Core Insights - Realty Income (NYSE: O) is a highly favored REIT among individual investors due to its reputation as a safe haven for steady income through dividends [1] Group 1: Company Overview - Realty Income has established itself as a reliable investment option, particularly in the realm of dividend investing, which is viewed as an accessible path to financial freedom [1] Group 2: Investment Strategy - The focus on dividend investing is emphasized as a key component of building long-term wealth, with the intention of demystifying the process for investors [1]

Investment Rating - The report maintains a positive investment rating for the REITs sector, indicating a favorable outlook for future performance [7]. Core Insights - The REITs market is entering a new phase of high-quality development driven by both central and local policies, focusing on expanding and enhancing the quality of REITs [3][11]. - In Q2 2025, the market showed resilience with a significant recovery in the index, highlighting strong dividend performance and structural opportunities despite external pressures [4][16]. - The report emphasizes the importance of cash distribution stability, with a high dividend coverage rate and notable contributions from key REITs [28]. Summary by Sections 1. Policy and Development - Central policies are actively promoting the expansion and quality enhancement of REITs, with various initiatives aimed at improving asset quality and market mechanisms [12][15]. - Local governments are responding positively, implementing innovative mechanisms to support REITs, including project reserve management and the introduction of Pre-REITs tools [13][14]. 2. Market Performance - The China Securities REITs index experienced a temporary decline but rebounded to stabilize around the 10,000-point mark by the end of Q2 2025, demonstrating its resilience [4][16]. - The overall return of the REITs index was -9.80% over the past year, outperforming major stock indices, indicating its positioning between equity and fixed income [19][22]. 3. Sector Analysis - Different REIT sectors displayed varied performance, with strong growth in affordable housing and commercial REITs, while industrial park REITs showed significant internal divergence [5][26]. - The report highlights that the energy sector is improving, with some projects experiencing substantial growth in revenue and distributable funds [25][32]. - The logistics and warehousing sector continues to show stability, with all products reporting positive returns over the analyzed periods [26][32]. 4. Dividend Distribution - A total of 71 REITs were analyzed, with 57 distributing dividends in Q2 2025, resulting in a coverage rate of 80.3% and a total payout of 5.315 billion yuan [28][29]. - Key contributors to dividends included Ping An Ningbo REIT, which distributed 620 million yuan, and other significant players in the transportation and energy sectors [28][29].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index pulled back. The average weekly price changes of property - based REITs and franchise - based REITs were - 0.45% and - 0.03% respectively. Among different types of REITs, warehousing logistics, ecological environmental protection, and energy - related REITs led the gains. The new infrastructure REITs had the highest trading activity. Two data center public offering REITs were officially listed, marking the expansion of the underlying assets of public offering REITs [1][3][4]. - As of August 8, 2025, the closing price of the China Securities REITs (closing) Index was 867.98 points, with a weekly change of - 0.33%. Year - to - date, the China Securities Convertible Bond Index had the highest increase at + 12.8%, followed by the China Securities REITs Index at + 9.9%. The total market value of REITs rose to 221.2 billion yuan on August 8, and the average daily turnover rate was 0.76%, a decrease of 0.01 percentage points from the previous week [2]. - The annualized cash distribution rate of public offering REITs was 5.8% as of August 8, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 19BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury bond yield was 213BP [1]. 3. Summaries According to Relevant Catalogs Secondary Market Trends - The weekly price change rankings of major indices were: China Securities Convertible Bond Index > CSI 300 Index > China Securities All - Bond Index > China Securities REITs Index. The China Securities REITs Index had a weekly change of - 0.33%, underperforming the other three indices. Year - to - date, the ranking of major indices' price changes was the same as above [2][7]. - In the past year, the return rate of the China Securities REITs Index was 6.7%, with a volatility of 7.0%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index. Its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2]. - The total market value of REITs increased to 221.2 billion yuan on August 8, up 8.1 billion yuan from the previous week. The average daily turnover rate was 0.76%, down 0.01 percentage points from the previous week [2]. Performance of Different Types of REITs - Property - based REITs and franchise - based REITs had average weekly price changes of - 0.45% and - 0.03% respectively. Among different project - type REITs, warehousing logistics (+ 0.9%), ecological environmental protection (+ 0.5%), and energy - related (+ 0.3%) had the highest average increases [3]. - The top three REITs in terms of weekly price increase were Huatai Baowan Logistics REIT (+ 4.31%), ICBC Mengneng Clean Energy REIT (+ 3.55%), and Huaxia Nanjing Transportation Expressway REIT (+ 3.38%) [3][4]. - Due to the listing of two new infrastructure REITs (Southern Vanda Data Center REIT and Southern Runze Technology Data Center REIT), new infrastructure REITs had the highest daily turnover rate this week, with an average daily turnover rate of 26.1%. Their trading volume accounted for 18.7% of the total REITs trading volume [4][21][22]. Primary Market Issuance - As of August 8, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquiry" stage, 5 in the "feedback" stage, 4 passed and waiting for listing, and 10 first - issued products that had passed and were listed [25]. Valuation Tracking - From the perspective of bond characteristics, as of August 1, the average annualized cash distribution rate of public offering REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO were used to evaluate REITs' valuations [27]. - As of August 8, 2025, the dividend yield of property REITs was 19BP higher than the average dividend yield of China Securities Dividend stocks, and the spread between the average internal rate of return of franchise - based REITs and the 10 - year Treasury bond yield was 213BP [1]. Industry News - On August 8, two data center public offering REITs were officially listed. Southern Runze Technology Data Center REIT was listed on the Shenzhen Stock Exchange, with an issuance of 1 billion shares and a fundraising of 4.5 billion yuan. Southern Vanda Data Center REIT was listed on the Shanghai Stock Exchange, with a total issuance of 800 million shares and a fundraising of 2.4 billion yuan. Their listing marked the expansion of the underlying assets of public offering REITs and provided an innovative example for the data center industry to expand financing channels through asset securitization [5][32].

Core Insights - The author has over 10 years of experience researching companies across various sectors, including commodities and technology, which provides valuable insights for readers [1]. Company Research - The author has conducted in-depth research on over 1000 companies, covering industries such as oil, natural gas, gold, copper, and technology companies like Google and Nokia [1]. - The focus has shifted to a value investing-oriented YouTube channel after three years of blogging, where hundreds of companies have been researched [1]. - The preferred sectors for coverage include metals and mining stocks, along with comfort in consumer discretionary/staples, REITs, and utilities [1].

Investment Rating - The report maintains a rating of "Increase" for the C-REITs sector [5] Core Insights - The C-REITs market is expected to benefit from a low interest rate environment in 2025, with a focus on policy themes and quality undervalued projects [3] - The report highlights the performance of the C-REITs index, which has seen a year-to-date increase of 13.37% as of August 8, 2025 [2][10] - The report identifies three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs with strong asset reserves [3] REITs Index Performance - The CSI REITs total return index decreased by 0.33% this week, closing at 1097.3 points [1][10] - Year-to-date, the CSI REITs index has increased by 9.93% [2][10] - The report notes that the Hang Seng real estate and construction index had the highest weekly increase of 2.60% [1][10] REITs Secondary Market Performance - The secondary market for C-REITs showed a volatile correction, with a total market capitalization of approximately 220.87 billion yuan and an average market value of about 3 billion yuan per REIT [12] - Among the listed REITs, 21 increased in value while 49 decreased, with an average weekly decline of 0.31% [12] - The report highlights strong performance in the warehousing and logistics sector, while the consumer infrastructure and affordable housing sectors experienced declines [12] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11.3%), Huaxia China Communications Construction REIT (11.2%), and CICC Anhui Transportation Control REIT (8.6%) [3] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with Huaxia China Communications Construction REIT having a notably low P/NAV of 0.7 [3] Trading Volume Performance - The average daily trading volume for listed REITs was 3.864 million shares, with an average turnover rate of 0.9% [12][16] - The report indicates that the energy infrastructure sector had the highest trading activity this week [12]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - REITs approval process has accelerated significantly, with the average approval cycle shortening to 4.6 months. Two data - center REITs listed on Friday and both closed at a +30% limit - up. - The market this week was relatively dull. Affected by the diversion of funds in the equity market, trading weakened. Multiple REITs' restricted shares will face unlocking in the future, which may bring certain selling pressure. - As of August 8, 2025, 14 REITs have been successfully issued this year, with a issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8%. [1] 3. Summary According to the Directory 3.1 Primary Market - Three new single - issue public REITs made progress this week: Southern Wanguo and Runze Technology Data Center REITs were listed and both hit the daily limit on the first day, and CICC Vipshop Outlets REIT was registered and took effect. One single - expansion REIT, AVIC Jingneng Photovoltaic REIT, was registered and took effect. - Currently, in the approval process, there are 9 single - issue REITs declared, 5 queried and responded, and 1 registered and awaiting listing; for expansion REITs, 9 have been declared, 3 queried and responded, and 3 passed the review. [1][12][13] 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index (932047.CSI) closed at 1097.31 points, a decline of 0.33%, underperforming the CSI 300 by 1.56 percentage points and the CSI Dividend by 2.72 percentage points. The CSI REITs Total Return Index has risen 13.37% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 9.05/12.76 percentage points. - In terms of project attributes, property - type REITs rose 0.76%, while concession - type REITs fell 0.32%. In terms of asset types, environmental protection and water services (+0.22%), warehousing and logistics (+0.14%), and energy (+0.01%) sectors performed well. [1] 3.2.2 Liquidity - The average daily turnover rates of property - type/concession - type REITs this week were 0.83%/0.54%, down 1.76/0.85 basis points from last week. The trading volumes during the week were 657 million/149 million shares, a week - on - week increase of 0.28%/a decrease of 1.56%. Except for the newly listed data - center sector on Friday, the energy sector had the highest activity. [1] 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/concession - type REITs were 3.65%/4.40% respectively. The transportation (5.64%), warehousing and logistics (5.13%), and park (4.13%) sectors ranked in the top three. [1] 3.3 This Week's News and Important Announcements - China Three Gorges New Energy (Group) Co., Ltd. plans to issue infrastructure public REITs through its wholly - owned subsidiary's offshore wind power project, with a total installed capacity of 298.8MW, which was fully connected to the grid for power generation in November 2020. - Multiple REITs issued announcements, including the unlocking of strategic placement shares of Hua'an Bailian Consumption REIT, and multiple REITs announced dividends. [30]

Group 1 - The article highlights the expertise of Austin Rogers as a REIT specialist with a focus on high-quality dividend growth stocks aimed at generating safe and growing passive income streams [1] - The investment community High Yield Landlord, which Austin contributes to, is noted for its extensive research on the global REIT sector and offers various resources including real money portfolios and direct analyst access [1] Group 2 - The article does not provide specific financial data or performance metrics related to the companies or sectors discussed [2][3]

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].

截至8月8日，上交所共有49单REITs首发上市，2024年以来推出了消费设施、水力发电、跨海大桥、供 热、数据中心等领域市场首批或首单REITs，形成了较好规模效应和示范效应。同时，上市REITs业绩 趋势向好、回报稳定。2024年沪市REITs共进行分红超60次，实际分红金额近60亿元，同比增加32%。 深交所共有24单REITs首发上市，总募集规模639亿元，总市值751亿元。自REITs试点启动以来，深市 REITs资产类型持续取得突破性进展，现已覆盖生态环保、产业园区、收费公路、仓储物流等9类基础 设施类型。深市REITs资产类型不断丰富，规模与范围稳步扩大。 南方万国数据中心REIT的底层资产为原始权益人旗下国金数据云计算数据中心项目，位于江苏昆山， 近三年签约率均为100%，计费率超过92%，2025年预测年化现金流分派率为5.07%。项目积极布局绿电 交易，实现可再生能源使用比例100%，电源使用效率（PUE）处于区域较优水平。项目募集规模24亿 元，净回收资金将主要用于原始权益人及其关联方持有的数据中心建设，提高算力供给，赋能科技创新 和行业数字化转型。 南方润泽科技数据中心REIT以润泽（ ...

数据显示，南方万国数据中心REIT和南方润泽科技数据中心REIT基金份额分别为8亿份和10亿份，发售 价格为3.0元/份和4.5元/份，分别募集资金总额24亿元和45亿元。上市首日两只产品运行总体平稳，均 较发行价上涨30%。 资料显示，此前，两单产品公布发售结果，在比例配售之前，南方润泽科技REIT"吸金"约2896.28亿 元，南方万国数据中心REIT"吸金"约1835.42亿元。 南方润泽科技REIT公布的认购申请确认比例结果显示，76家战略投资者皆已根据战略配售协议，按照 网下询价确定的认购价格，认购其承诺的基金份额并全额缴纳认购款，对应的有效认购基金份额为7亿 份，占基金发售份额总数的比例为70%。此外，129家网下投资者对应的有效认购基金份额数量为 350.457亿份，公众投资者的有效认购基金份额数量为286.16亿份。 8月8日，南方万国数据中心REIT和南方润泽科技（300442）数据中心REIT分别在沪深交易所上市，这 是国内首批数据中心REITs正式登陆资本市场，标志着我国REITs资产范围成功拓展至支撑数字经济发 展的新型基础设施领域。 首日平稳运行 南方润泽科技数据中心REIT以润泽( ...