1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the REITs index fell 1.0% for the whole week and performed steadily relative to equity assets. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The performance order of major indices in terms of weekly price - change was CSI All - Bond > CSI REITs > CSI Convertible Bonds > CSI 300 [1]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of November 21, 2025, the closing price of the CSI REITs (closing) index was 810.21 points, with a weekly price - change rate of - 1.0%, outperforming the CSI Convertible Bonds index (- 1.8%) and the CSI 300 index (- 3.8%), but underperforming the CSI All - Bond index (+ 0.03%). The year - to - date price - change order of major indices was CSI Convertible Bonds (+ 16.5%) > CSI 300 (+ 13.2%) > CSI REITs (+ 2.6%) > CSI All - Bond (+ 0.9%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.3%, and the volatility was 7.5%. The return rate was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index; the volatility was lower than that of the CSI 300 index and the CSI Convertible Bonds index but higher than that of the CSI All - Bond index [2][8]. - On November 21, the total market value of REITs was 222.5 billion yuan, remaining the same as last week; the average daily turnover rate for the whole week was 0.47%, a decrease of 0.09 percentage points from the previous week [2][8]. - Except for water conservancy facilities, other types of REITs declined. The average weekly price - change rates of equity - type REITs and franchise - type REITs were - 1.2% and - 1.0% respectively. The top three REITs in terms of weekly gains were CICC Yizhuang Industrial Park REIT (+ 0.96%), Ping An Ningbo Jiaotou REIT (+ 0.92%), and Huaxia Nanjing Transportation Expressway REIT (+ 0.60%) [3][14]. - New infrastructure REITs had the highest trading activity. The new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 1.9%. Transportation infrastructure REITs had the highest trading volume share this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds were Huatai Jiangsu Expressway REIT (12.16 million yuan), China Merchants Shekou Rental Housing REIT (10.83 million yuan), and Southern Runze Technology Data Center REIT (8.61 million yuan) [3][20]. 3.2 Primary Market Issuance - From the beginning of the year to November 21, 2025, there was 1 REITs product at the "accepted" stage, 1 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were listed on the exchange [22]. 3.3 Valuation Tracking - From the perspective of bond nature, as of November 21, the average annualized cash distribution rate of public - offering REITs was 6.30%. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [24]. - As of November 21, 2025, the dividend yield of equity REITs was 26 BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury bond yield was 244 BP [1][27].