Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with a focus on policy themes and quality undervalued projects [3] - The report highlights the performance of the C-REITs index, which has seen a year-to-date increase of 13.37% as of August 8, 2025 [2][10] - The report identifies three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs with strong asset reserves [3] REITs Index Performance - The CSI REITs total return index decreased by 0.33% this week, closing at 1097.3 points [1][10] - Year-to-date, the CSI REITs index has increased by 9.93% [2][10] - The report notes that the Hang Seng real estate and construction index had the highest weekly increase of 2.60% [1][10] REITs Secondary Market Performance - The secondary market for C-REITs showed a volatile correction, with a total market capitalization of approximately 220.87 billion yuan and an average market value of about 3 billion yuan per REIT [12] - Among the listed REITs, 21 increased in value while 49 decreased, with an average weekly decline of 0.31% [12] - The report highlights strong performance in the warehousing and logistics sector, while the consumer infrastructure and affordable housing sectors experienced declines [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.3%), Huaxia China Communications Construction REIT (11.2%), and CICC Anhui Transportation Control REIT (8.6%) [3] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Huaxia China Communications Construction REIT having a notably low P/NAV of 0.7 [3] Trading Volume Performance - The average daily trading volume for listed REITs was 3.864 million shares, with an average turnover rate of 0.9% [12][16] - The report indicates that the energy infrastructure sector had the highest trading activity this week [12]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - REITs approval process has accelerated significantly, with the average approval cycle shortening to 4.6 months. Two data - center REITs listed on Friday and both closed at a +30% limit - up. - The market this week was relatively dull. Affected by the diversion of funds in the equity market, trading weakened. Multiple REITs' restricted shares will face unlocking in the future, which may bring certain selling pressure. - As of August 8, 2025, 14 REITs have been successfully issued this year, with a issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8%. [1] 3. Summary According to the Directory 3.1 Primary Market - Three new single - issue public REITs made progress this week: Southern Wanguo and Runze Technology Data Center REITs were listed and both hit the daily limit on the first day, and CICC Vipshop Outlets REIT was registered and took effect. One single - expansion REIT, AVIC Jingneng Photovoltaic REIT, was registered and took effect. - Currently, in the approval process, there are 9 single - issue REITs declared, 5 queried and responded, and 1 registered and awaiting listing; for expansion REITs, 9 have been declared, 3 queried and responded, and 3 passed the review. [1][12][13] 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index (932047.CSI) closed at 1097.31 points, a decline of 0.33%, underperforming the CSI 300 by 1.56 percentage points and the CSI Dividend by 2.72 percentage points. The CSI REITs Total Return Index has risen 13.37% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 9.05/12.76 percentage points. - In terms of project attributes, property - type REITs rose 0.76%, while concession - type REITs fell 0.32%. In terms of asset types, environmental protection and water services (+0.22%), warehousing and logistics (+0.14%), and energy (+0.01%) sectors performed well. [1] 3.2.2 Liquidity - The average daily turnover rates of property - type/concession - type REITs this week were 0.83%/0.54%, down 1.76/0.85 basis points from last week. The trading volumes during the week were 657 million/149 million shares, a week - on - week increase of 0.28%/a decrease of 1.56%. Except for the newly listed data - center sector on Friday, the energy sector had the highest activity. [1] 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/concession - type REITs were 3.65%/4.40% respectively. The transportation (5.64%), warehousing and logistics (5.13%), and park (4.13%) sectors ranked in the top three. [1] 3.3 This Week's News and Important Announcements - China Three Gorges New Energy (Group) Co., Ltd. plans to issue infrastructure public REITs through its wholly - owned subsidiary's offshore wind power project, with a total installed capacity of 298.8MW, which was fully connected to the grid for power generation in November 2020. - Multiple REITs issued announcements, including the unlocking of strategic placement shares of Hua'an Bailian Consumption REIT, and multiple REITs announced dividends. [30]

Group 1 - The article highlights the expertise of Austin Rogers as a REIT specialist with a focus on high-quality dividend growth stocks aimed at generating safe and growing passive income streams [1] - The investment community High Yield Landlord, which Austin contributes to, is noted for its extensive research on the global REIT sector and offers various resources including real money portfolios and direct analyst access [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies or sectors discussed [2][3]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From August 4 to August 8, 2025, the secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The overall performance was average compared with other mainstream asset classes. The prices of both property - right and franchise - based REITs declined, with property - right REITs having a larger decline. Ecological and environmental protection REITs had the largest increase. There were also changes in trading volume, turnover rate, and capital flow, and two new REITs were listed in the primary market [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The returns of China's public REITs were - 0.44%, ranking behind stocks, convertible bonds, A - shares, gold, and pure bonds, but ahead of crude oil [1][11]. - **At the underlying asset level**: Both property - right and franchise - based REITs' secondary - market prices declined, with property - right REITs having a larger decline. Among different underlying asset types, ecological and environmental protection REITs had the largest increase, followed by energy and warehousing and logistics REITs [17][19]. - **At the single - REIT level**: Excluding the newly listed REITs, 21 REITs rose, 1 remained flat, and 49 declined. The top three in terms of increase were Huatai Baowan Logistics REIT, ICBC Mengneng Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT. The top three in terms of decline were Huaxia Shouchuang Outlet Mall REIT, ICBC Hebei Expressway REIT, and CICC Hubei Ketou Optics Valley REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.67 billion yuan. New - type infrastructure REITs led in terms of average daily turnover rate. The top three in terms of trading volume were new - type infrastructure, transportation infrastructure, and park infrastructure REITs. The top three in terms of average daily turnover rate were new - type infrastructure, energy infrastructure, and municipal facilities REITs [27]. - **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 Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT. The same three were also the top three in terms of trading amount. In terms of turnover rate, Huaxia Huadian Clean Energy REIT, Southern Runze Technology Data Center REIT, and Southern Wanguo Data Center REIT led [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 242.81 million yuan, indicating an increase in market trading enthusiasm. In terms of different underlying asset REITs, the top three in terms of net inflow were new - type infrastructure, energy infrastructure, and water conservancy facilities REITs. In terms of single REITs, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [32]. - **Block trading situation**: The total block trading amount this week reached 336.25 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with the highest single - day trading amount on August 6, 2025. The top three in terms of block trading amount were Southern Shunfeng Logistics REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Chuangjin Hexin Shounong REIT [33]. 3.2 Primary Market - **Listed projects**: As of August 8, 2025, there were 73 public REITs in China, with a total issuance scale of 190.852 billion yuan. This week, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed, both belonging to new - type infrastructure, with issuance scales of 4.5 billion yuan and 2.4 billion yuan respectively [36]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 11 first - issuance REITs and 6 REITs pending expansion. This week, the expansion project of "AVIC Jingneng Photovoltaic Closed - end Infrastructure Securities Investment Fund" and the first - issuance project of "CICC Vipshop Outlet Mall Closed - end Infrastructure Securities Investment Fund" were updated to "Passed" [40].

Core Insights - The first batch of data center REITs in China has been listed on the Shanghai and Shenzhen Stock Exchanges, marking a significant milestone for the REITs market in supporting technological, green, and digital financial innovations [1][2] Group 1: Data Center REITs Overview - The Southern Wanguo Data Center REIT, with underlying assets from the Guojin Data Cloud Computing Data Center project in Jiangsu, has a 100% signing rate over the past three years and a billing rate exceeding 92%, with a projected annual cash distribution rate of 5.07% for 2025 [1] - The Southern Runze Technology Data Center REIT is based on the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list, featuring 5,897 cabinets and a total power exceeding 42MW [2] Group 2: Market Performance and Trends - As of August 8, the Shanghai Stock Exchange has launched 49 REITs since the beginning of 2024, covering various sectors including consumption facilities and data centers, resulting in a stable performance and increased returns, with actual dividends amounting to nearly 6 billion yuan, a 32% year-on-year increase [2] - The Shenzhen Stock Exchange has seen 24 REITs launched with a total fundraising scale of 63.9 billion yuan and a total market value of 75.1 billion yuan, with asset types expanding to cover nine categories of infrastructure [2] Group 3: Future Developments - The Shanghai Stock Exchange aims to accelerate the normalization of REITs issuance and improve operational standards to create a high-quality REITs market that better serves national strategies and economic development [3] - The Shenzhen Stock Exchange plans to focus on the sustainable development of the REITs market by increasing the supply of quality REIT projects and expanding the types of underlying assets [3]

Core Viewpoint - The successful listing of the first domestic data center REITs marks a significant expansion of the REITs asset range in China, supporting the development of the digital economy and new infrastructure [1] Group 1: Market Performance - On the first day of trading, Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT had 800 million and 1 billion fund shares respectively, with initial prices of 3.0 CNY and 4.5 CNY per share, raising a total of 2.4 billion CNY and 4.5 billion CNY [2] - Both products experienced a stable operation on their debut, with each rising by 30% compared to the issue price [2] - Prior to the public offering, Southern Runze Technology REIT attracted approximately 289.63 billion CNY in subscriptions, while Southern Universal Data Center REIT attracted about 183.54 billion CNY [2] Group 2: Investor Participation - Southern Runze Technology REIT confirmed that 76 strategic investors fully subscribed to their committed fund shares, accounting for 70% of the total fund shares offered [2] - For Southern Universal Data Center REIT, 54 strategic investors also fully subscribed, representing 70% of the total fund shares [3] Group 3: Asset Quality and Utilization - The underlying asset of Southern Universal Data Center REIT is the Guojin Data Cloud Computing Data Center project in Jiangsu Kunshan, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash flow distribution rate of 5.07% by 2025 [4] - Southern Runze Technology Data Center REIT's underlying asset is the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list and has a total power capacity exceeding 42 MW [5] Group 4: Market Expansion and Future Outlook - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a variety of asset types including consumption facilities, hydropower, and data centers, indicating a positive scale and demonstration effect [6] - The Shenzhen Stock Exchange has also seen a continuous expansion of REIT asset types, covering nine categories of infrastructure, with a total fundraising scale of 639 billion CNY and a total market value of 751 billion CNY [6] - Future efforts will focus on normalizing REITs issuance, improving operational standards, and expanding the types of underlying assets to better serve national strategies and economic development [7]

8月8日，南方万国数据中心REIT和南方润泽科技数据中心REIT分别在沪深交易所上市，这是国内首批数据中心REITs正式登陆资本市场，标志着 我国REITs资产范围成功拓展至支撑数字经济发展的新型基础设施领域。 首日平稳运行 数据显示，南方万国数据中心REIT和南方润泽科技数据中心REIT基金份额分别为8亿份和10亿份，发售价格为3.0元/份和4.5元/份，分别募集资金总额24亿元和45 亿元。上市首日两只产品运行总体平稳，均较发行价上涨30%。 资料显示，此前，两单产品公布发售结果，在比例配售之前，南方润泽科技REIT"吸金"约2896.28亿元，南方万国数据中心REIT"吸金"约1835.42亿元。 南方润泽科技REIT公布的认购申请确认比例结果显示，76家战略投资者皆已根据战略配售协议，按照网下询价确定的认购价格，认购其承诺的基金份额并全额缴纳 认购款，对应的有效认购基金份额为7亿份，占基金发售份额总数的比例为70%。此外，129家网下投资者对应的有效认购基金份额数量为350.457亿份，公众投资 者的有效认购基金份额数量为286.16亿份。 南方万国数据中心REIT公布的认购申请确认比例结果显示，54 ...

Core Viewpoint - The successful listing of the Southern Runze Technology Data Center REIT marks a significant expansion of China's REITs asset landscape into new infrastructure supporting the digital economy, injecting new momentum into the capital market's service for new productive forces [1][2]. Group 1: Listing and Market Response - The Southern Runze Technology REIT was officially listed on August 8, 2023, and has attracted significant market attention since its inception [1]. - During the inquiry phase, the REIT received bids from 131 institutional investors for a total of 350.82 billion shares, which was 167.06 times the available shares for offline issuance [1]. - The public offering was sold out in one day, with effective subscriptions reaching 286.16 billion shares, 317.96 times the public offering amount [1][2]. Group 2: Performance and Investor Interest - On its first trading day, the REIT opened at 5.60 yuan per share, with an opening increase of 24.44%, closing at 5.85 yuan and achieving a turnover rate of 26.46%, indicating strong investor interest [2]. - The REIT's performance reflects high market recognition of the data center REIT category and the strong appeal of new infrastructure assets in the digital economy era [2]. Group 3: Underlying Assets and Management - The underlying asset of the Southern Runze Technology REIT is the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list and is located in Langfang Economic Development Zone, Hebei Province [2]. - The data center has 5,897 cabinets with a total power exceeding 42 MW and a cabinet utilization rate of over 99% [2]. - The fund manager is Southern Fund Management Co., Ltd., and the net proceeds will be used for the construction of the Chongqing Runze (Southwest) International Information Port project, creating a virtuous cycle of investment and operation [2]. Group 4: Market Expansion and Future Outlook - As of August 8, 2023, there are 24 REITs listed on the Shenzhen Stock Exchange, with a total fundraising scale of 639 billion yuan and a total market value of 751 billion yuan [2]. - The Shenzhen Stock Exchange has made significant progress in expanding asset types for REITs, including the introduction of consumption infrastructure REITs and water conservancy REITs in 2024 [3]. - The exchange aims to continue expanding the types of underlying assets and improve the fundraising system to support the stable and healthy development of China's REITs market [3].

Group 1 - The article discusses the inadequacy of Social Security for a decent retirement and suggests alternative retirement plans [1] - It highlights the importance of exploring various income alternatives such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs for retirement planning [1] Group 2 - The article emphasizes the need for in-depth research on investment options to secure financial stability in retirement [1]

Group 1 - The Southern Universal Data Center REIT has been listed on the Shanghai Stock Exchange, marking it as the first data center REIT in the country and the first on the exchange [1] - The underlying asset of the REIT is the Guojin Data Cloud Computing Data Center project located in Kunshan, Jiangsu, which has maintained a 100% signing rate and over 92% billing rate for the past three years [1] - The project has a fundraising scale of 2.4 billion yuan, with net proceeds primarily allocated to enhance data center construction and improve computing power supply [1] Group 2 - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a notable increase in the number of REITs launched in various sectors since 2024, including data centers [2] - The performance of listed REITs has shown positive trends, with over 60 dividend distributions in 2024 amounting to nearly 6 billion yuan, a 32% year-on-year increase [2] - The Shanghai Stock Exchange plans to accelerate the normalization of REITs issuance and improve operational standards to enhance the market ecosystem [2]