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]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued the "Industry Scope List for Infrastructure Real Estate Investment Trusts (REITs) Projects (2025 Edition)," significantly expanding the asset categories included in infrastructure REITs, reflecting the internal demand for economic transformation and the public's desire for a better life [1][2]. Group 1: Expansion of Asset Categories - The new list includes high-quality asset categories such as sports venues, commercial travel and cultural sports complexes, four-star and above hotels, commercial office facilities, and urban renewal facilities, marking a major breakthrough in the scope of infrastructure REITs [1][2]. - Since the launch of infrastructure REITs in 2020, the market has continuously expanded, now covering 12 major industries and 52 asset types, with 18 asset types from 10 industries already achieving their first issuance [2][3]. Group 2: Consumer Infrastructure and Sports Consumption - The expansion of the scope to include consumer infrastructure signifies a shift in understanding, moving from merely providing shopping spaces to offering high-quality living and service experiences [2][3]. - The inclusion of sports venues supports the national strategy for public fitness and expands new spaces for sports consumption, aligning with government efforts to enhance financial support for the sports industry [3][4]. Group 3: Commercial Office Facilities - The list allows independent commercial office facilities to issue REITs for the first time, which aligns with international REIT market practices and is a cautious decision based on China's national conditions [4][5]. - This move is expected to significantly expand asset scale and attract a broader range of investors, while also providing stable operating spaces and quality business environments for the real economy [4][5]. Group 4: Urban Renewal Facilities - Urban renewal facilities have been included as an independent category, providing strong financial support for national urban renewal strategies [5]. - The introduction of infrastructure REITs is seen as a solution to challenges such as large investment scales and long recovery periods in urban renewal projects, promoting a sustainable operational model and enhancing the long-term vitality of updated areas [5].

Group 1 - The establishment of Guizhou Yunyan Economic Development Zone and Guizhou Nanming Economic Development Zone is a significant initiative to promote industrial aggregation, enhance economic volume, and strengthen regional competitiveness, opening new avenues for development [2] - Both development zones will implement provincial-level economic and technological development zone policies, which not only serve as a valuable "investment card" but also imply substantial policy dividends and resource support [2] - The development zones are expected to create a more attractive "policy lowland" by leveraging exclusive policy advantages, accelerating the gathering of upstream and downstream enterprises, and forming scale effects and cluster advantages [2] Group 2 - From an industrial development perspective, the development zones can utilize policy advantages to strategically layout emerging industries, seize future competitive high points, and promote the transformation of traditional industries towards high-end, intelligent, and green directions [2] - The development zones will effectively drive surrounding areas to form a "core-led, multi-point linkage" development pattern through industrial radiation, facility connectivity, and resource sharing, enhancing the overall and collaborative development of the region [2] - The competition among development zones is intensifying, and without distinctive industrial support, innovation factor aggregation, or advantageous business environments, they risk falling into a situation of "opening without development" [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This report is a weekly report on public - offering infrastructure REITs from November 24, 2025, to November 28, 2025, presenting secondary - market price - volume performance, valuation, market correlation statistics, and primary - market tracking of REITs [1][2] 3. Summary According to Relevant Catalogs 3.1 Secondary - Market Price - Volume Performance - The report details the performance of various REITs, including listing date, issue price, trading volume, turnover rate, return on the listing day, return since listing, return this week, return last week, and return since the beginning of this year. For example, the red - clay innovation Yantian Port REIT had an issue price of 2.3 yuan on June 21, 2021, with a listing - day return of 2.91% and a return since listing of 19.98%. Its trading volume this week was 0.09 (in 100 million shares), and the turnover rate was 1.24% [9] 3.2 Secondary - Market Valuation Situation - The report compares indicators such as P/FFO, P/NAV, current quantile, IRR, PV multiplier, and cash distribution rate of different REITs. For instance, the red - clay innovation Yantian Port REIT has a P/FFO of 19.15, a P/NAV of 1.06, and a current quantile of 48.00% [20] 3.3 Market Correlation Statistics - The report shows the correlation coefficients between REITs and various asset types, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20, and that between energy - type REITs and the Shanghai Composite Index is 0.04 [27] 3.4 Primary - Market Tracking - The report lists the status of multiple REIT projects in the primary market, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the Huaxia Anbo Warehouse Logistics REIT is a property - type project in the warehousing and logistics industry. It has passed the review, and its acceptance date was June 30, 2025. The project is valued at 22.49 billion yuan [29]

Core Insights - The National Development and Reform Commission (NDRC) is expanding the scope of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - A report by JLL indicates that China has successfully invested in physical assets like infrastructure, real estate, and manufacturing equipment over the past decades, with future policies shifting focus to public concerns such as education, social security, employment, healthcare, and housing [1] - Consumer-focused infrastructure REITs are becoming a market highlight, with 11 listed products showing strong growth as of October 15, 2025 [1] Group 1 - Initial inclusion of warehousing logistics, toll roads, municipal facilities, and industrial parks in the infrastructure REITs issuance scope [4] - Gradual addition of sectors such as clean energy, data centers, affordable rental housing, water conservancy facilities, cultural tourism, and consumer infrastructure [4] - The ongoing government stimulus for consumption and the expansion of consumer-oriented REITs are expected to attract increasing investor interest in retail assets [4]

Group 1: REITs Expansion - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1][2] - Since its launch in 2020, the REITs market has expanded to cover 12 major industries and 52 asset types, with 18 asset types from 10 industries having achieved their first issuance [2] Group 2: "Two Heavy" Construction Achievements - The NDRC has allocated 7 trillion yuan and 8 trillion yuan in special long-term bonds for 2024 and 2025, respectively, to support 1,465 and 1,459 "hard investment" projects [3] - Significant improvements in urban safety resilience have been achieved through the construction and renovation of urban underground pipelines [3] - Over 100,000 new high school seats have been created, and 15,000 hospital wards have been renovated to improve healthcare conditions [3] Group 3: Credit Repair and Humanoid Robots - The NDRC has issued the "Credit Repair Management Measures," which will take effect on April 1, 2026, addressing challenges in credit repair management [4] - The NDRC emphasizes the need to balance speed and potential bubbles in the humanoid robot industry, aiming to prevent market saturation and ensure orderly development [5] - The establishment of industry standards and evaluation systems for the humanoid robot sector is a priority, along with support for collaborative technological advancements [5]

Core Insights - The National Development and Reform Commission (NDRC) has been actively promoting the expansion of the infrastructure Real Estate Investment Trusts (REITs) market since its initiation in 2020 [1] - Initially, the issuance scope included sectors such as warehousing logistics, toll roads, municipal facilities, and industrial parks, with subsequent expansions to include clean energy, data centers, affordable rental housing, water conservancy facilities, cultural tourism, and consumer infrastructure [1] - Currently, the issuance scope encompasses 12 major industries and 52 asset types, with 18 asset types across 10 industries having successfully completed their first issuance and listing [1]

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

Core Insights - The National Development and Reform Commission (NDRC) has recommended a total of 105 infrastructure REITs projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed, raising a total of 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [2]. - The NDRC aims to promote the normalization of the recommendation and issuance of infrastructure REITs in 2024, expanding the market further [2][3]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued and listed, raising nearly 30 billion yuan [2]. - Private investment projects have become "first projects" in various fields, demonstrating a positive demonstration effect [2]. Group 3: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [3]. - The NDRC will focus on expanding the market by increasing the number of mature asset type project applications and facilitating the first listings of new asset types [3]. - A special coordination service mechanism will be established to address challenges faced by private investment projects in the REITs issuance process [3]. Group 4: Policy Support for Private Investment - The NDRC will continue to implement policies that support the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [4]. - The NDRC aims to create a comprehensive national investment and financing service platform to enhance efficient connections between financing and credit services, targeting more precise credit resource allocation to private enterprises [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the issuance of infrastructure REITs (Real Estate Investment Trusts) to enhance private investment in various sectors, with a focus on integrating the real economy with capital markets [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are seen as a vital mechanism for revitalizing existing infrastructure assets through public markets, facilitating the organic integration of the real economy and capital markets [1]. - Since the pilot program began in 2020, the NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects successfully listed, covering 10 industries and 18 asset types [1]. - The total amount raised through these funds is approximately 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects, of which 14 have been listed, raising nearly 30 billion yuan [2]. - These private investment projects have set precedents in various fields, such as the first community commercial and agricultural market REITs, which have positively influenced the upgrade of consumer infrastructure [2]. - The first batch of data center REITs, also a private investment project, was launched in August this year, contributing to the innovation of financing mechanisms in the new infrastructure sector and supporting the development of the digital economy and artificial intelligence industries [2].