1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 15th Five - Year Plan clearly proposes to actively promote the regular issuance of infrastructure REITs. This week, the REITs market showed weak oscillations, trading volume declined, and the data center rebounded from oversold conditions. Two REITs under China Merchants Shekou released their annual reports first: the rental housing REIT had stable performance with a distributable amount completion rate of 102.7%, while the industrial park REIT performed weakly with a year - on - year decrease of 14.8% in distributable amount. Attention should be paid to the upcoming partial share unlocks of SPIC New Energy REIT and Shanghai Real Estate Rental Housing REIT on March 29th and March 31st respectively, with potential selling pressure due to the expansion of the floating shares. The concentrated disclosure window of REITs annual reports from March 28th to 31st may intensify price fluctuations at the end of the month, and it is recommended to manage liquidity in advance [2]. 3. Summary According to the Directory 3.1 Primary Market - A total of 1 new public offering of REITs made progress this week. The Hongtu Innovation Xinghe Group Commercial Real Estate REIT was officially declared on March 10th, being the second commercial real estate REIT on the Shenzhen Stock Exchange, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder. As of March 13, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Currently, in the approval process, there are 32 first - time offerings (1 has been questioned and responded, 0 have passed the review, and 0 are registered and awaiting listing), and 4 expansion offerings (1 has been questioned and responded, 0 have passed the review) [2][5]. 3.2 Secondary Market 3.2.1 Market Review - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1023.15 points, a decline of 0.43%, underperforming the CSI 300 by 0.62 percentage points and the CSI Dividend by 2.04 percentage points. The CSI REITs Total Return Index has risen 1.32% since the beginning of the year, outperforming the CSI 300 by 0.47 percentage points but underperforming the CSI Dividend by 6.87 percentage points. By project attribute, property - type REITs fell 0.52% and franchise - type REITs fell 0.17% this week. By asset type, the data center (+0.74%), energy (+0.10%), consumption (-0.22%), and transportation (-0.24%) sectors performed relatively well. Among individual bonds, 31 rose and 47 fell this week. The top three were Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+1.86%), Guotai Haitong Jinan Energy Heating REIT (+1.45%), and Southern Runze Technology Data Center REIT (+1.43%), while the bottom three were Harvest JD Logistics Infrastructure REIT (-5.60%), Bosera Tianjin Economic - Technological Development Area Industrial Park REIT (-5.17%), and Bosera China Merchants Shekou Industrial Park REIT (-3.89%) [2][16]. 3.2.2 Liquidity - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.35%, down 0.67/4.31 basis points from last week. The trading volumes during the week were 388 million shares/119 million shares, down 1.84%/10.87% week - on - week. The data center sector had the highest activity [2][23]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 4.00%/4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors ranked in the top three [2][25]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On March 7, 2026, New Town Holdings Group planned a direct financing of up to 20 billion yuan (including equivalent foreign currency overseas), and it or its subsidiaries would subscribe for at least 34% of the offering shares of the GF Xincheng Wuyue Commercial Real Estate REIT. On March 10, the tender announcement for the Langham Hotel Commercial Real Estate REITs project was released. On March 11, Wuxi held a financial work symposium and signed 5 REITs cooperation projects; Shandong proposed to implement the "Ten - Hundred - Thousand" listing cultivation plan. On March 13, Sichuan held a work meeting on promoting the pilot of commercial real estate REITs, and the 15th Five - Year Plan proposed to actively promote the regular issuance of infrastructure REITs [31]. 3.3.2 Important Announcements - On March 11, 2026, Huaxia Fund China Resources Youchao REIT announced its 4th dividend in 2025, with a dividend plan of 0.1462 yuan per 10 fund shares. On March 14, Bosera Shekou Industrial Park REIT and China Merchants Fund Shekou Rental Housing REIT released their annual reports, disclosing information such as rental area, occupancy rate, and rent collection rate [32].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The REITs market continued to adjust this week, with the decline narrowing compared to last week. The data center sector had a significant callback after two consecutive weeks of gains, and the property REITs weakened for two weeks after the Spring Festival, with the spread to the 10Y Treasury bond widening to 191BP, reaching the 55% quantile since 2024, indicating an increase in cost - effectiveness [2]. - A total of 9 first - issue public REITs made new progress this week, including 4 new applications last week being accepted and 5 new commercial real - estate REITs entering the exchange inquiry stage [2]. - This week, the CSI REITs Total Return Index closed at 1027.62 points, down 0.79%, outperforming the CSI 300 by 0.28 percentage points but underperforming the CSI Dividend by 1.37 percentage points [2]. 3. Summary by Directory 3.1 First - level Market: 9 First - issue Public REITs Made New Progress - As of 2026/3/6, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, 4 newly applied REITs last week were accepted, and 5 new commercial real - estate REITs entered the exchange inquiry stage. Currently, there are 31 first - issue REITs in the approval process, with 1 having been inquired and responded; and 4 expansion - offering REITs, with 1 having been inquired and responded [2][15]. - The proposed fundraising scale of commercial real - estate REITs has reached 44.4 billion yuan, and 5 new ones entered the inquiry stage this week. The two new applications last week, namely, the ChinaAMC Shoukai REIT, plans to raise 1.042 billion yuan with a predicted distribution rate of 5.72% in 2026, and the GF Xincheng Wuyue REIT plans to raise 1.625 billion yuan with a predicted distribution rate of 5.59% in 2026 [2]. 3.2 Second - level Market: The Index Closed Lower This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.79% - This week, the CSI REITs Total Return Index closed at 1027.62 points, down 0.79%, outperforming the CSI 300 by 0.28 percentage points but underperforming the CSI Dividend by 1.37 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 1.76%, outperforming the CSI 300 by 1.10 percentage points but underperforming the CSI Dividend by 4.72 percentage points [2]. - By project attribute, property - type REITs fell 1.44% this week, and franchise - type REITs fell 0.10%. By asset type, the energy (+0.48%), environmental protection and water services (+0.30%), transportation (-0.47%), and park (-0.99%) sectors performed better [2]. - Among individual bonds, 18 rose and 59 fell this week. The top three were CSC SPIC New Energy REIT (+2.18%), Huaxia Nanjing Traffic Expressway REIT (+1.89%), and China Merchants Expressway REIT (+1.87%), while the bottom three were CICC Anhui Expressway REIT (-4.41%), China Merchants Science and Technology REIT (-4.32%), and Southern Runze Technology Data Center REIT (-3.73%) [2]. 3.2.2 Liquidity: The Turnover Rate and Trading Volume of Franchise - type REITs both Increased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.40%, a change of - 1.50/+12.15BP compared to last week. The trading volumes this week were 395 million/134 million shares, a week - on - week increase of +21.80%/+80.19%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.97%/4.87% respectively. The transportation (5.99%), warehousing and logistics (5.54%), and park (4.77%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - News: The Changchun Heating Group launched a tender for the financial advisor and fund management unit of its public REITs project; Anhui Jiuhuashan Cultural and Health Group launched a tender for the fund manager of its infrastructure public REITs project; Tianjin Changrong Technology Group announced plans to issue a commercial real - estate REITs with Changrong Building as the underlying asset; the China Securities Regulatory Commission Chairman Wu Qing stated that during the 15th Five - Year Plan period, efforts will be made to strengthen the construction of the bond, REITs, and asset - securitization markets; the Shenzhen Stock Exchange plans to expand the securities code range for commercial real - estate REITs [36]. - Announcements: Operating data of multiple REITs including Ping An Guangzhou - Jiaotong Expressway REIT, CICC Shandong Expressway REIT, etc. were released; the strategic placement shares of Guotai Haitong Lingang Innovation Industrial Park REIT were unlocked; the China - Bank Sino - Sinotrans Warehousing and Logistics REIT announced its first dividend in 2026 [36][38].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Commercial real - estate REITs application projects have increased to 12. The REITs market continued its downward trend on 2/9, then stabilized and rebounded on 2/10, with data centers and consumer sectors leading the gains. Two new commercial real - estate REITs projects were added, and the total planned fundraising scale of commercial real - estate REITs has reached 41.7 billion yuan. Southern Runze Technology Data Center REIT announced an expansion plan [3]. - As of 2026/2/20, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Four new first - issue public REITs made progress this week [3]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1047.08 points, up 0.41%, outperforming the CSI 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. The CSI REITs Total Return Index has risen 3.69% since the beginning of the year, outperforming the CSI 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points [3]. 3. Summary According to the Directory 3.1 First - level Market: Four First - issue Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, 1 in November, and 1 in December), with a total issuance scale of 40.3 billion yuan [3]. - This week, four first - issue public REITs made new progress. Two new commercial real - estate REITs, CITIC Construction First Agricultural Commercial Real - estate REIT and Guotai Haitong Chongbang Commercial Real - estate REIT, have been declared and accepted. Huatai Three Gorges Clean Energy REIT has been queried, and AVIC Beijing Changbao Rental Housing REIT has received feedback. Currently, there are 27 first - issue REITs declared, 1 queried and feedback received, 0 approved, and 0 registered and awaiting listing; for expansion, 4 have been declared, 0 queried and feedback received, and 0 approved [3]. 3.2 Second - level Market: The Index Rose This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.41% - The CSI REITs Total Return Index closed at 1047.08 points this week, up 0.41%, outperforming the CSI 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. Since the beginning of the year, it has risen 3.69%, outperforming the CSI 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points [3]. - By project attribute, equity - type REITs rose 0.74% this week, and franchise - type REITs rose 0.32%. By asset type, data centers (+1.36%), consumer (+1.31%), warehousing and logistics (+0.50%), and transportation (+0.49%) sectors performed well. Among individual bonds, 60 rose and 19 fell. ICBC Inner Mongolia Energy Clean Energy REIT (+3.47%), BOC Sino - Sinotrans Warehousing and Logistics REIT (+3.11%), and Huatai Nanjing Jianye REIT (+3.00%) led the gains, while Hua'an Waigaoqiao REIT (-2.86%), Huaxia Jinyu Zhizao Gongchang REIT (-1.48%), and Huaxia JINMAO Commercial REIT (-1.38%) were at the bottom [3]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - type/franchise - type REITs this week were 0.34%/0.31%, down 16.31/5.97 BP from last week. The trading volumes during the week were 363 million shares/103 million shares, down 32.36%/16.25% week - on - week. The data center sector was the most active [3]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector is Relatively High - According to the ChinaBond valuation yield, the yields of equity - type/franchise - type REITs are 3.73%/4.77% respectively. The transportation (5.84%), warehousing and logistics (5.35%), and park (4.49%) sectors rank among the top three [3]. 3.3 This Week's News and Important Announcements - **This Week's News**: - On 2026/2/9, New Town Holdings plans to issue REIT - like products using assets worth 8 billion yuan this year. - On 2026/2/10, the Shenzhen Stock Exchange is actively promoting public REITs to help Guangdong revitalize its stock assets. - On 2026/2/12, AVIC Fund announced the name change of AVIC Jingneng Photovoltaic REIT. - On 2026/2/12, Tianjin held a special promotion meeting for commercial real - estate REITs. - On 2026/2/13, the third - largest holder of China Merchants Science and Technology REIT reduced its shareholding to 10% [31]. - **Important Announcements**: - The strategic placement shares of several REITs, including Huitianfu Jiuzhoutong Pharmaceutical REIT, Guotai Haitong Jinan Energy Heating REIT, etc., will be lifted from restrictions. - The operating data of E Fund Shenzhen Expressway REIT in January 2026 showed a year - on - year decrease in daily toll traffic and toll revenue. - Southern Runze Technology Data Center REIT announced an expansion plan [31].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Commercial real - estate REITs application projects have increased to 12. The REITs market showed a downward trend on 2/9, stabilized and rebounded on 2/10, with data centers and consumption leading the rise. The proposed fundraising scale of commercial real - estate REITs has reached 41.7 billion yuan. Southern Runze Technology Data Center REIT announced the start of expansion. The CSI REITs Total Return Index rose 0.41% this week, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. The liquidity of REITs decreased, with the average daily turnover rate and trading volume of both property - type and franchise - type REITs declining [3]. Summary According to the Directory 1. Primary Market: Four Newly - Issued Public REITs Made New Progress - Since 2025, 20 REITs have been successfully issued, with a total issuance scale of 40.3 billion yuan. This week, 4 newly - issued public REITs made progress. Among them, two new commercial real - estate REITs (Citic Construction Investment Shounong Commercial Real - Estate REIT and Guotai Haitong Chongbang Commercial Real - Estate REIT) have been declared and accepted. Huatai Three Gorges Clean Energy REIT has been questioned, and AVIC Beijing Changbao Rental Housing REIT has been feedbacked. Currently, there are 27 newly - issued REITs under application, 1 under question and feedback, and 4 expansion - raising REITs under application [3]. 2. Secondary Market: The Index Rose This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 0.41% - The CSI REITs Total Return Index closed at 1047.08 points, with a 0.41% increase, outperforming the Shanghai - Shenzhen 300 by 0.05 percentage points and the CSI Dividend by 0.46 percentage points. Year - to - date, it has risen 3.69%, outperforming the Shanghai - Shenzhen 300 by 3.03 percentage points and the CSI Dividend by 0.70 percentage points. In terms of project attributes, property - type REITs rose 0.74% and franchise - type REITs rose 0.32%. In terms of asset types, the data center (+1.36%), consumption (+1.31%), warehousing and logistics (+0.50%), and transportation (+0.49%) sectors performed well. Among individual bonds, 60 rose and 19 fell this week [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rate of property - type/franchise - type REITs this week was 0.34%/0.31%, down 16.31/5.97 BP from last week. The trading volume this week was 363 million/103 million shares, down 32.36%/16.25% week - on - week. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yield, the property - type/franchise - type REITs were 3.73%/4.77% respectively. The affordable housing sector had a relatively high valuation [27]. 3. This Week's Important News and Announcements - On 2/9, a company planned to issue various types of REITs products, with a maximum asset evaluation of 8 billion yuan, aiming to replace high - cost short - term debt. On 2/10, the Shenzhen Stock Exchange actively promoted public REITs to help Guangdong revitalize existing assets. On 2/12, AVIC Fund changed the name of AVIC Jingneng Photovoltaic REIT, and Tianjin held a special promotion meeting for commercial real - estate REITs. On 2/13, the third - largest holder of China Merchants Science and Technology REIT reduced its shareholding to 10%. There were also announcements about the lifting of the ban on strategic placement shares of several REITs and the expansion of Southern Runze Technology Data Center REIT [30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the release of the Q4 reports, continue to focus on the consumer sector and explore high - quality individual bonds with high distribution rates. The REITs market experienced a wave of volume - increasing and price - rising trends during the Q4 report disclosure window period [1][12]. - Actively pay attention to the progress of commercial real estate REITs and look out for opportunities to participate in new products [47]. 3. Summary According to the Directory 3.1. After the Q4 Reports: Continue to Focus on the Consumer Sector and Explore High - Quality Individual Bonds with High Distribution Rates - **Data Center**: The industry has high prosperity. The dynamic distribution rates of Runze Technology and Wanguo Data Center are close to the reference value. They are actively traded, and future price fluctuations can be monitored [21]. - **Consumer Facilities**: The late Spring Festival in 2026 will ensure the Q1 performance. Hua'an Bailian Consumption, Jiasheng Wumei Consumption, and Huaxia Jinmao Commercial are worthy of attention [24][25]. - **Rental Housing**: Although the rental situation of some projects has slightly declined, the overall fundamentals are excellent. Priority should be given to projects with a distribution rate of about 3.2%, such as Cathay Haitong Chengtou Kuanting and Huaxia Fund Huarun Youchao [28]. - **Warehousing and Logistics**: The sector's distribution rate is about 3.82%. Priority should be given to Baowan Logistics, Anbo Storage, and Shenzhen International. Baowan Logistics will waive some operating management fees in 2025 [30][32]. - **Industrial Parks**: The distribution rate of the industrial park sector is about 4.46%. Many park individual bonds' distributable amounts in 2025 decreased significantly. It is recommended to focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [35]. - **Highways**: Focus on assets with strong traffic - inducing effects from surrounding road networks, such as Jiangsu Jiaokong, Anhui Jiaokong, Nanjing Expressway, China Merchants Expressway, and China Communications Construction [41]. - **Municipal Environmental Protection**: Pay attention to the active management of China Aviation Shougang Green Energy REIT. Its Q4 performance was outstanding, and the management's active efforts led to an increase in power generation [45]. 3.2. Actively Pay Attention to the Progress of Commercial Real Estate REITs and Look Out for Opportunities to Participate in New Products - In late 2025, the CSRC officially launched commercial real estate REITs. Sichuan Securities Regulatory Bureau is actively preparing for the pilot program, and Maoye Commercial plans to issue commercial real estate REITs. The approval process for commercial real estate REITs has improved efficiency, and the good operation of consumer facilities REITs may increase market attention [47][48].

Market Performance - The overall REITs index increased by 2.17% last week, closing at 1047.51[6] - New infrastructure REITs led the performance with a weekly increase of 5.88%, followed by consumer REITs at 4.17%[6] Sector Analysis - The weekly performance of various sectors ranked as follows: - New infrastructure: 5.88% - Consumer: 4.17% - Warehousing: 3.15% - Municipal environmental: 3.04% - Affordable housing: 2.56% - Industrial parks: 1.88% - Transportation: 1.71% - Energy: 0.90%[6][7] Market Sentiment - Market sentiment was released after quarterly reports, leading to significant price increases in some projects, with some prices breaking previous highs[7] - Institutional demand for public REITs remains strong during the policy dividend period, indicating a robust market environment[8] Investment Strategy - The outlook remains bullish, but caution is advised due to potential overvaluation in some projects, suggesting waiting for corrections to identify better entry points[8] - Focus on sectors with more substantial potential for price increases, particularly those showing signs of stabilization[8] Risk Factors - Risks include unexpected REIT policy changes, deterioration in underlying asset performance, and potential calculation discrepancies in asset data[8]

Investment Rating - The report does not explicitly provide an investment rating for the industry but suggests focusing on policy themes and quality undervalued projects for investment opportunities [4]. Core Insights - The C-REITs market is experiencing a secondary adjustment, with Shanghai supporting the issuance of REITs for consumer infrastructure [1][12]. - The overall performance of the C-REITs market is mixed, with ecological and consumer infrastructure sectors performing well, while energy and transportation infrastructure sectors are experiencing pullbacks [11]. - The report highlights the importance of government policies in stimulating the service sector and consumer spending, which may positively impact the REITs market [2][12]. Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.36% this week, closing at 790.2 points, while the total return index closed at 1025.3 points [1][9]. - Year-to-date, the CSI REITs total return index has increased by 1.53% [1][9]. C-REITs Secondary Market Performance - The total market capitalization of listed REITs is approximately 222.47 billion yuan, with an average market value of about 2.9 billion yuan per REIT [11]. - Among the listed REITs, 29 increased in value while 49 decreased, with an average weekly decline of 0.3% [11]. 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 (10.9%), Huaxia China Communications Construction REIT (9.6%), and E Fund Guangkai Industrial Park REIT (8.5%) [3]. - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.8, with the highest being Huaxia Anbo Warehouse REIT and E Fund Wumei Consumer REIT, both at 1.8 [3]. Investment Recommendations - The report suggests three main investment strategies: 1. Focus on policy-driven themes and quality undervalued projects, particularly in high-energy cities and professional operations [4]. 2. Consider the timing for investing in low-cycle assets like affordable housing, which have already been recognized by the market [4]. 3. Monitor the expansion of REITs alongside new issuances, particularly those with ample asset reserves and quality projects [4].

Core Viewpoint - The expansion of the issuance scope of infrastructure Real Estate Investment Trusts (REITs) marks a significant milestone, as urban renewal facilities are now included as an independent category, providing strong financial support for urban high-quality development and industrial model upgrades [1][4]. Group 1: Urban Renewal and Financial Support - The inclusion of urban renewal facilities in the infrastructure REITs category reflects a precise adaptation of financial tools to the stage of urban development, addressing the needs of urbanization transformation [1][4]. - The current phase of urbanization in China has shifted from incremental expansion to improving existing stock, with the renovation of old neighborhoods and factories becoming a core task to drive urban momentum and meet public needs [1][4]. Group 2: Characteristics of Infrastructure REITs - Infrastructure REITs, which combine equity and long-term characteristics, align well with the funding needs of urban renewal projects by enabling asset securitization to realize the value of existing assets and providing effective exit paths for initial investments [2][5]. - The professional screening mechanism of the capital market can compel urban renewal projects to enhance operational efficiency [2][5]. Group 3: Market Implications and Investor Opportunities - The inclusion of urban renewal facilities in the REITs framework not only enriches the asset types but also expands the market scale, attracting more long-term capital and enhancing market liquidity and risk resistance [2][5]. - For investors, participating in urban core asset investments through publicly traded infrastructure REITs broadens wealth management channels and gathers a wider range of social capital for urban renewal, achieving a win-win for capital, cities, and livelihoods [2][5]. Group 4: Future Outlook - The deep expansion of infrastructure REITs provides a market-oriented and sustainable financing solution for urban renewal, adding quality underlying assets to the capital market and injecting lasting momentum into high-quality urban development [3][6]. - Successful urban renewal projects are expected to accelerate their entry into the capital market in the future [3][6].

Report Industry Investment Rating No relevant content provided. Report's Core View - The REITs market has deviated from the unilateral decline trend but remains in a bottom - oscillation range. It is recommended to stay cautious overall, focus on projects with relatively high distribution rates in the energy and transportation sectors, and look for rebound opportunities in oversold varieties under the pressure of restricted shares lifting [2]. Summary According to the Directory 1. Primary Market: Three Newly Issued Public REITs Made Progress - As of November 21, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for approval. There are currently 9 newly issued and 5 expansion - issued REITs in the approval process [2][10]. 2. Secondary Market: Liquidity Continued to Contract This Week 2.1 Market Review: The CSI REITs Total Return Index Dropped by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%. It outperformed the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. Property - type REITs fell 1.25%, and concession - type REITs fell 1.06%. In terms of asset types, the environmental protection and water services (-0.38%), park (-0.77%), transportation (-1.01%), and consumption (-1.10%) sectors performed better [2]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, with a week - on - week decrease of 26.60% and 0.89%. The data center sector was the most active [2]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs were 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - This week, multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing supported the issuance of REITs for eligible consumption infrastructure; and many companies announced REITs - related projects such as public bidding and project applications [28]. - Multiple REITs released important announcements, including operation data, restricted shares lifting, and dividend distribution [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - REITs in various sectors declined across the board, with the data center sector, which had significant gains previously, leading the decline for the first time. The environmental protection and water utilities, and park sectors were relatively resilient this week. The REITs market has emerged from a unilateral decline but remains in a bottom - oscillating range. Given that the index is at around the 60% percentile level since 2024, overall caution is advised. Attention can be focused on projects with relatively high distribution rates in the energy and transportation sectors, as well as the rebound opportunities of oversold varieties under the pressure of restricted share unlocks [2]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly - Issued Public REITs Made Progress - As of 2025/11/21, 19 REITs have been successfully issued this year, with an issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly - issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for application. Currently, in the approval process, there are 9 newly - issued REITs that have been submitted, 2 that have been questioned and provided feedback, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For expansion, 5 have been submitted, 3 have been questioned and provided feedback, and 3 have passed the review [2][11]. 3.2 Secondary Market: Liquidity Continued to Contract This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%, outperforming the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. In terms of project attributes, equity - based REITs declined by 1.25%, and concession - based REITs declined by 1.06%. In terms of asset types, the environmental protection and water utilities (- 0.38%), park (- 0.77%), transportation (- 1.01%), and consumption (- 1.10%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, a week - on - week decrease of 26.60% and 0.89%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs are 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors rank among the top [2]. 3.3 This Week's News and Important Announcements - Multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing Shunyi Municipal Holding Group announced a public tender for financial and legal advisors for its public REITs project; Guangbai Co., Ltd. is carrying out the application for a consumption REITs project; Beijing supported the issuance of real - estate investment trust funds for eligible consumption infrastructure; Ji'an focused on promoting the issuance of REITs for projects in industrial parks and affordable rental housing; Qingdao Water Group's public REITs project has been submitted to the National Development and Reform Commission [29]. - Many REITs made important announcements, including operating data announcements, restricted share unlock announcements, and dividend announcements [30][31].