12月3日，山西省国有资本运营有限公司（以下简称"山西省国运公司"）发布公告，根据山西省委、省 政府关于完善国资监管体制机制的战略部署，该公司将进行重大功能调整，涉及19家山西省属企业股权 的划转重组。 同日，北方铜业、蓝焰控股、晋控电力、山西焦煤、潞化科技、狮头股份、潞安环能、通宝能源、晋控 煤业、国新能源、山煤国际、广誉远、山西高速、ST太重、华阳股份、华阳新材、山西汾酒、山西焦 化等18家山西国资旗下上市公司也披露公告，宣布其公司控股股东与实际控制人之间产权层级减少。 多位受访人士对《证券日报》记者表示，此次改革力度空前，划转资产规模达3.63万亿元，涵盖了能 源、交通、金融、文化旅游等多个关键领域，标志着山西省国资监管体制改革进入深水区，将进一步优 化国有资本布局，提升国资监管效能。 山西省国运公司成立于2017年，由山西省政府授权山西省国资委履行出资人职责，山西省国资委再将出 资人管资本职责全部授权给该公司。该公司全面履行出资人管资本职责，开展专业化资本运营。 此次股权划转涉及19家山西省属企业，涵盖了山西省经济发展的多个关键领域。在能源领域，包括山西 焦煤集团、晋能控股集团、华阳新材料科技集团、潞 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From December 1, 2025, to December 5, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.86%. Compared with other mainstream large - category assets, REITs performed weakly. In the primary market, no new REITs products were listed, and the project status of one REITs product was updated [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **Large - category Asset Level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The returns of China's public REITs were - 0.86%, ranking behind other mainstream large - category assets such as US stocks, A - shares, convertible bonds, etc. [1][11] - **Underlying Asset Level**: Both the property - type and franchise - type REITs' secondary - market prices declined. Among different underlying asset types, water conservancy facilities REITs had the largest increase, and the top three in terms of return rate were water conservancy facilities, new infrastructure, and energy - type REITs [16][18] - **Single REIT Level**: Among 77 REITs, 17 rose, 2 remained flat, and 58 declined. The top three in terms of increase were Huaxia Fund CR Land Youchao REIT, E Fund Shenzhen Expressway REIT, and Huatai Nanjing Jianye REIT; the top three in terms of decline were Zheshang Shanghai - Hangzhou - Ningbo REIT, China Merchants Expressway REIT, and E Fund Huawei Market REIT [23] 3.1.2 Trading Volume and Turnover Rate - **Underlying Asset Level**: The trading volume of public REITs this week was 1.96 billion yuan, with an average daily turnover rate of 0.38%. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and park infrastructure; the top three in terms of average daily turnover rate were ecological and environmental protection, affordable rental housing, and water conservancy facilities [24] - **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 Huaxia Fund CR Land Youchao REIT, CICC Puluosi REIT, and Huaxia China Communications Construction REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huaxia China Communications Construction REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, CICC Chongqing Liangjiang REIT, and Huatai Nanjing Jianye REIT [27] 3.1.3 Main Force Net Inflow and Block Trade Situation - **Main Force Net Inflow Situation**: The total net inflow of the main force this week was 22.05 million yuan, and the market trading enthusiasm increased compared with last week. The top three in terms of net inflow of different underlying asset REITs were transportation infrastructure, consumer infrastructure, and new infrastructure; the top three single - REITs in terms of net inflow were Huaxia CR Land Commercial REIT, CICC Anhui Expressway REIT, and Southern Runze Technology Data Center REIT [31] - **Block Trade Situation**: The total block - trade amount this week reached 214.55 million yuan, a decrease compared with last week. There were block - trade transactions on 4 trading days, with the highest single - day trading volume on December 2, 2025. The top three single - REITs in terms of block - trade amount were China Merchants Expressway REIT, CICC Chongqing Liangjiang REIT, and ICBC Hebei Expressway REIT [32] 3.2 Primary Market 3.2.1 Listed Projects As of December 5, 2025, there were 77 public REITs products in China, with a total issuance scale of 199.301 billion yuan. The transportation infrastructure category had the largest issuance scale, followed by the park infrastructure category. No new REITs products were listed this week [36][38] 3.2.2 Projects to be Listed There were 20 REITs in the to - be - listed state, including 13 first - issue REITs and 7 to - be - expanded REITs. The project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (first - issue) was updated to "accepted" [41][42]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report The report analyzes the primary and secondary markets of public REITs in November 2025. In the primary market, the number of newly issued products decreased compared to the previous year, and there were multiple projects in different stages of the review process. In the secondary market, the REITs index declined, but market activity increased. There was significant differentiation in the performance of different sectors, with the industrial park sector experiencing the largest decline [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of November 30, 2025, 19 public REITs products were successfully issued this year, 5 fewer than the same period last year. One new product was established in November. There were 2 products in the declared state, 2 in the accepted state, 5 with exchange feedback, and 4 that passed the review in the past three months. Six REITs projects had their review status updated in November [3][10]. - Multiple projects, such as the AVIC China National Nuclear Corporation Energy REIT and the Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway REIT, entered different stages of the review process in November [11][13][14]. 3.2 Secondary Market Review and Analysis 3.2.1 Market Size - As of November 30, 2025, the total market value of public REITs in the entire market was 219.885 billion yuan, a decrease of 692 million yuan from the previous month. The total circulating market value increased to 117.45 billion yuan, an increase of 7.068 billion yuan. The trading volume this month was 2.647 billion shares, an increase of 616 million shares from the previous month, indicating increased market trading activity [20]. 3.2.2 Price Changes and Volatility - In November 2025, the CSI REITs Total Return Index closed down 0.52%, and the CSI REITs (Closing) Index closed down 0.71%. It performed worse than the ChinaBond New Composite Wealth Index, the Dividend Index, and the CSI Convertible Bond Index but better than the CSI 300 Index [21]. - By project attribute, the weighted average monthly price change of franchise - type REITs was - 0.22%, outperforming the - 0.93% of property - type REITs. By underlying asset type, the transportation infrastructure sector led with a 0.56% increase, while the industrial park sector led the decline with a 2.43% monthly decrease [27]. - At the individual bond level, 20 REITs had a monthly increase of over 1%, with the Huaxia Capital First - Initiative Outlets REIT leading with a 4.75% increase. Three REITs had a decline of over 10%, including the Huatai Zijin Nanjing Jianye Industrial Park REIT with a 16.07% decline [28]. 3.2.3 Secondary Market News - In November 2025, the most significant phenomenon in the REITs secondary market was the deep adjustment of the industrial park infrastructure sector. Many projects had a monthly decline of over 10%. The decline of the Huatai Zijin Nanjing Jianye Industrial Park REIT was mainly due to the large - scale release of restricted shares and the low occupancy rate [32]. 3.2.4 Turnover and Valuation - In terms of monthly trading volume in November, industrial park infrastructure REITs ranked first with 836 million shares. In terms of average daily turnover rate, the new infrastructure sector led with 0.93% [34]. - As of November 30, 2025, the average cash distribution rate of property - type REITs was 4.65% (the energy infrastructure category was the highest at 9.50%), and that of franchise - type REITs was 8.21% (the transportation infrastructure category was the highest at 9.03%). The ChinaBond REITs valuation yield (IRR) of property - type REITs was 4.04%, lower than the 4.28% of franchise - type REITs. The PV multiplier of property - type REITs (1.25) was higher than that of franchise - type REITs (1.21) [3][35]. 3.3 Monthly Report Appendix The appendix provides a summary of the issuance dynamics of REITs in the primary market in the past three months, including the names, asset types, application types, project statuses, update dates, acceptance dates, and listing exchanges of multiple projects [41].

从资产规模来看，此次划转的19家企业资产总额达到3.63万亿元，最近一年的营业收入合计1.19万亿元，净利润合计244.43亿元。其中，晋能控股集团资 产规模最大，达到1.09万亿元，占划转总资产的31.04%；山西交通控股集团资产规模为6504.78亿元，占比18.60%；山西焦煤集团资产规模为5401.64亿 元，占比15.45%。 12月3日，山西省国有资本运营有限公司（以下简称"山西省国运公司"）发布公告，根据山西省委、省政府关于完善国资监管体制机制的战略部署，该公 司将进行重大功能调整，涉及19家山西省属企业股权的划转重组。 同日，北方铜业（000737）、蓝焰控股（000968）、晋控电力（000767）、山西焦煤（000983）、潞化科技（600691）、狮头股份（600539）、潞安环能 （601699）、通宝能源（600780）、晋控煤业（601001）、国新能源（600617）、山煤国际（600546）、广誉远（600771）、山西高速（000755）、ST 太重（600169）、华阳股份（600348）、华阳新材（600281）、山西汾酒（600809）、山西焦化（600740）等18家 ...

Core Points - The National Development and Reform Commission (NDRC) has issued the "2025 Edition of the Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector" to expand the scope of infrastructure REITs, aiming to revitalize existing assets and promote a positive investment cycle [1][11] - The list includes various sectors such as transportation, energy, municipal infrastructure, ecological and environmental protection, logistics, park infrastructure, new infrastructure, rental housing, water conservancy, cultural tourism, consumer infrastructure, commercial office facilities, elderly care facilities, urban renewal, and other projects aligned with national strategies [4][5][6][7][8][9][10][20] Summary by Category Transportation Infrastructure - Includes toll roads, railways, airports, and port projects [4][15] Energy Infrastructure - Covers clean energy projects like wind, solar, hydro, natural gas, biomass, and nuclear power, as well as energy storage and flexible coal power projects with specific conditions [4][15] Municipal Infrastructure - Encompasses urban water supply, gas, heating projects, and parking facilities [5][16] Ecological and Environmental Protection Infrastructure - Involves urban sewage and waste treatment facilities, hazardous waste treatment, and solid waste recycling projects [5][16] Logistics Infrastructure - Includes warehouses providing storage services, such as general warehouses and cold storage [5][16] Park Infrastructure - Pertains to research platforms, industrial plants, incubators, and service platforms in designated development zones [5][16] New Infrastructure - Encompasses data centers, AI infrastructure, 5G, communication towers, IoT, and smart city projects [6][16] Rental Housing - Covers affordable rental housing projects in major cities, public rental housing, and market-oriented rental housing for enterprises [6][17] Water Conservancy Infrastructure - Involves projects with water supply and power generation functions [7][18] Cultural Tourism Infrastructure - Includes natural and cultural heritage sites, and tourism projects with associated hotels [7][18] Consumer Infrastructure - Encompasses various commercial projects such as shopping centers, community commercial projects, and sports venues [7][18] Commercial Office Facilities - Pertains to super-grade and grade A office buildings in major cities [8][19] Elderly Care Facilities - Involves registered elderly care projects [9][20] Urban Renewal Facilities - Covers renovation projects for old neighborhoods and factories, as well as comprehensive urban renewal projects [9][20] Other Infrastructure Projects - Includes projects that meet national strategic and policy requirements [10][20]

Core Insights - The blue paper highlights the positive trend of China's bay area economy, emphasizing its contribution of approximately 25% to the national economic total while occupying less than 5% of the country's land area [1][2] Group 1: Economic Contribution - The bay area economy is forming a favorable pattern characterized by "building with bays, gathering production through bays, promoting innovation via bays, establishing screens with bays, facilitating connections through bays, and promoting integration via bays" [1] - The bay area cities have significantly enhanced inter-city accessibility through the construction and sharing of transportation infrastructure, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and the Beibu Gulf region [1] Group 2: Innovation and Research - Bay area cities are intensifying their focus on basic research and cutting-edge technology, establishing multi-level innovation platforms [2] - The Guangdong-Hong Kong-Macao Greater Bay Area leads the national innovation landscape with strong investment in research and development, with total R&D expenditure from listed companies in the region expected to reach 485.7 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [2]

Group 1 - Hainan Highway's stock price increased by 5.42%, reaching 7.58 CNY per share, with a trading volume of 166 million CNY and a turnover rate of 2.30%, resulting in a total market capitalization of 7.495 billion CNY [1] - Hainan Highway's main business areas include real estate development, transportation infrastructure investment and construction, hotel operations, and advertising, with revenue composition as follows: transportation industry 54.57%, service industry 21.11%, cultural tourism industry 19.97%, and real estate industry 4.35% [1] Group 2 - Southern Fund's Southern CSI Real Estate ETF has reduced its holdings by 69,800 shares, now holding 10.0108 million shares, which accounts for 1.02% of the circulating shares, with an estimated floating profit of approximately 3.9042 million CNY [2] - The Southern CSI Real Estate ETF was established on August 24, 2017, with a current scale of 202 million CNY, yielding 4.61% this year, ranking 3804 out of 4206 in its category, and has a one-year loss of 4.65%, ranking 3966 out of 4008 [2] Group 3 - The fund manager of Southern CSI Real Estate ETF is Luo Wenjie, who has a total tenure of 12 years and 224 days, managing assets totaling 170.445 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Core Insights - The Ministry of Transport emphasizes the importance of implementing key tasks outlined in the 20th Central Committee's Fourth Plenary Session [1] - There is a focus on enhancing the modern comprehensive transportation system and promoting the construction of major cross-regional and cross-basin corridors [1] Group 1 - The Ministry aims to improve the modern urban agglomeration transportation system [1] - There is an initiative to update and digitize transportation infrastructure [1] - The goal is to cultivate new productive forces in the transportation sector and continuously enhance transportation coverage and accessibility [1] Group 2 - The Ministry is focused on reducing costs and improving quality and efficiency in transportation logistics [1] - There is an emphasis on establishing a diversified and resilient international transportation channel system [1] - Ongoing efforts will be made to ensure transportation safety and stability [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report selects 7 core indicators from four dimensions: operation, valuation, liquidity, and transaction price, to construct a value analysis framework for public REITs products. Through the linkage analysis of these indicators, it can provide a quantitative basis for judging the investment value and price trend of urban investment public REITs [1][9][20]. - Different types of underlying assets of public REITs have structured differences in various indicators. The report classifies and compares urban investment REITs products based on the type of underlying assets, and recommends some products with good comprehensive performance for investors' attention [1][21]. 3. Summary According to Relevant Catalogs 3.1. Urban Investment Public REITs Value Judgement Indicators 3.1.1. Operation Indicators - Current operating income reflects the operating results of the underlying assets of REITs products during the reporting period, and its stability and growth determine the sustainability of future distributable cash flows and support the reasonableness of the current valuation level [10]. - Current distributable amount represents the net cash flow available for dividends after deducting various operating expenses, interest expenses, and taxes from the net profit of the REITs project, which measures the dividend - paying ability and cash - flow safety of public REITs products [11]. 3.1.2. Valuation Indicators - Expected REITs dividend rate indicates the annual cash dividend income that investors can obtain based on the current price. A higher dividend rate means stronger cash - return ability [12]. - ChinaBond valuation yield is calculated by the ChinaBond valuation center. A higher yield may indicate that the market price of the REITs is underestimated, while a lower yield may suggest a high price or high - quality assets with low risk [14]. - P/FFO multiple measures the market price level corresponding to each unit of distributable funds. A higher multiple may mean over - valuation, while a lower one may imply undervaluation [15]. 3.1.3. Liquidity Indicator - Daily turnover rate reflects the trading activity of REITs products in the secondary market. A higher turnover rate means better liquidity, high market attention, and frequent capital inflows and outflows [16]. 3.1.4. Transaction Price Indicator - Daily price change measures the change ratio of the market price of REITs products compared with the previous trading day. A price increase reflects market recognition of the project's fundamentals or expected dividends, while a decrease may be due to valuation adjustment or liquidity contraction [17][18][19]. 3.2. Deconstruction of Allocation Value of Urban Investment Public REITs by Indicators 3.2.1. Transportation Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of transportation infrastructure REITs was generally stable, ranging from 1.33 - 5.35 billion yuan, and the distributable amount showed a differentiated pattern. Leading projects such as CICC Anhui Expressway REIT, Ping An Guangzhou - Heyuan Expressway REIT, and Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT had leading dividend - paying abilities [23][24][25]. - **Valuation Indicators**: As of October 31, 2025, the overall valuation yield of transportation infrastructure REITs remained low, and the dividend rate was generally high. The P/FFO multiple ranged from 6.61 - 12.15 times, showing a trend of convergence [29][30][31]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the market liquidity of transportation infrastructure REITs was generally at a medium - low level, with a daily turnover rate ranging from 0.07% - 0.57%. The daily price change mostly remained within ±2%, and the overall price fluctuation in the secondary market had converged [36][37]. - **Recommended Targets**: Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT and CICC Anhui Expressway REIT are recommended for their good comprehensive performance [44]. 3.2.2. Park Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of park infrastructure REITs was generally low, ranging from 0.19 - 0.26 billion yuan, and the distributable amount was also at a low level, lacking growth momentum [49][50]. - **Valuation Indicators**: As of October 31, 2025, the overall dividend rate of park infrastructure REITs slightly rebounded, ranging from 4.35% - 7.46%. The valuation yield ranged from 1.13% - 8.00%, and the P/FFO multiple ranged from 17.88 - 24.09 times, with a high valuation center [54][55][59]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the secondary - market liquidity of park infrastructure REITs showed a differentiated trend, with a daily turnover rate ranging from 0.10% - 4.57%. The daily price change was between - 5.47% and - 0.08%, and the price adjustment amplitude was relatively large in the short term [66][67]. - **Recommended Targets**: CICC Hubei KeTou Optics Valley REIT and E Fund Guangzhou Development Industrial Park REIT are recommended for their good comprehensive performance [74]. 3.2.3. Affordable Rental Housing Category - **Operation Indicators**: As of Q3 2025, the operating income and distributable amount of affordable rental housing REITs showed a similar differentiated pattern. Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT ranked first in both indicators, and China Asset Management Beijing Affordable Housing REIT had a strong growth momentum [77]. - **Valuation Indicators**: As of October 31, 2025, the expected dividend rate of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 3.32%, higher than other similar products. The valuation yield of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 4.61%, the highest among similar products. The P/FFO multiple of China Asset Management Beijing Affordable Housing REIT was as high as 53.37 times, while that of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 30.17 times, relatively undervalued [83][85]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the daily turnover rate of CICC Xiamen Affordable Housing REIT was 1.48%, ranking first in the same category. The price of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT was relatively stable, while the daily price change of China Asset Management Beijing Affordable Housing REIT was - 0.98%, but the price fluctuation was still controllable [91]. - **Recommended Targets**: Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT are recommended for their good comprehensive performance [1]. 3.2.4. Energy Infrastructure Category - Huaxia Huadian Clean Energy REIT has been listed for a short time, and there was a valuation premium at the initial stage of listing. All indicators are still in the process of adjustment and approaching those of other public REITs products. It is recommended to continue to pay attention to the operating capacity of its underlying assets. If the operating income and distributable amount improve simultaneously, it is suitable for allocation - type funds to pay attention [1]. 3.2.5. Water Conservancy Facilities Category - Yin Hua Shaoxing Raw Water Water Conservancy REIT has advantages in operation and expected dividend rate indicators, and performs well in liquidity and price - fluctuation indicators. It is recommended that allocation - type funds pay attention, while the cost - performance for trading - type funds is average [1]. 3.2.6. Municipal Facilities Category - Guotai Junan Jinan Energy Heating REIT's performance in valuation, liquidity, and price - fluctuation indicators is similar to that of other urban investment public REITs products. Since it has been listed for a short time, it is necessary to observe whether the operating data in the fourth quarter of 2025 can support the long - term dividend - paying ability of its underlying assets [3]. 3.2.7. Warehouse Logistics Category - Hua An Waigaoqiao REIT has a stable operating foundation, strong cash - flow generation ability, high dividend - return expectations, and good liquidity. However, due to its high valuation and large price - fluctuation range, it is recommended that trading - type funds wait for the valuation adjustment stage to seek capital gains, while allocation - type funds can pay attention and obtain medium - and long - term dividend income [1].

Core Viewpoint - The article discusses the necessity of enhancing macroeconomic policies to address fluctuations in various economic indicators and emphasizes the importance of the "Two Major" construction initiatives to stimulate consumption and investment in China [3][4]. Group 1: "Two Major" Construction Initiatives - The "Two Major" construction refers to the implementation of national strategic projects and the enhancement of key security capabilities, with a budget of 800 billion yuan allocated for 1,459 projects in 2025 [6]. - Key areas of investment include ecological restoration of the Yangtze River, major transportation infrastructure, new channels in the western region, high-standard farmland, major water conservancy projects, and urban underground pipeline networks [6]. - The government aims to optimize project reviews, focusing on innovation and intangible asset investments, while ensuring project quality and safety management [7]. Group 2: Enhancing Supply and Demand Adaptability - Enhancing supply and demand adaptability is seen as a crucial measure to unleash consumption potential and facilitate economic circulation [8]. - The shift in consumer behavior towards quality and personalized consumption necessitates a mutual promotion of industrial and consumption upgrades [9]. - The government plans to accelerate the application of new technologies and models, particularly in artificial intelligence, to develop new products and services that meet diverse consumer needs [10][11].