Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Insights - The REITs market is experiencing significant growth, with the market trading volume reaching 806 million shares, a year-on-year increase of 46.81%, and the trading value reaching 3.614 billion yuan, a year-on-year increase of 68.64% [3][26][28] - The Central Enterprise Natural Gas Power Public REIT has successfully listed, marking a significant step in revitalizing quality clean energy assets and innovating financing models [4][12] - The REITs sector is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Review - The CSI REITs closing index for the 31st week of 2025 is 870.82, up 6.76% year-on-year and up 1.25% month-on-month [5][14] - The CSI REITs total return index is 1100.9, up 16.53% year-on-year and up 1.25% month-on-month [19] Weekly Performance - Weekly performance for various REITs sectors shows: affordable housing +3.87%, environmental +0.65%, highway +0.14%, industrial park -0.02%, warehousing and logistics +1.45%, energy +1.62%, and consumption +3.98% [36] Primary Tracking - There are currently 13 REITs funds awaiting listing, indicating a vibrant issuance market [6][31]

2025 年 8 月 2 日 总量研究 二级市场价格有所回暖，新增两只 REITs 产品上市 ——REITs 周度观察（20250728-20250801） 要点 1、 二级市场 2025 年 7 月 28 日-2025 年 8 月 1 日（以下简称"本周"），我国已上市公募 REITs 二级市场价格整体呈现上涨趋势：加权 REITs 指数收于 143.13，本周回 报率为 2.2%。与其他主流大类资产相比，回报率由高至低排序分别为：原 油>REITs>黄金>纯债>可转债>A 股>美股。 从项目属性来看，本周产权类和特许经营权类 REITs 的二级市场价格走势均呈现 波动上涨趋势，其中，产权类 REITs 涨幅更大。 从底层资产类型来看，本周消费类 REITs 涨幅最大。本周回报率排名前三的底层 资产类型分别为消费类、市政设施类和水利设施类。 从单只 REIT 层面来看，本周公募 REITs 涨跌互现，排除本周新上市的中银中外 运仓储物流 REIT 和华夏华电清洁能源 REIT 后，有 57 只 REITs 上涨，有 12 只 REITs 下跌。涨跌幅方面，涨幅排名前三的分别是华夏首创奥莱 REIT、工银蒙 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5][6] - The market remains active with 12 REITs funds waiting to be listed, indicating ongoing interest and activity in the sector [8] Market Overview - As of the 30th week of 2025, the CSI REITs (closing) index was 860.11, up 8.11% year-on-year but down 1.79% month-on-month; the CSI REITs total return index was 1087.36, up 16.32% year-on-year but down 1.56% month-on-month [5][21] - The trading volume in the REITs market reached 741 million units, a year-on-year increase of 12.1%, with a transaction value of 3.348 billion yuan, up 29.17% year-on-year [28][30] Sector Performance - Weekly and monthly performance for various REIT sectors showed declines: affordable housing (-3.09%), environmental (-2.02%), expressways (-1.32%), industrial parks (-0.87%), warehousing and logistics (-0.69%), energy (-3.75%), and consumer REITs (-0.82%) [38][55] - Monthly performance for these sectors included declines for affordable housing (-5.88%), environmental (+0.04%), expressways (-1.64%), industrial parks (-1.22%), warehousing and logistics (+0.15%), energy (-4.85%), and consumer (-0.90%) [38] Recent Developments - Tianhong Consumer REIT has submitted its initial public offering application to the Shenzhen Stock Exchange, while Chuangjin Hexin Shounong REIT has successfully listed on the Shanghai Stock Exchange, raising 3.685 yuan per share with a total fundraising of 3.685 billion yuan [6][14]

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

Group 1 - The core viewpoint of the news is that 中金普洛斯 REIT has demonstrated stable operational performance in Q2 2025, with significant revenue and profit figures reported [1][2] - In Q2 2025, 中金普洛斯 REIT achieved total revenue of approximately 107.56 million yuan and EBITDA of about 68.85 million yuan, indicating a solid financial performance [1] - The distributable amount for the period was approximately 83.96 million yuan, with a planned distribution of around 78.67 million yuan, reflecting a distribution ratio of about 95% [1][2] Group 2 - The underlying assets of 中金普洛斯 REIT maintained a high occupancy rate, with an average signed rental rate exceeding 90% due to flexible leasing strategies [2] - The net profit margin for infrastructure projects, excluding fair value changes, was reported at 67.20% [1] - The cash dividend for the second distribution is set at 0.4059 yuan per 10 fund shares, with the cumulative distribution amount exceeding 1.2 billion yuan since its listing in 2021, showcasing a nearly 100% annual distribution ratio [2]

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Views - The C-REITs market is expected to continue warming up in 2025 due to a low interest rate environment and ongoing macroeconomic recovery [5] - The report emphasizes the importance of timing in secondary market investments, suggesting that investors should focus on asset resilience, secondary market prices, and P/NAV ratios when selecting individual REITs [5] - Strong cyclical sectors should be monitored for policy themes and project management capabilities, particularly in high-energy cities where signs of recovery are emerging [5] REITs Index Performance - The CSI REITs total return index increased by 0.66% this week, closing at 1116.4 points as of July 4 [1][11] - Year-to-date, the CSI REITs total return index has risen by 15.35% [2][11] - Comparatively, the CSI REITs index has increased by 12.29% this year, ranking second among various indices [2][11] REITs Secondary Market Performance - The C-REITs secondary market showed an upward trend this week, with a total market capitalization of approximately 207.87 billion yuan and an average market cap of about 3.1 billion yuan per REIT [3][13] - Among the listed REITs, 55 increased in value while 13 decreased, with an average weekly increase of 1.07% [3][13] - The ecological and consumer infrastructure sectors performed particularly well, while the municipal water conservancy sector experienced a pullback [3][13] REITs Trading Activity - The ecological and environmental protection sector had the highest trading activity this week, with an average daily trading volume of 2.115 million shares and a turnover rate of 1% [4] - The top three REITs by turnover rate were Zhongjin Yizhuang Industrial Park REIT (7.7%), Zhongjin China Green Development Commercial Asset REIT (7.4%), and Huaxia Jinmao Commercial REIT (2.5%) [4] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs showed significant differentiation, with the top three being Huaxia China Communications Construction REIT (10.9%), Ping An Guangzhou Guanghe REIT (10.3%), and Zhongjin Anhui Transportation Control REIT (8.1%) [5] - The P/NAV ratios for listed REITs ranged from 0.8 to 2, with the highest being Zhongjin Xiamen Anju REIT (2) and E Fund Huawai Agricultural Market REIT (1.8) [5]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From June 23 to June 27, 2025, the secondary - market prices of China's listed public REITs showed a downward trend overall, with a weighted REITs index return rate of - 1.22%. Compared with other mainstream asset classes, REITs performed averagely [1][11]. - Two new REITs were listed this week, and the project status of two first - issue REITs was updated [4]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.22%, lower than those of convertible bonds, US stocks, and A - shares, but higher than those of gold and crude oil [11]. - **At the underlying - asset level**: Both property - right and franchise - right REITs' prices fell, with property - right REITs having a smaller decline. Among different underlying - asset types, transportation infrastructure REITs had the largest decline, while the top three in terms of return rate were affordable housing, energy, and ecological environmental protection REITs [16][18]. - **At the single - REIT level**: After excluding the two newly listed REITs this week, 6 REITs rose and 60 REITs fell. The top three in terms of increase were AVIC Jingneng Photovoltaic REIT, China Resources Commercial REIT, and CICC Shandong Expressway REIT; the top three in terms of decline were China Merchants Nanjing Expressway REIT, Hua'an Waigaoqiao REIT, and Ping An Ningbo Expressway REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The total trading volume of public REITs this week was 2.9 billion yuan, and municipal - facility REITs had the highest average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable housing, and industrial - park infrastructure REITs; the top three in terms of average daily turnover rate were municipal - facility, ecological environmental protection, and industrial - park infrastructure REITs [26]. - **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 Guotai Junan Dongjiu New Economy REIT, CICC Puluosi REIT, and China Merchants China Expressway REIT; the top three in terms of trading amount were China Merchants China Expressway REIT, China Resources Commercial REIT, and Guotai Junan Dongjiu New Economy REIT; the top three in terms of turnover rate were Guotai Junan Jinan Energy Heating REIT, Huatai Suzhou Hengtai Rental Housing REIT, and China Resources Commercial REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total main - force net inflow this week was 81.54 million yuan, indicating a decline in market trading enthusiasm. The top three underlying - asset types in terms of main - force net inflow were consumer infrastructure, industrial - park infrastructure, and energy infrastructure REITs. The top three single REITs in terms of main - force net inflow were China Resources Commercial REIT, Penghua Shenzhen Energy REIT, and China Merchants Heda High - tech REIT [31]. - **Block - trade situation**: The total block - trade amount this week reached 789.97 million yuan, a significant increase compared with last week. Tuesday had the highest single - day block - trade amount. The top three single REITs in terms of block - trade amount were Guotai Junan Urban Investment Kuanting Affordable Housing REIT, CITIC Construction Investment National Energy Investment New Energy REIT, and China Resources Commercial REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of June 27, 2025, there were 68 public REITs in China, with a total issuance scale of 177.061 billion yuan. Transportation infrastructure REITs had the largest issuance scale, followed by industrial - park infrastructure REITs. Two new REITs were listed this week: CICC Yizhuang Industrial Park REIT on June 26 and CICC China Green Development Commercial Asset REIT on June 27 [36]. 3.2.2 Projects to be Listed - There were 28 REITs in the pipeline, including 16 first - issue REITs and 12 REITs for expansion. The project status of "Huaxia Anbo Warehouse Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "declared", and that of "Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [39].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report From June 16 to June 20, 2025, the secondary - market prices of listed public REITs in China showed an overall upward trend, with the weighted REITs index closing at 145 and a weekly return of 1.06%. Compared with other mainstream asset classes, REITs performed well. The price trends of different types of REITs varied, and there were also differences in trading volume, turnover rate, and capital inflow. No new REITs were listed this week, but the status of some REITs' initial projects was updated [1][11]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trend - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed an upward trend. The REITs return rate was 1.06%, ranking second among mainstream asset classes after crude oil. The return rates of mainstream asset classes from high to low were: crude oil > REITs > US stocks > pure bonds > A - shares > convertible bonds > gold [11][15]. - **At the underlying asset level**: This week, the secondary - market prices of equity - based REITs showed an upward trend with a return of 2.15%, while those of concession - based REITs declined slightly with a return of - 0.43%. Among different underlying asset types, municipal facility - based REITs had the largest increase with a return of 8.1%, and transportation infrastructure - based REITs had the largest decline with a decline of 1.09% [17][20]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 49 rising and 17 falling. The top three in terms of increase were Guotai Junan Jinan Energy Heating REIT, Huaxia Fund Huarun Youchao REIT, and CICC Xiamen Anju REIT, with increases of 8.1%, 7.77%, and 7.72% respectively. The top three in terms of decline were Huaan Bailian Consumption REIT, Zheshang HuHangYong REIT, and Ping An Ningbo Jiaotou REIT, with declines of 4.59%, 3.53%, and 2% respectively [24]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.84 billion yuan, and the municipal facility - based REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure - based, affordable rental housing - based, and park infrastructure - based REITs, with trading volumes of 744 million, 465 million, and 449 million yuan respectively. The top three in terms of average daily turnover rate were municipal facility - based, affordable rental housing - based, and ecological environmental protection - based REITs, with rates of 1.24%, 0.96%, and 0.80% respectively [26]. - **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 Huaan Bailian Consumption REIT, Huaxia Hefei High - tech REIT, and Huaxia Beijing Affordable Housing REIT, with trading volumes of 260 million, 260 million, and 240 million shares respectively. The top three in terms of trading amount were CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Penghua Shenzhen Energy REIT, with trading amounts of 144 million, 138 million, and 127 million yuan respectively. The top three in terms of turnover rate were Huatai Suzhou Hengtai Rental Housing REIT, Huaan Bailian Consumption REIT, and Huaxia Shenzhen International REIT, with rates of 12.28%, 9.75%, and 8.84% respectively [29]. 3.1.3 Main Force Net Inflow and Block Trading Situation - **Main force net inflow situation**: The total net inflow of the main force this week was 91.186 million yuan, and the market trading enthusiasm recovered. Among different underlying asset REITs, the top three in terms of net inflow were energy infrastructure - based, transportation infrastructure - based, and warehousing and logistics - based REITs, with net inflows of 39.94 million, 26.45 million, and 13.33 million yuan respectively. The top three single - REITs in terms of net inflow were Penghua Shenzhen Energy REIT, Ping An Guangzhou Expressway REIT, and Huaxia Huarun Commercial REIT, with net inflows of 25.91 million, 22.43 million, and 15.8 million yuan respectively, and the number of consecutive inflow days was 5 days for all [32]. - **Block trading situation**: The total block trading amount this week reached 706.2 million yuan, a significant increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 201.54 million yuan. The block trading amount on Thursday (June 19, 2025) was the highest in the week, reaching 104.31 million yuan. The top three single - REITs in terms of block trading amount were CICC Shandong Expressway REIT, Huaan Zhangjiang Industrial Park REIT, and Guotai Junan Dongjiu New Economy REIT, with trading amounts of 103.51 million, 20.94 million, and 20.31 million yuan respectively, and the corresponding average discount - premium rates were - 1.56%, - 0.68%, and - 1.21% respectively [33]. 4. Primary Market 4.1 Listed Projects As of June 20, 2025, there were 66 public REITs in China, with a total issuance scale of 17.4393 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. 4.2 Projects to be Listed There were 28 REITs in the state of being to be listed, including 16 initial REITs and 12 REITs to be expanded. The status of the initial projects of "Chuangjin Hexin Shounong Industrial Park Closed - end Infrastructure Securities Investment Fund" and "Southern Runze Technology Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "passed", and the status of the initial projects of "Huaxia Huadian Clean Energy Closed - end Infrastructure Securities Investment Fund" and "Southern Wan Guo Data Center Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [41].

Market Performance - The weighted REITs index rose to 142.42 with a weekly return of 1.74%[1] - REITs outperformed A-shares (1.47%), US stocks (0.97%), and pure bonds (0.08%), but lagged behind convertible bonds (2.39%), gold (1.93%), and crude oil (3.95%) in returns[1][15] - Among asset types, municipal facility REITs had the highest increase, with top three returns from municipal facilities (3.66%), transportation infrastructure (3.37%), and water conservancy facilities (2.12%)[20] Trading Volume and Turnover - Total trading volume for public REITs was 2.09 billion yuan, with an average daily turnover rate of 0.67%[2][26] - The top three asset types by trading volume were transportation infrastructure (718 million yuan), park infrastructure (490 million yuan), and warehousing logistics (218 million yuan)[26] - The highest turnover rates were seen in water conservancy (1.02%), park infrastructure (0.77%), and ecological environment (0.75%) REITs[26] Net Inflows and Block Trades - Total net inflow for the week was 9.05 million yuan, indicating increased market trading enthusiasm[2][32] - The top three asset types for net inflows were transportation infrastructure (10.64 million yuan), park infrastructure (5.91 million yuan), and water conservancy (3.05 million yuan)[32] - Total block trade volume reached 123.93 million yuan, with the highest single-day trade on June 4 at 38.25 million yuan[3][33]