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].

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]

Market Overview - The bond market experienced a slight increase during the week of June 3 to June 6, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.13% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.09% [12] - Interest rates on bonds generally declined, with short-term rates falling more than long-term rates, while credit bond yields primarily decreased, leading to an expansion in credit spreads [12][13] - The People's Bank of China (PBOC) conducted a 1 trillion yuan reverse repurchase operation to support liquidity in the market, indicating a proactive stance towards market conditions [12][13] REITs Market Dynamics - The total market value of China's REITs surpassed 200 billion yuan, reaching 201.99 billion yuan as of June 5, 2025, marking a historical milestone [14][15] - The Shanghai Stock Exchange accounted for 67% of this total, with a market value of 135.2 billion yuan [14] - The performance of the China Securities REITs Total Return Index increased by 1.58% during the week, with operational rights REITs outperforming property rights REITs [14] Public Fund Market Developments - On June 3, 2025, the Shanghai Municipal Development and Reform Commission issued a notice to enhance project reserves for infrastructure REITs, establishing a dynamic reserve library to support quality projects that do not yet meet issuance criteria [16][17] - The notice encourages collaboration with existing REIT platforms and aims to facilitate asset restructuring to inject projects into listed REITs [16][17] - Since March 2, 2025, various local governments have been promoting public REITs development, supported by national policies aimed at expanding the types of underlying assets for REITs [17] Fund Performance Tracking - Short-term bond fund index rose by 0.04% last week, with a cumulative return of 3.83% since inception [19] - Medium to long-term bond fund index increased by 0.10%, achieving a cumulative return of 6.24% [19] - REITs fund index saw a rise of 0.49%, with a remarkable cumulative return of 36.44% since inception [19]

Economic Indicators - In April 2025, the new social financing scale increased by 1.16 trillion RMB, down from 5.89 trillion RMB in March, slightly below the market expectation of 1.26 trillion RMB[2] - The year-on-year growth rate of social financing stock in April was +8.7%, an increase from +0.3 percentage points in March[2] - The total amount of new RMB loans in April was only 11% of the average for the same month over the past five years, indicating weak financing demand from the real economy[2] Loan Dynamics - In April, the balance of loans from financial institutions grew by +7.2%, down from +7.4% in the previous month, continuing a downward trend since the beginning of the year[2] - Resident loans decreased by 5.216 trillion RMB in April, with medium- and long-term loans and short-term loans dropping by 1.231 trillion RMB and 4.019 trillion RMB, respectively[3] - Corporate loans increased by 6.1 trillion RMB in April, but this was a year-on-year decrease of 2.5 trillion RMB, with medium- and long-term loans only reaching 48.9% of the average for the past five years[3] Monetary Supply - The M2 growth rate in April was +8.0%, an increase of 1.0 percentage points from the previous month, while M1 growth rate was +1.5%, a decrease of 0.1 percentage points[4] - The weak performance of social financing and credit reflects insufficient internal demand, low inflation, and external tariff impacts[4] Market Performance - As of May 16, the CSI REITs index rose by +1.24%, outperforming the Shanghai Composite Index, which increased by +0.76%[10] - The average weekly liquidity indicators for nine sectors showed that seven sectors experienced positive changes, indicating improved liquidity conditions[10]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Report's Core View - From April 21 to April 25, 2025, the secondary - market prices of China's listed public REITs overall declined, with a weighted REITs index return of - 1.13%. Compared with other mainstream asset classes, REITs underperformed [1][11]. - The trading volume of public REITs increased week - on - week, and the average daily turnover rate of warehousing and logistics REITs led. The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm [2][32]. - The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan [3]. - Southern SF Logistics REIT was listed on April 21, 2025. The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [4]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.13%, lower than those of US stocks (6.73%), A - shares (1.1%), convertible bonds (2.77%), etc. The return ranking from high to low was: US Treasury bonds > convertible bonds > A - shares > crude oil > pure bonds > gold > REITs [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs declined, with franchise - type REITs having a smaller decline. Among different underlying asset types, transportation infrastructure REITs had the highest increase this week, followed by consumer and municipal facility REITs [16][17]. - **At the single - REIT level**: This week, 19 REITs rose and 46 declined. The top three in terms of increase were CICC Chongqing Liangjiang REIT, E Fund Huawai Market REIT, and Hua'an Waigaoqiao REIT. After excluding the newly listed Southern SF Logistics REIT, the top three in terms of annualized volatility were CICC Chongqing Liangjiang REIT, Hua'an Bailian Consumption REIT, and China Fortune Joy City Commercial REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs increased week - on - week. The warehousing and logistics REITs had the highest average daily turnover rate. The top three in terms of trading volume were warehousing and logistics, transportation infrastructure, and industrial park infrastructure REITs. The top three in terms of average daily turnover rate were warehousing and logistics, ecological and environmental protection, and water conservancy facilities REITs [26]. - **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 SF Logistics REIT, Soochow Sucheng Industrial Park REIT, and Harvest JD Warehousing Infrastructure REIT. The top three in terms of trading value were Southern SF Logistics REIT, CICC Anhui Expressway REIT, and Soochow Sucheng Industrial Park REIT. The top three in terms of turnover rate were Southern SF Logistics REIT, Harvest JD Warehousing Infrastructure REIT, and Huatai Nanjing Jianye REIT [29]. 3.1.3 Main Fund Inflow and Block Trade Situation - **Main fund inflow situation**: The total net inflow of main funds was 99.65 million yuan, indicating high market trading enthusiasm. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, transportation infrastructure, and consumer infrastructure REITs. The top three single REITs in terms of net inflow of main funds were Southern SF Logistics REIT, China Resources Commercial REIT, and CICC Anhui Expressway REIT [32]. - **Block trade situation**: The total amount of block trades decreased week - on - week. There were block trades on 5 trading days this week, with a total block - trade turnover of 373.4 million yuan. The highest single - day block - trade turnover was on April 23, 2025, reaching 123.43 million yuan. The top three single REITs in terms of block - trade turnover were China Resources Commercial REIT, China Fortune Capital Outlets REIT, and China Fortune Joy City Commercial REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of April 25, 2025, the number of China's public REITs products reached 65, with a total issuance scale of 17.3026 billion yuan. Among them, transportation infrastructure REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by industrial park infrastructure REITs with an issuance scale of 2.7062 billion yuan [38]. - Southern SF Logistics REIT was listed on April 21, 2025 [39]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 23 REITs in the pipeline, including 13 initial offering REITs and 10 expansion REITs. - The status of the initial offering project of "CICC Yizhuang Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Passed", and the status of the expansion project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Received" [42].