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]