1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, 2 REITs were listed, 2 started the inquiry process, 1 was established, and 2 were submitted for approval, indicating a significant acceleration in the issuance and approval rhythm. The expansion project of Huaxia Beijing Affordable Housing REIT was listed on June 25th, becoming the first successfully expanded rental housing REITs project in China, marking the further formation of the "initial offering + expansion" dual - wheel drive pattern in the public REITs market. Policy support for the issuance of REITs for consumer infrastructure was mentioned again, accelerating the normalization of REITs issuance [3]. 3. Summary According to the Directory 3.1 Primary Market: A New Warehouse Logistics REIT was Issued - Since 2025, 10 REITs have been successfully issued (6 in Q1, 1 in April, and 3 in June), with the number higher than the same period last year, but the issuance scale was 15.35 billion yuan, a year - on - year decrease of 35.2%. This week, 7 initial public offering (IPO) public REITs made new progress, including the listing of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT, both with their first - day trading hitting the daily limit. One expansion REIT, Huaxia Beijing Affordable Housing REIT, had its expanded shares listed, becoming the first successfully expanded rental housing REITs in China. Currently, in the approval process, there are 15 IPO REITs declared, 4 with inquiries and feedback, and 3 registered and awaiting listing; for expansion REITs, 10 have been declared, 4 have inquiries and feedback, and 3 have passed the review [4]. 3.2 Secondary Market: The Market Pulled Back this Week, but Liquidity Still Increased 3.2.1 Market Review: The CSI REITs Total Return Index Fell 1.38% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1109.13 points, a decline of 1.38%, underperforming the CSI 300 by 3.33 percentage points and the CSI Dividend by 1.80 percentage points. The year - to - date decline of the CSI REITs Total Return Index was 14.59%, outperforming the CSI 300/CSI Dividend by 14.93/17.56 percentage points. In terms of project attributes, property - type REITs fell 1.25%, and concession - type REITs fell 2.16%. In terms of asset types, the energy (-0.29%), consumer (-0.55%), ecological environment protection (-1.58%), and warehouse logistics (-1.65%) sectors performed better. Among individual bonds, 7 rose and 61 fell this week. CICC Yizhuang Industrial Park REIT (+43.01%), CICC China Greentown Commercial REIT (+30.00%), and AVIC Jingneng Photovoltaic REIT (+0.95%) led the gainers, while Huaxia Nanjing Transportation Expressway REIT (-6.72%), Huaan Waigaoqiao REIT (-5.89%), and Ping An Ningbo Jiaotou REIT (-5.69%) were the biggest losers [4]. 3.2.2 Liquidity: The Ecological Environment Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.58%, an increase of 1.27 basis points from last week. The average daily turnover rates of property - type/concession - type REITs this week were 0.62%/0.61%, a decrease of 0.30/increase of 3.23 basis points from last week respectively. The trading volumes during the week were 443 million/156 million shares, a week - on - week increase of 0.03%/5.57%. The ecological environment protection sector had the highest activity [4]. 3.2.3 Valuation: The Energy Sector had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/concession - type REITs were 3.83%/4.17% respectively. The transportation (5.38%), warehouse logistics (5.13%), and industrial park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's Important News and Announcements - On June 24, 2025, six departments including the central bank and the National Development and Reform Commission jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", clearly stating measures such as establishing a 500 - billion - yuan service consumption re - loan, supporting the issuance of REITs for consumer infrastructure, and innovating consumer financial products and services to increase financial support for boosting and expanding commodity consumption, service consumption, and new - type consumption. There were also a series of announcements including operation data,解禁 announcements, dividend announcements, and listing announcements for various REITs [34][36].

Core Viewpoint - The transition to normalized issuance of infrastructure REITs in China marks the end of a four-year pilot program, indicating a new phase for the market and the need for further reforms in the investment and financing system [2][5]. Group 1: Market Development - The National Development and Reform Commission (NDRC) has issued a notice to promote the normalized issuance of infrastructure REITs, which has garnered significant market attention [2]. - Since the pilot program began in June 2021, the NDRC has recommended 67 projects to the China Securities Regulatory Commission (CSRC), with 44 projects successfully issued, raising a total of 128.5 billion yuan [5]. - The normalized issuance is expected to enhance the market's stability and maturity, allowing for a more market-driven investment behavior [5]. Group 2: Regulatory Changes - The new notice adjusts the application rules for REITs, eliminating the requirement for future yield rates, which has raised concerns about potential risks in project financing [3]. - The simplification of the application process and the expansion of asset types eligible for REITs, including clean and efficient coal-fired power and elderly care facilities, are aimed at optimizing the regulatory framework [4]. - The reforms are based on the improved professional capabilities of REITs operators and the enhanced quality of project applications, aligning with market principles [4]. Group 3: Financial Performance - The infrastructure REITs have generated over 51 billion yuan in net recovery funds for new investments and are expected to drive total new project investments exceeding 640 billion yuan [5]. - Cumulatively, listed infrastructure REITs have distributed over 13 billion yuan in dividends to investors, with the CSI REITs total return index rising by 8.65% in the first half of 2024 [5].