Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

截至目前，国家发展改革委已累计向证监会推荐基础设施REITs项目105个，83个项目已发行上市，发 售基金总额共2070亿元，预计可带动新项目总投资超1万亿元。 这是国家发展改革委11日在专题新闻发布会上透露的信息。国家发展改革委固定资产投资司副司长关鹏 在发布会上表示，国家发展改革委将加强与证监会的协同配合，积极推动市场扩围扩容，抓紧推动新资 产类型项目实现首单上市。 已向证监会推荐18个民间投资项目 14个项目已发行上市 关鹏表示，基础设施REITs是通过公开市场有效盘活基础设施存量资产的重要方式，是实现实体经济与 资本市场有机结合的重要载体。2020年，国家发展改革委立足畅通投融资循环、促进扩大有效投资，联 合证监会启动基础设施REITs试点。2024年，推动进入常态化推荐发行阶段并持续扩围扩容。 据介绍，截至目前，国家发展改革委已累计向证监会推荐105个项目，83个项目已发行上市，涵盖了收 费公路、清洁能源、城镇供热、生态环保、仓储物流、产业园区、数据中心、租赁住房、水利、消费基 础设施等10个行业18种资产类型，发售基金总额共2070亿元，预计可带动新项目总投资超1万亿元。 国务院办公厅印发的《关于 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the issuance of infrastructure REITs (Real Estate Investment Trusts) to enhance private investment in various sectors, with a focus on integrating the real economy with capital markets [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are seen as a vital mechanism for revitalizing existing infrastructure assets through public markets, facilitating the organic integration of the real economy and capital markets [1]. - Since the pilot program began in 2020, the NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects successfully listed, covering 10 industries and 18 asset types [1]. - The total amount raised through these funds is approximately 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects, of which 14 have been listed, raising nearly 30 billion yuan [2]. - These private investment projects have set precedents in various fields, such as the first community commercial and agricultural market REITs, which have positively influenced the upgrade of consumer infrastructure [2]. - The first batch of data center REITs, also a private investment project, was launched in August this year, contributing to the innovation of financing mechanisms in the new infrastructure sector and supporting the development of the digital economy and artificial intelligence industries [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) is entering a normalization phase for the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector in 2024, with ongoing expansion efforts [1] Summary by Categories Infrastructure Investment - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed [1] - The recommended projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Fundraising and Investment Impact - The total amount raised from the issued funds is 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1] - Additionally, the NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [1]

Core Insights - The National Development and Reform Commission (NDRC) is actively promoting private investment development, having recommended 18 private investment projects to the China Securities Regulatory Commission (CSRC), with 14 projects already listed and a total fund issuance of nearly 30 billion yuan [1][3]. Group 1: Infrastructure REITs - Infrastructure REITs are highlighted as an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [3]. - Since the pilot program for infrastructure REITs was launched in 2020, the NDRC has recommended a total of 105 projects to the CSRC, with 83 projects successfully listed, covering 10 industries and 18 asset types, resulting in a total fund issuance of 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [3][4]. Group 2: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance and listing, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [4]. - Key initiatives include expanding the market by increasing the number of mature asset type project recommendations, establishing a special coordination service mechanism for private investment projects, and improving the quality and efficiency of project recommendations and issuances [4].

Core Insights - The National Development and Reform Commission (NDRC) is promoting the development of private investment through infrastructure REITs as a means to revitalize existing infrastructure assets and integrate the real economy with capital markets [1] Group 1: Infrastructure REITs - Infrastructure REITs are identified as an effective way to activate existing infrastructure assets in the public market [1] - The NDRC, in collaboration with the China Securities Regulatory Commission, initiated the pilot program for infrastructure REITs in 2020 [1] - By 2024, the program is expected to transition into a normalized recommendation and issuance phase, with ongoing expansion [1] Group 2: Project Statistics - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission, with 83 projects already issued and listed [1] - These projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] - The total amount raised through these funds is 207 billion yuan, which is projected to drive new project investments exceeding 1 trillion yuan [1]

Group 1 - The National Development and Reform Commission (NDRC) will enhance collaboration with the China Securities Regulatory Commission (CSRC) to support the issuance of more qualified private investment infrastructure REITs projects, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [1][2] - As of now, the NDRC has recommended 18 private investment infrastructure REITs projects to the CSRC, with 14 projects successfully issued and listed, raising a total of nearly 30 billion yuan [1] - The first community commercial and agricultural market REITs projects, both private investment initiatives, have demonstrated a positive effect on upgrading consumption infrastructure [1] Group 2 - The NDRC has cumulatively recommended 105 projects to the CSRC, with 83 projects listed, covering 10 industries and 18 asset types, raising a total of 207 billion yuan, which is expected to drive over 1 trillion yuan in new project investments [2] - The NDRC plans to establish a special coordination service mechanism for private investment projects to address challenges in project cultivation and improve the efficiency of project recommendation and issuance [2]

Core Insights - The National Development and Reform Commission (NDRC) has announced that the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector will enter a normalized recommendation phase in 2024, with ongoing expansion [1] Group 1: Investment Projects - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), of which 83 projects have been issued and listed [1] - The recommended projects cover 10 industries and 18 types of assets, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Group 2: Financial Impact - The total amount of funds raised from these REITs is 207 billion yuan, which is expected to drive total new project investments exceeding 1 trillion yuan [1]

Group 1: Report's Overall Situation - The report is a weekly review of public REITs from November 3 - 7, 2025, focusing on market trends, investment opportunities, and risks in the REITs sector [1][10] - The overall market is weak, with the China Securities REITs Total Return Index closing at 1041.51 points, down 0.40% for the week, affected by factors such as weak fundamentals, share unlocks, and secondary offerings [10] - As of Friday, the total market capitalization of 77 listed REITs in China was 220.6 billion yuan, with a floating market capitalization of 110.9 billion yuan [1] Group 2: Secondary Market Overall Performance - After the third - quarter reports, the REITs sector continued to show divergence, with 33 rising, 1 falling, and 43 falling. Industrial parks and warehousing logistics led the decline with a 1.8% drop, while the municipal environmental protection sector led the gain with a 0.65% increase [2][19] - REITs trading sentiment weakened, with average daily trading volume, average daily turnover, and average daily turnover rate decreasing by 13.43%, 10.45%, and 0.05 percentage points respectively compared to the previous period [22] Sub - sectors - **Industrial Parks**: The sector continued to face pressure in the third - quarter reports, with significant divergence in individual bond fundamentals. Some projects' occupancy rates dropped to 60 - 70%. The average distribution rate of the sector has increased to 4.60%. Consider playing the oversold opportunities of some individual bonds, such as CICC Liandong Kechuang REIT [28] - **Rental Housing**: The sector was dragged down by China Resources Youchao REIT, which fell 3.21% this week. The project plans to conduct a secondary offering through private placement to original holders, which may bring risks such as price decline and equity dilution. However, the sector's liquidity is good, and the distribution rate has increased from 2.83% at the end of June to 3.14%, so it is still worthy of attention [31] - **Transportation Facilities**: Continue to focus on road assets in the eastern regions such as Huatai Jiangsu Expressway, China Merchants Expressway, etc. Note that three highway REITs will have large - scale share unlocks in November, which may bring trading pressure [34] - **Consumer Infrastructure**: It is the golden season for consumer REITs in the fourth quarter. Focus on projects with high distribution rates, stable leasing performance, and large consumption potential, such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5][36] - **Municipal Environmental Protection**: Guotai Haitong Jinan Energy Heating REIT performed best this week, rising 2.25%. Pay attention to the heating duration and heat source procurement price adjustment during the heating season [38] Group 3: Primary Market Shan Zheng Jinzhong Public Investment Ruiyang Heating REIT - On November 6, the Shanghai Stock Exchange issued a review opinion. Key concerns include heat source procurement (stability and unit price) and heating fee income (historical and predicted shutdown rates, "same - city, same - price" policy, etc.) [43] Other Upcoming Issuance Projects - As of November 7, 2025, there are about 3 potential issuance projects remaining this year. Currently, 1 is ready for sale after pricing (Huaxia Anbo Warehousing Logistics), 7 have received exchange feedback, and 1 has been accepted by the exchange [44] Group 4: Investment Recommendations - **Industrial Parks**: Consider the oversold opportunities of CICC Liandong Kechuang REIT, which has an occupancy rate of over 90% in the third - quarter report, and also pay attention to Guotai Haitong Dongjiu New Economy and Guotai Haitong Lingang Innovation Industrial Park [28] - **Rental Housing**: Focus on high - distribution - rate projects such as Shanghai Real Estate Rental Housing, Shekou Rental Housing, and Xiamen Anju, which fell significantly last week [4] - **Consumer Facilities**: In the fourth quarter, focus on high - distribution - rate, stable - leasing, and high - consumption - potential projects such as Shanghai Bailian Consumer, Beijing Wumei Consumer, and Capital Outlets [5]

Group 1: Industry Dynamics - The CITIC Construction Investment Shenyang International Software Park REIT (Fund Code: 508029) was listed on the Shanghai Stock Exchange on November 6, 2025, attracting market attention due to its high-quality underlying assets and stable operational capabilities. The REIT includes 13 industrial buildings located in the core sci-tech area of Hunnan District, Shenyang, with a total property area of 201,200 square meters, primarily focused on R&D office infrastructure, and has been operational for over 5 years, entering a stable operational phase [1][7]. Group 2: Primary Market - As of November 7, 2025, the total issuance scale of listed REITs reached 199.3 billion yuan, with a total of 77 REITs issued [8]. Group 3: Market Performance - In the week from November 3 to November 7, 2025, the CSI REITs total return index fell by 0.40%, while the total REITs index decreased by 0.93%. The property REITs index dropped by 1.41%, and the operating rights REITs index saw a slight increase of 0.07%. The total REITs index underperformed the CSI 300 index by 1.75 percentage points [2][16][25]. Group 4: Liquidity - The overall trading activity of REITs decreased this week, with the total trading volume (MA5) at 575 million yuan, a 12.9% decrease from the previous week. The trading volumes for property and operating rights REITs (MA5) were 396 million yuan and 180 million yuan, respectively, reflecting changes of -16.7% and -3.1% from the previous week. The largest category by trading volume this week was park infrastructure REITs, accounting for 23.8% of the total [3][37].