1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's REITs market has entered the fast - lane of high - quality development. The official pilot of commercial real - estate REITs was launched in December 2025, and a series of policies were introduced to promote market expansion, improve liquidity, and optimize the registration system [4]. - In December 2025, the REITs market declined with a volume contraction, and concession - based REITs had a deep correction. However, there was an oversold rebound in the second half of the month. The annual return of the CSI REITs Total Return Index was 4.34% [41]. - The offline subscription of China Nuclear Clean Energy REIT was extremely popular in December 2025, with a record - high offline subscription multiple. Meanwhile, Huaxia Anbo Warehouse Logistics REIT broke below its issue price on the first trading day [4][100]. - In January 2026, there are no REITs restricted shares scheduled to be lifted. In the second half of December 2025, 4 new REITs applications were accepted, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT updated its response materials [107][109]. 3. Summary by Directory 3.1 Commercial Real - estate REITs Officially Piloted, Policy Combinations Implemented - **Regulatory Announcements**: On December 31, 2025, the CSRC officially launched the pilot of commercial real - estate REITs. The official version only slightly modified the product definition compared to the solicitation draft, clarifying the holding path of "public fund - ABS - SPV - underlying assets" [4][7]. - **High - Quality Development Policies**: These policies include supporting "mixed - asset" REITs, expanding the scope of original equity holders to bank and insurance asset management institutions, promoting market expansion, improving the secondary - market liquidity, and optimizing the REITs application and registration system [4][11][13]. - **Exchange Rule Adjustments**: The exchanges separately adjusted the relevant REITs systems, including listing separate review requirements for different asset types, allowing "high - price elimination" in offline subscriptions, and clarifying the disclosure requirements for different commercial real - estate sectors [20][24]. - **Industry Association Rule Changes**: The China Securities Association tightened the access requirements for offline investors and added 10 prohibited behaviors, with penalties upgraded to the offline investors themselves [27][31]. 3.2 Rebound after Oversold in December's Second Half, Concession - Based Assets Under Greater Pressure - **Market Index Performance**: In December 2025, the CSI REITs Total Return Index decreased by 2.9% for the month. However, it rebounded by more than 2% after an oversold situation on December 24. The annual return of the index in 2025 was 4.34% [41]. - **Asset - Type Performance**: In December, all REITs index types except IDC declined. Concession - based assets such as utilities, transportation, and energy had the deepest declines. In 2025, consumer, warehousing logistics, and rental housing REITs had the highest annual returns [47]. - **Individual Bond Performance**: In December, more than 90% of concession - based individual bonds declined, while the rise - to - fall ratio of industrial park REITs improved [48]. - **Liquidity**: The average daily turnover rate of REITs in December 2025 was 0.40%, the lowest monthly level of the year. The turnover rate of rental housing REITs decreased the most [54]. - **Dividend Yield**: As of December 31, 2025, the average dividend yield of equity - based REITs was 4.60% (at the 61% quantile), and that of concession - based REITs was 9.12% (at the 90% quantile). The dividend yield of transportation REITs reached 9.95%, at the 95% historical high [58]. - **Valuation and IRR**: The P/NAV of equity - based REITs was 1.22X, at the 65% historical quantile, and the P/FFO of concession - based REITs was 12.27X, at the 30% historical quantile. The IRR of both major asset types significantly increased and was around the 40% quantile [70][75]. 3.3 High Offline Popularity of China Nuclear Clean Energy REIT, Deep Break - below of Anbo Logistics on First Day - **New Issues in December 2025**: China Nuclear Clean Energy REIT conducted offline price inquiries in December 2025, with an issue size of 1.505 billion yuan. Huaxia Anbo Warehouse Logistics REIT was listed on the Shenzhen Stock Exchange [80]. - **Subscription and Pricing**: China Nuclear Clean Energy REIT had a record - high offline subscription multiple of 340 times. It was priced close to the upper limit, with almost no discount. Its expected dividend yield in 2026 was lower than that of comparable REITs [89][92][93]. - **Listing Performance**: Huaxia Anbo Warehouse Logistics REIT broke below its issue price on the first trading day, with a decline of 10%. After excluding extreme values, the offline subscription return rate for 100 million yuan of funds in REITs from January to December 2025 was 3.42% [100][101]. 3.4 No REITs Restricted Shares to be Lifted in January 2026 - Based on the announcements of Shanghai and Shenzhen REITs in the second half of December 2025, there are no REITs restricted shares scheduled to be lifted in January 2026 [107]. 3.5 Four New Applications Accepted, Shanxi Securities Jinzhong Heating REIT Updates Response Materials - **Queueing Projects**: In the second half of December 2025, 4 new REITs applications were accepted, and Shanxi Securities Jinzhong Public Investment Ruiyang Heating REIT updated its response materials after answering the inquiry letter [109]. - **Bidding Information**: GF Fund won the bid for the infrastructure REITs project of Southern Xinjiang Energy Group [110].

1. Report Title and Date - The report is titled "Commercial Real Estate REITs Officially Pilot, Usher in a New Stage of High - quality Development - December Report on the Public REITs Market in 2025" and was published on January 5, 2026 [2][3] 2. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 3. Core Viewpoints - China's REITs market has entered the fast - lane of high - quality development. The official pilot of commercial real estate REITs was launched in December 2025 with a series of policy combinations. The REITs market declined in volume in December 2025, with concession - based REITs experiencing a deep correction. The subscription of China Nuclear Clean Energy REIT was highly popular offline, while Huaxia Anbo Warehouse Logistics REIT broke below the issue price on its first trading day. There will be no restricted - share unlocks of REITs in January 2026, and new applications for 4 REITs were accepted in the second half of December 2025 [4] 4. Summary by Directory 4.1 Commercial Real Estate REITs Officially Pilot, Policy Combinations Landed - **Commercial Real Estate REITs Pilot**: On December 31, 2025, the China Securities Regulatory Commission officially launched the pilot of commercial real estate REITs. The official version only made minor adjustments to the product definition compared with the solicitation draft, clarifying the holding path of "public fund - ABS - SPV - underlying assets" [7] - **Promoting High - quality Development of the REITs Market**: The CSRC issued a notice to promote high - quality development, including supporting "mixed - asset" REITs, expanding the scope of original equity holders, accelerating the construction of the REITs market system, and improving the REITs application and registration system [12] - **Exchange Rule Adjustments**: The Shanghai and Shenzhen Stock Exchanges adjusted relevant rules, including single - item review requirements for different assets, allowing "high - price elimination" in offline sales, clarifying disclosure requirements for different business forms of commercial real estate, and standardizing the review process [20][22][26] - **Industry Association Rule Adjustments**: The China Securities Association adjusted the rules for offline investors of REITs, making the offline management of real estate REITs more in line with that of Shanghai and Shenzhen new stocks, tightening access thresholds, adding 10 prohibited behaviors, and upgrading penalties [27][30][33] 4.2 Rebound after Oversold in the Second Half of December, Concession - based Assets Under Greater Pressure - **Overall Index Performance**: In December 2025, the CSI REITs Total Return Index declined overall but rebounded after being oversold on December 24, with a monthly decline of 2.9%. It achieved an annual increase of 4.34% in 2025 [42] - **Asset - type Performance**: In December 2025, only the IDC index rose by 1.23%, while other types of REITs indexes declined. Concession - based assets such as utilities, transportation, and energy had the deepest declines. In 2025, all asset - type indexes achieved positive returns, with consumer, warehouse logistics, and rental housing leading the gains [48] - **Individual Bond Performance**: In December 2025, the proportion of rising and falling individual REITs bonds was 29% and 71% respectively. Two IDC - REITs rose, and warehouse logistics and industrial parks also had a certain proportion of rising bonds, while concession - based assets had a large number of falling bonds [54] - **Turnover Rate**: In December 2025, the average daily turnover rate of Shanghai and Shenzhen REITs was 0.40%, the lowest monthly level of the year. The turnover rate of rental housing decreased the most [56] - **Dividend Yield**: As of December 31, 2025, the dividend yield of equity - based REITs was 4.60% (at the 61% quantile), and that of concession - based REITs was 9.12% (at the 90% quantile). The spread between REITs and stocks/bonds was at the 60% - 70% quantile [60][64][66] - **Valuation**: The latest P/NAV of equity - based REITs was 1.22X, at the 65% historical quantile; the latest P/FFO of concession - based REITs was 12.27X, at the 30% historical quantile [72] - **IRR**: The latest IRR of equity - based and concession - based REITs was 4.2% and 5.4% respectively, both at around the 40% quantile and significantly higher than the previous period [77] 4.3 High Offline Popularity of China Nuclear Clean Energy, Deep Break - below of Anbo Logistics on the First Day - **New Issues in December 2025**: In December 2025, Huaxia China Nuclear Clean Energy REIT conducted offline price inquiries with an issuance scale of 1.505 billion yuan, and Huaxia Anbo Warehouse Logistics REIT was listed on the Shenzhen Stock Exchange [82] - **Issuance Scale and Subscription**: The offline top - up subscription scale of China Nuclear Clean Energy REIT was 316 million yuan, lower than that of Huaxia Anbo Warehouse Logistics REIT in November. The offline subscription of China Nuclear Clean Energy REIT was highly popular, with the number of participating products ranking second in history and a subscription multiple of 340 times [84][91] - **Pricing and Dividend Yield**: China Nuclear Clean Energy REIT was priced close to the upper limit, with the issuance price only 0.01% lower than the "lower of the two". Its expected dividend yield in 2026 was 4.71%, lower than comparable energy - type REITs [94][95] - **Subscription Rate and Listing Performance**: The offline product/subscription amount入围率 of China Nuclear Clean Energy REIT increased compared with November, but the offline placement ratio dropped significantly to 0.29%. Huaxia Anbo Warehouse Logistics REIT fell 10% on its first listing day [98][102] - **Offline Subscription Yield**: After excluding extreme values, from January to December 2025, the absolute returns of 50 million/100 million yuan of funds for offline REITs subscriptions were 1.7098 million/3.4195 million yuan respectively, with a corresponding offline yield of 3.42% [103] 4.4 No Restricted - share Unlocks of REITs in January 2026 - According to the announcements of Shanghai and Shenzhen REITs in the second half of December 2025, there will be no restricted - share unlocks of REITs in January 2026. Huatai Zijin Baowan Logistics Warehouse REIT and Guojin China Railway Construction Expressway REIT plan to conduct follow - on offerings [109] 4.5 Four New Applications Accepted, Shanxi Jinzhong Heating REIT Updates Response Materials - **Queuing Projects**: In the second half of December 2025, 4 new REITs applications were accepted. Shanxi Jinzhong Gongtou Ruiyang Heating REIT updated its response materials after answering the inquiry letter [111] - **Bidding Information**: In the second half of December 2025, the bidding information of 1 public REIT was updated, and GF Fund won the bid for the infrastructure REIT project of Southern Xinjiang Energy Group [112]

Core Viewpoint - The launch of commercial real estate public REITs in China marks a significant innovation in the capital market, with the regulatory framework established to support the development of this sector [1][2]. Group 1: Regulatory Framework and Announcements - On December 31, 2025, the China Securities Regulatory Commission (CSRC) released the announcement for the pilot of commercial real estate investment trust funds (REITs), indicating the completion of the long-awaited rules [1]. - The CSRC also issued a notification to promote the high-quality development of the REITs market, aiming to enhance the service quality of the multi-level capital market for the real economy [1][2]. - The regulatory framework for commercial real estate REITs is structured as "1+3+N," which includes one announcement, three supporting arrangements from the CSRC, and numerous self-regulatory organization rules [6]. Group 2: Market Development and Performance - As of December 27, 2025, there were 78 listed REITs in China, raising a total of 209.9 billion yuan, with a total market capitalization of 219.9 billion yuan [2]. - The CSI REITs total return index increased by 19% since 2024, indicating that REITs have become an important asset class for investment [2]. Group 3: Importance and Goals of Commercial Real Estate REITs - The development of commercial real estate REITs is seen as a crucial measure to implement national policies aimed at revitalizing existing assets and increasing direct financing [3]. - The notification emphasizes the need to stimulate market vitality and improve efficiency by establishing market-oriented access arrangements for commercial real estate REITs [3][4]. Group 4: Implementation and Market Support - The CSRC aims to enhance the supply of quality REITs and promote a diverse and orderly growth of market segments [7]. - There is a focus on improving the secondary market for REITs, including the development of related index products and encouraging long-term funds to enter the market [7][8]. - The notification calls for optimizing the review and registration processes to ensure a stable market operation [8].

Core Viewpoint - The launch of the commercial real estate REITs pilot program marks a new phase in China's REITs market, transitioning towards a mature direction of "parallel development of commercial real estate and infrastructure" [1][7]. Group 1: Policy Framework - The regulatory framework for commercial real estate REITs is defined as "1+3+N", where "1" refers to the announcement, "3" includes three key documents, and "N" represents 17 supporting rules from various regulatory bodies [2]. - The announcement serves as a foundational document, clarifying core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. Group 2: Supporting Rules - The supporting rules systematically refine the entry standards for REITs, focusing on compliance, financial, asset evaluation, and fund operation requirements [3]. - A more market-oriented mechanism is established, linking yield requirements to risk-free interest rates and ensuring that recovered funds comply with national macro policies and regulations [3]. - The rules promote market expansion by allowing asset combinations with similar operational characteristics and reducing the time for post-IPO fundraising applications to six months [3]. Group 3: Review Mechanism and Risk Management - The feedback timeline for initial reviews has been shortened from 30 to 20 working days, and guidelines for drafting prospectuses have been introduced to align with REITs characteristics [4]. - The pilot program emphasizes high-quality project selection, focusing on projects that align with national policies and demonstrate stable operational performance [6]. - Regulatory bodies will enhance supervision and risk monitoring, ensuring compliance and addressing any violations promptly [6]. Group 4: Market Development - The pilot program signifies a shift towards a comprehensive REITs market, integrating commercial real estate and infrastructure, each serving distinct economic functions [7][8]. - Infrastructure REITs are expected to stabilize the economy and address shortfalls, while commercial real estate REITs will focus on promoting consumption and structural adjustments, closely tied to economic cycles [8].

Core Viewpoint - The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) have revised their regulations to promote the pilot program for commercial real estate investment trusts (REITs), aiming for high-quality market development and better service to the national strategy and economic growth [1][6]. Group 1: Regulatory Framework - SSE has released the revised "Business Measures for Publicly Raised Real Estate Investment Trusts (REITs)" to enhance the operational framework and ensure a smooth start for commercial real estate REITs [2][3]. - The new rules expand the applicability of the REITs framework to commercial real estate, covering listing reviews, sales, trading, and information disclosure [3][6]. - The review period for initial feedback on submitted materials has been shortened from 30 working days to 20 working days to improve efficiency [3]. Group 2: Optimization of Standards - The regulations have been optimized to enhance adaptability and inclusiveness, focusing on compliance, fund recovery purposes, and yield requirements for various commercial real estate sectors [4]. - The issuance guidelines have been revised to ensure fairness and order in the sales process, including detailed regulations on pricing and allocation [4][7]. - The interval for expanding fundraising has been reduced to six months, increasing the market's internal momentum [4]. Group 3: Information Disclosure and Investor Protection - Enhanced information disclosure requirements aim to protect investors' rights, focusing on the quality of regular and temporary disclosures [4][5]. - Specific disclosure requirements for the operational status of commercial real estate sectors have been established, ensuring transparency in fund usage [4][8]. Group 4: Implementation and Development - The SZSE has developed a "1+7+6" framework for REITs regulations, which includes one business measure, seven business guidelines, and six business instructions to solidify the institutional foundation for commercial real estate REITs [6]. - The framework includes differentiated verification requirements for commercial real estate REITs based on operational and financial conditions [6][8]. - The SZSE emphasizes the importance of a robust review mechanism and has streamlined the review process to enhance compliance and operational efficiency [6][8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for Commercial Real Estate Investment Trusts (REITs), aimed at promoting the high-quality development of the REITs market and enhancing the capital market's service to the real economy [1][2]. Group 1: Development of Commercial Real Estate REITs - The development of commercial real estate REITs is a significant measure to support the revitalization of existing assets and increase direct financing, aligning with national strategies [3]. - The initiative aims to stimulate market participants' vitality by clarifying market access arrangements and encouraging the issuance of REITs for commercially viable assets [3][4]. - Regulatory bodies are tasked with enhancing policy promotion and addressing challenges in the development of commercial real estate REITs [4]. Group 2: Market System Construction - The plan includes expanding the supply of quality REITs and enriching market offerings while ensuring orderly growth [5]. - It supports the development of innovative products linked to REITs, such as ETFs, to enhance investment options for investors [5]. - The initiative encourages the inclusion of REITs in cross-border trading mechanisms to promote high-level market openness [5]. Group 3: Registration and Approval Mechanism - The CSRC aims to optimize the REITs registration process to enhance efficiency and transparency [8]. - A market-oriented standard system will be established to ensure compliance with various asset types and improve information disclosure [8]. Group 4: Regulatory and Risk Prevention - A comprehensive regulatory framework will be developed to cover all aspects of REITs, including due diligence, pricing, and asset management [9]. - The initiative emphasizes the importance of active management by fund managers and the need for strict adherence to legal and contractual obligations [10]. - Measures will be taken to enhance information disclosure and risk monitoring to maintain market stability [10].

Group 1 - The core viewpoint emphasizes the importance of developing commercial real estate REITs as a significant measure to support the new model of real estate development and enhance the quality of capital market services for the real economy [3][4] - The initiative aims to stimulate market participants' vitality by clarifying market access arrangements for commercial real estate REITs and encouraging the issuance of assets that align with policy guidance [3][4] - Regulatory bodies are tasked with enhancing policy promotion, addressing challenges in the development of commercial real estate REITs, and ensuring compliance with disclosure and risk management requirements [4][5] Group 2 - The plan includes expanding the REITs market by increasing the supply of quality REITs and improving the market structure through diverse fundraising mechanisms [5][6] - There is a focus on strengthening the secondary market by developing relevant index systems and encouraging long-term funds to invest in REITs, thereby enhancing market stability [5][6] - The initiative aims to create a comprehensive market ecosystem by optimizing the issuance and trading mechanisms of REITs and ensuring effective communication with relevant departments [6][7] Group 3 - The proposal includes optimizing the REITs registration and review process to enhance efficiency and transparency, ensuring a clear division of responsibilities [8][9] - A market-oriented standard system will be established to address various asset types, promoting stable expectations and improving the quality of information disclosure [8][9] - The regulatory framework will be strengthened to cover all aspects of REITs, including due diligence, pricing, and asset management, to ensure compliance and risk management [9][10] Group 4 - The initiative emphasizes the importance of maintaining market stability through improved information disclosure and monitoring mechanisms to prevent significant risks [10] - There is a call for collaboration among various regulatory bodies to enhance the effectiveness of supervision and promote the implementation of REITs initiatives [10][11]

Report Industry Investment Rating No information provided on the report industry investment rating Core Viewpoints - This week, the REITs market initially declined and then rebounded, showing an overall upward trend. The China Securities REITs Index rose by 1.4% for the week, with the affordable housing, industrial park, and warehousing and logistics sectors leading the gains [1]. - As of December 26, 2025, the dividend yield of equity - type REITs was 104 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 352 basis points [1]. Summary by Directory Secondary Market Trends - As of December 26, 2025, the closing price of the China Securities REITs (closing) Index was 783.86 points, with a weekly increase of 1.4% from December 22 to December 26, 2025. It underperformed the CSI 300 Index (+1.9%) and the CSI Convertible Bond Index (+1.6%), but outperformed the CSI All - Bond Index (+0.1%). Year - to - date, the ranking of the major indices' returns was: CSI Convertible Bond (+19.0%) > CSI 300 (+18.4%) > CSI All - Bond (+0.8%) > China Securities REITs (-0.7%) [2][6]. - In the past year, the return of the China Securities REITs Index was 0.6%, with a volatility of 7.9%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI All - Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI All - Bond Index. The total market capitalization of REITs on December 26 was 219.9 billion yuan, an increase of 5.9 billion yuan from the previous week. The average daily turnover rate for the week was 0.52%, an increase of 0.14% from the previous week [2][8]. - Most sectors closed up, with affordable housing, industrial park, and warehousing and logistics REITs leading the gains. The average weekly returns of equity - type REITs and concession - type REITs were +1.8% and +1.0% respectively. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+7.86%), China Asset Management Huaxin Runyouchao REIT (+5.99%), and Bosera Tianjin Binhai New Area Industrial Park REIT (+5.94%) [3][16][21]. - Among different project types, water conservancy facilities REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.6%. Industrial park infrastructure REITs had the highest trading volume share this week, accounting for 22.4% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Asset Management Huaxin Commercial REIT (44.39 million yuan), China Asset Management Anbo Warehousing REIT (22.27 million yuan), and Harvest Yum China Consumption REIT (12.84 million yuan) [3][23][24]. Primary Market Issuance - From the beginning of the year to December 26, 2025, there were 4 REITs products in the exchange at the "accepted" stage, 2 at the "declared" stage, 2 at the "inquired" stage, 5 at the "feedback" stage, 6 products that had passed and were waiting to be listed, and 15 first - issued products that had passed and were listed [26]. Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of December 26, the average annualized cash distribution rate of public REITs was 6.06%. Different valuation indicators were used from the bond - like and stock - like perspectives [28]. - The relative net value premium/discount rate, IRR, and P/FFO were used to assess the valuation of REITs. Different project types had different valuation levels and annualized dividend rates. For example, the relative net value premium rate of affordable housing REITs was 39.9%, and the P/FFO was 38.6 [30]. - As of December 26, 2025, the dividend yield of equity REITs was 104 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 352 basis points [32]. Industry News - Two departments including the National Development and Reform Commission support eligible concentrated solar power projects to issue REITs. On December 23, the National Development and Reform Commission and the National Energy Administration jointly issued the "Several Opinions on Promoting the Large - scale Development of Concentrated Solar Power" [38]. - Eight departments including the People's Bank of China released news focusing on the construction of corridor infrastructure and coordinating the use of diversified financing channels such as REITs [38]. - The first Torch Industrial Park REITs was successfully declared. As shown in the public information of the Shenzhen Stock Exchange, the CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund was officially declared on December 26 [38].

Group 1 - The core focus of the news is on the robust development of China's economy, particularly highlighting the role of private enterprises in various sectors, including investment, technology innovation, and foreign trade [1] - As of September this year, the scale of China's core artificial intelligence industry has exceeded 900 billion yuan, with over 5,300 AI companies, accounting for 15% of the global market [3] - In the first eleven months, private enterprises' import and export volume reached 23.52 trillion yuan, reflecting a year-on-year growth of 7.1% [4] Group 2 - The share of private enterprises in China's foreign trade has reached 57.3%, with significant developments in logistics for high-value products, such as the first mixed transport train for consumer lithium batteries from Yiwu [5] - In the first three quarters, exports of holiday goods, toys, and animal-shaped toys exceeded 50 billion yuan, reaching over 200 countries and regions globally [6] - Infrastructure investment from the private sector has seen a year-on-year increase of 3.5%, now accounting for 21.8% of total infrastructure investment [7] Group 3 - The top 500 private enterprises in China hold 721,600 valid patents and employ a total of 1.1517 million R&D personnel [9] - A significant milestone was achieved with the establishment of a joint fund by the National Natural Science Foundation and private enterprises, marking a key step in private sector participation in national basic research [12] - As of the end of May this year, there are 185 million private economic organizations in China, representing 96.76% of all business entities [12]

Report Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints of the Report - Event disturbance factors weakened. The market first declined and then rebounded this week, but did not fully recover the previous decline. After the "dip → recovery" ended, equity REITs rose slightly by 0.12%, while concession - based REITs still fell by 3.61%. [3] - The pace of project filings/acceptances on the Shanghai and Shenzhen Stock Exchanges accelerated significantly this week. The market expansion rhythm has changed substantially, laying a project reserve foundation for the growth of infrastructure REITs supply in 2026. [3] - A total of 4 newly - issued public REITs and 2 expanded - offering public REITs made new progress this week. [3] - This week, the CSI REITs Total Return Index rose 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend Index by 1.01 percentage points. [3] Summary According to the Directory 1. Primary Market - A total of 4 newly - issued public REITs made new progress. New filings/acceptances included Huatai Three Gorges Clean Energy REIT, CICC Torch Industrial Park REIT, and Bosera Shandong TieTou Road and Bridge REIT. The fundraising of Huaxia Zhonghe Clean Energy REIT ended, with the offline and public effective subscription multiples being 340 and 392 times respectively. [3][14] - A total of 2 expanded - offering public REITs made new progress. The expansion of AVIC Jingneng Photovoltaic REIT was completed, and the expanded shares of Guotai Junan Dongjiu New Economy REIT were listed. [3][15] 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1014.80 points, with a gain of 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend Index by 1.01 percentage points. The year - to - date gain of the CSI REITs Total Return Index was 4.85%, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend Index by 6.06 percentage points. [3][17] - In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - based REITs rose 0.61%. In terms of asset types, the affordable housing (+3.14%), warehousing and logistics (+2.20%), park (+2.11%), and data center (+1.80%) sectors performed well. [3] 2.2 Liquidity - The average daily turnover rates of equity - type/concession - based REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared to last week. The trading volumes during the week were 5.09/2.02 billion shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water service sector was the most active. [3][26] 2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of equity - type/concession - based REITs were 4.08%/5.04% respectively. The transportation (6.20%), warehousing and logistics (5.61%), and park (4.82%) sectors ranked among the top three. [3][29] 3. This Week's News and Important Announcements 3.1 This Week's News - Shanghai Real Estate Group launched a tender for a commercial real estate REITs project. - Zhengzhou Chengfa Anju's public REITs project initiated a second selection. - The National Development and Reform Commission and the Energy Bureau supported eligible concentrated solar power projects to issue REITs. - The tender result for the fund manager of the infrastructure REITs of Southern Xinjiang Energy Group was announced. - The Sichuan Securities Regulatory Bureau encouraged enterprises to prepare for the pilot of commercial real estate REITs. - The central bank and other eight departments planned to use REITs and other diversified financing channels to support the construction of the New Western Land - Sea Corridor. - The CSRC was steadily promoting the pilot of commercial real estate REITs. [33] 3.2 Important Announcements - Multiple REITs announced dividends, operation data, and share unlocking information. For example, ICBC Hebei Expressway REIT announced its 2025 third - time dividend, and Huaxia Nanjing Transportation Expressway REIT announced its November 2025 operation data. [33][34]