Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with a weighted REITs index return of -2.74% for the week of December 15-19, 2025. Compared to other major asset classes, REITs ranked lowest in return performance [4]. - Among different types of REITs, property and concession REITs both experienced declines, with property REITs returning -2.05% and concession REITs returning -3.83% [4]. - The ecological and environmental REITs had the smallest decline, while the top three performing underlying asset types were ecological and environmental, warehousing and logistics, and park REITs [4]. Individual REIT Performance - Excluding the newly listed Huaxia Anbo Warehousing REIT, only 2 REITs increased in value while 75 REITs decreased. The two REITs that saw an increase were Huaxia Waigaoqiao REIT and Bosera Tianjin Kai Industrial Park REIT [4]. - The total trading volume for public REITs was 2.3 billion yuan, with the water conservancy REITs leading in average daily turnover rate. The average daily turnover rate for all listed REITs was 0.51% [4]. Trading Activity - The top three REITs by trading volume were CICC ProLogis REIT, Huaxia China Communications Construction REIT, and Huaxia Anbo Warehousing REIT. In terms of trading value, the top three were Huaxia China Communications Construction REIT, Huaxia China Resources Commercial REIT, and Huatai Jiangsu Expressway REIT [5]. - The net inflow of capital for the week was -1.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were in the warehousing and logistics, new infrastructure, and affordable rental housing categories [5]. Bulk Trading - The total amount of bulk trading for the week reached 169.27 million yuan, which was a decrease from the previous week. There were five trading days with bulk transactions, with the highest single-day transaction occurring on December 18, 2025, amounting to 64.67 million yuan. The top three REITs by bulk trading volume were CICC Lian Dong Science and Technology REIT, CICC Hubei Science and Technology Guanggu REIT, and Huaxia China Communications Construction REIT [5]. New Listings - The Huaxia Anbo Warehousing REIT was listed on December 19, 2025, marking a new addition to the market. Additionally, the project status of two other REITs was updated during the week [6].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - From November 3 to November 7, 2025, the REITs weighted index fell 0.49% to 97.40 points. The performance of major asset classes from high to low was convertible bonds > crude oil > stocks > pure bonds > REITs > gold. Property - type REITs fell 0.75% and franchise - type REITs rose 0.11%. [2] - As of November 7, 2025, there were 9 REITs products still in the exchange acceptance stage and 3 in the approved - to - be - listed state. [4] Group 3: Summary by Directory Secondary Market Price - Volume Performance - **Overall Secondary Market Performance**: The REITs weighted index fell 0.49% this week. Property - type REITs fell 0.75% to 110.46, and franchise - type REITs rose 0.11% to 82.68. Different industry - type REITs had varied performances. [2] - **Property - Type REITs**: The top five in terms of increase were Huaxia JINMAO Commercial REIT (4.42%), Guotai Haitong Dongjiu New Economy REIT (1.83%), Huitianfu Shanghai Real Estate Rental Housing REIT (1.81%), Huaxia First - Outlets REIT (1.52%), and Huitianfu Jiuzhoutong Pharmaceutical REIT (1.17%). High - turnover ones included Huaxia Zhonghai Commercial REIT (21.52%), etc. [2][11] - **Franchise - Type REITs**: The top five in terms of increase were Zheshang Shanghai - Hangzhou - Ningbo REIT (2.37%), Guotai Haitong Jinan Energy Heating REIT (2.25%), China Merchants Highway REIT (2.03%), Huaxia Huadian Clean Energy REIT (1.53%), and Huaxia China Communications Construction REIT (1.27%). High - turnover ones included Huaxia TBEA New Energy REIT (5.59%), etc. [2][13] - **Block Trading**: There were 5 block trading days this week, with the highest turnover on Monday at 72.2788 million yuan. The top five in terms of block trading turnover were Southern Runze Technology Data Center REIT, etc., with average discount/premium rates of 0.41%, etc. [20] Secondary Market Valuation Situation - **Property - Type REITs**: As of Friday, the top three in terms of internal rate of return (IRR) were E Fund Guangzhou Open Industrial Park REIT (8.38%), CICC Hubei KT Guanggong REIT (8.04%), and Huaxia Hefei High - tech REIT (7.33%). REITs with low P/NAV quantiles were E Fund Guangzhou Open Industrial Park REIT, etc. [3][25] - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.75%), Ping An Guangzhou Guanghe REIT (9.31%), and CICC Anhui Expressway REIT (7.60%). REITs with low P/NAV quantiles were Huaxia Yuexiu REIT, etc. [3][28] Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20 this week. Different types of REITs had different correlation coefficients with major asset classes. [29][30] Primary Market Tracking - As of November 7, 2025, there were 9 REITs in the exchange acceptance stage and 3 in the approved - to - be - listed state, including Huaxia Anbo Warehouse Logistics REIT, etc. [4][33]