Group 1 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers, with a tracker that covers over 250 tickers [1] - The investment group iREIT®+HOYA Capital, led by Brad and HOYA Capital, focuses on income-oriented alternatives and has a team of analysts with over 100 years of combined experience [2] - Brad Thomas has extensive experience in real estate investing, having been involved in over $1 billion in commercial real estate transactions and is a published author [3]

Core Insights - The article emphasizes the importance of value investing, highlighting the identification of undervalued companies through fundamental analysis and metrics [2][8] - It introduces Zacks' Style Scores system, which helps investors find stocks with specific traits, particularly those with high grades in the Value category [3] Company Analysis - Braemar Hotels & Resorts (BHR) has a Zacks Rank of 1 (Strong Buy) and an A grade for Value, with a Forward P/E ratio of 5.41, significantly lower than the industry average of 15.75 [4] - BHR's P/B ratio is 0.71, compared to the industry's average P/B of 1.80, indicating it is undervalued [5] - City Office REIT (CIO) holds a Zacks Rank of 2 (Buy) and an A grade for Value, with a Forward P/E ratio of 4.87 and a PEG ratio of 0.81, both favorable compared to the industry averages [6] - CIO's P/B ratio is 0.36, also lower than the industry's average P/B of 1.80, suggesting it is undervalued [7] Investment Outlook - Both BHR and CIO are highlighted as strong value stocks, likely undervalued based on their earnings outlook and valuation metrics [8]

Group 1 - The article promotes a research service focused on various income-generating investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its popularity with 438 testimonials, most of which are 5 stars [1] - The author expresses a beneficial long position in shares of TPL, LB, CNQ, and REXR, indicating a personal investment interest in these companies [1] Group 2 - The article includes a disclosure stating that past performance does not guarantee future results, emphasizing that no specific investment recommendations are provided [2] - It clarifies that the views expressed may not reflect those of the entire platform, and the analysts involved may not be licensed or certified [2]

Group 1 - The article discusses the concept of wealth and poses the question of who desires to be rich, suggesting that this inquiry leads to further contemplation [1] Group 2 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [2] - The iREIT® Tracker provides data on over 250 tickers, including quality scores, buy targets, and trim targets [2] - A new Ratings Tracker called iREIT Buy Zone has been introduced to assist members in screening for value [2] - The service includes a 2-week free trial along with a complimentary book [4]

Group 1: Industry Dynamics - The Shanghai Stock Exchange released new guidelines for public REITs expansion, which includes three methods: issuance to specific objects, allocation to existing fund holders, and public fundraising [1][7] - The Shenzhen Stock Exchange announced that the non-directional expansion function for REITs will officially start on June 30, allowing fund managers to handle various expansion-related tasks [1][7] Group 2: Primary Market - As of June 28, 2025, the total issuance scale of listed REITs reached 177.1 billion, with 68 funds issued [8][10] Group 3: Market Performance - For the week of June 23-27, 2025, the CSI REITs total return index fell by 1.38%, while the total REITs index decreased by 1.99% [2][18] - The total REITs index underperformed the CSI 300 index by 3.94 percentage points and the CSI All Bond index by 1.93 percentage points, but slightly outperformed the Nanhua Commodity index by 0.01 percentage points [2][18] - Individual REITs such as Zhongjin Yizhuang Industrial Park REIT, Zhongjin China Green Development Commercial REIT, and AVIC Jingneng Photovoltaic REIT led the gains with increases of 43.01%, 30.00%, and 0.95% respectively [2][18] Group 4: Liquidity - The total trading activity of REITs increased, with a total trading volume (MA5) of 579 million, up 1.8% from the previous week [3][37] - The MA5 trading volumes for property and operating rights were 325 million and 249 million respectively, with changes of 2.3% and -0.9% [3][37] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 25.9% of total trading [3][37] Group 5: Valuation - The report includes various valuation metrics and trends for REITs, indicating ongoing assessments of their market positions and performance [42]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From June 23 to June 27, 2025, the secondary - market prices of China's listed public REITs showed a downward trend overall, with a weighted REITs index return rate of - 1.22%. Compared with other mainstream asset classes, REITs performed averagely [1][11]. - Two new REITs were listed this week, and the project status of two first - issue REITs was updated [4]. 3. Summary According to Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the large - asset level**: The secondary - market prices of China's listed public REITs declined. The returns of China's public REITs were - 1.22%, lower than those of convertible bonds, US stocks, and A - shares, but higher than those of gold and crude oil [11]. - **At the underlying - asset level**: Both property - right and franchise - right REITs' prices fell, with property - right REITs having a smaller decline. Among different underlying - asset types, transportation infrastructure REITs had the largest decline, while the top three in terms of return rate were affordable housing, energy, and ecological environmental protection REITs [16][18]. - **At the single - REIT level**: After excluding the two newly listed REITs this week, 6 REITs rose and 60 REITs fell. The top three in terms of increase were AVIC Jingneng Photovoltaic REIT, China Resources Commercial REIT, and CICC Shandong Expressway REIT; the top three in terms of decline were China Merchants Nanjing Expressway REIT, Hua'an Waigaoqiao REIT, and Ping An Ningbo Expressway REIT [22]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The total trading volume of public REITs this week was 2.9 billion yuan, and municipal - facility REITs had the highest average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable housing, and industrial - park infrastructure REITs; the top three in terms of average daily turnover rate were municipal - facility, ecological environmental protection, and industrial - park infrastructure REITs [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 Guotai Junan Dongjiu New Economy REIT, CICC Puluosi REIT, and China Merchants China Expressway REIT; the top three in terms of trading amount were China Merchants China Expressway REIT, China Resources Commercial REIT, and Guotai Junan Dongjiu New Economy REIT; the top three in terms of turnover rate were Guotai Junan Jinan Energy Heating REIT, Huatai Suzhou Hengtai Rental Housing REIT, and China Resources Commercial REIT [27]. 3.1.3 Main - Force Net Inflow and Block - Trade Situation - **Main - force net inflow situation**: The total main - force net inflow this week was 81.54 million yuan, indicating a decline in market trading enthusiasm. The top three underlying - asset types in terms of main - force net inflow were consumer infrastructure, industrial - park infrastructure, and energy infrastructure REITs. The top three single REITs in terms of main - force net inflow were China Resources Commercial REIT, Penghua Shenzhen Energy REIT, and China Merchants Heda High - tech REIT [31]. - **Block - trade situation**: The total block - trade amount this week reached 789.97 million yuan, a significant increase compared with last week. Tuesday had the highest single - day block - trade amount. The top three single REITs in terms of block - trade amount were Guotai Junan Urban Investment Kuanting Affordable Housing REIT, CITIC Construction Investment National Energy Investment New Energy REIT, and China Resources Commercial REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of June 27, 2025, there were 68 public REITs in China, with a total issuance scale of 177.061 billion yuan. Transportation infrastructure REITs had the largest issuance scale, followed by industrial - park infrastructure REITs. Two new REITs were listed this week: CICC Yizhuang Industrial Park REIT on June 26 and CICC China Green Development Commercial Asset REIT on June 27 [36]. 3.2.2 Projects to be Listed - There were 28 REITs in the pipeline, including 16 first - issue REITs and 12 REITs for expansion. The project status of "Huaxia Anbo Warehouse Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "declared", and that of "Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "accepted" [39].

Group 1 - The successful listing of the CICC China Green Development Commercial REIT marks a significant step for China Green Development in fulfilling its mission as a state-owned enterprise, contributing to national strategies and exploring reforms [2][3] - The REIT has attracted substantial market interest, with public investors subscribing approximately 30.751 billion units, which is 683 times the initial public offering amount, indicating strong investor confidence [2] - The underlying asset of the REIT is the Jinan Lingxiu City Guihe Shopping Center, a versatile lifestyle plaza with a total construction area of 200,900 square meters, located in the core consumer hub of southern Jinan [2] Group 2 - China Green Development aims to leverage this listing to optimize consumer infrastructure and actively participate in consumption upgrades, positioning itself as a key player in boosting consumption and expanding domestic demand [3] - The company, which is directly managed by the State-owned Assets Supervision and Administration Commission, has invested nearly 70 billion yuan across various sectors, including renewable energy, real estate, and cultural tourism [3] - Future plans include enhancing operational quality, injecting more quality commercial assets into the platform, and exploring distinctive commercial management models to set a benchmark for cooperation between state-owned enterprises and capital markets [3]

Market Overview & Potential Impacts - Northeast and Mid-Atlantic banks, particularly those in the Metro New York City area with exposure to rent-regulated multifamily properties, are under scrutiny [1] - A potential rent freeze could negatively impact Net Operating Income (NOI) and lead to increased capitalization rates (cap rates), similar to lowering EPS estimates and PE multiples for stocks, ultimately hurting valuations [5][6][7] - The industry anticipates a potential initial freeze in transactions involving buildings with rent-regulated units as stakeholders assess the situation [6] Risk Assessment & Mitigation - Commercial real estate and multifamily sectors faced scrutiny last year, prompting banks to reassess assets and build reserves [4] - A rent freeze could add further stigma to real estate investment in New York City, impacting both NOI and cap rates [5] - Landlords may attempt to compensate for rent freezes on rent-regulated apartments by increasing rents on market-rate apartments, potentially affecting overall building quality due to reduced maintenance and investment [3] Future Outlook - The industry expects stakeholders to seek equilibrium in the market, but a prolonged rent freeze is projected to negatively affect NOIs and cap rates [7] - Cap rates could start to move sooner rather than later in reaction to potential rent freeze [6] - Potential rent freeze impacts could be seen as early as June and October 2026 when the rent guidelines board sets allowable rent increases [2]

Group 1 - The article discusses the prevalence of overused terms in the business world, such as "synergy," "leverage," and "paradigm shifts," which can dilute the clarity of communication [1] - It emphasizes the importance of clear and precise language in conveying business ideas and strategies [1] Group 2 - The article does not provide specific financial data or performance metrics related to any company or industry [2]

Group 1: C-REITs Market Overview - As of June 16, 2025, a total of 66 C-REITs have been listed, with a cumulative market value exceeding 200 billion yuan [2][7] - In 2024, 29 C-REITs were issued, with a total issuance scale of 65.6 billion yuan; the C-REITs total return index reached 1117.87 points, reflecting a year-to-date increase of 14.69% [2][7] - The approval of the first two data center public REITs marks an expansion of underlying asset types, indicating a shift towards new infrastructure assets [2][7][11] Group 2: Data Center REITs Characteristics - Data center REITs differ significantly from traditional property REITs in terms of operational models, revenue stability, and valuation logic [2][9] - The operational model of data centers relies heavily on specialized operational capabilities and continuous technological upgrades, with a focus on reducing energy consumption [8][9] - Revenue stability is enhanced by high customer concentration, long lease terms, and high customer retention rates, making them attractive to investors [9][10] Group 3: Investment Recommendations - Investors are encouraged to actively participate in the offline issuance of the newly approved data center REITs to secure potential premium returns during the initial listing phase [11][12] - The unique attributes of the data center REITs, such as advantageous locations and high energy efficiency, position them as scarce assets with clear growth drivers [11][12] Group 4: Fragrance and Flavor Industry Growth - The fragrance and flavor market in China is projected to grow from approximately 43.9 billion yuan in 2023 to over 50 billion yuan by 2026, driven by the booming cosmetics industry [18][19] - The cosmetics market is expected to increase from 516.9 billion yuan in 2023 to 579.1 billion yuan by 2025, with a compound annual growth rate of 15.1% in the ODM/OEM sector from 2017 to 2023 [18][19] Group 5: Gold Mining Sector Insights - The company, Zhaojin Mining, is positioned as a leading gold mining enterprise in China, with gold resources expected to reach 1,446.16 tons and production of 26.4 tons in 2024 [22][23] - The company's revenue and net profit are projected to grow significantly, with a compound annual growth rate of 18.97% and 250.49% respectively from 2021 to 2024 [24][26] - The strategic focus on both domestic and international gold mining projects is expected to enhance resource potential and profitability [25][26]