.8%), but stronger than the China Securities Aggregate Bonds Index (-0.1%). Since the beginning of the year, the order of price changes of major indices was: China Securities Convertible Bonds (+23.9%) > CSI 300 (+20.9%) > China Securities Aggregate Bonds (+0.5%) > China Securities REITs (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.0%, and the volatility was 7.7%. The return rate was lower than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities Aggregate Bonds Index; the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index, but higher than that of the China Securities Aggregate Bonds Index. The total market value of REITs on January 9 was 223.3 billion yuan, an increase of 3.4 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.60%, an increase of 0.08 percentage points from the previous week [2][8]. 3.2 Sector Performance - All sectors posted gains, with municipal facilities, new infrastructure, and water conservancy REITs leading the gains. From the perspective of different project - attribute REITs, the average weekly price changes of equity REITs and franchise - based REITs were +2.8% and +1.6% respectively. Among specific targets, the top three REITs in terms of weekly price increase were E Fund Biwei Market REIT (+7.84%), GF Chengdu Gaotou Industrial Park REIT (+6.91%), and China Merchants Science and Technology Innovation REIT (+6.24%) [3][16][21]. - New infrastructure REITs had the highest trading activity. In terms of different project types, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.0%; consumer infrastructure REITs had the highest proportion of trading volume this week, accounting for 22.3% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia China Resources Commercial REIT (121.76 million yuan), CICC Anhui Expressway REIT (79.3 million yuan), and Southern Runze Technology Data Center REIT (53.82 million yuan) [3][23][24]. 3.3 Primary Market Issuance From the beginning of the year to January 9, 2026, there was 1 REIT product in the "accepted" stage, 1 in the "inquiry" stage, and 2 in the "feedback" stage on the exchange [26]. 3.4 Valuation Tracking - REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 9, the average annualized cash distribution rate of public - offering REITs was 5.96%. From the stock - like perspective, the relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs [28]. - As of January 9, 2026, the dividend yield of equity REITs was 59 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury yield was 332 basis points [1][29][30]. 3.5 Industry News Shanghai Jinjiang Asset Management Co., Ltd. recently announced the short - listed candidates for the fund manager, special plan manager, and financial advisor of its public - offering REIT project. The first short - listed candidate is a consortium composed of Huaan Fund, Huaan Future Asset, and Guotai Haitong Securities, with an issuance - stage fee of 5 million yuan and a 0.2% ongoing fee. The second short - listed candidate is a consortium composed of Dongwu Fund and Dongwu Securities, with the same quotation conditions. The announcement period ends on January 10. As of June 30, 2025, Jinjiang Hotels had over 17,700 contracted hotels, over 1.68 million rooms, and over 200 million members [4][32].

Report Industry Investment Rating No information provided on the report industry investment rating Core Viewpoints - This week, the REITs market initially declined and then rebounded, showing an overall upward trend. The China Securities REITs Index rose by 1.4% for the week, with the affordable housing, industrial park, and warehousing and logistics sectors leading the gains [1]. - As of December 26, 2025, the dividend yield of equity - type REITs was 104 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 352 basis points [1]. Summary by Directory Secondary Market Trends - As of December 26, 2025, the closing price of the China Securities REITs (closing) Index was 783.86 points, with a weekly increase of 1.4% from December 22 to December 26, 2025. It underperformed the CSI 300 Index (+1.9%) and the CSI Convertible Bond Index (+1.6%), but outperformed the CSI All - Bond Index (+0.1%). Year - to - date, the ranking of the major indices' returns was: CSI Convertible Bond (+19.0%) > CSI 300 (+18.4%) > CSI All - Bond (+0.8%) > China Securities REITs (-0.7%) [2][6]. - In the past year, the return of the China Securities REITs Index was 0.6%, with a volatility of 7.9%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI All - Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI All - Bond Index. The total market capitalization of REITs on December 26 was 219.9 billion yuan, an increase of 5.9 billion yuan from the previous week. The average daily turnover rate for the week was 0.52%, an increase of 0.14% from the previous week [2][8]. - Most sectors closed up, with affordable housing, industrial park, and warehousing and logistics REITs leading the gains. The average weekly returns of equity - type REITs and concession - type REITs were +1.8% and +1.0% respectively. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+7.86%), China Asset Management Huaxin Runyouchao REIT (+5.99%), and Bosera Tianjin Binhai New Area Industrial Park REIT (+5.94%) [3][16][21]. - Among different project types, water conservancy facilities REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.6%. Industrial park infrastructure REITs had the highest trading volume share this week, accounting for 22.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Asset Management Huaxin Commercial REIT (44.39 million yuan), China Asset Management Anbo Warehousing REIT (22.27 million yuan), and Harvest Yum China Consumption REIT (12.84 million yuan) [3][23][24]. Primary Market Issuance - From the beginning of the year to December 26, 2025, there were 4 REITs products in the exchange at the "accepted" stage, 2 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 15 first - issued products that had passed and were listed [26]. Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of December 26, the average annualized cash distribution rate of public REITs was 6.06%. Different valuation indicators were used from the bond - like and stock - like perspectives [28]. - The relative net value premium/discount rate, IRR, and P/FFO were used to assess the valuation of REITs. Different project types had different valuation levels and annualized dividend rates. For example, the relative net value premium rate of affordable housing REITs was 39.9%, and the P/FFO was 38.6 [30]. - As of December 26, 2025, the dividend yield of equity REITs was 104 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 352 basis points [32]. Industry News - Two departments including the National Development and Reform Commission support eligible concentrated solar power projects to issue REITs. On December 23, the National Development and Reform Commission and the National Energy Administration jointly issued the "Several Opinions on Promoting the Large - scale Development of Concentrated Solar Power" [38]. - Eight departments including the People's Bank of China released news focusing on the construction of corridor infrastructure and coordinating the use of diversified financing channels such as REITs [38]. - The first Torch Industrial Park REITs was successfully declared. As shown in the public information of the Shenzhen Stock Exchange, the CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund was officially declared on December 26 [38].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents a weekly analysis of public - offering infrastructure REITs from November 24 to November 28, 2025, including secondary - market price - volume performance, valuation, market correlation, and primary - market tracking [1][2]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Various REITs' performance data are provided, including weekly return, year - to - date return, turnover rate, trading volume, etc. For example, in the warehousing and logistics sector, the weekly return of Hongtu Innovation Yantian Port REIT was 1.24%, and the year - to - date return was - 1.07% [9]. 3.2 Secondary - market Valuation Situation 3.2.1 Valuation of Equity - type REITs - As of this Friday, the top three products in terms of internal rate of return (IRR) are E Fund Guangzhou High - tech Industrial Park REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia HeDa High - tech REIT, with corresponding IRRs of 8.74%, 8.45%, and 7.66% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are CJGX Shounong REIT, E Fund Guangzhou High - tech Industrial Park REIT, and CICC Hubei KeTou Optics Valley REIT [19][20][21]. 3.2.2 Valuation of Concession - type REITs - As of this Friday, the top three products in terms of IRR are Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.46%, 9.45%, and 6.94% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are E Fund Shenzhen Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT [22][23][24]. 3.3 Market Correlation Statistics - At the level of the correlation coefficient between REITs and major asset classes, this week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20. The correlation coefficients between REITs and other major asset classes such as CSI 300, ChiNext Index, etc., are also provided. Different types of REITs have different correlation coefficients with major asset classes [25][26]. 3.4 Primary - market Tracking - As of November 28, 2025, there are 12 REIT products still in the exchange acceptance stage and 1 in the passed - to - be - listed state. This week, Dongfanghong Tunnel Road Expressway REIT and Ping An Xi'an High - tech Industrial Park REIT were submitted to the exchange [28][29].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the REITs index fell 1.0% for the whole week and performed steadily relative to equity assets. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The performance order of major indices in terms of weekly price - change was CSI All - Bond > CSI REITs > CSI Convertible Bonds > CSI 300 [1]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of November 21, 2025, the closing price of the CSI REITs (closing) index was 810.21 points, with a weekly price - change rate of - 1.0%, outperforming the CSI Convertible Bonds index (- 1.8%) and the CSI 300 index (- 3.8%), but underperforming the CSI All - Bond index (+ 0.03%). The year - to - date price - change order of major indices was CSI Convertible Bonds (+ 16.5%) > CSI 300 (+ 13.2%) > CSI REITs (+ 2.6%) > CSI All - Bond (+ 0.9%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.3%, and the volatility was 7.5%. The return rate was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index; the volatility was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index [2][8]. - On November 21, the total market value of REITs was 222.5 billion yuan, remaining the same as last week; the average daily turnover rate for the whole week was 0.47%, a decrease of 0.09 percentage points from the previous week [2][8]. - Except for water conservancy facilities, other types of REITs declined. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The top three REITs in terms of weekly gains were CICC Yizhuang Industrial Park REIT (+ 0.96%), Ping An Ningbo Jiaotou REIT (+ 0.92%), and Huaxia Nanjing Transportation Expressway REIT (+ 0.60%) [3][14]. - New infrastructure REITs had the highest trading activity. The new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.9%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Huatai Jiangsu Expressway REIT (12.16 million yuan), China Merchants Shekou Rental Housing REIT (10.83 million yuan), and Southern Runze Technology Data Center REIT (8.61 million yuan) [3][20]. 3.2 Primary Market Issuance - From the beginning of the year to November 21, 2025, there was 1 REITs product at the "accepted" stage, 1 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were listed on the exchange [22]. 3.3 Valuation Tracking - From the perspective of bond nature, as of November 21, the average annualized cash distribution rate of public - offering REITs was 6.30%. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [24]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1][27].