1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week (July 7 - 11, 2025), the China Securities REITs Total Return Index closed at 1103.87 points, down 1.12% weekly, and the China Securities REITs (Closing) Index closed at 876.64 points, also down 1.12% weekly. The total market capitalization of 68 listed REITs projects in China's REITs market this week was 205.2 billion yuan, down 1.30% month - on - month. REITs underperformed compared to other major asset classes [1][9]. - In the secondary market, all seven REITs sectors declined, with the rental housing sector having the largest decline of 2.76%, and the energy facilities sector being relatively resilient. The industrial park sector was generally under pressure, with fluctuations in occupancy rates and rental prices [2]. - In the primary market, China Resources Commercial REIT plans a second expansion and acquisition of three Mixc projects in Hangzhou, Shenyang, and Zibo, which have good operations and stable cash flows [4]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price: Rental Housing with the Largest Decline - All seven REITs sectors declined, with rental housing dropping 2.76%. The 8 REITs in the rental housing sector all fell, with significant declines in CICC Xiamen Anju (-4.44%), Hongtu Innovation Shenzhen Anju (-3.76%), and China Asset Management China Resources Youchao (-3.59%) [2]. - The industrial park sector was generally under pressure, with reduced regional rental demand and intensified competition due to the "price - for - volume" strategy. Reasons for tenants reducing space or leaving included moving to self - owned premises, business difficulties, and normal turnover [2][18]. 3.1.2 Liquidity: Overall Trading Activity Declined - This week, the overall trading activity in the market decreased compared to last week. The average daily trading volume was 550 million yuan, the average daily trading volume was 120 million shares, and the average daily turnover rate was 0.59%, down 17.36%, 18.65%, and 0.15 percentage points respectively [2][24]. - The sectors with relatively high average daily turnover rates this week were municipal environmental protection (1.02%), rental housing (0.78%), and consumer facilities (0.65%), but the turnover rates of all sectors declined compared to last week [27]. 3.1.3 Valuation: Transportation, Warehousing, and Industrial Park Valuations in the Forefront - The decline of REITs this week led to valuation adjustments. In terms of ChinaBond valuation yields, the transportation (5.37%), warehousing logistics (4.97%), and industrial park (4.76%) sectors were in the forefront, with significant valuation differences among projects [36]. - From the perspective of cash distribution rates, the higher - distribution sectors among equity - type projects were transportation (4.30%), warehousing (4.03%), and consumer (3.70%), while the average distribution rate of rental housing was only 2.68% [36]. 3.2 Primary Market 3.2.1 China Resources Commercial REIT Plans a Second Expansion to Acquire Three Mixc Projects in Hangzhou, Shenyang, and Zibo - On July 8, China Resources Commercial REIT announced a plan for a second expansion and acquisition of infrastructure projects in Hangzhou Xiaoshan Mixc, Shenyang Changbai Mixc, and Zibo Mixc, expanding its coverage of consumer infrastructure in different cities [39][40]. - Mixc is one of China Resources Group's three major commercial product lines, targeting regional shopping centers in core areas of first - and second - tier cities and core locations of third - tier cities. The projects to be acquired have good operations and stable cash flows [40].