Group 1 - As of June 30, 2025, the number of public REITs in China reached 68, with a total issuance scale of 177.06 billion yuan, excluding expansions [3] - The largest issuance scale among underlying asset types is in transportation infrastructure, totaling 68.77 billion yuan, followed by park infrastructure REITs at 28.15 billion yuan [3] - There are currently 28 REITs awaiting listing, including 16 for initial issuance and 12 for expansion [3] Group 2 - From June 1 to June 30, 2025, the secondary market prices of listed public REITs initially rose and then fell, with a weighted REITs index closing at 142.71 and a monthly return rate of 1.95% [4] - The return rates of various asset classes ranked from highest to lowest are: crude oil, US stocks, convertible bonds, A-shares, REITs, gold, and pure bonds [4] - Among the underlying asset types, municipal facilities, affordable housing, and water conservancy facilities had the highest return rates for the month [4] Group 3 - The total trading volume of public REITs increased compared to the previous month, with an average daily turnover rate of 0.80% [5] - The top three REITs by trading volume were 华夏中国交建REIT, 华夏合肥高新REIT, and 博时蛇口产园REIT [5] - The total net inflow for the month was 24.27 million yuan, indicating a recovery in market trading enthusiasm [5] Group 4 - The total amount of block trades increased compared to the previous month, with a total block trade volume of 1.86 billion yuan [6] - There were 20 trading days with block trades, with the highest single-day block trade amount reaching 30.96 million yuan on June 24, 2025 [6] - The top three REITs by block trade volume were 国泰君安城投宽庭保租房REIT, 华夏华润商业REIT, and 中金山东高速REIT [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to enhance its allocation cost-effectiveness due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market. This sector presents good investment opportunities [4][6]. Summary by Sections Market Overview - In the 27th week of 2025, the CSI REITs (closing) index was 886.6, up 12.84% year-on-year and up 0.65% month-on-month. The CSI REITs total return index was 1116.42, up 19.81% year-on-year and up 0.66% month-on-month [6][19]. - The trading volume of the REITs market reached 739 million shares, a year-on-year increase of 47.21%, with a transaction value of 3.328 billion yuan, up 69.88% year-on-year [24][27]. Sector Performance - Weekly and monthly performance of various REITs sectors showed the following changes: - Affordable housing: -0.04% (weekly), +5.97% (monthly) - Environmental: +2.34% (weekly), +4.28% (monthly) - Expressways: +0.82% (weekly), +1.27% (monthly) - Industrial parks: +0.58% (weekly), +2.14% (monthly) - Warehousing and logistics: +1.03% (weekly), +1.21% (monthly) - Energy: +0.62% (weekly), +3.95% (monthly) - Consumer: +0.73% (weekly), +3.42% (monthly) [34][49]. New Listings and Market Activity - There are currently 16 REITs funds awaiting listing, indicating an active issuance market. Recent public offerings for data center REITs have seen high subscription rates, with one reaching a subscription multiple of 167.06 times [7][13].

Report Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints of the Report - In June 2025, new policies for public offering REITs expansion were introduced, and the "first issuance + expansion" dual - wheel drive development pattern is expected to be established. The issuance of new REITs accelerated, with a half - year offline subscription yield of 2.54%. The first issuance of the first affordable rental housing REIT expansion was completed, and the predicted distribution rate of Lingang REIT after expansion is expected to increase. The index increase narrowed month - on - month, and the turnover rate continued to decline [3]. Summary by Relevant Catalogs 1. Important News: New Policies for Expansion Business Introduced, Three Types of Expansion Methods Defined - Policy promotion: On June 24, six departments including the central bank jointly issued a guidance to support the issuance of consumption infrastructure REITs. On June 27, the Shanghai Stock Exchange released and implemented new REITs expansion policies, and the Shenzhen Stock Exchange will officially launch the non - directional expansion business function on June 30, with relevant details announced simultaneously [3]. - Market development: On June 5, the total market value of public offering REITs exceeded 200 billion yuan for the first time. The supply side expanded rapidly, and the market's scale and maturity increased. The stable dividend income and equity asset attributes of REITs attracted investors [3][6]. - Project progress: In June, cultural and tourism public offering REITs projects were intensively launched, and the first two data center public offering REITs were approved and started recruitment [6]. 2. First Issuance: Issuance Significantly Accelerated, Half - Year New - Stock Subscription Yield Reached 2.54% - Issuance speed: In June 2025, 5 REITs were issued, and the first two data center REITs started recruitment. From January to June, 10 REITs were issued, raising a total of 17.9 billion yuan [22]. - Offline subscription: In June, an average of 558 placement objects participated in the offline inquiry, with an average initial inquiry subscription multiple of 225 times and an average placement ratio of less than 0.5%. The offline placement ratio of CICC Yizhuang Industrial Park REIT was only 0.38%, a record low [3]. - New - stock subscription yield: From January to June 2025, the offline subscription yield of 100 million yuan of REITs was 2.54%. The first - day trading of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT both hit the daily limit [3][42]. - Queuing projects: As of June 30, there were 10 REITs projects in the queuing process [50]. 3. Expansion: First Issuance of the First Affordable Rental Housing REIT Expansion, Predicted Increase in Distribution Rate of Lingang REIT after Expansion - First affordable rental housing REIT expansion: On June 16, 2025, the expansion of Huaxia Beijing Affordable Housing REIT was issued, with an expansion issue price of 4.220 yuan per share, a 9.72% premium compared to the benchmark price and a 5.0% discount compared to the closing price on the issue day [54]. - Lingang REIT prediction: Guojun Lingang Industrial Park REIT is expected to increase its distribution rate to 4.10% in 2025 after expansion. The expansion asset, Kangqiao Project, has high occupancy rates, stable rent growth, and strong customer stickiness [55][58]. - Queuing projects: Currently, 6 REITs expansion projects are in the queuing process, and Bosera Merchants Shekou Industrial Park REIT announced its plan to apply for a second expansion [54]. 4. Trading: Index Increase Narrowed Month - on - Month, Turnover Rate Continued to Decline - Index performance: In June, the China Securities REITs (closing) index and the China Securities REITs total return index increased by 1.1%/1.4% respectively, with a narrowed increase compared to the previous month and underperformed the CSI 300 index. From January to June, they increased by 10.9%/13.6% respectively, outperforming the CSI 300 index and the ChinaBond Treasury Bond Total Wealth (7 - 10 years) index [62]. - Asset performance: In June, 74% of REITs' net values increased, with an average increase of 2.37%. Storage and logistics REITs increased by 20% from January to June. The ecological and environmental protection sector regained its upward trend [63][64]. - Turnover rate: The turnover rate has been declining for 4 consecutive months, dropping to an average of 0.77% in June [69]. - Dividend rate: As of June 30, 2025, the average TTM dividend rates of equity - type and franchise - type REITs were 2.78%/6.21% respectively. There was significant differentiation among franchise - type REITs [75]. - Valuation: For franchise - type REITs, the P/FFO of transportation REITs was at the 70.6% historical percentile on average, and some energy REITs had negative ChinaBond IRRs. For equity - type REITs, the valuation of affordable rental housing REITs reached the top [77][81].

Group 1 - The first batch of 9 REITs was successfully listed on June 21, four years ago, marking the official launch of the domestic REITs pilot program [1] - Over the past four years, the Shenzhen Stock Exchange has accelerated the regular issuance of REITs, steadily expanding the types of underlying assets [1] - The governance, operational management, and regulatory framework of REITs have been continuously improved, enhancing market functionality and resilience [1]

Core Insights - The REITs market in China has seen significant growth since its inception, with a total issuance scale exceeding 180 billion yuan and a market capitalization surpassing 200 billion yuan, making it the largest in Asia [1][5] - The Shanghai Stock Exchange (SSE) has established itself as the primary platform for REITs, accounting for approximately 70% of the market share in both primary issuance and secondary trading [1][5] - The market has adopted a market-oriented pricing mechanism, enhancing transparency and efficiency in project selection, pricing, and trading, which has led to a more balanced market state [2][3] Market Performance - As of now, there are 66 REITs products listed, with 44 on the SSE, which have collectively achieved a market value of 137 billion yuan, reflecting a 30% increase from their issuance price [5][8] - The average daily trading volume for SSE REITs since 2025 is approximately 437 million yuan, indicating robust trading activity [1] - The REITs market has demonstrated strong performance, with some projects experiencing price increases of over 90% since issuance, and an average turnover rate exceeding 1% [3][5] Investment Characteristics - SSE REITs have distributed a total of 15.1 billion yuan in dividends over four years, with a dividend yield of 5.7% based on year-end market capitalization [5] - The market's high dividend characteristics attract various types of investors, including insurance companies, brokerages, and private equity funds, leading to a diversification of investment strategies [6][8] Market Expansion - The SSE has doubled the number of listed REITs compared to the end of 2023, with ongoing efforts to expand the market by introducing new asset types, including tourism and elder care facilities [8][9] - There are currently 21 REITs projects under review or awaiting issuance, with 17 of them on the SSE, indicating a strong pipeline for future growth [6][10] Innovative Products - The SSE has introduced innovative products such as holding-type real estate ABS, with seven projects launched and a total financing scale of 12.2 billion yuan [11] - The development of multi-layered REITs markets is underway, providing a clearer path for asset securitization and enhancing the overall market ecosystem [10][11]

Core Insights - The total issuance scale of China's REITs market has exceeded 180 billion yuan, with the total market value surpassing 200 billion yuan [1] - There are currently 66 REITs products listed in the market [1] - Under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange is actively developing the REITs market [1] Market Overview - The Shanghai Stock Exchange has listed 44 REITs products with an issuance scale of approximately 123 billion yuan [1] - The market value of these 44 REITs products on the Shanghai Stock Exchange has reached 137 billion yuan [1]

Group 1 - The total market value of public REITs has surpassed 202 billion yuan, with the Shanghai Stock Exchange accounting for 67% of this value [1] - As of June 6, 2023, there are 44 REITs products listed on the Shanghai Stock Exchange, doubling the number from the end of 2023, with a fundraising scale of 121.6 billion yuan [1] - Various asset types are expanding, including the first public REITs in consumption, cross-sea bridges, and municipal projects [2] Group 2 - In the secondary market, 64 out of 66 public REITs have seen price increases, with 28 of them rising over 20% [2] - The Shanghai Stock Exchange has reported a 35% year-on-year increase in revenue for 33 REITs that disclosed their 2024 annual reports, totaling 8.5 billion yuan [2] - The Shanghai Stock Exchange is actively promoting the expansion mechanism, with several projects undergoing expansion announcements in 2024 [2]

Group 1 - The REITs market is transitioning from policy-driven to market-driven, with a total of 66 listed REITs and a market capitalization exceeding 200 billion yuan as of June 5 [1] - Consumer REITs have shown strong operational performance, with four listed in the Shenzhen market raising a total of 14.999 billion yuan and a combined market value of 21.991 billion yuan as of June 5 [1] - The upcoming issuance of the CICC China Green Development Commercial REIT is set for June 9, 2025, with a total of 50 million fund shares [1] Group 2 - The underlying assets of Huaxia China Resources Commercial REIT generated an operating income of 630 million yuan in 2024, with an occupancy rate of 99% and a 10.90% increase in foot traffic [2] - CICC Yinyi Consumer REIT reported an operating income of 239 million yuan in 2024, with a 97.91% occupancy rate [2] - Huaxia Joy City Commercial REIT achieved an operating income of 103 million yuan in 2024, with an occupancy rate of 98.10% [2] Group 3 - The valuation of consumer REITs remains stable, with changes in assessed values for Huaxia China Resources, CICC Yinyi, and Huaxia Joy City REITs being 0.04%, 0.00%, and 0.12% respectively [2] - As of June 5, consumer REITs in the Shenzhen market have distributed dividends 12 times, totaling 723 million yuan, indicating a high frequency of profit distribution [2] - The CICC China Green Development Commercial REIT will focus on a shopping center in Jinan, Shandong, with a total construction area of 200,900 square meters and a large resident population within a 3 km radius [3] Group 4 - The Shenzhen Stock Exchange aims to promote the regular issuance of REITs while ensuring quality and scale, focusing on the sustainable development of the REITs market [3] - The exchange plans to increase the supply of high-quality REIT projects and expand the types of underlying assets [3]

Group 1 - The article emphasizes the importance of understanding complex economic phenomena and the underlying logic to seize investment opportunities and mitigate risks [1] - It highlights three selected books that illustrate the significance of knowledge, experience, and logic in the investment field [1] Group 2 - "Understanding Today's World: 90 Economic Questions" by Robert Solow discusses the universal relevance of economics in daily life, covering topics from personal finance to national development [2][4] - The book presents economic concepts in simple language, avoiding complex mathematical formulas, to help readers grasp economic principles [4][5] Group 3 - "2+20: Why Private Equity Can Outperform the Market" by Sachin Kajiulia explores the operational mechanisms of private equity, including project selection, due diligence, and post-investment management [7][9] - The book explains the "2+20" fee structure, which consists of a 2% management fee and a 20% profit share, as a fundamental principle of the private equity industry [9][10] Group 4 - "Reverence and Irreverence: The Autobiography of Sam Zell" details the transformative impact of Sam Zell on the real estate industry and his role in popularizing REITs as a recognized investment tool [12][14] - The autobiography illustrates Zell's entrepreneurial spirit, emphasizing the importance of risk-taking, market insight, and innovative thinking in business [14][15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that local policies are actively supporting the issuance of public REITs products, with consumer REITs showing sustained excellent performance. The market is expected to continue benefiting from the "asset shortage" logic under the downward pressure of bond market interest rates, making REITs a high-dividend, low-to-medium risk asset with improved cost-effectiveness for allocation [3][5][6]. Market Overview - As of the 20th week of 2025, the CSI REITs (closing) index stood at 858.96, up 7.51% year-on-year and 1.24% month-on-month. The CSI REITs total return index reached 1076.78, reflecting a year-on-year increase of 14.3% and a month-on-month increase of 1.39% [5][19]. - The trading volume of the REITs market reached 562 million shares, a year-on-year increase of 24.34%, while the transaction amount was 2.442 billion yuan, up 30.17% year-on-year. The turnover rate for the period was 2.92%, down 20% year-on-year [26][31]. Sector Performance - In the 20th week of 2025, the weekly and monthly performance of various REITs sectors was as follows: - Affordable housing: +2.27% weekly, +3.25% monthly - Environmental: -0.32% weekly, -1.00% monthly - Highways: +0.63% weekly, -0.23% monthly - Industrial parks: +2.24% weekly, -4.36% monthly - Warehousing and logistics: +2.65% weekly, +3.35% monthly - Energy: -0.42% weekly, -3.17% monthly - Consumer: +4.34% weekly, +5.37% monthly [37][54]. Primary Tracking - There are currently 15 REITs funds awaiting listing, indicating a sustained active issuance market. Recent applications include the CCB Jinshi Electronic City Industrial Park REIT and the Huaxia Kaide Commercial REIT [6][12].