1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economy shows mixed trends with some indicators like GDP and M1 showing positive changes while others like manufacturing PMI and fixed - asset investment have declined [1]. - In the commodity market, industrial enterprises' profit recovery is evident, especially in high - tech manufacturing, and various policies are expected to boost service consumption [2][3]. - The bond market has complex movements with different trends in yields of different types of bonds, and the stock market experiences significant fluctuations [21][32]. 3. Summary by Directory Macro Data Overview - GDP in Q2 2025 had a year - on - year growth of 5.2%, slightly lower than the previous quarter but higher than the same period last year. Manufacturing PMI in July 2025 was 49.3%, showing a decline compared to the previous month [1]. - M1 in July 2025 had a year - on - year growth of 5.6%, a significant increase from the previous month and a sharp turnaround from the negative growth last year [1]. Commodity Investment Reference - From January to July, the total profit of national large - scale industrial enterprises was 4.02035 trillion yuan, and business revenue increased by 2.3% year - on - year. In July, the profit of high - tech manufacturing increased by 18.9% [2]. - From January to July, China completed 1.95 trillion yuan in transportation fixed - asset investment, with 306.1 billion yuan in July [2]. - Next month, policies to expand service consumption will be introduced, and policies to promote service exports will be publicly released soon [3]. Financial News Compilation - On August 27, the central bank conducted 379.9 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 236.1 billion yuan [14]. - In July, the profit of large - scale industrial enterprises decreased by 1.5% year - on - year, but the decline narrowed. The new kinetic energy index of China's economy in 2024 increased by 14.2% [15]. - The trade volume between China and SCO member states reached a record high in 2024, about 512.4 billion US dollars, a 2.7% increase from the previous year [16]. Bond Market Summary - Bank - to - bank major interest - rate bond yields showed mixed trends, and treasury bond futures rose across the board. Most of the Vanke bonds and Shenzhen Metro Group bonds declined [21]. - The CSI Convertible Bond Index closed down 2.82%. The yields of US bonds collectively declined, and the yields of European bonds showed mixed trends [22][24][25]. Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1622 on August 27, down 1 basis point from the previous trading day. The US dollar index fell 0.04% [27]. Research Report Highlights - CITIC Construction Investment believes that the REITs market has reached an inflection point and is expected to reach a new high in the fourth quarter [28]. - CICC points out that the Hong Kong stock market underperformed the A - share market in July due to liquidity, fundamentals, and valuation factors, but may be supported by expected Fed rate cuts [28]. - Yangtze River Fixed Income suggests that the absolute value of credit bonds is gradually emerging, and a dumbbell - shaped strategy can be considered [29]. Stock Market Highlights - A - share major indices fluctuated, with the Shanghai Composite Index down 1.76%. The Hong Kong Hang Seng Index closed down 1.27% [32]. - In the first seven months of this year, Hong Kong maintained its global leadership in the new - stock market, with 51 IPOs and a sharp increase in fundraising [32].

Core Viewpoint - The REITs market has stabilized after a two-month correction, with a recent increase of 1.75% over the last five trading days, indicating a potential rebound and new highs by year-end [1][2]. Short-term and Long-term Factors - Three short-term negative factors affecting the REITs market (outflow of trading funds, concentrated unlocks, and institutional profit-taking at mid-year) are nearing exhaustion [1][2]. - Three long-term positive factors remain unchanged: a supply-demand imbalance expected in the next 2-3 years, the attractive asset characteristics amid asset scarcity, and the cyclical resilience of quality assets [1][2]. Market Dynamics - The dynamic distribution of property REITs has increased to nearly 4%, suggesting an acceleration of entry for allocation-type funds, especially as many have missed opportunities earlier in the year [1][2]. - The market is anticipated to complete its bottoming process ahead of schedule in the third quarter, with a strong recovery expected in the fourth quarter as trading funds re-enter [2]. Recommended Sectors - Recommended sectors include: 1. Stable anti-cyclical varieties such as policy-based rental housing and municipal environmental protection [3]. 2. Assets with marginal recovery in demand, including scattered rental logistics in the Yangtze River Delta and highways with sustained traffic recovery [3]. 3. Targets with strong demands for original equity expansion and high-quality reserve assets [3].

Group 1: Industry Dynamics - The CICC Vipshop Outlet REIT is set to officially launch on August 20, 2025, with a total of 1 billion fund shares available for subscription at a price of 3.48 yuan per share, aiming to raise a total of 3.48 billion yuan [1][7]. - The issuance will be conducted through a combination of strategic placement, offline issuance, and public offering, with initial allocations of 700 million shares for strategic placement, 210 million shares for offline issuance, and 90 million shares for public offering [1][7]. Group 2: Market Performance - During the week of August 11 to August 15, 2025, the CSI REITs total return index fell by 1.49%, while the total REITs index decreased by 1.82%, with the property REITs index down by 1.70% and the operating rights REITs index down by 2.06% [2][16]. - The total REITs index underperformed the CSI 300 index by 4.19 percentage points, the CSI All Bond index by 1.50 percentage points, and the Nanhua Commodity index by 2.34 percentage points [2][16]. - Among individual REITs, the Southern Universal Data Center REIT led the gains with an increase of 5.59%, followed by the Southern Runze Technology Data Center REIT at 4.26% and the Huaxia China Resources Commercial REIT at 0.62% [2][16]. Group 3: Liquidity - The overall trading activity of REITs decreased this week, with the total trading volume (MA5) at 653 million yuan, down 10.9% from the previous week [3][37]. - The trading volumes for property and operating rights REITs (MA5) were 426 million yuan and 227 million yuan, reflecting changes of -8.9% and -14.6% respectively [3][37]. - Specific categories of REITs, such as transportation infrastructure, accounted for the largest share of trading volume at 23.3%, with MA5 trading volumes for various categories showing significant declines [3][37].

Group 1 - The Southern Universal Data Center REIT has been listed on the Shanghai Stock Exchange, marking it as the first data center REIT in China and a significant case for promoting high-quality development of the real economy [1] - The underlying asset of the REIT is the Guojin Data Cloud Computing Data Center project in Kunshan, Jiangsu, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash distribution rate of 5.07% by 2025 [1] - The project has achieved a 100% renewable energy usage ratio and has a favorable Power Usage Effectiveness (PUE) rating, indicating its commitment to green energy transactions [1] Group 2 - The Shanghai Stock Exchange has been actively promoting the REITs market, with 49 REITs listed as of August 8, 2024, including first listings in various sectors such as consumer facilities and data centers, demonstrating a good scale and demonstration effect [2] - The performance of listed REITs has been positive, with over 60 dividend distributions in 2024 amounting to nearly 6 billion yuan, a 32% increase year-on-year [2] - The Shanghai Stock Exchange plans to accelerate the regular issuance of REITs and improve operational standards to better serve national strategies and overall economic development [2]

Investment Rating - The report maintains an "Increase" rating for the C-REITs sector [6] Core Insights - The C-REITs market is expected to continue to thrive in a low interest rate environment and with ongoing macroeconomic recovery, making timing crucial for secondary market investments [5] - The C-REITs total market capitalization is approximately 212.84 billion, with an average market cap of about 3 billion per REIT [3][13] - The C-REITs full return index has increased by 13.74% year-to-date, ranking third among major indices [2][11] Summary by Sections REITs Index Performance - The C-REITs full return index rose by 1.25% this week, closing at 1100.9 points, while the C-REITs closing index also increased by 1.25%, closing at 870.8 points [1][11] - Year-to-date, the C-REITs closing index has increased by 10.29% [2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed an upward trend, with 57 REITs rising and 12 falling this week, resulting in an average weekly increase of 2% [3][13] - The best-performing sectors this week included consumer infrastructure and municipal water conservancy REITs, with respective increases of 4% and 3.84% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being 华夏中国交建 REIT at 11.3%, 平安广州广河 REIT at 11.1%, and 中金安徽交控 REIT at 8.5% [5] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the highest being 中金厦门安居 REIT at 1.9 [5] Trading Activity - The average daily trading volume for listed REITs was 2.968 million shares, with an average turnover rate of 1.5% [4][16] - The most actively traded REITs included 华夏华电清洁能源 REIT and 中银中外运仓储物流 REIT, with turnover rates of 29.4% and 15.7% respectively [4][16]

Investment Rating - The report provides a cautious outlook on the C-REITs sector, indicating a rating of "C" due to underperformance in the second quarter and market volatility [1][5]. Core Insights - The C-REITs market has experienced a significant downturn, with the CSI REITs total return index declining by 1.56% this week and 1.79% for the closing index, reflecting broader market challenges [1][10]. - Year-to-date, the CSI REITs total return index has increased by 12.34%, indicating some resilience despite recent fluctuations [2][10]. - The report highlights that the municipal water conservancy and energy infrastructure sectors have faced the most substantial declines in the secondary market, with average market capitalization for listed REITs around 204.75 billion [3][12]. Summary by Sections REITs Index Performance - The CSI REITs total return index closed at 1087.4 points, down 1.56% this week, while the closing index was at 860.1 points, down 1.79% [1][10]. - Comparatively, the Shanghai and Shenzhen 300 indices rose by 1.69% and 2.27% respectively, indicating a relative underperformance of the REITs sector [1][10]. REITs Secondary Market Performance - The secondary market for C-REITs has seen a significant pullback, with 9 out of 68 listed REITs rising and 59 declining, resulting in an average weekly decline of 2.09% [3][12]. - The report notes that the municipal water conservancy and energy infrastructure sectors have been particularly hard hit, with declines of 4.2% and 4.39% respectively [3][12]. REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with top performers including Huaxia China Communications REIT at 11.2% and Ping An Guangzhou Guanghe REIT at 10.9% [5][12]. - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.8, with Huaxia China Communications REIT being noted for its lower P/NAV of 0.7 [5][12]. Industry Trends - The report indicates a potential for recovery in the REITs market in 2025, driven by a low interest rate environment and macroeconomic improvements, suggesting that timing will be crucial for secondary market investments [5][12].

Group 1: Industry Dynamics - The Southern Runze Technology Data Center REIT reported a public subscription of 28.616 billion shares with a final confirmation ratio of 0.3145% and a subscription coverage multiple of 317.95 times [2][8] - The Southern Wanguo Data Center REIT had approximately 40,300 public investors with an effective subscription of 32.914 billion shares, a confirmation ratio of 0.2198%, and a coverage multiple of 455.03 times [2][8] Group 2: Primary Market - As of July 18, 2025, the total issuance scale of listed REITs reached 177.1 billion yuan, with 68 REITs issued [9] Group 3: Market Performance - During the week of July 14-18, 2025, the CSI REITs total return index increased by 0.06%, while the total REITs index rose by 0.01% [3][18] - The total REITs index underperformed the CSI 300 index by 1.08 percentage points and the CSI All Bond index by 0.09 percentage points [3][18] - The top-performing REITs included the China Merchants Science and Technology REIT (+3.05%), Huaxia Jinmao Commercial REIT (+2.24%), and Zhongjin Hubei Keti Guanggu REIT (+2.08%) [3][18] Group 4: Liquidity - The total trading volume of REITs decreased, with a total turnover of 496 million yuan, down 9.9% from the previous week [4][38] - The largest category by trading volume was park infrastructure REITs, accounting for 22.8% of the total [4][38] Group 5: Correlation - The correlation coefficients between the CSI REITs index and various indices over the past 20 days showed a negative correlation with the CSI 1000 index (-0.623) and a positive correlation with the CSI All Bond index (0.715) [31] - The internal correlation among different REIT categories indicated strong relationships, particularly between park infrastructure and warehouse logistics REITs [32]

Investment Rating - The report maintains a rating of "Add" for the industry [6] Core Insights - The C-REITs market is experiencing a correction, with the overall market capitalization of listed REITs approximately at 205.16 billion yuan, and an average market cap of about 3 billion yuan per REIT [3][13] - The report highlights the performance of various REIT sectors, noting that ecological and logistics REITs have seen smaller declines compared to larger drops in affordable housing and industrial park REITs [3][13] - The report anticipates a continued warming of the REIT market in 2025 due to a low interest rate environment and macroeconomic recovery, suggesting that timing will be crucial for secondary market investments [5] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 1.12% this week, closing at 876.6 points, while the total return index for REITs also decreased by 1.12%, closing at 1103.9 points [1][11] - Year-to-date, the CSI REITs total return index has increased by 14.05%, ranking third among various indices [2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed a correction this week, with an average decline of 1.54% across 68 listed REITs, where 8 increased and 60 decreased [3][13] - The ecological and logistics sectors experienced the least decline, while affordable housing and industrial park sectors faced the largest drops [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Huaxia China Communications REIT (11.1%), Ping An Guangzhou Guanghe REIT (10.7%), and Zhongjin Anhui Jiaokong REIT (8.2%) [5] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Zhongjin Xiamen Anju REIT at 1.9 being the highest [5]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The C-REITs market is experiencing a correction in the existing market, while newly issued products have reached their upper limit in price increase [1][5] - The C-REITs total market capitalization is approximately 206.07 billion, with an average market value of about 3 billion per REIT [3][12] - The C-REITs total return index has increased by 14.59% year-to-date, ranking second among various indices [2][10] REITs Index Performance - The CSI REITs total return index fell by 1.38% this week, closing at 1109.1 points, while the CSI REITs closing index decreased by 1.46%, closing at 880.9 points [1][10] - Year-to-date performance shows the CSI REITs total return index up by 14.59%, while the CSI REITs closing index is up by 11.57% [2][10] REITs Secondary Market Performance - The secondary market for C-REITs saw a decline this week, with 8 REITs rising and 60 falling, resulting in an average weekly decline of 0.86% [3][12] - The sectors with the smallest declines include energy infrastructure and ecological environmental REITs, while warehousing logistics and consumer infrastructure REITs led the decline [3][12] REITs Trading Activity - The municipal water conservancy sector exhibited the highest trading activity this week, with an average daily turnover rate of 0.8% across listed REITs [4] - The average daily trading volume for listed REITs was 1.795 million shares [4] REITs Valuation Performance - The report indicates that the internal rate of return (IRR) for listed REITs is relatively low, with some REITs like the ICBC Mengneng Clean Energy REIT showing an IRR of -2.3% [5] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the lowest being the China Communications Construction REIT at 0.7 [5]

Core Insights - The total issuance scale of China's REITs market has exceeded 180 billion yuan, with the total market value surpassing 200 billion yuan [1] - There are currently 66 REITs products listed in the market [1] - Under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange is actively developing the REITs market [1] Market Overview - The Shanghai Stock Exchange has listed 44 REITs products with an issuance scale of approximately 123 billion yuan [1] - The market value of these 44 REITs products on the Shanghai Stock Exchange has reached 137 billion yuan [1]