Core Viewpoint - The China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission (CSRC) for the establishment of the CICC Yizhuang Industrial Park closed-end infrastructure securities investment fund, marking the first REIT project in China focused on the automotive manufacturing industry chain [1]. Group 1: Fund Details - The CICC Yizhuang Industrial Park REIT will invest in infrastructure assets located in the Beijing Economic-Technological Development Area, specifically targeting high-end automotive and new energy vehicle key component industrial parks [5]. - The REIT aims to become a global hub for high-end automotive key components and a forefront of technological innovation in the capital, focusing on "high-end equipment + intelligent manufacturing + innovative research and development" [5]. Group 2: Strategic Importance - The current enterprises within the infrastructure assets primarily provide upstream and downstream products and services to well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the core functions of the capital and creating a high-end manufacturing industry cluster [9]. - This project is the first infrastructure REIT in the Beijing Economic-Technological Development Area, initiated by Beijing Yizhuang Investment Holding Co., Ltd., with the original rights holder being its wholly-owned subsidiary, Beijing Yizhuang Shengyuan Investment Development Group Co., Ltd. [9]. Group 3: Asset and Development Overview - Yizhuang Holding has established 57 industrial platforms, including industrial parks and customized factories, covering a total construction area of nearly 4 million square meters and hosting over 5,000 enterprises, including 391 high-tech companies [9]. - As of the end of 2024, the initiator and original rights holder have a total book value of quality assets exceeding 13 billion yuan, indicating a rich reserve of expandable assets [9].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No information provided Report's Core View - No information provided Summary by Relevant Catalogs Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and closing price trends. For example, the year-to-date return of Boshi Shekou Industrial Park REIT is 7.45%, and its weekly turnover rate is 2.50% [11] Secondary Market Valuation Situation - No information provided Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated. For REITs, the correlation coefficients with the Shanghai Composite Index, CSI 300, ChiNext Index, and other assets are 0.21, 0.20, 0.13, etc. respectively. Different types of REITs (such as property rights, franchise rights, etc.) also show different correlation characteristics with these asset classes [20] Primary Market Tracking - Information on REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations. For instance, Huatai Zijin Suzhou Hengtai Rental Housing REIT has a project valuation of 1.342 billion yuan and is in the "passed" stage [23]

Core Insights - Beijing has successfully issued and listed 11 infrastructure public REITs projects, raising approximately 23.5 billion yuan, accounting for 17.2% of the national project count and 13.8% of the total fundraising scale, maintaining a leading position in the country [1] - Infrastructure public REITs serve as an innovative financial tool that transforms stable income-generating real estate projects into standardized, tradable financial products, providing investors with high cash dividends and strong liquidity [1] - The initiative plays a crucial role in supporting high-quality economic development by enhancing direct financing, stabilizing macro leverage ratios, and preventing financial risks [1] Project Development and Support - The Beijing Development and Reform Commission has issued a notice to encourage market participants to actively submit applications for infrastructure public REITs projects, reflecting a positive response [2] - A dedicated working mechanism has been established, involving multiple departments to efficiently support the issuance and operation of infrastructure public REITs projects [2] - Beijing has successfully launched projects in various sectors, including warehousing logistics, ecological protection, clean energy, and affordable housing, marking the first listings in these areas nationwide [2] Future Directions - The city plans to leverage its ecological advantages and enhance service support to promote more infrastructure public REITs projects [3] - The project solicitation channel for infrastructure public REITs will be normalized, focusing on new infrastructure areas such as artificial intelligence, data centers, and smart cities [3]