人民财讯11月21日电，11月21日，交通运输部党组理论学习中心组举行2025年第十次集体学习。交通运 输部党组书记、部长刘伟强调，要认真学习贯彻党的二十届四中全会部署，全力推动交通运输重点任务 落实。要完善现代化综合交通运输体系，推动跨区域跨流域大通道建设，建设现代化都市圈综合交通运 输体系，推进交通基础设施更新和数智化改造，培育发展交通运输领域新质生产力，持续提高交通覆盖 和通达水平，推动交通物流降本提质增效，健全多元化、韧性强的国际运输通道体系，持续抓好交通运 输安全稳定工作。 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report selects 7 core indicators from four dimensions: operation, valuation, liquidity, and transaction price, to construct a value analysis framework for public REITs products. Through the linkage analysis of these indicators, it can provide a quantitative basis for judging the investment value and price trend of urban investment public REITs [1][9][20]. - Different types of underlying assets of public REITs have structured differences in various indicators. The report classifies and compares urban investment REITs products based on the type of underlying assets, and recommends some products with good comprehensive performance for investors' attention [1][21]. 3. Summary According to Relevant Catalogs 3.1. Urban Investment Public REITs Value Judgement Indicators 3.1.1. Operation Indicators - Current operating income reflects the operating results of the underlying assets of REITs products during the reporting period, and its stability and growth determine the sustainability of future distributable cash flows and support the reasonableness of the current valuation level [10]. - Current distributable amount represents the net cash flow available for dividends after deducting various operating expenses, interest expenses, and taxes from the net profit of the REITs project, which measures the dividend - paying ability and cash - flow safety of public REITs products [11]. 3.1.2. Valuation Indicators - Expected REITs dividend rate indicates the annual cash dividend income that investors can obtain based on the current price. A higher dividend rate means stronger cash - return ability [12]. - ChinaBond valuation yield is calculated by the ChinaBond valuation center. A higher yield may indicate that the market price of the REITs is underestimated, while a lower yield may suggest a high price or high - quality assets with low risk [14]. - P/FFO multiple measures the market price level corresponding to each unit of distributable funds. A higher multiple may mean over - valuation, while a lower one may imply undervaluation [15]. 3.1.3. Liquidity Indicator - Daily turnover rate reflects the trading activity of REITs products in the secondary market. A higher turnover rate means better liquidity, high market attention, and frequent capital inflows and outflows [16]. 3.1.4. Transaction Price Indicator - Daily price change measures the change ratio of the market price of REITs products compared with the previous trading day. A price increase reflects market recognition of the project's fundamentals or expected dividends, while a decrease may be due to valuation adjustment or liquidity contraction [17][18][19]. 3.2. Deconstruction of Allocation Value of Urban Investment Public REITs by Indicators 3.2.1. Transportation Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of transportation infrastructure REITs was generally stable, ranging from 1.33 - 5.35 billion yuan, and the distributable amount showed a differentiated pattern. Leading projects such as CICC Anhui Expressway REIT, Ping An Guangzhou - Heyuan Expressway REIT, and Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT had leading dividend - paying abilities [23][24][25]. - **Valuation Indicators**: As of October 31, 2025, the overall valuation yield of transportation infrastructure REITs remained low, and the dividend rate was generally high. The P/FFO multiple ranged from 6.61 - 12.15 times, showing a trend of convergence [29][30][31]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the market liquidity of transportation infrastructure REITs was generally at a medium - low level, with a daily turnover rate ranging from 0.07% - 0.57%. The daily price change mostly remained within ±2%, and the overall price fluctuation in the secondary market had converged [36][37]. - **Recommended Targets**: Zheshang Shanghai - Hangzhou - Ningbo Expressway REIT and CICC Anhui Expressway REIT are recommended for their good comprehensive performance [44]. 3.2.2. Park Infrastructure Category - **Operation Indicators**: As of Q3 2025, the operating income of park infrastructure REITs was generally low, ranging from 0.19 - 0.26 billion yuan, and the distributable amount was also at a low level, lacking growth momentum [49][50]. - **Valuation Indicators**: As of October 31, 2025, the overall dividend rate of park infrastructure REITs slightly rebounded, ranging from 4.35% - 7.46%. The valuation yield ranged from 1.13% - 8.00%, and the P/FFO multiple ranged from 17.88 - 24.09 times, with a high valuation center [54][55][59]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the secondary - market liquidity of park infrastructure REITs showed a differentiated trend, with a daily turnover rate ranging from 0.10% - 4.57%. The daily price change was between - 5.47% and - 0.08%, and the price adjustment amplitude was relatively large in the short term [66][67]. - **Recommended Targets**: CICC Hubei KeTou Optics Valley REIT and E Fund Guangzhou Development Industrial Park REIT are recommended for their good comprehensive performance [74]. 3.2.3. Affordable Rental Housing Category - **Operation Indicators**: As of Q3 2025, the operating income and distributable amount of affordable rental housing REITs showed a similar differentiated pattern. Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT ranked first in both indicators, and China Asset Management Beijing Affordable Housing REIT had a strong growth momentum [77]. - **Valuation Indicators**: As of October 31, 2025, the expected dividend rate of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 3.32%, higher than other similar products. The valuation yield of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 4.61%, the highest among similar products. The P/FFO multiple of China Asset Management Beijing Affordable Housing REIT was as high as 53.37 times, while that of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT was 30.17 times, relatively undervalued [83][85]. - **Liquidity and Transaction Price Indicators**: As of October 31, 2025, the daily turnover rate of CICC Xiamen Affordable Housing REIT was 1.48%, ranking first in the same category. The price of Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT was relatively stable, while the daily price change of China Asset Management Beijing Affordable Housing REIT was - 0.98%, but the price fluctuation was still controllable [91]. - **Recommended Targets**: Guotai Junan Urban Investment Kuanting Affordable Rental Housing REIT and CICC Xiamen Affordable Housing REIT are recommended for their good comprehensive performance [1]. 3.2.4. Energy Infrastructure Category - Huaxia Huadian Clean Energy REIT has been listed for a short time, and there was a valuation premium at the initial stage of listing. All indicators are still in the process of adjustment and approaching those of other public REITs products. It is recommended to continue to pay attention to the operating capacity of its underlying assets. If the operating income and distributable amount improve simultaneously, it is suitable for allocation - type funds to pay attention [1]. 3.2.5. Water Conservancy Facilities Category - Yin Hua Shaoxing Raw Water Water Conservancy REIT has advantages in operation and expected dividend rate indicators, and performs well in liquidity and price - fluctuation indicators. It is recommended that allocation - type funds pay attention, while the cost - performance for trading - type funds is average [1]. 3.2.6. Municipal Facilities Category - Guotai Junan Jinan Energy Heating REIT's performance in valuation, liquidity, and price - fluctuation indicators is similar to that of other urban investment public REITs products. Since it has been listed for a short time, it is necessary to observe whether the operating data in the fourth quarter of 2025 can support the long - term dividend - paying ability of its underlying assets [3]. 3.2.7. Warehouse Logistics Category - Hua An Waigaoqiao REIT has a stable operating foundation, strong cash - flow generation ability, high dividend - return expectations, and good liquidity. However, due to its high valuation and large price - fluctuation range, it is recommended that trading - type funds wait for the valuation adjustment stage to seek capital gains, while allocation - type funds can pay attention and obtain medium - and long - term dividend income [1].

Core Viewpoint - The article discusses the necessity of enhancing macroeconomic policies to address fluctuations in various economic indicators and emphasizes the importance of the "Two Major" construction initiatives to stimulate consumption and investment in China [3][4]. Group 1: "Two Major" Construction Initiatives - The "Two Major" construction refers to the implementation of national strategic projects and the enhancement of key security capabilities, with a budget of 800 billion yuan allocated for 1,459 projects in 2025 [6]. - Key areas of investment include ecological restoration of the Yangtze River, major transportation infrastructure, new channels in the western region, high-standard farmland, major water conservancy projects, and urban underground pipeline networks [6]. - The government aims to optimize project reviews, focusing on innovation and intangible asset investments, while ensuring project quality and safety management [7]. Group 2: Enhancing Supply and Demand Adaptability - Enhancing supply and demand adaptability is seen as a crucial measure to unleash consumption potential and facilitate economic circulation [8]. - The shift in consumer behavior towards quality and personalized consumption necessitates a mutual promotion of industrial and consumption upgrades [9]. - The government plans to accelerate the application of new technologies and models, particularly in artificial intelligence, to develop new products and services that meet diverse consumer needs [10][11].

Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints - From November 10 to November 14, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return rate of 0.95%. Among mainstream asset classes, REITs ranked second in terms of return rate after gold [1][11]. - In terms of project attributes, both property - right and franchise - type REITs saw price increases this week. In terms of underlying asset types, affordable housing - type REITs had the largest increase [1][16]. - The total trading volume of public REITs this week was 2.84 billion yuan, and the water conservancy facilities - type REITs led in the average daily turnover rate during the period. The total net inflow of main funds was - 51.39 million yuan, indicating a decrease in market trading enthusiasm compared to last week [2][31]. - This week, there were no new REITs products listed, and no project status was updated [4][39][43]. Summary by Related Catalogs Secondary Market Price Trends - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 818.17 and 1050.45 respectively, with weekly return rates of 0.82% and 0.86%. The weighted REITs index closed at 184.03, with a weekly return rate of 0.95%. Among mainstream asset classes, the return rate ranking from high to low was: gold > REITs > convertible bonds > pure bonds > US stocks > A - shares > crude oil [11]. - **At the underlying asset level**: Both property - right and franchise - type REITs' secondary - market prices increased. The weighted index of property - right REITs closed at 155.98, with a return rate of 0.86%; the weighted index of franchise - type REITs closed at 131.53, with a return rate of 1.29%. In terms of underlying asset types, affordable housing - type REITs had the largest increase, and the top three in terms of return rate were affordable housing - type, transportation infrastructure - type, and consumer - type REITs, with weighted indexes closing at 139.6, 101.28, and 173.54 respectively, and return rates of 1.57%, 1.55%, and 1.17% [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 56 rising, 1 remaining flat compared to last week, and 20 falling. The top three in terms of increase were CICC Liandong Science and Technology Innovation REIT, CICC Shandong Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT, with increases of 6.24%, 5.18%, and 4.1% respectively. The top three in terms of decrease were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and Huaxia Heda High - tech REIT, with decreases of 6.58%, 5.21%, and 2.34% respectively [23]. Transaction Volume and Turnover Rate - **At the underlying asset level**: The transaction volume of public REITs this week was 2.84 billion yuan, and the water conservancy facilities - type REITs led in the average daily turnover rate during the period. The total turnover of the 77 listed REITs this week was 2.84 billion yuan, and the average daily turnover rate during the period was 0.67%. In terms of turnover, the top three in terms of underlying asset types were park infrastructure, transportation infrastructure, and consumer infrastructure, with turnovers of 6.24, 5.15, and 4.05 billion yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new - type infrastructure, and park infrastructure, with turnover rates of 1.46%, 1.04%, and 0.73% respectively [24]. - **At the single - REIT level**: This week, the performance of single - REIT transaction volume and turnover rate continued to be differentiated. The top three in terms of trading volume were Huaxia Hefei High - tech REIT, Huaxia Fund China Resources Youchao REIT, and Hongtu Innovation Yantian Port REIT, with trading volumes of 0.73, 0.29, and 0.23 billion shares respectively. In terms of turnover, the top three were Huaxia Hefei High - tech REIT, Huaxia Fund China Resources Youchao REIT, and CICC Anhui Expressway REIT [27]. Main Fund Inflow and Block Trading - **Main fund inflow situation**: The total net inflow of main funds this week was - 51.39 million yuan, and the market trading enthusiasm decreased compared to last week. In terms of different underlying asset REITs, the top three in terms of net inflow of main funds during the week were consumer infrastructure, water conservancy facilities, and affordable rental housing. In terms of single - REIT, the top three were Yin Hua Shaoxing Raw Water Water Conservancy REIT, China Merchants Fund Shekou Rental Housing REIT, and Huaxia China Overseas Commercial REIT [31]. - **Block trading situation**: The total block trading volume this week reached 1.01086 billion yuan, an increase compared to last week. There were block trading transactions on 5 trading days this week, with a total block trading turnover of 1.01086 billion yuan. The block trading turnover on Wednesday (November 12, 2025) was the highest during the period, reaching 300.82 million yuan. In terms of single - REIT, the top three in terms of block trading turnover were CITIC Construction Investment State Power Investment New Energy REIT, CICC Anhui Expressway REIT, and Huaxia China Communications Construction REIT [32]. Primary Market Listed Projects - As of November 14, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, reaching 6.8771 billion yuan, followed by the park infrastructure - type REITs, with an issuance scale of 3.2933 billion yuan [38]. - This week, there were no new REITs products listed [39]. Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 17 REITs in the to - be - listed state, including 10 first - issuance REITs and 7 to - be - expanded REITs [42]. - This week, no project status was updated [43].

Group 1: Economic Policy and Strategy - The core viewpoint emphasizes enhancing the adaptability of supply and demand as an effective measure to unleash consumption potential and facilitate economic circulation [1][4] - The State Council meeting led by Premier Li Qiang on November 14 focused on implementing "two major" construction initiatives to boost consumption policies [1][2] - The "two major" initiatives involve significant national strategic implementations and enhancing security capabilities in key areas, with a budget of 800 billion yuan allocated for 1,459 projects by 2025 [2][3] Group 2: Consumption and Supply-Demand Dynamics - The meeting highlighted the need for consumption upgrades to lead industrial upgrades, aiming for a dynamic balance between supply and demand [4][5] - The shift in policy focus is moving from merely stimulating consumption or expanding production to achieving a higher level of dynamic balance and interaction between supply and demand [5] - The Ministry of Industry and Information Technology is promoting the development and application of technologies such as artificial intelligence to enhance consumption adaptability [6]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.48%. Compared with other major asset classes, REITs' performance was average. The return rate ranking from high to low was: convertible bonds > crude oil > A - shares > pure bonds > gold > REITs > US stocks. The secondary - market price trends of equity - type and franchise - type REITs diverged, and municipal facility - type REITs had the largest increase. In terms of single - REIT performance, there were 33 rising, 1 flat, and 42 falling REITs (excluding the newly - listed one). The trading volume, turnover rate, net inflow of main funds, and large - scale trading volume also showed differentiation among different REITs. In the primary market, a new REIT was listed, and the status of two REIT products was updated [1][11]. 3. Summary by Relevant Catalogs 3.1 Secondary Market 3.1.1 Price Trends - **At the major asset level**: From November 3 - 7, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The closing and total return indices of China Securities REITs and the weighted REITs index all had negative returns. Compared with other major asset classes, REITs' return rate was - 0.48%, ranking behind convertible bonds, crude oil, A - shares, etc. [11] - **At the underlying asset level**: The price trends of equity - type and franchise - type REITs diverged. Equity - type REITs declined with a return rate of - 0.86%, while franchise - type REITs rose with a return rate of 0.39%. Among different underlying asset types, municipal facility - type REITs had the largest increase, with a return rate of 2.25%. The top three in terms of return rate were municipal facility - type, ecological and environmental protection - type, and consumer - type REITs [17][19]. - **At the single - REIT level**: Excluding the newly - listed REIT, there were 33 rising, 1 flat, and 42 falling REITs. The top three in terms of increase were China AMC JINMAO Commercial REIT, Zheshang Expressway REIT, and Guotai Junan Jinan Energy Heating REIT, with increases of 4.42%, 2.37%, and 2.25% respectively. The top three in terms of decline were GF Chengdu Gaotou Industrial Park REIT, CICC Liandong Science and Technology Innovation REIT, and E Fund Guangzhou Development District High - tech Industrial Park REIT, with declines of 9.44%, 8.43%, and 7.01% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.88 billion yuan, and the new infrastructure - type REITs had the highest average daily turnover rate. The top three in terms of trading volume were park infrastructure - type, transportation infrastructure - type, and affordable rental housing - type REITs, with trading volumes of 684 million, 507 million, and 442 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure - type, affordable rental housing - type, and park infrastructure - type REITs, with rates of 0.86%, 0.83%, and 0.80% respectively [25]. - **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 China AMC Hefei High - tech REIT, China AMC CR Land Youchao REIT, and Soochow Industrial Park REIT. The top three in terms of trading amount were China AMC Hefei High - tech REIT, China AMC CCCC REIT, and China AMC CCOF Commercial REIT. The top three in terms of turnover rate were CSC Shenyang International Software Park REIT, China AMC CCOF Commercial REIT, and China AMC Hefei High - tech REIT [28]. 3.1.3 Net Inflow of Main Funds and Large - scale Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 38.36 million yuan, and the market trading enthusiasm decreased compared with last week. Among different underlying asset REITs, the top three in terms of net inflow were consumer infrastructure - type, park infrastructure - type, and new infrastructure - type REITs. Among single REITs, the top three were China AMC CCOF Commercial REIT, China AMC CR Land Commercial REIT, and China AMC CR Land Youchao REIT [31]. - **Large - scale trading**: The total large - scale trading amount this week was 240.26 million yuan, a decrease compared with last week. There were large - scale trading transactions on 5 trading days, and the highest single - day trading amount was on November 3, 2025. The top three in terms of large - scale trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and Huatai Baowan Logistics REIT [32]. 3.2 Primary Market - **Listed projects**: As of October 31, 2025, there were 77 public REITs in China, with a total issuance scale of 19.9301 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by the park infrastructure - type. This week, CSC Shenyang International Software Park REIT was listed on November 6, 2025, and its asset type was park infrastructure [38][39]. - **Pending - listing projects**: There were 17 REITs in the pending - listing state, including 10 initial - offering REITs and 7 REITs pending for expansion. This week, the project status of "Shanxi Securities Jinzhong Public Investment Ruiyang Heating Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Feedback Received", and that of "E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund (Initial Offering)" was updated to "Accepted" [42].

Core Points - The 2025 National Transportation and Energy Integration Innovation Technology Development Conference was held in Changsha, Hunan, organized by the China Transportation Association and other units [1] - The conference announced 10 outstanding typical cases and 40 typical cases, with two cases from Hainan Transportation Group successfully selected [1] Group 1: Outstanding Cases - The "Key Technologies and Evaluation Standards Research for Zero Carbon Service Area Construction on Highways" was selected as one of the 10 outstanding typical cases [1] - This research scientifically defines the carbon emission accounting boundary for zero carbon service areas and develops a key technology plan suitable for Hainan, guiding the construction of zero carbon service areas [1] - Hainan has successfully established the Fengjiawan Zero Carbon Service Area as a demonstration project, setting a model for zero carbon service area construction [1] Group 2: Typical Cases - The "Baoting Zero Carbon Service Area" was included in the 40 typical cases [1] - This service area focuses on the integrated construction of "solar storage and charging" [1] - It is equipped with intelligent solar storage and charging technology, enabling smart scheduling of photovoltaic power generation, energy storage discharge, and charging terminal electricity [1] - The Baoting service area has officially connected to the grid, with an expected annual power generation of 1.68 million kilowatt-hours, which can reduce carbon dioxide emissions by approximately 1,379 tons annually [1]

Core Points - The Shenzhong Channel West Artificial Island has commenced its cultural and tourism trial operation, welcoming its first visitors who traveled from Shenzhen and Zhongshan [5] - Visitors can explore the Science Popularization Base on the island, which provides insights into the development of the Greater Bay Area's cross-sea channels and the advanced technology of the Shenzhong Channel [5] - The management of the Shenzhong Channel has implemented strict traffic management measures to ensure that the tourism operation does not interfere with existing traffic flow, with access to the island limited to pre-booked bus rides [5] Summary by Category - **Tourism Operation** - The West Artificial Island has started trial operations for cultural and tourism activities, attracting initial visitors [5] - The main attraction is the Science Popularization Base, where guests can learn about the technological advancements of the Shenzhong Channel and the Greater Bay Area [5] - **Traffic Management** - The management has clarified that the island is not a highway service area, and tourism operations are distinctly separated from traffic management [5] - Due to limited space on the island, vehicle access is restricted, and visitors must use a reservation system for bus transportation, with strict controls on bus schedules to prevent traffic congestion [5]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].

Core Viewpoint - The third Asian Transportation Ecology Academic Conference was held in Beijing, focusing on sustainable development paths for transportation and nature harmony, with over 200 experts from 14 countries discussing the impact of transportation infrastructure on biodiversity and ecological restoration [1][2]. Group 1: Conference Overview - The conference was co-hosted by the Transportation Research Institute and the Sustainable Transportation Innovation Center, emphasizing "ecology, integration, and innovation" [1]. - Key topics included the impact of transportation infrastructure on biodiversity, ecological corridor site selection, and the restoration of damaged ecosystems [1]. Group 2: Achievements in Ecological Protection - During the 14th Five-Year Plan, the Ministry of Transport has advanced ecological protection and restoration in sensitive transportation areas, with notable projects such as the Qinghai-Tibet Railway, which improved the Tibetan antelope migration passage rate from less than 40% to 97% [2]. - The Yunnan Sxia Expressway has increased the Asian elephant passage rate through animal corridors from 40% to 72% [2]. - Ongoing projects along the Yangtze River Economic Belt include artificial fish nests and ecological banks to restore aquatic vegetation, while the Pinglu Canal has developed ecological conservation areas and fishways to protect fish habitats [2].