Investment Rating - The report does not provide a specific investment rating for the REITs industry [1]. Core Insights - The REITs index experienced a slight decline of 0.33% this week, while the broader market indices such as the Shanghai Composite and CSI 500 saw increases of 1.23% and 1.78%, respectively [4][16]. - Newly listed data center REITs, namely Southern Wanguo and Southern Runze, both saw significant gains of 30% on their debut [6][20]. - The overall trading volume for REITs this week was 3.67 billion yuan, reflecting a 1.5% increase compared to the previous week [6]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 221.233 billion yuan and a circulating market value of 103.698 billion yuan [1]. - The report highlights that 23 REITs increased in value, 1 remained stable, and 49 declined, indicating a mixed performance across the sector [20]. Key Events - Significant events include the listing of Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT on August 8, both achieving a 30% increase in their first trading day [9][14]. - Other notable updates include the registration effectiveness of various REIT projects and announcements regarding expansions and new acquisitions in the infrastructure sector [9][12]. Trading Performance - The trading volume for different REIT categories varied, with data-related REITs showing a remarkable increase of 100% in trading volume, while other categories like industrial parks and warehousing logistics saw declines [6][20]. - The report indicates that the correlation of REITs with various bond indices and stock indices varies, with a correlation of 0.33 with the Shanghai Composite and 0.37 with the CSI 500 [16].

Core Viewpoint - The second quarter reports of 66 REITs indicate a mixed performance across different sectors, with varying levels of operational pressure and resilience observed in different segments [3][4]. Group 1: Sector Performance Overview - Industrial parks are still under pressure due to new supply and demand contraction, with a need for time to reach a new balance in rental levels and occupancy rates. The revenue for this sector decreased by 1.9% quarter-on-quarter [3][5]. - Logistics and warehousing projects maintained a high occupancy rate of 94.3% in Q2, showing better resilience than expected despite rental pressures, with an average rental decline of only 2% [3][10]. - Affordable rental housing exhibited the least revenue fluctuation in Q2, maintaining stable occupancy and rental levels, while national rental prices continued to decline [3][4]. - Traditional retail faced a 5.5% quarter-on-quarter revenue decline due to seasonal factors, necessitating cautious long-term growth assessments [3][4]. - Highway projects showed significant performance differentiation, with freight traffic performing better than passenger traffic [3][4]. - The municipal environmental sector remained stable, with wastewater treatment fundamentals holding steady and seasonal characteristics in heating demand becoming evident [3][4]. - Energy projects showed improvement in wind resources, particularly offshore wind, outperforming gas and hydropower [3][4]. Group 2: Financial Metrics and Market Trends - The total distributable amount for REITs decreased both year-on-year (down 3.1%) and quarter-on-quarter (down 5.4%), reflecting operational changes across projects [4]. - The market valuation has adjusted, presenting opportunities for quality project allocations, focusing on stable cash flow and potential turnaround opportunities [4][5]. - The logistics sector is expected to see significant new supply in the second half of 2025, with approximately 2.5 million square meters expected, primarily in key urban areas [10][11]. - Demand in the logistics sector is primarily driven by e-commerce and third-party logistics, with significant contributions from seasonal events like the 618 shopping festival [10][11]. Group 3: Regional Insights - In Beijing, the business park market saw no new projects in Q2, with a net absorption of 95,000 square meters, indicating a recovery in demand [6]. - Shanghai's business park market experienced a moderate recovery in demand, particularly from the TMT sector, which accounted for 41% of the total demand [7]. - The vacancy rate in key urban areas varies significantly, with the Pearl River Delta showing a low vacancy rate of 6.15%, while the Beijing-Tianjin-Hebei region has a higher rate of 27.1% [11][15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the end of June 2025, affected by factors such as high cumulative gains, stock market diversion, fundamental pressure, mid - year profit - taking, and rising interest rates, REITs have started to correct. Although there are short - term fluctuations and increasing disturbance factors in the second half of the year, it does not change the long - term allocation value of REITs. Attention should be paid to sectors with stable fundamentals such as affordable rental housing, consumption, and municipal environmental protection [1][10][17]. - From July 18th to July 25th, 2025, due to the stock - bond seesaw effect, the bond market corrected, and the yields of credit bonds increased across the board. The net financing of corporate credit bonds decreased, while that of financial credit bonds increased significantly. In secondary trading, medium - and short - duration bonds were actively traded, and the trading of long - duration bonds increased slightly [3][4][5]. 3. Summary by Relevant Catalogs Credit Hotspots: Public Offering REITs Correction, Fundamentals Continuing from the First - Quarter Report - The public offering REITs total return index has fallen by 3.31% since June 20th, 2025, and has returned to the level at the end of May 2025. The upward trend in the first half of the year was mainly due to the low - interest - rate environment and capital under - allocation. Since the end of June 2025, it has started to correct [10]. - The fundamentals in the second - quarter report continued the trend of the first - quarter report. Affordable rental housing had stable performance; consumption was generally stable but more volatile; industrial parks continued to face pressure; warehousing and logistics performed better than industrial parks; highways were greatly affected by road network diversion; municipal environmental protection was generally stable; and the energy sector was highly differentiated [13][14][19]. - In the short term, projects with weak fundamentals face greater pressure due to interest - rate adjustments. In the second half of the year, although capital under - allocation will continue, disturbance factors increase. However, it does not change the long - term allocation value of REITs [17]. Market Review: Stock - Bond Seesaw Leads to Bond Market Correction, Credit Bond Yields Rising Across the Board - From July 18th to July 25th, 2025, due to the stock - bond seesaw effect, the interest - rate bonds corrected across the board, and the yields of credit bonds also increased across the board. The yields of medium - and short - term notes and urban investment bonds in the medium - and short - ends increased by about 10BP, and the spreads of 1 - 3Y varieties increased by about 4BP. The yields of Tier 2 and perpetual bonds generally increased significantly, with the 3 - 10Y varieties increasing by about 12BP [3]. - Last week, the buying demand was still strong. Wealth management products had a net purchase of 16.847 billion yuan, while funds had a net sale of 26.377 billion yuan. The scale of credit bond ETFs was 330.1 billion yuan, a slight year - on - year decrease of 0.17%. The median spreads of public bonds of AAA - rated entities in various industries increased by 3 - 6BP across the board last week. The median spreads of urban investment bonds in most provinces increased, with Inner Mongolia's spreads increasing by more than 10BP [3]. Primary Issuance: Net Financing of Corporate Credit Bonds Declines, Financial Credit Bonds Significantly Increase - From July 21st to July 25th, 2025, corporate credit bonds issued a total of 324 billion yuan, a 15% month - on - month increase; financial credit bonds issued a total of 228.3 billion yuan, a 128% month - on - month increase. The net financing of corporate credit bonds was 28.1 billion yuan, a 39% month - on - month decrease, with urban investment bonds having a net repayment of 26.5 billion yuan and industrial bonds having a net financing of 56.6 billion yuan. The net financing of financial credit bonds was 207.1 billion yuan [4]. - In terms of issuance interest rates, the average issuance interest rates of medium - and short - term notes showed mixed trends, and the average issuance interest rates of corporate bonds showed a downward trend except for AA - rated bonds [4]. Secondary Trading: Medium - and Short - Duration Bonds Actively Traded, Long - Duration Bonds Slightly Increasing - The actively traded entities are mainly medium - and high - grade, medium - and short - term, central and state - owned enterprises. Urban investment bonds' active trading entities are divided into two types: mainstream high - grade platforms in economically strong provinces such as Jiangsu and Guangdong, and core main platforms in relatively high - spread areas of large economic provinces (Shandong, Sichuan, Hunan, etc.). Real - estate bonds' active trading entities are still mainly AAA - rated, with most trading terms within 1 - 3 years. Private - enterprise bonds' active trading entities are also mainly AAA - rated, with most trading terms in the medium - and short - term [5]. - Among actively traded urban investment bonds, the proportion of bonds with a term of more than 5 years in trading volume was 4%, a slight increase from the previous week (3%) [5].

点击小程序查看报告原文 Abstract 项目基本面经营分化差异加剧。1）产业园： 产业园区供需压力进一步加大，大部分项目主动或被动进入降价竞争。我们统计板块收入同环比分别下降 11.8%和7.7%。由于供需端矛盾尚未缓解，我们认为产业园后续经营或仍将持续波动。 2）物流仓储： 大部分项目通过下调租金应对供给冲击和存量竞 争，促使同口径下板块收入重回下降通道，同环比下滑4.8%和3.6%。供需再平衡过程中，一季度特朗普关税不确定性或也将影响物流仓储租户行为。 3） 保租房： 保租房板块受宏观经济影响较小，一季度板块收入仅出现小幅波动，出租率维持较高水平，租金水平变化则出现小幅分化，其中政策性保租房 租金保持稳定或略有上涨，市场化项目则出现环比下滑，但整体仍符合预期。 4）消费： 得益于各地促消费政策，消费REITs一季度开局良好，我们测算 可比口径收入环比上升1.7%，收入完成度较好。 5）高速： 受低基数与路网变化的影响，高速项目表现分化明显，往后看我们认为板块仍有望延续稳中 向好态势，但路网变化对于单条路产影响较大，应持续关注分流影响。 6）市政环保： 生物质发电项目吨发表现、成本管控好于预期，水务受合肥 ...

Group 1: Core Views - The macroeconomic environment in China is expected to remain under pressure in 2024, with a weak recovery phase, but there are structural resilience highlights in the REITs market [2][4] - The average performance completion rate of public REITs projects exceeded 100%, indicating stable performance realization [2][3] - The forced dividend characteristic of public REITs is emphasized, with an average of 2 dividend distributions expected in 2024 [2][3] Group 2: Market Dynamics - The operating resilience of REITs projects is attributed to controllable asset supply-demand contradictions, alignment with policy directions, and stable payment terminal projects [2][4] - The average rental income of second-tier industrial park projects is projected to decline by 5.4% year-on-year, while first-tier parks are adopting strategies to maintain occupancy rates [5][6] - The logistics real estate market is experiencing a short-term adjustment, with average effective rent declining by 4.0% year-on-year [7][8] Group 3: Investment Structure - Institutional investor participation in public REITs reached a record high of 96.45%, with brokerage firms becoming a significant pricing force [3][4] - The insurance sector's participation remained stable compared to the previous year, indicating a cautious approach to incremental allocation [3][4] Group 4: Sector Performance - Retail properties are entering a phase of stock competition, with over half of key cities experiencing a decrease in vacancy rates, although rental prices remain under pressure [9][10] - The rental housing market is seeing increased supply, but listed projects are maintaining operational resilience, with overall income growth of 0.6% year-on-year [10][11] - Toll revenue for expressways is under pressure due to various factors, but there is a gradual improvement in performance observed in Q4 2024 [12][13]