Market Overview - The secondary market, measured by the CSI REITs Equity Index, experienced a slight weekly increase of 0.06%, while the CSI REITs (closing) index rose by 1.45% [2] - Among the 76 listed REITs, 14 saw weekly gains exceeding 2%, while 8 experienced declines over 2%, with the largest drop exceeding 7%. Notably, the "Huaxia Hefei High-tech REIT" fell by more than 5.47% on October 31, 2025, with a transaction volume of 43.04 million yuan, marking a two-month high in both single-day volatility and transaction volume [2] Style Shift - The "Huaxia Zhonghai Commercial REIT," which debuted on October 31, 2025, closed with a gain of 3.29%, significantly lower than the 10%+ gains seen in earlier listings this year. Other newly listed REITs had first-day gains ranging from 10% to 20%, with 15 REITs exceeding 25% and 9 reaching 30% [4] - Market sentiment is currently driving performance, with high pricing near the upper limit of the inquiry range limiting speculative opportunities for offline investors. The final pricing, which resulted in a premium of 19.08% compared to the intended fundraising scale, has further constrained growth potential in the secondary market [4] Distribution Rate Insights - The current secondary market prices indicate that the distribution rates are near their lowest values, suggesting that prices are at the upper limit of their volatility range [5] - For operational REITs in sectors like industrial parks, warehousing logistics, affordable housing, and consumption, some REITs have established a sufficient safety margin in their distribution rates [6] Sector-Specific Distribution Rates - As of October 31, 2025, the average distribution rates for various sectors are as follows: - Industrial parks: 4.45%, with a 12.28% gap to the industry median - Warehousing logistics: 4.04%, with a 23.73% gap to the industry median - Other warehousing logistics: 2.99%, with a 26.93% gap to the industry median - Additional warehousing logistics: 3.69%, with a 21.79% gap to the industry median [7]

Group 1 - The REITs market experienced a V-shaped trend over the past week, with most sectors achieving profitability, while the consumer sector underperformed, possibly due to concentrated unlocking expectations [5][9]. - After a round of adjustments, the REITs distribution rate and IRR indicators showed slight recovery, with market sentiment remaining relatively strong in the first half of the week [9]. - The overall market trend since the end of 2024 has been driven by a decline in the asset denominator, leading to a comparative advantage, while support from the numerator remains limited [9]. Group 2 - In the past week (February 28 to March 7, 2025), five REITs updated their issuance status, with a total of 63 REITs listed in the domestic market, having a total market capitalization of 179.8 billion yuan and a circulating market value of 78.6 billion yuan [7][8]. - The REITs index overall declined, with the operating rights REITs performing relatively well. Specifically, the CSI REITs (closing) and CSI REITs (total return) changed by 1.14% and 1.19%, respectively [8]. - The trading volume of the REITs market decreased marginally, with the weekly trading volume dropping to 3.665 billion yuan. The average turnover rates for rental housing and energy REITs were relatively high at 1.75% and 1.54%, respectively [22].