Group 1 - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched more than 1000 companies, focusing on metals and mining stocks, as well as other industries like consumer discretionary, REITs, and utilities [1] - The analyst transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on numerous companies has been conducted [1] Group 2 - There is no current stock or derivative position in any mentioned companies, but a potential long position may be initiated within 72 hours [2] - The article reflects the analyst's personal opinions and is not influenced by compensation from any company mentioned [2] - Seeking Alpha emphasizes that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [3]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From November 17 to November 21, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The trading volume and main - force capital inflow increased compared to the previous week, and there were 2 REITs with updated project status in the primary market [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The weighted REITs index closed at 182.16, with a weekly return of - 1.02%. Among mainstream large - scale assets, the return ranking from high to low was: pure bonds > gold > REITs > crude oil > US stocks > A - shares > convertible bonds [11]. - **At the underlying asset level**: Both the secondary - market prices of property - right and franchise - right REITs declined. The weighted index of property - right REITs closed at 154.26, with a return of - 1.11%; the weighted index of franchise - right REITs closed at 130.06, with a return of - 1.12%. In terms of underlying asset types, water - conservancy facilities REITs had the largest increase, and the top three in terms of weekly return were water - conservancy facilities, ecological and environmental protection, and transportation infrastructure [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 9 rising and 68 falling. The top three in terms of increase were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou REIT, and Huaxia Nanjing Transportation Expressway REIT; the top three in terms of decrease were CICC Chongqing Liangjiang REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and China Merchants Expressway REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.38 billion yuan, and the new - type infrastructure REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure; the top three in terms of average daily turnover rate were new - type infrastructure, water - conservancy facilities, and affordable rental housing [25]. - **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 Huaxia Hefei High - tech REIT, Huaxia Fund CR Land Youchao REIT, and Huatai Jiangsu Jiaokong REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huatai Jiangsu Jiaokong REIT, and Southern Runze Technology Data Center REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, Huaxia Zhonghai Commercial REIT, and Huaxia Hefei High - tech REIT [28]. 3.1.3 Main - Force Inflow and Block - Trade Situation - **Main - force inflow situation**: The total main - force inflow this week was 17.32 million yuan, and the market trading enthusiasm increased compared to the previous week. The top three in terms of main - force inflow among different underlying asset REITs were consumer infrastructure, new - type infrastructure, and transportation infrastructure. The top three single REITs in terms of main - force inflow were Huatai Jiangsu Jiaokong REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Runze Technology Data Center REIT [31]. - **Block - trade situation**: The total block - trade volume this week reached 368.22 million yuan, a decrease compared to the previous week. There were block - trade transactions on 5 trading days, and the block - trade turnover on November 21, 2025, was the highest within the period. The top three single REITs in terms of block - trade turnover were China Merchants Expressway REIT, Huaxia Fund CR Land Youchao REIT, and BOC Sinotrans Warehouse Logistics REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects As of November 21, 2025, there were 77 public REITs in China, with a total issuance scale of 199.301 billion yuan. Among them, transportation infrastructure had the largest issuance scale at 68.771 billion yuan, followed by park infrastructure REITs at 32.933 billion yuan. No new REITs were listed this week [37][39]. 3.2.2 Pending - Listing Projects There were 18 REITs in a pending - listing state, including 11 initial - offering REITs and 7 pending - expansion REITs. This week, the project status of Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received", and the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared" [42].

Group 1 - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, staples, REITs, and utilities [1]

Core Insights - 420 Investor, launched in 2013, has transitioned to Seeking Alpha, continuing its focus on cannabis stocks and providing extensive coverage of the sector [1] - Alan Brochstein, a pioneer in cannabis investment analysis, has been managing 420 Investor and offers a range of resources including model portfolios, videos, and earnings report analyses [1] Company Overview - 420 Investor has been a significant player in the cannabis investment space, providing insights and resources for investors interested in publicly-traded cannabis stocks since its inception [1] - The service includes features such as a model portfolio, weekly videos, summary pieces, a monthly newsletter, and a chat function for investor inquiries [1] Industry Context - The cannabis industry has seen increased interest and investment opportunities, particularly following the legalization of adult-use cannabis in Colorado [1] - The presence of large REIT ETFs, such as iShares U.S. Real Estate ETF and Vanguard Real Estate, indicates a growing interest in real estate investments related to the cannabis sector [1]

Core Insights - The article discusses the launch and evolution of the 420 Investor service, which focuses on cannabis stocks and has transitioned to Seeking Alpha in 2023 [1] - Alan Brochstein, a prominent figure in cannabis investment, has been involved in the industry since 2013 and provides extensive coverage of cannabis stocks through various formats [1] Group 1: Company Overview - 420 Investor was established in 2013, coinciding with Colorado's legalization of cannabis for adult use [1] - The service includes model portfolios, videos, and written materials aimed at educating investors about cannabis stocks [1] - Alan Brochstein is the managing partner of New Cannabis Ventures, which has been providing financial information in the cannabis sector since 2015 [1] Group 2: Investment Features - The investing group closely monitors 20 cannabis stocks, providing timely investment news, earnings report previews, and post-report analyses [1] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, three weekly summary pieces, a monthly newsletter, and a chat function for investor inquiries [1] Group 3: Market Context - The article mentions several large REIT ETFs that are tracked, including the iShares U.S. Real Estate ETF (IYR), Real Estate Select Sector SPDR® Fund ETF (XLRE), and Vanguard Real Estate [1]

Core Insights - The REIT sector has experienced significant underperformance, particularly since the Federal Reserve began raising interest rates in March 2022, with a 70% underperformance compared to the S&P 500 [6] - Despite the underperformance, the fundamentals of many REITs remain solid, with opportunities particularly in small and mid-cap REITs [7][9] - The current interest rate environment is creating volatility, which can present investment opportunities [10] REIT Performance and Fundamentals - REITs have been trading at discounts to net asset value, with many companies exploring mergers or liquidation to unlock value [26][28] - Over two-thirds of REITs have raised their earnings guidance for 2025, and more than a third have increased their dividends this year [12][13] - The average REIT dividend yield is around 4%, but when considering smaller and mid-cap REITs, the yield can be closer to 6% [24] Dividend Insights - Many REITs are retaining cash to find the right investment opportunities rather than aggressively raising dividends [30] - Companies like Simon Property Group and Welltower have shown strong dividend growth, while others like Alexandria are facing challenges [32][37] - The focus on internal and external growth is crucial for predicting dividend increases [34] Sector-Specific Insights - Senior housing and data center REITs are expected to perform well, while sectors like lab space and cold storage are facing challenges [39][44] - Retail REITs are adapting by enhancing experiential offerings to attract customers, with grocery-anchored centers performing particularly well [50][56] - The office space sector is evolving, with some companies managing to weather the storm better than others [61][66] ETF Insights - Hoya Capital offers two ETFs, HOMZ and RIET, focusing on housing and high-dividend REITs, respectively [67][73] - HOMZ covers a broad range of housing-related investments, while RIET targets small and mid-cap REITs with attractive yields [69][73] Misconceptions about REITs - There is a common misconception that REITs are highly sensitive to interest rates; however, their performance is more closely tied to the underlying properties and tenant demand [16][82] - REITs provide transparency and allow investors to observe property performance directly, which is a significant advantage over other asset classes [76][84]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Core Insights - The analyst has over 10 years of experience researching more than 1000 companies across various sectors, including commodities and technology [1] - The focus has shifted from blogging to a value investing-oriented YouTube channel, emphasizing research on hundreds of companies [1] - The analyst shows a particular interest in metals and mining stocks, while also being knowledgeable in consumer discretionary, REITs, and utilities [1] Company and Industry Summary - The analyst's research covers a wide range of industries, indicating a diverse investment approach [1] - The transition to a YouTube channel suggests a growing trend in digital content consumption for investment insights [1] - The emphasis on value investing reflects a strategic approach to identifying potential investment opportunities in various sectors [1]

Group 1 - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched more than 1000 companies, focusing on metals and mining stocks, as well as other industries like consumer discretionary, REITs, and utilities [1] - The analyst transitioned from writing a blog to creating a value investing-focused YouTube channel, where they have researched hundreds of companies [1]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a preference for covering metals and mining stocks, while also being comfortable with consumer discretionary, staples, REITs, and utilities [1]