1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From August 11 to August 15, 2025, the secondary - market prices of China's listed public REITs showed a downward trend, with a general performance compared to other mainstream asset classes. The trading enthusiasm in the market decreased, and there were no new REITs listed in the primary market this week, but the status of some projects was updated [1][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.44%, ranking behind A - shares, convertible bonds, US stocks, crude oil, and pure bonds, but ahead of gold. The return ranking from high to low was: A - shares > convertible bonds > US stocks > crude oil > pure bonds > REITs > gold [11]. - **At the underlying - asset level**: Both equity - type and franchise - type REITs' secondary - market prices adjusted downward, with equity - type REITs having a larger decline. Among different underlying - asset types, consumer - type REITs had the smallest decline this week, and the top three in terms of returns were consumer - type, ecological - environmental - protection - type, and energy - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 7 rising and 66 falling. The top three in terms of increase were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Huaxia China Resources Commercial REIT; the top three in terms of decline were ICBC Mengneng Clean Energy REIT, China Merchants Expressway REIT, and CICC Xiamen Anju REIT [23]. 3.1.2 Transaction Scale and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 3.27 billion yuan. New - infrastructure - type REITs led in the average daily turnover rate during the period. The top three in terms of trading volume were new - infrastructure - type, transportation - infrastructure - type, and park - infrastructure - type REITs; the top three in terms of the average daily turnover rate during the period were new - infrastructure, municipal - facilities - type, and energy - infrastructure REITs [24]. - **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 Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT; the top three in terms of trading amount were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Chuangjin Hexin Shounong REIT; the top three in terms of turnover rate were Southern Wanguo Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Mengneng Clean Energy REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total net inflow of the main force this week was 50.69 million yuan, and the trading enthusiasm in the market decreased. From the perspective of different underlying - asset REITs, the top three in terms of net inflow during the week were new - infrastructure - type, energy - infrastructure - type, and municipal - type; from the perspective of single REITs, the top three in terms of net inflow during the week were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and CITIC Construction Investment State Power Investment New Energy REIT [30]. - **Block - trade situation**: There were block - trade transactions on 5 trading days this week, with a total block - trade turnover of 327.75 million yuan, a decrease compared to last week. The block - trade turnover on Tuesday (August 12, 2025) was the highest in the week, reaching 101.05 million yuan. The top three in terms of block - trade turnover of single REITs were Huaxia Capital Outlet Mall REIT, E Fund Shenzhen Expressway REIT, and Southern Runze Technology Data Center REIT [31]. 3.2 Primary Market 3.2.1 Listed Projects As of August 15, 2025, the number of China's public REITs products reached 73, with a total issuance scale of 190.852 billion yuan. Among them, transportation - infrastructure - type REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park - infrastructure - type REITs with an issuance scale of 31.835 billion yuan. No new REITs were listed this week [35][36]. 3.2.2 Projects to be Listed According to the project - status disclosures of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 11 initial - offering REITs and 6 to - be - expanded - offering REITs. This week, the status of the initial - offering project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund", the initial - offering project of "Citic Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund", and the expanded - offering project of "Guotai Junan Dongjiu New Economy Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "Feedback Provided" [41].