Investment Rating - The report does not provide a specific investment rating for the REITs industry [1]. Core Insights - The REITs index experienced a slight decline of 0.33% this week, while the broader market indices such as the Shanghai Composite and CSI 500 saw increases of 1.23% and 1.78%, respectively [4][16]. - Newly listed data center REITs, namely Southern Wanguo and Southern Runze, both saw significant gains of 30% on their debut [6][20]. - The overall trading volume for REITs this week was 3.67 billion yuan, reflecting a 1.5% increase compared to the previous week [6]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 221.233 billion yuan and a circulating market value of 103.698 billion yuan [1]. - The report highlights that 23 REITs increased in value, 1 remained stable, and 49 declined, indicating a mixed performance across the sector [20]. Key Events - Significant events include the listing of Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT on August 8, both achieving a 30% increase in their first trading day [9][14]. - Other notable updates include the registration effectiveness of various REIT projects and announcements regarding expansions and new acquisitions in the infrastructure sector [9][12]. Trading Performance - The trading volume for different REIT categories varied, with data-related REITs showing a remarkable increase of 100% in trading volume, while other categories like industrial parks and warehousing logistics saw declines [6][20]. - The report indicates that the correlation of REITs with various bond indices and stock indices varies, with a correlation of 0.33 with the Shanghai Composite and 0.37 with the CSI 500 [16].

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Core Viewpoint - The successful issuance of the Wuxi Economic Development Zone National Sensor Information Industry Park asset-backed securities (ABS) project marks a significant milestone as the first industrial park holding-type ABS in China, with a scale of 660 million yuan [1][2]. Group 1: Project Overview - The underlying asset of the Wuxi Economic Development Zone project is the National Sensor Information Industry Park, which focuses on industries such as intelligent connected vehicles, sensors, and the Internet of Things [2]. - The overall occupancy rate of the park is good, with tenants primarily from scientific research, information transmission, and software sectors, including one listed company and over 60 large-scale enterprises [2]. Group 2: Financial and Strategic Implications - The project represents a breakthrough for local state-owned enterprises in the asset-backed securities market, enhancing their financial tool options for asset revitalization [3]. - The successful issuance helps optimize the asset structure of the issuing entity, enhances its capital operation capabilities, and provides new equity financing options for local state-owned enterprises [3]. - The project aims to create a virtuous cycle of investment, financing, construction, and management, supporting the industrial layout of the Wuxi Economic Development Zone [3]. Group 3: Market Impact and Future Directions - The project attracted significant interest from various long-term capital sources, with subscriptions exceeding five times the offering, laying a foundation for future liquidity in the secondary market [4]. - The Shanghai Stock Exchange has listed 14 public REITs in the industrial park sector, the highest among all industry types, and has received 24 applications for holding-type real estate ABS, with 9 successfully issued, totaling 15.6 billion yuan [4]. - Future efforts will focus on promoting the holding-type ABS market, enhancing asset quality, and innovating operational models, with the aim of creating benchmark projects in this field [5].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] 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 Relevant Catalogs Secondary Market Price and Volume Performance - From July 28 to August 1, 2025, some REITs showed price changes of 20.51%, 14.74%, 60.01%, 39.98%, and 70.00% [26] Secondary Market Valuation Situation - The report provides detailed valuation data for various REITs, including P/FFO, P/NAV, IRR, expected values for 2025, and other indicators for different types of REITs such as warehousing and logistics, industrial parks, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, and energy [16] Market Correlation Statistics - It shows the correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and different types of REITs (property - related, franchise - related, etc.) also have different correlation coefficients with these asset classes [22] Primary Market Tracking - Lists multiple REIT projects in different stages (approved, accepted, feedback - received). For example, the Southern Runze Technology Data Center REIT has been approved, with a project valuation of 4.203 billion yuan, and the CICC Vipshop Outlets REIT has been accepted, with a project valuation of 2.972 billion yuan [25]

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

Core Viewpoint - The China-Shanghai Cooperation Organization (SCO) Local Economic and Trade Cooperation Conference in Qingdao released the "Qingdao Initiative," which outlines a clear path for regional economic cooperation under the SCO framework, emphasizing the importance of local collaboration for high-quality economic development [1] Group 1: Key Cooperation Directions - The "Qingdao Initiative" is based on the "Shanghai Spirit" and proposes six core cooperation directions to establish a closer, more efficient, and mutually beneficial local economic and trade cooperation framework [4] - The first direction focuses on building international logistics corridors, enhancing connectivity among SCO member states, and establishing Qingdao as a hub for the Asia-Pacific market [4] - The second direction aims to create sustainable international partnerships in supply chains, ensuring stability and promoting practical cooperation among SCO regions [4] Group 2: Trade and Investment Enhancement - The third direction emphasizes upgrading trade and investment quality by exploring trade potential among SCO regions and optimizing trade structures through e-commerce and digital trade [5] - The fourth direction promotes interactive cooperation among key industrial parks in SCO countries, facilitating resource sharing and enhancing industrial upgrades [5] Group 3: Open Cooperation Platforms - The fifth direction focuses on building shared open cooperation platforms, enhancing the capabilities of various SCO economic cooperation centers and promoting resource linkage [5] - The sixth direction advocates for a new vision of local economic and trade cooperation, emphasizing mutual trust, equality, and innovation in cooperation mechanisms [6]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This is a weekly report on public infrastructure REITs, presenting the price - volume performance, valuation, market correlation statistics, and primary - market tracking of various REITs [1][5][6][7][8] 3. Summary by Directory 3.1 Secondary Market Price - Volume Performance - The report details the price - volume data of multiple REITs, including their fund codes, industry types, listing dates, issue prices, trading volumes, turnover rates, weekly and year - to - date returns, etc. For example, the turnover rate of Boshi Jingkou REIT this week is 0.14%, and its weekly return is 1.36%, with a year - to - date return of - 2.10% [5][11] 3.2 Secondary Market Valuation Situation - No specific content on secondary - market valuation is summarized from the given text 3.3 Market Correlation Statistics - The correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities are presented. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and that between REITs and the CSI Convertible Bond Index is 0.19 [21][23] 3.4 Primary Market Tracking - Information about REITs in the primary market is provided, including their project natures, types, stages (e.g., passed, feedback received, or accepted), acceptance dates, original equity holders, underlying projects, and project valuations. For example, the project valuation of Zhongyin Sino - Sinotrans Warehouse Logistics REIT is 11.56 billion yuan, and it has passed the review on December 30, 2024 [27]

Core Viewpoint - The industrial park sector is currently experiencing an oversupply situation, with weak short-term demand making it difficult to absorb new supply [1] Group 1: Supply and Demand Dynamics - The overall industry is in a phase of excessive supply, leading to challenges in demand recovery [1] - Parks are generally adopting a price-for-volume strategy to maintain occupancy rates, but this approach has limited effectiveness [1] - The demand for office space leasing is recovering in a post-cycle manner, indicating that short-term demand is unlikely to improve significantly [1] Group 2: Emerging Industries and REITs - Emerging industries have a solid foundation for clustering, and the demand for specialized factory-type parks is more robust [1] - Overall, the risks associated with park REITs remain considerable [1]

Group 1: Investment Overview - The initial inquiry period for Zhongjin Yizhuang REIT is June 5, 2025, with a preliminary price range of CNY 2.257 to CNY 2.758 per share, aiming to raise CNY 1.003 billion[7] - The REIT focuses on high-end automotive and new energy vehicle key component industrial parks, with over 5 years of operation and a tenant composition heavily weighted towards the automotive manufacturing sector[2] - The original equity holder, Yizhuang Shengyuan, has developed 57 industrial platforms with a total operational area of nearly 4 million square meters, housing over 5,000 enterprises[2] Group 2: Financial Performance - Revenue from 2022 to 2024 was CNY 0.8 billion, CNY 0.98 billion, and CNY 1.04 billion, with approximately 90% derived from rental income[3] - Net profit for the same period was CNY 0.11 billion, CNY 0.25 billion, and CNY 0.25 billion, with gross margins increasing from 54.9% to 65.9%[3] - The occupancy rate improved from 66.74% in 2022 to 85.42% in 2024, although it remains below the average of comparable REITs[3] Group 3: Valuation Metrics - The projected annual distribution rate for 2025 is 6.22%, significantly higher than the average of comparable REITs[45] - The project has a discount rate of 7.25%, with an asset valuation increase of 57.46% compared to its book value[47] - The P/NAV ratio is estimated between 2.45 and 3.00, which is significantly higher than the average of comparable REITs, while the P/FFO is lower at 18.70 to 22.85[48] Group 4: Risks and Considerations - Risks include high tenant industry concentration, potential valuation fluctuations, and a relatively short remaining land use period[2]

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].