Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The primary market has updates on two project statuses, with the secondary - market REITs index leading and market activity picking up. - The guaranteed rental housing sector leads the gains, and there are differences in trading volume and turnover rate among different sectors. - The valuation differences between equity - type and franchise - type REITs persist. [3] 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of June 13, 2025, 7 products have been successfully issued in the public REITs market this year, 2 less than the same period last year. There are currently no products in the declared stage, 2 in the accepted stage, 1 in the in - query stage, 8 in the feedback stage, and 5 that have passed the review and are waiting for listing. - This week, the review status of two projects has been updated: one from declared to accepted, and the other from accepted to feedback. [3][8][9] 3.2 Secondary Market Review and Analysis - **Market Scale and Liquidity**: As of June 13, 2025, the total market value of public REITs has risen to 204.081 billion yuan, an increase of 2.007 billion yuan from the previous week. The total circulating market value has also increased to 95.089 billion yuan, with a weekly increase of 1.509 billion yuan. The average daily turnover rate this week is 0.61%, up from 0.48% last week, indicating a slight increase in market trading activity. - **Index Performance**: The CSI REITs Total Return Index rose 0.69% this week, outperforming the Dividend Index (- 0.52%), the ChinaBond - New Composite Wealth Index (0.18%), the CSI 300 Index (- 0.25%), and the CSI Convertible Bond Index (- 0.02%). The volatility of the CSI REITs Total Return Index is 0.23%, lower than that of the Dividend Index (0.41%) and the CSI 300 Index (0.60%), and higher than that of the ChinaBond - New Composite Wealth Index (0.03%). - **Sector Performance**: By project attribute, equity - type REITs had a weighted average weekly increase of 0.95%, better than the 0.42% of franchise - type REITs. By underlying asset type, the guaranteed rental housing sector led with a weighted average weekly increase of 1.54%, followed by the municipal environmental protection and water conservancy sector with a 1.02% increase. The energy infrastructure sector had the smallest increase at 0.06%. - **Individual Bond Performance**: Huaxia Fund CR Land Youchao REIT (4.32%) and Hua'an Bailian Consumption REIT (4.19%) led the gains. - **Trading Volume and Turnover Rate**: In terms of weekly trading volume, the park infrastructure sector ranked first with 193 million shares, followed by transportation infrastructure (108 million shares), guaranteed rental housing (99 million shares), etc. In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.01%, followed by the guaranteed rental housing sector (0.81%). - **Valuation Level**: As of June 13, 2025, the average cash distribution rate of equity - type REITs is 3.78%, with the consumer infrastructure sector leading at 4.26%. The average cash distribution rate of franchise - type REITs is 8.05%, with the municipal facilities sector leading at 12.21%. The Zhongzhai REITs valuation yield (IRR) of equity - type REITs (4.02%) is higher than that of franchise - type REITs (3.23%), and the PV multiplier of franchise - type REITs (1.27) is lower than that of equity - type REITs (1.31). [3][11][14][19][23][25]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From May 1 to May 31, 2025, the secondary - market prices of publicly - offered REITs in China showed an overall upward trend with fluctuations. The market had a certain degree of activity, but the trading enthusiasm decreased compared with the previous month. There were also many REITs waiting to be listed in the primary market, indicating potential development in the future [1][2]. 3. Summary According to the Directory 3.1 Primary Market 3.1.1 Listed Projects As of May 31, 2025, there were 66 publicly - offered REITs in China, with a total issuance scale of 174.393 billion yuan (excluding expansion). Among them, the transportation infrastructure category had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure category at 27.062 billion yuan. In May 2025, Huatai Suzhou Hengtai Rental Housing REIT was newly listed, with an issuance scale of 1.367 billion yuan [11][12]. 3.1.2 Projects to be Listed As of May 31, 2025, 26 REITs were waiting to be listed, including 14 initial - offering REITs and 12 REITs for expansion. In May, the project status of several REITs was updated, such as some reaching the "passed" status, some the "feedback received" status, etc. [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the level of major asset classes**: The secondary - market prices of publicly - offered REITs in China showed an overall upward trend with fluctuations. The weighted REITs index closed at 139.99, with a monthly return rate of 3.71%. Among major asset classes, the return rate ranking from high to low was US stocks > convertible bonds > REITs > A - shares > gold > pure bonds > crude oil [18]. - **At the level of underlying asset types**: Both equity - type REITs and franchise - type REITs showed an upward trend with fluctuations in secondary - market prices this month, and equity - type REITs had a larger increase. In terms of underlying asset types, the affordable housing - type REITs had the largest increase this month. The top three underlying asset types in terms of return rate were affordable housing, warehousing and logistics, and consumer - related types [22][25]. - **At the single - REIT level**: This month, the prices of publicly - offered REITs showed a mixed trend, with 58 rising and 8 falling. The top three in terms of increase were Huatai Suzhou Hengtai Rental Housing REIT, Huaxia Jinhuao Commercial REIT, and Huaxia Jinyu Zhizao Gongchang REIT [29]. 3.2.2 Trading Volume and Turnover Rate - **At the level of underlying asset types**: The trading volume of publicly - offered REITs decreased compared with the previous month, and the affordable rental housing - type REITs had the highest average daily turnover rate during the period. As of May 31, the total trading volume of 66 listed REITs was 9.72 billion yuan, and the average daily turnover rate was 0.65% [31]. - **At the single - REIT level**: In terms of trading volume, the top three were Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Huaxia Hefei High - tech REIT. In terms of trading amount, the top three were CICC Anhui Expressway REIT, Huaxia China Expressway REIT, and Dongwu Suyuan Industrial REIT. In terms of turnover rate, the top three were Huatai Suzhou Hengtai Rental Housing REIT, Huaxia Tebian Electric New Energy REIT, and Guotai Junan Lingang Innovation Industrial Park REIT [32]. 3.2.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: The total main - force net inflow was 100.56 million yuan, and the market trading enthusiasm decreased compared with the previous month. Among different underlying asset REITs, the top three underlying asset types in terms of main - force net inflow were warehousing and logistics, affordable rental housing, and transportation infrastructure [35]. - **Block trading**: The total block - trading amount decreased compared with the previous month. There were block trades on 17 trading days this month, with a total block - trading amount of 1.12 billion yuan. The highest single - day block - trading amount was on May 6, 2025, at 149.72 million yuan [40]. 3.3 Relevant Policies On May 7, 2025, Wu Qing, the chairman of the CSRC, stated during a press conference that REITs and other assets would be included in the Shanghai - Hong Kong Stock Connect and Shenzhen - Hong Kong Stock Connect. On May 15, 2025, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Continuously Promoting Urban Renewal Actions", proposing to improve the market - based investment and financing model and encourage eligible projects to issue infrastructure - related REITs [43].

Group 1: High-Quality Development and Economic Resilience - The core message emphasizes the necessity of high-quality development as a requirement for modernization in China, urging confidence in handling external complexities and focusing on stabilizing employment, enterprises, and market expectations [3][4]. - Companies like Zhiyou Home Technology have shown resilience with a 13.56% year-on-year revenue growth in Q1, despite a challenging international trade environment [4]. - The importance of building overseas supply chains and compliance in operations has been highlighted as a strategy for companies to enhance their risk management capabilities [4]. Group 2: Capital Empowerment and Industrial Transformation - The establishment of the Henan Capital Group aims to support the transformation and upgrading of the real economy, focusing on nurturing new productive forces and enhancing the modern industrial system [6][8]. - A 50 billion yuan fund has been initiated to promote the development of the green steel industry, showcasing a market-driven approach to industry consolidation and advancement [6]. - The creation of a new energy industry development matrix aims to integrate social capital and enhance collaboration between renewable energy and advanced manufacturing sectors [7]. Group 3: Agricultural Innovation and Food Security - The significance of seed industry development as a strategic and foundational core industry for ensuring food security has been emphasized, with companies like Qiule Seed Technology leading in technological advancements [9][10]. - Qiule Seed Technology has focused on enhancing seed quality and production efficiency through modernized and digitalized processes, ensuring a stable supply of high-quality seeds [9][10]. - The company aims to expand its operations along the entire agricultural value chain, promoting a "seed industry+" ecosystem to enhance agricultural productivity [9]. Group 4: Housing and Talent Attraction - The development of high-quality rental housing is seen as crucial for attracting and retaining talent in Henan, with initiatives like the establishment of talent apartments to support young professionals [11][12]. - As of April 25, 2023, 39 talent apartment projects have been launched, providing 59,000 housing units and serving over 70,000 young talents [11]. - The government is committed to increasing the supply of affordable rental housing, with 42 projects underway, aiming to create a multi-tiered rental housing supply system [12].

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Report's Core View From May 12 to May 16, 2025, the secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, REITs ranked second in terms of return. In terms of different project attributes and underlying asset types, there were also varying degrees of price increases. The trading volume and turnover rate of REITs showed differentiation, and the net inflow of main funds continued. There were no new REITs listed in the primary market this week, but the status of several REITs' initial projects was updated [1][10]. Summary According to the Directory Secondary Market Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, the return ranking from high to low was: US stocks > REITs > convertible bonds > A - shares > pure bonds > crude oil > gold [1][10]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs showed an upward trend, with equity - type REITs having a larger increase. In terms of underlying asset types, consumer - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly return were consumer - type, park - type, and affordable housing - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 52 REITs rising and 13 falling. The top three in terms of increase were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumei Consumption REIT, and CICC Xiamen Anju REIT. The top three in terms of decrease were Guojin China Railway Construction REIT, AVIC Shougang Green Energy REIT, and AVIC Jingneng Photovoltaic REIT [22]. Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.442 billion yuan, and the average daily turnover rate of warehousing and logistics REITs was the highest among others. The top three REITs asset types in terms of trading volume were transportation infrastructure, park infrastructure, and warehousing and logistics. The top three in terms of average daily turnover rate were warehousing and logistics, affordable rental housing, and energy infrastructure [26]. - **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 Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Guotai Junan Dongjiu New Economy REIT. The top three in terms of trading amount were Guotai Junan Dongjiu New Economy REIT, Dongwu Suyuan Industrial REIT, and CICC Anhui Expressway REIT [29]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 26.7254 million yuan, and the market trading enthusiasm continued. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, park infrastructure, and energy infrastructure. The top three single REITs in terms of net inflow were Hongtu Innovation Yantian Port REIT, Huaxia Shenzhen International REIT, and Huaxia China Resources Commercial REIT [32]. - **Block trading**: The total block trading amount this week reached 220.67 million yuan, a decrease compared with last week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on May 13, 2025, which was 82.28 million yuan. The top three single REITs in terms of block trading amount were CICC Yinli Consumption REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT [33]. Primary Market Listed Projects As of May 16, 2025, the number of public REITs products in China reached 65, with a total issuance scale of 17.3026 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. Projects to be Listed According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 27 REITs in the state of being to be listed, including 15 initial REITs and 12 REITs to be expanded. This week, the status of the initial project of "Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "declared"; the status of the initial project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received"; the status of the initial project of "Bank of China Sino - Sinotrans Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received" [41].

Core Viewpoint - The opening of the Xuhui community marks a significant step in Shanghai's development of affordable rental housing, utilizing REITs for funding, which is a first in the Yangtze River Delta region [1][2]. Group 1: Project Overview - The Xuhui project is the 10th affordable rental housing project by Shanghai Urban Investment and includes 1,283 units, with the first batch of 546 units ranging from 30 to 79 square meters [1]. - This project is located near key amenities such as the Xuhui Sun Moonlight Center and public transportation, enhancing its attractiveness [1]. Group 2: Funding and Investment Strategy - The funding for the Xuhui project comes from REITs, which is a novel approach for affordable rental housing in Shanghai [4]. - The Shanghai government has been promoting the issuance of REITs to alleviate financial pressures on companies involved in affordable rental housing projects [4][5]. Group 3: Market Trends and Performance - The affordable rental housing REITs sector has shown significant growth, with a 29.8% increase in the price index for rental housing REITs in Q1 2025 and a total return index increase of 34.8% [5]. - The supply of affordable rental housing is expected to accelerate, with Shanghai achieving 33% of its annual construction target in Q1 2025 [7]. Group 4: Future Outlook - The Xuhui project exemplifies a sustainable cycle of development, operation, exit, and reinvestment in affordable rental housing [8]. - The market is anticipated to see a peak in supply in 2025 and 2026, with projections indicating an issuance scale of over 25 billion yuan in REITs for affordable housing [8].

Group 1 - The core viewpoint of the news is the opening of the Chengtou Kuan Ting Xuhui community, which is a significant project for Shanghai's state-owned enterprises, focusing on the revitalization of existing assets and the development of affordable rental housing [2][7] - The Xuhui community consists of 1,283 housing units, with the first batch of 546 units available for rent, featuring fully furnished apartments with monthly rents ranging from 6,000 to 12,000 yuan [5][7] - The project is part of Shanghai Chengtou Group's strategy to implement REITs for rolling investments and to create a capital cycle for affordable rental housing, with plans to inject the community into the Chengtou Kuan Ting REIT in the future [2][7] Group 2 - The community is strategically located near Metro Lines 1 and 12, providing easy access to shopping and healthcare facilities, enhancing its attractiveness for potential tenants [1][5] - The project includes approximately 600 square meters of commercial space within the community, aimed at providing convenience services such as a convenience store and laundry services, along with recreational areas [5][7] - Shanghai's housing authority reports that by the end of the 14th Five-Year Plan, the city aims to construct 600,000 units of affordable rental housing, with progress exceeding expectations as of March 2025 [7]

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Directory Secondary Market Price and Volume Performance - The report provides detailed data on various REITs, including fund code, fund name, industry type, listing date, issue price, trading volume since listing, trading volume this week, trading volume last week, turnover rate this week, turnover rate last week, return this week, return last week, and return since the beginning of this year. For example, the trading volume of Southern Shunfeng Logistics REIT this week is 1.28 billion yuan, with a turnover rate of 42.70% [12] Secondary Market Valuation Situation - No relevant content is provided in the given text Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated, including stocks, convertible bonds, pure bonds, and commodities. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21 [24] - The correlation coefficients of different types of REITs (such as property rights, franchise rights, industrial parks, etc.) with various asset classes are also presented [24] Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the project valuation of Huatai Zijin Suzhou Hengtai Rental Housing REIT is 1.342 billion yuan [26]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].