1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From August 4 to August 8, 2025, the secondary - market prices of China's listed public REITs showed a trend of first decline and then rise. The overall performance was average compared with other mainstream asset classes. The prices of both property - right and franchise - based REITs declined, with property - right REITs having a larger decline. Ecological and environmental protection REITs had the largest increase. There were also changes in trading volume, turnover rate, and capital flow, and two new REITs were listed in the primary market [1][11]. 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 China's listed public REITs showed a trend of first decline and then rise. The returns of China's public REITs were - 0.44%, ranking behind stocks, convertible bonds, A - shares, gold, and pure bonds, but ahead of crude oil [1][11]. - **At the underlying asset level**: Both property - right and franchise - based REITs' secondary - market prices declined, with property - right REITs having a larger decline. Among different underlying asset types, ecological and environmental protection REITs had the largest increase, followed by energy and warehousing and logistics REITs [17][19]. - **At the single - REIT level**: Excluding the newly listed REITs, 21 REITs rose, 1 remained flat, and 49 declined. The top three in terms of increase were Huatai Baowan Logistics REIT, ICBC Mengneng Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT. The top three in terms of decline were Huaxia Shouchuang Outlet Mall REIT, ICBC Hebei Expressway REIT, and CICC Hubei Ketou Optics Valley REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 3.67 billion yuan. New - type infrastructure REITs led in terms of average daily turnover rate. The top three in terms of trading volume were new - type infrastructure, transportation infrastructure, and park infrastructure REITs. The top three in terms of average daily turnover rate were new - type infrastructure, energy infrastructure, and municipal facilities REITs [27]. - **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 Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT. The same three were also the top three in terms of trading amount. In terms of turnover rate, Huaxia Huadian Clean Energy REIT, Southern Runze Technology Data Center REIT, and Southern Wanguo Data Center REIT led [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 242.81 million yuan, indicating an increase in market trading enthusiasm. In terms of different underlying asset REITs, the top three in terms of net inflow were new - type infrastructure, energy infrastructure, and water conservancy facilities REITs. In terms of single REITs, the top three were Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [32]. - **Block trading situation**: The total block trading amount this week reached 336.25 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with the highest single - day trading amount on August 6, 2025. The top three in terms of block trading amount were Southern Shunfeng Logistics REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and Chuangjin Hexin Shounong REIT [33]. 3.2 Primary Market - **Listed projects**: As of August 8, 2025, there were 73 public REITs in China, with a total issuance scale of 190.852 billion yuan. This week, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed, both belonging to new - type infrastructure, with issuance scales of 4.5 billion yuan and 2.4 billion yuan respectively [36]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 11 first - issuance REITs and 6 REITs pending expansion. This week, the expansion project of "AVIC Jingneng Photovoltaic Closed - end Infrastructure Securities Investment Fund" and the first - issuance project of "CICC Vipshop Outlet Mall Closed - end Infrastructure Securities Investment Fund" were updated to "Passed" [40].

Core Insights - The first batch of data center REITs in China has been listed on the Shanghai and Shenzhen Stock Exchanges, marking a significant milestone for the REITs market in supporting technological, green, and digital financial innovations [1][2] Group 1: Data Center REITs Overview - The Southern Wanguo Data Center REIT, with underlying assets from the Guojin Data Cloud Computing Data Center project in Jiangsu, has a 100% signing rate over the past three years and a billing rate exceeding 92%, with a projected annual cash distribution rate of 5.07% for 2025 [1] - The Southern Runze Technology Data Center REIT is based on the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list, featuring 5,897 cabinets and a total power exceeding 42MW [2] Group 2: Market Performance and Trends - As of August 8, the Shanghai Stock Exchange has launched 49 REITs since the beginning of 2024, covering various sectors including consumption facilities and data centers, resulting in a stable performance and increased returns, with actual dividends amounting to nearly 6 billion yuan, a 32% year-on-year increase [2] - The Shenzhen Stock Exchange has seen 24 REITs launched with a total fundraising scale of 63.9 billion yuan and a total market value of 75.1 billion yuan, with asset types expanding to cover nine categories of infrastructure [2] Group 3: Future Developments - The Shanghai Stock Exchange aims to accelerate the normalization of REITs issuance and improve operational standards to create a high-quality REITs market that better serves national strategies and economic development [3] - The Shenzhen Stock Exchange plans to focus on the sustainable development of the REITs market by increasing the supply of quality REIT projects and expanding the types of underlying assets [3]

Core Viewpoint - The successful listing of the first domestic data center REITs marks a significant expansion of the REITs asset range in China, supporting the development of the digital economy and new infrastructure [1] Group 1: Market Performance - On the first day of trading, Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT had 800 million and 1 billion fund shares respectively, with initial prices of 3.0 CNY and 4.5 CNY per share, raising a total of 2.4 billion CNY and 4.5 billion CNY [2] - Both products experienced a stable operation on their debut, with each rising by 30% compared to the issue price [2] - Prior to the public offering, Southern Runze Technology REIT attracted approximately 289.63 billion CNY in subscriptions, while Southern Universal Data Center REIT attracted about 183.54 billion CNY [2] Group 2: Investor Participation - Southern Runze Technology REIT confirmed that 76 strategic investors fully subscribed to their committed fund shares, accounting for 70% of the total fund shares offered [2] - For Southern Universal Data Center REIT, 54 strategic investors also fully subscribed, representing 70% of the total fund shares [3] Group 3: Asset Quality and Utilization - The underlying asset of Southern Universal Data Center REIT is the Guojin Data Cloud Computing Data Center project in Jiangsu Kunshan, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash flow distribution rate of 5.07% by 2025 [4] - Southern Runze Technology Data Center REIT's underlying asset is the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list and has a total power capacity exceeding 42 MW [5] Group 4: Market Expansion and Future Outlook - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a variety of asset types including consumption facilities, hydropower, and data centers, indicating a positive scale and demonstration effect [6] - The Shenzhen Stock Exchange has also seen a continuous expansion of REIT asset types, covering nine categories of infrastructure, with a total fundraising scale of 639 billion CNY and a total market value of 751 billion CNY [6] - Future efforts will focus on normalizing REITs issuance, improving operational standards, and expanding the types of underlying assets to better serve national strategies and economic development [7]

Core Viewpoint - The successful listing of the first domestic data center REITs on August 8 marks a significant expansion of China's REITs asset scope into new infrastructure supporting the digital economy [1] Group 1: Market Performance - On the first day of trading, both Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT experienced stable operations, with each product rising 30% from their issuance prices [2][3] - The total fundraising amounts for the two REITs were 2.4 billion yuan and 4.5 billion yuan, respectively, with share counts of 800 million and 1 billion [3] Group 2: Subscription Results - Southern Runze Technology REIT attracted approximately 289.63 billion yuan in subscription requests, while Southern Universal Data Center REIT attracted about 183.54 billion yuan [4] - For Southern Runze Technology REIT, 76 strategic investors subscribed for 700 million shares, accounting for 70% of the total offering, while 129 offline investors contributed 35.0457 billion shares [4] - Southern Universal Data Center REIT saw 54 strategic investors subscribe for 560 million shares, also 70% of the total, with 117 offline investors contributing 27.7066 billion shares [4] Group 3: Asset Utilization and Investment - The listing of the first data center REITs is expected to support technological finance, green finance, and digital finance innovation, revitalizing quality existing assets in the data center sector [6] - Southern Universal Data Center REIT's underlying asset is a cloud computing data center project in Jiangsu, with a 100% signing rate and over 92% billing rate in the past three years, projecting a 5.07% annual cash flow distribution rate by 2025 [6] - Southern Runze Technology Data Center REIT's underlying asset is a data center in Hebei, recognized as a national green data center, with a total power capacity exceeding 42 MW and a rack utilization rate over 99% [7] Group 4: REITs Market Expansion - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a variety of sectors including consumption facilities, hydropower, and data centers, demonstrating a good scale and demonstration effect [9] - The Shenzhen Stock Exchange has 24 REITs listed, with a total fundraising scale of 63.9 billion yuan and a total market value of 75.1 billion yuan, covering nine types of infrastructure [10] - The REITs market is expected to continue expanding, with plans to enhance operational standards and diversify underlying asset types [11]

Core Viewpoint - The successful listing of the Southern Runze Technology Data Center REIT marks a significant expansion of China's REITs asset landscape into new infrastructure supporting the digital economy, injecting new momentum into the capital market's service for new productive forces [1][2]. Group 1: Listing and Market Response - The Southern Runze Technology REIT was officially listed on August 8, 2023, and has attracted significant market attention since its inception [1]. - During the inquiry phase, the REIT received bids from 131 institutional investors for a total of 350.82 billion shares, which was 167.06 times the available shares for offline issuance [1]. - The public offering was sold out in one day, with effective subscriptions reaching 286.16 billion shares, 317.96 times the public offering amount [1][2]. Group 2: Performance and Investor Interest - On its first trading day, the REIT opened at 5.60 yuan per share, with an opening increase of 24.44%, closing at 5.85 yuan and achieving a turnover rate of 26.46%, indicating strong investor interest [2]. - The REIT's performance reflects high market recognition of the data center REIT category and the strong appeal of new infrastructure assets in the digital economy era [2]. Group 3: Underlying Assets and Management - The underlying asset of the Southern Runze Technology REIT is the Runze (Langfang) International Information Port A-18 Data Center, which is included in the 2023 National Green Data Center list and is located in Langfang Economic Development Zone, Hebei Province [2]. - The data center has 5,897 cabinets with a total power exceeding 42 MW and a cabinet utilization rate of over 99% [2]. - The fund manager is Southern Fund Management Co., Ltd., and the net proceeds will be used for the construction of the Chongqing Runze (Southwest) International Information Port project, creating a virtuous cycle of investment and operation [2]. Group 4: Market Expansion and Future Outlook - As of August 8, 2023, there are 24 REITs listed on the Shenzhen Stock Exchange, with a total fundraising scale of 639 billion yuan and a total market value of 751 billion yuan [2]. - The Shenzhen Stock Exchange has made significant progress in expanding asset types for REITs, including the introduction of consumption infrastructure REITs and water conservancy REITs in 2024 [3]. - The exchange aims to continue expanding the types of underlying assets and improve the fundraising system to support the stable and healthy development of China's REITs market [3].

Group 1 - The article discusses the inadequacy of Social Security for a decent retirement and suggests alternative retirement plans [1] - It highlights the importance of exploring various income alternatives such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs for retirement planning [1] Group 2 - The article emphasizes the need for in-depth research on investment options to secure financial stability in retirement [1]

Group 1 - The Southern Universal Data Center REIT has been listed on the Shanghai Stock Exchange, marking it as the first data center REIT in the country and the first on the exchange [1] - The underlying asset of the REIT is the Guojin Data Cloud Computing Data Center project located in Kunshan, Jiangsu, which has maintained a 100% signing rate and over 92% billing rate for the past three years [1] - The project has a fundraising scale of 2.4 billion yuan, with net proceeds primarily allocated to enhance data center construction and improve computing power supply [1] Group 2 - As of August 8, there are 49 REITs listed on the Shanghai Stock Exchange, with a notable increase in the number of REITs launched in various sectors since 2024, including data centers [2] - The performance of listed REITs has shown positive trends, with over 60 dividend distributions in 2024 amounting to nearly 6 billion yuan, a 32% year-on-year increase [2] - The Shanghai Stock Exchange plans to accelerate the normalization of REITs issuance and improve operational standards to enhance the market ecosystem [2]

Group 1 - The Southern Universal Data Center REIT has been listed on the Shanghai Stock Exchange, marking it as the first data center REIT in China and a significant case for promoting high-quality development of the real economy [1] - The underlying asset of the REIT is the Guojin Data Cloud Computing Data Center project in Kunshan, Jiangsu, which has maintained a 100% signing rate and over 92% billing rate for the past three years, with a projected annual cash distribution rate of 5.07% by 2025 [1] - The project has achieved a 100% renewable energy usage ratio and has a favorable Power Usage Effectiveness (PUE) rating, indicating its commitment to green energy transactions [1] Group 2 - The Shanghai Stock Exchange has been actively promoting the REITs market, with 49 REITs listed as of August 8, 2024, including first listings in various sectors such as consumer facilities and data centers, demonstrating a good scale and demonstration effect [2] - The performance of listed REITs has been positive, with over 60 dividend distributions in 2024 amounting to nearly 6 billion yuan, a 32% increase year-on-year [2] - The Shanghai Stock Exchange plans to accelerate the regular issuance of REITs and improve operational standards to better serve national strategies and overall economic development [2]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In July 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating trend, with a relatively average performance compared to other mainstream asset classes. The return rates of different types of REITs varied, and the trading volume and net inflow of main funds also had different characteristics [1][2]. - Policies were introduced in various regions in July 2025 to support the issuance of REITs for eligible infrastructure projects, which is expected to promote the development of the REITs market [41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Listed Projects - As of July 31, 2025, there were 70 publicly - offered REITs in China, with a total issuance scale of 182.057 billion yuan (excluding expansion). The transportation infrastructure - type REITs had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure - type at 31.835 billion yuan [11]. - In July 2025, two REITs were newly listed: CICC Jinhui First Agricultural Park REIT on July 25 with an issuance scale of 3.685 billion yuan, and BOC Sinotrans Logistics REIT on July 29 with an issuance scale of 1.311 billion yuan [11]. 3.1.2 Pending - listing Projects - As of July 31, 2025, there were 19 REITs pending listing, including 13 first - offering REITs and 6 REITs for expansion. The project status of several REITs was updated in July [14]. 3.2 Secondary - market Performance 3.2.1 Price Trend - **At the major asset level**: In July 2025, the secondary - market prices of publicly - offered REITs showed a fluctuating trend. The return rates from high to low were: crude oil > convertible bonds > A - shares > US stocks > REITs > pure bonds > gold [2]. - **At the underlying asset level**: The secondary - market prices of equity - type REITs and franchise - type REITs showed differentiation in July. Equity - type REITs rose, while franchise - type REITs fell. The consumer - type REITs had the largest increase this month, and the underlying asset types with positive returns were consumer - type and ecological environmental protection - type [20][23]. - **At the single - REIT level**: In July, publicly - offered REITs showed mixed performance, with 27 rising and 43 falling. The top three in terms of increase were China Merchants Science and Innovation REIT, Huaxia China Resources Commercial REIT, and Boshi Tianjin - Binhai New Area Industrial Park REIT [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying asset level**: In July, the trading volume of publicly - offered REITs increased compared to the previous month, and the ecological environmental protection - type REITs led in the average daily turnover rate. The total trading volume of 70 listed REITs in July was 13.91 billion yuan, and the average daily turnover rate was 0.83% [28]. - **At the single - REIT level**: In terms of trading volume, the top three were Huaxia Hefei High - tech Industrial Park REIT, CICC Jinhui First Agricultural Park REIT, and Huaxia Beijing Affordable Housing REIT; in terms of trading amount, the top three were CICC Jinhui First Agricultural Park REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia China Resources Commercial REIT; in terms of turnover rate, the top three were CICC China Greentown Commercial REIT, BOC Sinotrans Logistics REIT, and CICC Jinhui First Agricultural Park REIT [32]. 3.2.3 Main Capital Inflow and Block Trading - **Main capital inflow**: In July, the total net inflow of main funds was 197.81 million yuan, and the market trading enthusiasm declined compared to the previous month. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and ecological environmental protection. The top three single - REITs in terms of net inflow were CICC Jinhui First Agricultural Park REIT, BOC Sinotrans Logistics REIT, and AVIC Shougang Green Energy REIT [33][35]. - **Block trading**: In July, the total block - trading amount was 1.49 billion yuan, a decrease compared to the previous month. The top three single - REITs in terms of block - trading amount were Huaxia China Resources Commercial REIT, Huaxia Beijing Affordable Housing REIT, and CICC Shandong Expressway REIT [4][38]. 3.3 Relevant Policies In July 2025, governments in various regions introduced policies to support the issuance of REITs for eligible infrastructure projects, covering consumption, culture and tourism, logistics, and other fields [41][42][44].

Market Overview - A-shares showed slight gains with the Shanghai Composite Index up 0.07% and the Shenzhen Component Index up 0.14% as of midday [1] - Traditional sectors such as excavators, hydropower, and infrastructure performed well, while AI, cloud computing, and semiconductors experienced notable pullbacks [1] REITs Performance - Two newly listed data center REITs, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, both hit the daily limit with a 30% increase [3] - The trading volume for the two REITs reached 428 million yuan and 223 million yuan, with turnover rates of 25.08% and 24.19% respectively [3] Data Center REITs Characteristics - Southern Runze Technology Data Center REIT is backed by the Runze (Langfang) International Information Port A-18 data center, featuring 5,897 cabinets and over 42 MW total power capacity [5] - Southern Wanguo Data Center REIT is based on the Guojin Data Center in Kunshan, Jiangsu, with a 100% signing rate and over 92% billing rate over the past three years [5] - Analysts believe these REITs have advantageous locations and high energy efficiency, making them attractive assets for growth-oriented investors [5] Film Industry Insights - The total box office for the 2025 film market has surpassed 35 billion yuan, achieving this milestone 55 days earlier than the previous year [6] - The summer film season has seen a resurgence in ticket sales, with the box office reaching 7.787 billion yuan, nearing last year's levels [6] - Various local policies, including subsidies and promotional activities, have contributed to the recovery of the film market [6] Investment Opportunities in Film Sector - Analysts from Zhongtai Securities are optimistic about the summer film season, highlighting potential investment opportunities in companies related to quality film content, cinema chains, online ticketing platforms, and film rights operations [7] - Among the 19 A-share film and television companies, Shanghai Film and Wanda Film saw increases in their stock prices, while the sector overall has seen an average increase of 8.97% since July [8] Institutional Interest - Five film industry stocks have attracted significant institutional attention, with companies like Light Media and Bona Film Group receiving the most inquiries [11] - Happiness Blue Sea has seen a cumulative increase of 68.33% since July, partly due to its involvement in the production of "Nanjing Photo Studio" [11]