Report Industry Investment Rating No information about the industry investment rating is provided in the content. Report's Core View From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The weighted REITs index had a return rate of - 1.73%. Compared with other mainstream asset classes, REITs performed weakly. In terms of different project attributes and underlying asset types, there were differences in price trends, trading volumes, and capital flows. A new REIT, Chuangjin Hexin Shounong REIT, was listed on July 25, 2025, and a new project, "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund", was reported for the first time [1][4]. Summary According to Relevant Catalogs 1. Secondary Market 1.1 Price Trends - **At the level of major asset classes**: From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The returns of the CSI REITs (closing) and CSI REITs total return indices were - 1.79% and - 1.56% respectively, and the weighted REITs index return was - 1.73%. Among major asset classes, the return of REITs ranked the lowest, with the order from high to low being convertible bonds > A - shares > US stocks > gold > pure bonds > crude oil > REITs [10]. - **At the level of underlying assets**: Both equity - type and franchise - type REITs' secondary - market prices declined, with equity - type REITs having a smaller decline. In terms of underlying asset types, park - type REITs had the smallest decline. The top three underlying asset types in terms of returns were park - type, warehousing and logistics, and transportation infrastructure, with returns of - 0.63%, - 1.09%, and - 1.44% respectively [15][18]. - **At the single - REIT level**: Excluding the newly - listed Chuangjin Hexin Shounong REIT, 9 REITs rose and 59 declined. The top three in terms of increase were Boshi Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT, with increases of 8.49%, 3.79%, and 2.2% respectively. The top three in terms of decline were CITIC Construction Investment Mingyang Smart New Energy REIT, ICBC Mengneng Clean Energy REIT, and AVIC Yishang Warehousing and Logistics REIT, with declines of 8.49%, 6.89%, and 6.07% respectively [1][22]. 1.2 Trading Volume and Turnover Rate - **At the level of underlying assets**: The trading volume of publicly - listed REITs this week was 3.35 billion yuan, and the average daily turnover rate of park infrastructure - type REITs was the highest. The top three in terms of trading volume were park infrastructure, transportation infrastructure, and consumer infrastructure, with trading volumes of 1.042 billion, 0.59 billion, and 0.457 billion yuan respectively. The top three in terms of average daily turnover rate were park infrastructure, ecological and environmental protection, and municipal facilities, with rates of 1.70%, 1.21%, and 1.15% respectively [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 Chuangjin Hexin Shounong REIT, Huaan Zhangjiang Industrial Park REIT, and Southern SF Logistics REIT. The top three in terms of trading amount were Chuangjin Hexin Shounong REIT, Huaxia China Resources Commercial REIT, and Huaan Zhangjiang Industrial Park REIT. The top three in terms of turnover rate were Chuangjin Hexin Shounong REIT, Huaxia Jinyu Zhizao Factory REIT, and CICC Yizhuang Industrial Park REIT [27]. 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 95.17 million yuan, and the market trading enthusiasm increased. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and water conservancy facilities, with net inflows of 97.18 million, 10.64 million, and 3.21 million yuan respectively. The top three single REITs in terms of net inflow were Chuangjin Hexin Shounong REIT, Huaxia Shen International REIT, and Hongtu Innovation Yantian Port REIT, with net inflows of 88.48 million, 4.95 million, and 4.9 million yuan respectively [31]. - **Block trading situation**: The total block trading amount this week was 127.05 million yuan, a decrease compared with last week. The highest single - day block trading amount was on July 22, 2025, which was 50.12 million yuan. The top three single REITs in terms of block trading amount were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Investment Mingyang Smart New Energy REIT, with trading amounts of 50.12 million, 39.96 million, and 19.37 million yuan respectively [32]. 2. Primary Market 2.1 Listed Projects As of July 25, 2025, there were 69 publicly - listed REITs in China, with a total issuance scale of 180.746 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by park infrastructure - type. Chuangjin Hexin Shounong REIT was listed on July 25, 2025, with an asset type of park infrastructure and an issuance scale of 3.685 billion yuan [36]. 2.2 Projects to be Listed There were 26 REITs in the state of being to be listed, including 15 initial - offering REITs and 11 REITs to be expanded. The status of the initial - offering project of "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund" was updated to "reported" this week [39].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The second-quarter reports of REITs were released this week, with overall revenue down 2.6% year-on-year and 5.8% quarter-on-quarter, and distributable income up 4.1% year-on-year and down 8.7% quarter-on-quarter. The performance of affordable housing and consumer sectors was the most robust, while the energy sector was greatly affected by seasonal factors. The distributable income of AVIC Jingneng Photovoltaic improved significantly. The distributable income of warehousing and logistics was differentiated year-on-year and increased quarter-on-quarter. The transportation (highway) sector was affected by the diversion effect of surrounding road networks and increased rainfall, with only Huatai Jiangsu Expressway REIT achieving a year-on-year increase in distributable income. The performance of industrial parks declined significantly [3]. - As of July 25, 2025, 14 REITs have been successfully issued this year, with a total issuance scale of 27.87 billion yuan, a year-on-year increase of 2.1%. Two new REITs made progress this week: the newly declared Zhonghang Tianhong Consumer REIT with the underlying asset of Xiangcheng Tianhong Shopping Center in Suzhou, and the listing of Chuangjin Hexin Shounong REIT with a first-day increase of 28.47%. There was no new progress in the expansion of existing REITs this week [3]. - The CSI REITs Total Return Index closed at 1087.36 points this week, down 1.56%, underperforming the CSI 300 by 3.25 percentage points and the CSI Dividend by 3.86 percentage points. The CSI REITs Total Return Index has increased by 12.34% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 7.46/11.41 percentage points. In terms of project attributes, equity REITs fell 1.91% and concession REITs fell 2.67%. In terms of asset types, the industrial park (-1.07%), ecological environment protection (-1.33%), consumer (-1.59%), and warehousing and logistics (-2.06%) sectors performed relatively well [3]. - The average daily turnover rate of CSI REITs this week was 0.54%, a decrease of 2.13 basis points from last week. The average daily turnover rates of equity/concession REITs were 0.79%/0.54%, an increase of 21.16/5.99 basis points from last week. The trading volumes within the week were 592 million/148 million shares, a week-on-week increase of 37.23%/14.10%. The ecological environment protection sector was the most active [3]. - From the perspective of ChinaBond valuation yields, the yields of equity/concession REITs were 3.89%/4.62%. The transportation (5.79%), warehousing and logistics (5.31%), and industrial park (4.32%) sectors ranked among the top three [3]. Summary by Relevant Catalogs 1. Primary Market: Listing of Chuangjin Hexin Shounong REIT - As of July 25, 2025, a total of 73 REITs have been issued, with a total issuance scale of 191.1 billion yuan, a total market value of 204.6 billion yuan, and a circulating market value of 96.8 billion yuan. In terms of project attributes, 49 were equity REITs and 24 were concession REITs. In terms of asset types, there were 8 affordable housing, 10 warehousing and logistics, 19 industrial parks, 9 consumer, 2 data centers, 13 transportation, 9 energy, and 3 ecological environment protection and water service REITs [10]. - This week, two new REITs made progress: the newly declared Zhonghang Tianhong Consumer REIT with the underlying asset of Xiangcheng Tianhong Shopping Center in Suzhou, and the listing of Chuangjin Hexin Shounong REIT on July 25, 2025, with a first-day increase of 28.47%. Currently, there are 16 REITs under application for initial public offering, 6 of which have been questioned and responded, and 4 of which have been registered and are awaiting listing. There are 10 REITs under application for expansion, 4 of which have been questioned and responded, and 3 of which have passed the review [3][11]. 2. Secondary Market: General Decline in All Sectors This Week, with Improved Liquidity 2.1 Market Review: The CSI REITs Total Return Index Fell 1.56% - The CSI REITs Total Return Index closed at 1087.36 points this week, down 1.56%, underperforming the CSI 300 by 3.25 percentage points and the CSI Dividend by 3.86 percentage points. In terms of project attributes, equity REITs fell 1.91% and concession REITs fell 2.67%. In terms of asset types, the industrial park, ecological environment protection, consumer, and warehousing and logistics sectors performed relatively well [3]. 2.2 Liquidity: Increased Trading Volume - The average daily turnover rate of CSI REITs this week was 0.54%, a decrease of 2.13 basis points from last week. The average daily turnover rates of equity/concession REITs were 0.79%/0.54%, an increase of 21.16/5.99 basis points from last week. The trading volumes within the week were 592 million/148 million shares, a week-on-week increase of 37.23%/14.10%. The ecological environment protection sector was the most active [3]. 2.3 Valuation: High Valuation in the Energy Sector - From the perspective of ChinaBond valuation yields, the yields of equity/concession REITs were 3.89%/4.62%. The transportation, warehousing and logistics, and industrial park sectors ranked among the top three [3]. 3. Important Announcements - Multiple REITs released their second-quarter reports this week, including information on revenue, distributable income, occupancy rates, and traffic volumes. For example, Huaxia TBEA New Energy REIT reported electricity sales revenue of 47.5273 million yuan (excluding tax) in the reporting period; Huatai Jiangsu Expressway REIT's toll revenue increased by 17.05% year-on-year, and its average daily natural traffic volume increased by 12.86% year-on-year [31]. - Some REITs released operation data, such as the average daily toll traffic volume and toll revenue of some expressway REITs in June 2025 [32][37]. - Chuangjin Hexin Shounong REIT was listed on the Shanghai Stock Exchange on July 25, 2025 [37].

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Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

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Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

证券研究报告 | 行业周报 gszqdatemark 2025 07 21 年 月 日 房地产 本年中证 REITs 全收益指数涨幅为 14.12%。截至 7.18，本年中证 REITs （收盘）指数涨幅为 10.92%，中证 REITs 全收益指数涨幅为 14.12%。 本年沪深 300/恒生/中债十年期国债/房地产（申万）/恒生地产建筑业/高 速公路（申万）指数分别上涨 3.14%/上涨 23.76%/下跌 0.02%/下跌 3.58%/上涨 14.68%/下跌 5.18%。其中恒生指数本年涨幅最高，REITs 全 收益指数排行第 3。 C-REITs 周报——指数震荡，首批数据中心 REITs 认购火爆 REITs 指数表现 REITs 二级市场表现 本周 C-REITs 二级市场整体呈现高位震荡行情。截至 7.18，已上市 REITs 总市值约 2045.9 亿元，平均单只 REIT 市值约 30 亿元。本周已上市 REITs 中 40 支上涨、28 支下跌，周均涨幅为 0.06%；其中招商科创孵化器 REIT、 华夏金茂商业 REIT 涨幅靠前。板块来看，本周产业园区、消费基础设施 板块 REITs ...

Group 1 - The core viewpoint of the news is that 中金普洛斯 REIT has demonstrated stable operational performance in Q2 2025, with significant revenue and profit figures reported [1][2] - In Q2 2025, 中金普洛斯 REIT achieved total revenue of approximately 107.56 million yuan and EBITDA of about 68.85 million yuan, indicating a solid financial performance [1] - The distributable amount for the period was approximately 83.96 million yuan, with a planned distribution of around 78.67 million yuan, reflecting a distribution ratio of about 95% [1][2] Group 2 - The underlying assets of 中金普洛斯 REIT maintained a high occupancy rate, with an average signed rental rate exceeding 90% due to flexible leasing strategies [2] - The net profit margin for infrastructure projects, excluding fair value changes, was reported at 67.20% [1] - The cash dividend for the second distribution is set at 0.4059 yuan per 10 fund shares, with the cumulative distribution amount exceeding 1.2 billion yuan since its listing in 2021, showcasing a nearly 100% annual distribution ratio [2]