1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The differentiated performance among different REITs assets will likely remain the main feature in the future market. Assets with more stable cash - flows at the numerator end, such as consumer and rental - housing REITs, outperformed other asset - type REITs in the past month [2][31]. - The new - listed data center REITs had good performance in the past month, and IDC projects with stable operations, long remaining operation periods, and high上架率/计费率 in 25Q3 are also worthy of attention [2][32]. - The new - issue profit space of REITs has narrowed, and investors should focus on stable assets [3][31]. 3. Summary According to Relevant Catalogs 3.1 Recent REITs Market Overview - The trading volume and turnover rate of the entire REITs market have recovered from the October lows. Since late October, the weekly trading volume has remained above 2.7 billion yuan, and the weekly turnover rate has remained above 0.5% [3][6]. - As of November 17, 2025, the CSI REITs Total Return Index (932047.CSI) rebounded significantly from the late - October low [7]. - Assets with more stable cash - flows at the numerator end, such as consumer and rental - housing REITs, performed better. Among the listed REITs as of November 15, 45 had monthly gains and 29 had losses. Different sectors showed varying performance, with园区and仓储物流underperforming [12]. 3.2 In - Review REITs Projects - As of November 18, 2025, there is 1 first - issue REIT project accepted, 3 under inquiry, and 5 with feedback in the review stage. In the past month, E Fund Guangxi Beitou Expressway REIT was successfully accepted, and Shanxi Securities Jinzhong Gongtou Ruiyang Heating REIT received feedback from the Shanghai Stock Exchange [3][15]. - As of November 18, 2025, there are 12 in - review and approved - to - be - issued REITs projects for expansion, new acquisitions, etc. Among them, 1 is under inquiry, 2 have feedback, 2 have passed the review, and 7 are registered and awaiting issuance [20]. 3.3 New - Issue Profit Space and Asset Focus - Since 2025, the subscription sentiment in the primary market of REITs has been high. Most of the 18 projects listed from January 1 to November 15, 2025, had offline subscription multiples of over 40 times [23]. - Although the average first - day listing gains of REITs projects in 2025 were significantly higher than in previous years, the high - level subscription sentiment led to a decrease in the single - time allocation ratio and a significant reduction in single - time new - issue profits [28]. - Given the current review progress, the 5 first - issue REITs projects under feedback may not be issued and listed by the end of the year, and new supply may not appear until Q1 2026 [31].

Core Viewpoint - REITs have gained significant attention from investors, with high demand leading to substantial price increases on their listing days, driven by a low-interest-rate environment and a search for stable income-generating assets [1][2]. Summary by Sections What are REITs? - REITs represent the listing of assets, allowing investors to own or manage income-generating projects, such as rental properties, and mandating that 90% of distributable income be returned to investors [1]. Recent Performance of REITs - In 2023, 15 new REITs were listed, with 9 experiencing a 30% increase on their first day, and 14 achieving a rise of 20% or more [2]. - The average subscription multiple for new REITs has been exceptionally high, with 67% of new issuances since June seeing over 200 times the demand [2]. How to Participate in REITs - Investors can participate in REITs by opening trading permissions through their brokerage apps, with a minimum investment requirement of 1,000 yuan [5][8]. Understanding Subscription and Allocation - The allocation process for REITs differs between exchanges, with the Shenzhen Stock Exchange using a "last day proportion confirmation" method, while the Shanghai Stock Exchange employs "full proportion allocation" [6][7]. Popularity and Institutional Interest - The interest in REITs is reflected in the low percentage of listings that fall below their issue price, currently at only 5.3% [7]. - Various institutional investors, including insurance and asset management firms, have shown strong interest in REITs [7]. Types of REITs - REITs can be categorized into two main types: ownership-based REITs, which focus on asset value and dividends, and concession-based REITs, which rely on cash distributions from operational income [8]. Advantages and Disadvantages of REITs - Advantages include low entry barriers and stable dividends, with many REITs distributing dividends multiple times a year [9]. - Disadvantages involve potential low allocation rates during high demand periods, liquidity issues, and risks associated with market fluctuations [9].

Group 1 - The core viewpoint of the articles highlights the increasing popularity of REITs (Real Estate Investment Trusts) among investors, with significant demand leading to oversubscription and price surges on their debut [1][2][3] - REITs are described as a way for investors to hold ownership or operational rights to income-generating assets, with a mandatory distribution of at least 90% of distributable income to investors [2][10] - The recent trend shows that 9 out of 15 newly listed REITs this year experienced a 30% increase on their first trading day, with 14 achieving a rise of 20% or more [2][3] Group 2 - The article explains the mechanics of participating in REITs, emphasizing that the allocation is done proportionally, which differs from the luck-based nature of traditional IPOs [3][8] - It notes that since June, 67% of newly issued REITs have seen subscription multiples exceeding 200 times, indicating strong institutional interest [3][9] - The article provides guidance on how to participate in REITs, including steps to open trading permissions and where to find upcoming REIT offerings [7][8] Group 3 - The types of REITs are categorized into two main classes: ownership-type REITs, which focus on asset value and dividends, and concession-type REITs, which rely on cash distributions and have a stronger debt-like characteristic [10][11] - The advantages of investing in REITs include low entry barriers and stable dividends, with many REITs distributing dividends multiple times a year [11] - The disadvantages include potentially low allocation ratios during high demand periods and liquidity concerns, as trading activity is primarily driven by institutional investors [12][13]

Core Viewpoint - The recent surge in China's public REITs (C-REITs) market is evident from the high subscription rates and investor enthusiasm, indicating strong demand and potential investment opportunities [1][2][4]. Group 1: Market Performance - The subscription rate for Yizhuang Industrial Park REIT reached 265.76 times the initial offline issuance amount, while Green Development Commercial REIT was 249.72 times, showcasing the market's robust interest [2]. - A significant percentage of investors employed top-tier bidding strategies, with 86.34% for Yizhuang Industrial Park REIT and 90.00% for Green Development Commercial REIT, reflecting a competitive bidding environment [2]. Group 2: Investor Participation - Among the effective bidders for Yizhuang Industrial Park REIT, insurance funds accounted for 22.16% of the participants, followed by fund companies and securities firms [3]. - The overall participation of insurance funds in terms of subscription volume was the highest at 38.35%, indicating a strong preference for C-REITs among institutional investors [3]. Group 3: Future Outlook - Analysts express optimism about the continuation of C-REITs' popularity in the third quarter, citing stable cash dividends and the potential for price convergence towards the operational efficiency of underlying assets [4]. - The market is expected to see ongoing interest in newly issued products, particularly in sectors like data centers, energy, and logistics, which are perceived to have favorable valuation characteristics [5][6]. Group 4: Investment Strategies - Institutions are encouraged to focus on strategic allocations in the primary market and monitor secondary market price fluctuations to capitalize on undervalued products [5]. - C-REITs can be traded in the secondary market for capital gains, with investment strategies varying based on the type of REIT, such as using IRR for operating rights REITs and cash distribution rates for property rights REITs [6].