1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - In 25Q4, most asset performances showed marginal improvement. The revenue and EBITDA of public utilities, consumption, industrial parks, and warehousing logistics all increased, while the EBITDA decline of energy and transportation significantly narrowed year-on-year. However, the rental income and EBITDA of affordable rental housing decreased slightly, and IDC benefited from long - term contracts with major clients, maintaining stable performance [3]. - The performance of different sectors in the future will be affected by various factors. Public utilities are expected to have stable cash - flows, but performance differentiation depends on the active management ability of operators. The consumption sector is expected to have a compensatory increase in 26Q1, and its performance is expected to be stable in the long - term. Affordable rental housing will face new supply shocks in 2026, and different operators need to find a balance between volume and price. The energy sector's revenue stability depends on power trading strategies. The traffic sector's performance is related to road network planning and cost control. The warehousing sector's rent is expected to decline in the short - term, and the industrial park sector will enter a deep adjustment period [3][35][56][80][102][126][147][175]. 3. Summary by Directory 3.1 Overview - In 25Q4, the performance of most assets showed a marginal improvement trend. The revenue and EBITDA of consumption, industrial parks, and warehousing logistics increased quarter - on - quarter, and the revenue of public utilities increased year - on - year. The EBITDA decline of energy and transportation significantly narrowed, and the single - quarter distribution rate of the three major types of operating - rights assets increased significantly in 25H2 [3][6][8]. - The available distribution amount completion rate of REITs established in 2024 and 2025 was 79% and 64% respectively [11][13]. 3.2 Public Utilities - As of January 23, 2026, the expansion project of Shougang Water Service REIT was terminated. The scale and price of the four listed public - utility REITs are regulated by the government [20]. - In 25Q4, the waste treatment volume and power generation of Shougang Biomass REIT increased year - on - year. The sewage treatment volume of Shougang Water Service REIT decreased quarter - on - quarter, and the water supply volume of Shaoxing Raw Water REIT decreased quarter - on - quarter. The actual heat - stop rate of Jinan Energy Heating REIT was lower than expected, and the heating area increased [23]. - The revenue of Shougang Biomass REIT increased by more than 24% year - on - year, and Jinan Energy Heating REIT achieved significant cost - reduction. The revenue, profit, and available distribution amount of Shougang Water Service REIT decreased quarter - on - quarter, and the revenue, EBITDA, and available distribution amount of Shaoxing Raw Water REIT decreased quarter - on - quarter [27]. - In 2026, the cash - flows of public - utility REITs are expected to be stable, but the performance differentiation depends on the active management ability of operators. Attention should be paid to seasonal fluctuations, external interventions, and local new competition [35]. 3.3 Consumption - There are 12 listed consumption REITs, involving four types of sub - assets: shopping centers, outlet malls, supermarkets + community commerce, and agricultural product markets. The project management is generally carried out by high - quality commercial real - estate operating enterprises [39]. - In 25Q4, the eight consumption REITs achieved good operating performance. The rental rate and rent generally increased slightly year - on - year/quarter - on - quarter or remained basically the same, and the collection rate was close to full collection. Half of the projects' rent reached a new high in the past five periods [45]. - The fund revenue generally increased, and the performance of Bailian Consumption REIT significantly improved. The available distribution amount of most consumption REITs increased year - on - year/quarter - on - quarter or remained basically the same, but the available distribution amount of China Green Development Commercial REIT and Huagong Agricultural Market REIT decreased significantly quarter - on - quarter [49][56]. - In 26Q1, the operating performance of consumption REITs is expected to have a compensatory increase. In the long - term, with the implementation of the "national subsidy" policy and the focus on expanding domestic demand, the performance of consumption REITs is expected to be stable [56]. 3.4 Affordable Rental Housing - As of 25Q4, 8 affordable rental housing REITs were listed, and China Resources Youchao REIT completed its expansion and issuance [58]. - Government - led projects had stable volume and price, while market - oriented projects exchanged price for volume. The overall rental rate remained stable, but the rental rate of some projects decreased significantly, and the bottom - floor business recruitment progress of some projects was slow [61][64]. - The overall revenue increased, but the profit margin generally decreased quarter - on - quarter. The available distribution amount of most projects changed little or increased year - on - year, but the available distribution amount of some projects decreased significantly [65][69][74]. - In 2026, affordable rental housing REITs will face new supply shocks. First - tier cities' rents are expected to be more resilient, while second - and third - tier cities' rents may face greater pressure. Different operators need to find a sustainable balance between volume and price [80]. 3.5 Energy - As of January 23, 2026, 9 energy infrastructure REITs had been recruited. In 25Q4, China National Nuclear Power Clean Energy REIT was newly issued, and Beijing Energy Photovoltaic REIT completed its expansion [82]. - More than half of the energy REITs' power generation decreased year - on - year, and the power price generally declined year - on - year. The revenue slightly decreased, and the EBITDA stabilized, but the profit indicators were differentiated [84][88][94]. - About 67% of the REITs' available distribution amount increased year - on - year, driving the overall and unit available distribution amount to increase by 3.0% year - on - year [97]. - In 2026, the mechanism power generation will set a floor for revenue. The stability and elasticity of project revenue depend on power trading strategies and capabilities [100][102]. 3.6 Transportation - As of January 23, 2026, 13 transportation infrastructure REITs were listed, and 3 projects were queuing up [104]. - In 25Q4, most projects' daily average traffic volume decreased quarter - on - quarter/year - on - year, and the toll revenue decreased quarter - on - quarter but increased year - on - year. More than half of the projects' EBITDA profit margin was at the lowest level in the year [108][111][115]. - 40% of the REITs' available distribution amount increased year - on - year. The available distribution amount of some projects increased significantly, while that of some projects decreased due to high maintenance costs [122]. - In 2026, the traffic performance of projects affected by diversion in 2025 is expected to improve year - on - year, and the performance of projects still facing diversion pressure depends on refined cost control [126]. 3.7 Warehousing Logistics - As of January 23, 2026, 11 warehousing logistics REITs had been issued, mainly located in first - tier cities and their surrounding areas and logistics hub cities [128]. - In 25Q4, the national warehousing logistics rental market still faced rent adjustment pressure, with "regional differentiation and overall pressure". The rent of market - oriented rental projects decreased, and the overall rental rate increased slightly. The rent of whole - lease projects was relatively stable, with small fluctuations [131][135][136]. - The revenue and profit margin generally weakened, but the available distribution amount increased quarter - on - quarter on average due to the year - end centralized dividends of newly - listed REITs [138][142]. - In the short - term, the national warehousing rent is expected to continue to decline. The performance of projects will vary according to regional levels and rental operation models, and some projects with improved supply - demand conditions may recover first [147]. 3.8 Industrial Parks - As of 25Q4, 20 industrial park REITs were listed, involving 50 projects, mainly in the east of the Hu Line, with a continuous increase in R & D/office and manufacturing projects [149]. - The rental rate and collection rate of business parks increased, but the rent was still at the bottom. The rental rate and collection rate of manufacturing parks were high, but the rent still faced downward pressure [155][159]. - The marginal improvement of fund revenue began to appear, but the EBITDA was still under pressure. The change trend of the available distribution amount of individual bonds was differentiated, and some industrial park REITs' secondary - market net value dropped to a low level, with the distribution rate reaching a new high in the past five periods [163][167][171]. - In 2026, the supply of industrial parks is expected to be at a high level, and the rental downward pressure will continue. Attention should be paid to high - quality projects with a good supply - demand pattern, marginal improvement in operating fundamentals, and a stable rent trend [175]. 3.9 IDC - Two listed IDC - REITs operate under long - term agreements with major clients. In 25Q4, their operation was stable, and the financial indicators increased significantly quarter - on - quarter [177][181]. - In 2026, the basic business of the two IDC projects is expected to be stable due to long - term agreements. Attention should be paid to cost - side changes, such as the construction progress of surrounding substations and the control of energy - efficiency indicators [185].

全县电力线路和通信均正常； 30家企业车间、厂房等设施不同程度受损； 部分景区游客服务中心、观景栈道、旅游厕所等基础设施不同程度受损； 经济观察网 据央视新闻客户端消息，昨天14时56分，甘肃省甘南州迭部县（北纬34.06度，东经103.25 度）发生5.5级地震，震源深度10千米。记者从甘南州迭部县"1.26"地震抗震救灾指挥部了解到： 4家水电站办公楼、厂房、渠道受损； 经持续核查灾情，截至27日4时30分，迭部县市政管网、道路等基础设施受损25处； 供水公司办公楼受损，供水设施正常运转、蓄水池无破损； 供暖公司办公楼受损，锅炉烟道破裂，换热站2处水箱开裂，厂区水箱渗漏，经全力抢修，全县的一级 管网已开始注水加压； 液化气站、天然气站房屋受损，已暂停使用供气设备，储罐及管道无破损渗漏现象； 县内6家加油站均正常运营，油量储备充足； 当地已排查国省干线及农村公路228条967公里，清理塌方落石31处6530立方米。目前，道路通畅，11座 隧道无明显裂缝，184座桥梁无垮塌中断。 同时，当地为安置帐篷全部安装一氧化碳报警装置，张贴安全防护宣传单，确保安置点群众生活安全、 有序。其他情况正在进一步核实当中。 9 ...

水利发展资金也为农村供水提供了有力支撑。浙江统筹各类专项资金3.08亿元，重点支持山区海岛县供 水工程管护，形成了"水费收取为基础、财政补助为保障、企业自筹为补充"的资金投入机制；在山东， 农村供水投资从"十三五"时期的200亿元增至"十四五"时期的548.5亿元，充分彰显出供水为民的决心； 福建则以市县为单元打捆城乡供水项目，创新"30%项目资本金+70%债贷融合资金"的投资项目资本金 制度，扩宽融资渠道，形成"政府引导+社会资本"参与的融资新机制。 "我们还会同财政部通过水利发展资金，连续2年支持地方实施小型引调水工程建设，指导各地两手发力 多渠道筹措筹集农村供水建设和管护的资金。"倪文进说，到2025年底，全国小型供水工程的数量比 2024年减少99万处，构建起以规模化供水为主、小型供水为辅的工程格局。 让群众喝上好水，建设是基础，管理才是关键。为进一步提高农村供水管护的专业化、规范化水平，水 利部门总结形成了城乡一体化管理、专业化机构统一管理、委托第三方机构管理3种县域统管模式，通 过特许经营、授权经营、购买服务等方式明确了统管主体，确保服务全覆盖。 比如，浙江构建起省市县三级贯通的"浙水好喝"数字应 ...

Core Viewpoint - The company has proactively addressed citizen complaints regarding the bouncing manhole covers on Fengfeng Taihang Road, enhancing public safety and reducing noise disturbances through effective maintenance and upgrades [1] Group 1: Issue Identification - Citizens reported issues with water supply well covers bouncing and causing noise disturbances, affecting local residents' rest and posing safety risks [1] - The company received complaints via the citizen hotline and responded promptly by dispatching a professional repair team to investigate the situation [1] Group 2: Remedial Actions - The repair team conducted a thorough on-site inspection of the reported water supply well covers to analyze the causes of the bouncing [1] - For two severely affected wells, the company replaced the covers with "six-proof" designs that include built-in anti-bounce devices and sealing strips, effectively addressing the bouncing issue and reducing noise [1] - For six wells with minor bouncing issues, the team installed specialized rubber pads and made precise adjustments to mitigate the impact from vehicles, eliminating the bouncing hazard [1] Group 3: Commitment to Community - The company is focused on addressing urgent community concerns and has undertaken significant efforts to resolve these issues [1] - Since the onset of winter, the company has completed a special inspection and maintenance program for four long-distance water supply pipelines, replacing a total of 16 well covers to ensure winter water supply safety [1]

公司已安排8个工作组连夜通过消防栓冲洗管道，且仍在持续作业；因天气寒冷，为防止地面积冰冻滑 影响行人车辆安全，排水点设置有限。请受影响用户适当排放至水质清澈后使用，由此带来的不便，敬 请谅解。 1月24日，安徽凤阳县益民供水有限责任公司发布情况说明： 因益民一水厂主管道维修（管道处于迎水寺桥下埋深四米，低处控水时间较长），凤阳县益民供水有限 责任公司紧急联通二水厂调水。由于管道逆向供水，导致送水初期部分小区水质浑浊。 来源：中 国凤阳 ...

Core Points - The company is experiencing water supply limitations due to urgent repairs on the main pipeline of Yimin Water Plant, which is buried four meters deep under the Ying Shui Si Bridge [1] - To address the issue, the company has connected to the secondary water plant for emergency water supply, resulting in initial water quality issues in some neighborhoods due to reverse water flow [1] - The company has deployed eight work teams to flush the pipeline through fire hydrants and is continuing these operations [1] - Due to cold weather, the company has limited drainage points to prevent ice formation that could affect pedestrian and vehicle safety [1] - Affected users are advised to let the water run until it is clear before use, and the company appreciates the understanding and support of its customers [1] - A 24-hour service hotline is available for inquiries [1]

Group 1 - The water supply will be suspended along Xingsha Avenue (from Beidou Road to Nanshan Road) and Beidou Road (from Xingsha Avenue to Dongyi Road) due to construction work on the DN800 water supply project from January 26, 2026, 08:30 to January 27, 2026, 06:30 [1] - Affected users include Xiangbin Town, Chutian Zhongyuan, Changsha Economic Development Printing Technology Co., Changsha Normal University Affiliated Kindergarten, Xingsha National Fitness Center, and Qingxi Manor [1] - Users are advised to prepare adequate water storage, check water facilities, and turn off faucets to avoid unnecessary losses during the suspension [1] Group 2 - During the suspension, there may be temporary water quality turbidity and reduced water pressure in the affected areas, which may cause inconvenience [1] - Users are encouraged to pay attention to fire management during the water suspension period [1] - For any water supply issues, users can contact the 24-hour customer service hotline of Xingsha Water Company at 0731-84070110 [2]

Group 1 - The total assets of state-owned enterprises in Jinan are expected to exceed 1.4 trillion yuan, with operating income surpassing 200 billion yuan by the end of the 14th Five-Year Plan, indicating continuous growth in scale [1] - Four enterprises have assets exceeding 100 billion yuan, six enterprises have annual operating income over 10 billion yuan, and five enterprises have been recognized as national "Science and Technology Reform Enterprises" and "Double Hundred Enterprises," reflecting accelerated development of first-class enterprises and significant enhancement of core competitiveness [1] - During the 14th Five-Year Plan, state-owned enterprises have taken on social responsibilities, achieving notable results in urban functional area development, major infrastructure construction, and urban service guarantees, laying a solid foundation for the construction of a modern strong provincial capital [1] Group 2 - The total investment of approximately 138.5 billion yuan in seven subway lines, including Line 3 and Line 4, has been completed, increasing the operational mileage to over 240 kilometers, improving the city's ranking from 27th to the top 20 nationally [1] - The total investment of about 206 billion yuan for the "Four Bridges" across the Yellow River has been completed, and two of the "Four Tunnels" have been opened, providing strong transportation support for Jinan as an important center in the Yellow River Basin [1] - The actual investment in land consolidation, demolition, and infrastructure construction in the initial area has reached nearly 40 billion yuan, supporting the establishment of a national-level new area [1] Group 3 - The total designed water supply capacity in the city has reached 2.546 million cubic meters per day, with water supply security and standards ranking among the top in the country [2] - The heating and cooling capacity has steadily improved, with heating coverage reaching 400 million square meters and heating pipelines exceeding 11,000 kilometers, creating a new model for combined heating and cooling supply [2] - State-owned enterprises have established a rigid growth mechanism for R&D investment, with R&D expenditure reaching 3.401 billion yuan, an increase of 9.67%, and key manufacturing enterprises achieving an R&D intensity exceeding 5% [2] Group 4 - During the 14th Five-Year Plan, 43 municipal-level state-owned enterprises have been consolidated into 13 municipal enterprise groups, optimizing resource integration [3] - The establishment of the Industrial Control Group has accelerated the optimization and integration of municipal industrial enterprise resources [3] - More than 60 reorganizations of subsidiaries and business segments with similar industries and business operations have been implemented, effectively improving resource allocation efficiency [3]

上铁集团在安徽淮北车务段迅速集结管内 26 支扫雪除冰突击队，面对极寒雨雪天气，240 余名干部职 工携带640 余米防滑垫、1000余公斤工业盐、480 余公斤防冻液奔赴一线，及时清扫站台、道岔等关键 部位积雪积冰，在人行过道铺上防滑垫，并通过广播宣传、摆放安全提示牌等方式，提醒旅客注意安 全，防止滑倒摔伤。阜阳北站出动扫雪人员442人次，清扫站前通道、天桥以及站台上的积雪、积冰， 在进站口、地道等处铺设防滑垫76卷，并安排工作人员在进出站口、地道、天桥等处做好引导。合肥 南、庐江西、淮南南、寿县等车站增派工作人员做好车票退改签工作，增加候车室空调机组的巡检维护 频次，加强热水供应，为旅客提供舒适候车环境。 （来源：市场星报） 1月18日起，安徽大部分地区出现降雪并伴有寒潮降温。面对入冬最强雨雪冰冻天气，我省各地各部门 迅速行动，第一时间启动应急预案，全力做好扫雪除冰、交通疏导、民生保障等各项工作，最大限度降 低降雪对生产生活的影响，确保城市运行平稳有序。 交通出行保障有力 各地市政、交通部门连夜开展除雪作业。合肥市城乡建设部门自19日起，对高架桥、立交桥等重要交通 节点实施多轮融雪剂撒布，并出动综合除雪车 ...

Group 1 - The Jinan Steel Water Plant will have a construction area of approximately 5.0362 hectares and will increase the daily water supply capacity by 150,000 cubic meters, serving around one million residents in the Wangsheren area and surrounding eastern districts [1] - The Cai Shi West Water Plant will cover an area of about 0.5036 hectares with a design capacity of 20,000 cubic meters per day, including the construction of various facilities such as a clear water pool and pumping station [1] - Both water plants are scheduled to start construction in the first quarter of 2026 and are expected to be completed by the fourth quarter of 2027, with ongoing progress on the Cai Shi West Water Plant project [1] Group 2 - Jinan has been focusing on enhancing urban water supply capacity through various measures, including the renovation of residential water supply facilities and optimization of the central urban water supply structure [2] - The completion of the Jinan Steel Water Plant and Cai Shi West Water Plant will alleviate water supply pressure in the eastern districts and stabilize water pressure in high-altitude areas, while also improving the urban water supply network [2] - The projects will contribute to reducing groundwater extraction in the city, supporting Jinan's efforts in water conservation [2]