Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The REITs market is expected to continue to perform well due to the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as high-dividend, low-risk assets. The expectation of increased participation from social security and pension funds is likely to improve the cost-performance ratio of allocations in this sector, presenting good investment opportunities [5]. Market Overview - In the 52nd week of 2025, the CSI REITs (closing) index was 783.86, down 2.59% year-on-year but up 1.39% month-on-month. The CSI REITs total return index was 1014.8, up 5.3% year-on-year and up 1.56% month-on-month. Year-to-date, the CSI REITs index has increased by 3.63%, while the CSI 300 index has risen by 35.74%, resulting in an excess return of -32.11% [7][16][21]. Weekly Performance - The trading volume of the REITs market reached 711 million units, a year-on-year decrease of 20.29%. The trading amount was 3.135 billion yuan, down 11.11% year-on-year. The turnover rate for the period was 2.62%, a decrease of 2.82 percentage points year-on-year [5][28][30]. Sector Performance - In the 52nd week, the weekly performance of various REITs sectors was as follows: affordable housing REITs increased by 3.65%, while environmental, highway, industrial park, warehousing logistics, energy, and consumer REITs had weekly changes of -0.04%, +0.67%, +2.05%, +2.94%, -0.32%, and +0.32% respectively. Monthly performance showed affordable housing down by 0.83% and other sectors with varying declines [38][54]. Upcoming Listings - There are currently 15 REITs funds awaiting listing, indicating an active issuance market. Notably, the Huatai Sanxia Clean Energy REIT has had its initial application accepted, and the CICC Xiamen Torch Industrial Park REIT has been filed for its initial public offering [8].

Investment Rating - The investment rating for the industry is maintained as "Add" [5] Core Insights - The C-REITs market is showing signs of recovery, with notable performance in the affordable housing and industrial park sectors, while municipal water conservancy and energy infrastructure sectors have seen declines [2][11] - The total market capitalization of listed REITs is approximately 215.53 billion yuan, with an average market cap of about 2.8 billion yuan per REIT [2][11] - The report highlights three main investment strategies: focusing on policy-driven themes, recognizing the market's acknowledgment of the benefits of affordable housing, and monitoring the expansion of REITs alongside new issuances [3] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 1.56% this week, closing at 1014.8 points, while the CSI REITs closing index rose by 1.39% to 783.9 points [1][9] - Year-to-date, the CSI REITs total return index has risen by 4.85%, while the closing index has decreased by 0.72% [1][9] C-REITs Secondary Market Performance - The secondary market for C-REITs has shown a recovery trend, with 67 out of 78 listed REITs experiencing price increases this week, averaging a weekly gain of 1.61% [2][11] - The best-performing sectors this week include warehousing logistics, industrial parks, and affordable housing, while municipal water conservancy and energy infrastructure sectors faced declines [2][11] 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 (10.8%), Huaxia China Communications Construction REIT (10%), and E Fund Guangkai Industrial Park REIT (8.8%) [3] - Price-to-NAV ratios range from 0.7 to 1.7, with the highest being Huaxia Anbo Warehousing REIT, Zhongjin Xiamen Anju REIT, and Jiashi Wumei Consumption REIT, all at 1.7 [3]

Group 1 - The Federal Reserve implemented a 0.75% rate cut in 2025, following a 1% easing in 2024, indicating a significant shift in monetary policy [1] - The yields on 30-year U.S. treasuries are noteworthy in the context of these rate cuts, suggesting potential investment opportunities in fixed income [1] Group 2 - The author has a background in investing since high school, focusing on REITs, preferred stocks, and high-yield bonds, which reflects a long-term fundamental investment approach [1] - The investment strategy includes combining long stock positions with covered calls and cash secured puts, indicating a sophisticated approach to risk management [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional insights on ETFs and other stocks influenced by macroeconomic trends [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From December 22 to December 26, 2025, the secondary - market prices of China's listed public REITs showed a wave - like recovery, ending a 5 - week continuous decline. The returns of REITs were mediocre compared to other mainstream large - category assets. The return rates from high to low were: gold > crude oil > A - shares > convertible bonds > REITs > US stocks > pure bonds. Among different types of REITs, the secondary - market prices of both property - type and franchise - type REITs increased, with the property - type REITs having a higher return rate. In terms of underlying asset types, affordable housing - type REITs had the largest increase this week. [1][11] 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - category asset level**: The secondary - market prices of China's listed public REITs recovered in a wave - like manner, ending a 5 - week continuous decline. The China Securities REITs (closing) and China Securities REITs total return index closed at 783.86 and 1014.8 respectively, with weekly returns of 1.39% and 1.56%. The weighted REITs index had a weekly return of 1.83%. [11] - **At the underlying asset level**: The secondary - market prices of property - type and franchise - type REITs both rose, with return rates of 2.22% and 1.19% respectively. Among underlying asset types, affordable housing - type REITs had the largest increase, and the top three in terms of return rates were affordable housing - type, warehousing and logistics - type, and park - type, with return rates of 3.63%, 2.39%, and 2.19% respectively. [16][18] - **At the single - REIT level**: This week, 67 REITs rose and 11 REITs fell. The top three in terms of increase were CICC Chongqing Liangjiang REIT, China Asset Management Co., Ltd. China Resources Youchao REIT, and Bosera Tianjin Economic - Technological Development Area Park REIT, with increases of 7.86%, 5.99%, and 5.94% respectively. The top three in terms of decrease were ICBC Inner Mongolia Energy Clean Energy REIT, Guotai Junan Jinan Energy Heating REIT, and Harvest China Power Construction Clean Energy REIT, with decreases of 5.04%, 4.39%, and 3.87% respectively. [21] 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.14 billion yuan. The average daily turnover rate of water conservancy facilities - type REITs during the period led others. The top three in terms of trading volume were transportation infrastructure - type, consumption infrastructure - type, and warehousing and logistics - type, with trading volumes of 703 million yuan, 569 million yuan, and 435 million yuan respectively. The top three in terms of average daily turnover rate during the period were water conservancy facilities - type, municipal facilities - type, and new - type infrastructure - type, with rates of 1.56%, 1.22%, and 1.00% respectively. [23] - **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 CICC Hubei KeTou Optics Valley REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and YinHua Shaoxing Raw Water Water Conservancy REIT, with trading volumes of 260 million shares, 240 million shares, and 230 million shares respectively. The top three in terms of trading amount were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and China Asset Management Co., Ltd. China Communications Construction REIT, with trading amounts of 195 million yuan, 131 million yuan, and 109 million yuan respectively. The top three in terms of turnover rate were China Asset Management Co., Ltd. Anbo Warehousing REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Jiashi Wumei Consumption REIT, with turnover rates of 19.63%, 12.60%, and 10.47% respectively. [24] 3.1.3 Main Force Net Inflow and Block Trading Situation - **Main force net inflow situation**: The total main force net inflow this week was 94.74 million yuan, and the market trading enthusiasm increased compared to last week. From the perspective of different underlying asset REITs, the top three in terms of main force net inflow during the week were consumption infrastructure - type, transportation infrastructure - type, and warehousing and logistics - type, with net inflows of 49.31 million yuan, 24.44 million yuan, and 20.91 million yuan respectively. From the perspective of single REITs, the top three in terms of main force net inflow during the week were China Asset Management Co., Ltd. China Resources Commercial REIT, China Asset Management Co., Ltd. Anbo Warehousing REIT, and Jiashi Wumei Consumption REIT, with net inflows of 44.39 million yuan, 22.27 million yuan, and 12.84 million yuan respectively. [27] - **Block trading situation**: The total block trading amount this week reached 264.42 million yuan, an increase compared to last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 264.42 million yuan. The block trading amount on Thursday (December 26, 2025) was the highest during the period, reaching 149.19 million yuan. From the perspective of single REITs, the top three in terms of block trading amount during the week were Southern Runze Technology Data Center REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Wanguo Data Center REIT, with trading amounts of 42.92 million yuan, 38.70 million yuan, and 27.13 million yuan respectively, and corresponding average discount/premium rates of 0.23%, 0.08%, and 0.20% respectively. [30] 3.2 Primary Market 3.2.1 Listed Projects - As of December 26, 2025, the number of China's public REITs products reached 78, with a total issuance scale of 20.1749 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week. [34][35] 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the state of being to be listed, including 15 initial - offering REITs and 5 REITs to be expanded. This week, the project status of Huatai Three Gorges Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) and Bosera Shandong Railway Investment Road and Bridge Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted"; the project status of CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared". [39][40]

Core Viewpoint - Real estate investment trusts (REITs) and related ETFs have underperformed in 2023, but there is optimism for improved performance in 2026, particularly for the NEOS Real Estate High Income ETF (IYRI) which has a strong income-generating potential [1][2]. Group 1: Performance and Income Generation - The NEOS Real Estate High Income ETF (IYRI) has a distribution rate of 10.77% as of November 30, indicating its strong income-generating capabilities in a sector known for high income levels [2]. - IYRI employs an options-based strategy by selling call options on ETFs tracking the Dow Jones U.S. Real Estate Capped Index, which is a widely observed measure of U.S.-listed REITs [1][2]. Group 2: Future Outlook and Catalysts - Analysts anticipate increased mergers and acquisitions activity in the real estate sector by 2026, which could positively impact IYRI and other REITs [3]. - The demand for data centers, driven by artificial intelligence (AI), is expected to remain strong, benefiting IYRI as the Dow Jones U.S. Real Estate Capped Index includes data center REITs [4]. - Management teams are focusing on segments with recurring revenue profiles, such as Senior Housing, which could lead to favorable conditions for REITs heading into 2026 [5].

Core Viewpoint - The successful completion of the targeted expansion issuance of the AVIC Jingneng Photovoltaic REIT marks a significant step in enhancing the fund's asset quality and development momentum, reflecting market recognition of the value of green energy infrastructure and the professional management capabilities of AVIC Fund [1][2]. Group 1: Fund Expansion and Financial Details - The AVIC Jingneng Photovoltaic REIT raised a total of 2.92215 billion yuan (excluding interest during the fundraising period), reaching the upper limit of its fundraising scale, with a total of 300.88 million fund shares issued at a price of 9.712 yuan per share [1]. - The fund's asset structure has been upgraded by adding two high-quality hydropower projects, Sujiakou and Songshanhekou, to its existing photovoltaic projects, forming a "photovoltaic + hydropower" green energy combination [1]. Group 2: Asset Stability and Management - The newly added hydropower stations have a total installed capacity of 483 megawatts and are key power supply projects in Baoshan City, Yunnan Province, enhancing the stability of power generation through effective water resource management [2]. - The projects are prioritized in the Yunnan Province's "West-to-East Power Transmission" plan, ensuring efficient power consumption and market participation, with management provided by Baoshan Energy Development Co., which oversees 26 hydropower stations with a total capacity exceeding 950 megawatts [2]. Group 3: Strategic Investor Support and Market Context - The fund's duration has been extended to 27 years, allowing for deeper value extraction and continuous optimization of operational efficiency [2]. - The introduction of 10 strategic investors and 22 quality institutional investors enhances the fund's financial stability and diversifies its investor structure, aligning with the national "dual carbon" strategy and reinforcing the role of energy REITs as a bridge between green energy infrastructure and capital markets [2].

Core Viewpoint - SL Green Realty (SLG), Manhattan's largest office landlord, is currently trading at some of the lowest levels since the Financial Crisis, presenting a solid investment opportunity despite having doubled in value since 2023 [1] Company Overview - SL Green Realty is identified as the largest office landlord in Manhattan, indicating a significant position in the commercial real estate market [1] - The stock has shown a notable recovery, having doubled since the beginning of 2023, yet it remains at historically low trading levels [1] Investment Potential - The current trading levels of SLG suggest potential for further appreciation, making it an attractive option for value investors [1] - The analysis indicates that despite the recovery, the stock still offers a solid opportunity for investment [1]

Core Insights - The "2025 Multi-level REITs Investor Conference" was successfully held in Beijing, organized by the RISE Real Estate Financial Research Institute, bringing together 300 institutional investors from various sectors to discuss new opportunities in the REITs market [1] Group 1: Conference Overview - The conference featured multiple sessions including closed-door strategy meetings, expert sharing, and roundtable discussions, focusing on the development of the REITs market [1] - Key areas of discussion included healthcare, hotels, energy, industrial sectors, urban renewal, and carbon coordination, with industry experts exploring trends and investment opportunities [1] Group 2: Awards and Recognition - The afternoon session included the announcement of annual outstanding case awards, recognizing institutions and projects that excelled in public REITs, inter-institutional REITs, and private real estate funds [1] - Three roundtable discussions focused on year-end reviews and trend forecasts in different sub-markets, with experts engaging in deep discussions on market value management, asset operations, innovation, and benchmark transactions [1]

Economic Growth - Spain is projected to have a GDP growth of 2.9% in 2025, which will moderate to 2.3% in 2026, indicating a strong economic performance compared to other European nations [1]. Investment Opportunities - The strong economic growth in Spain has led to significant returns for Spain-focused ETFs, suggesting a favorable investment environment for these financial instruments [1].

Core Viewpoint - Agree Realty Corporation (ADC) is recognized as a high-quality and well-managed net lease retail REIT, boasting a diversified tenant base and a strong history of monthly dividend growth [1] Company Overview - Agree Realty Corporation operates properties across the United States, indicating a broad geographical presence [1] - The company has established a diversified tenant base, which can mitigate risks associated with reliance on a single sector or tenant [1] - The firm has a solid track record of consistent monthly dividend growth, appealing to income-focused investors [1]