1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

Core Viewpoint - 华夏基金华润有巢REIT demonstrates stable operational performance and value creation for investors through refined asset management and proactive industry policy engagement [1] Financial Performance - For the period from January 1 to June 30, 2025, the fund achieved revenue of 39,288,302.43 yuan and a net profit of 5,783,765.47 yuan, with net cash flow from operating activities at 23,853,749.29 yuan [2] - As of the end of the reporting period, total assets reached 1,184,540,905.07 yuan, net assets were 1,106,748,732.32 yuan, and the fund had 500 million shares with a net asset value per share of 2.2135 yuan [2] - The fund distributed 90% of the available distributable amount in cash to investors, with a total distributable amount of 24,334,960.06 yuan and an actual distribution of 24,419,974.58 yuan in the first half of 2025 [2] - Historical data shows stable distribution records with 2024's distributable amount at 49,044,536.45 yuan and actual distribution at 65,414,939.35 yuan, and 2023's figures at 60,761,363.43 yuan and 39,230,011.57 yuan respectively [2] Asset Operations - The fund focuses on the affordable rental housing sector, with core assets located in Shanghai's key innovation corridor, targeting new citizens and young talent [3] - As of June 30, 2025, the fund had 2,612 rental units available, with 2,504 units rented out, resulting in an occupancy rate of 95.87%, an increase of 1.75% from the previous year [3] - Commercial rental space totaled 3,880.34 square meters, with 3,034.73 square meters rented out, achieving a rental rate of 78.21%, up 16.54 percentage points year-on-year [3] - Parking spaces available were 1,023, with 814 rented out, resulting in a rental rate of 79.57%, an increase of 8.24 percentage points year-on-year [3] Project Performance - The occupancy rate for the 有巢泗泾 project was 96.52%, up 2.60% year-on-year, with a commercial rental price of 2.99 yuan per square meter per day, a 16.34% increase [4] - The 有巢东部经开区 project had an occupancy rate of 95.25%, up 0.94% year-on-year, with a commercial rental rate of 83.50%, an increase of 20.25% [4] Policy Environment - The affordable rental housing sector is currently benefiting from strong policy support and high market demand, with the implementation of the Housing Rental Regulations providing a solid regulatory framework [5] - Local policies and tax incentives, such as the "non-residential to residential" policy in Shanghai, are enhancing the supply structure of affordable rental housing [5] Team and Risk Management - The fund's operations are supported by a professional team with extensive experience in infrastructure and real estate investment [7] - The fund management adheres to legal regulations and maintains a robust compliance and risk control framework [7][8] Future Outlook - The affordable rental housing sector is expected to see significant growth with the ongoing implementation of housing policies and projects [9] - The fund aims to enhance operational efficiency and tenant satisfaction while expanding its asset base and market influence [9]

Core Viewpoint - The investment attitude of institutions towards rental housing REITs has become cautious due to the continuous decline in rental market prices and the increasing supply of affordable rental housing, leading to intensified competition. Institutions now prioritize tangible operational performance data over cyclical concepts and narratives [1][6][18]. Group 1: Investment Interest and Performance - The head of a community management organization for affordable rental housing REITs has noted a significant increase in interest from various financial institutions, including insurance and private equity funds, in the operational strength and expected annual dividend rates of these REITs [2][3]. - Affordable rental housing REITs are perceived as more stable compared to other REIT sectors, with rental rates and income remaining relatively stable, attracting capital and pushing up market valuations [4][5]. - As of June 30, 2025, the eight listed affordable rental housing REITs had an average increase of approximately 52% from their issuance price, with an average increase of about 20% this year, outperforming the overall REIT market [4][5]. Group 2: Concerns and Market Dynamics - Financial institutions have raised concerns about whether affordable rental housing REITs can maintain a 4% annual dividend rate amidst falling housing prices and increasing supply in the long-term rental market [6][8]. - Data from the first half of 2025 indicates a 3.6% year-on-year decline in rental prices across 55 cities, with the supply of affordable rental housing continuing to grow, intensifying competition in the market [9][6]. Group 3: Strategies for Stability - To address investor concerns, affordable rental housing REITs are considering expansion and optimizing community management to enhance operational efficiency and maintain dividend rates [16][17]. - Recent initiatives include collaborating with large enterprises to attract employees through rental subsidies, stabilizing occupancy rates and rental income [18][17]. - The introduction of new assets through expansion is seen as a quick way to enhance overall dividend rates and operational performance, with recent expansions showing promising projected cash flow distribution rates [11][12].

Group 1 - The China Securities Regulatory Commission (CSRC) is advancing the pilot program for infrastructure REITs, aiming to improve the system and broaden the pilot scope to better facilitate public REITs' functions and promote a virtuous cycle of investment and financing, supporting the development of the real economy [1] - Since the launch of the first batch of public infrastructure REITs in June 2021, 11 public REITs products have been listed, with stable market operations and good liquidity and price discovery mechanisms, meeting pilot expectations [1] - Promoting the healthy development of infrastructure REITs is a significant deployment in the "14th Five-Year Plan," crucial for revitalizing existing assets, innovating investment and financing mechanisms, broadening equity financing channels, and enhancing the capital market's ability to serve the real economy [1] Group 2 - The CSRC is also accelerating the implementation of public REITs pilot projects for affordable rental housing, which is an effective policy tool to implement the central government's decision to establish a multi-supplier, multi-channel guarantee, and rental-purchase housing system [2] - The promotion of affordable rental housing REITs is expected to broaden funding sources for construction and attract social capital participation, facilitating the industry's transition to a new development model for stable and healthy growth [2] - The CSRC is collaborating with relevant departments to expedite the pilot work for affordable rental housing REITs and push for project implementation as soon as possible [2]

Core Viewpoint - Shenzhen is advancing its comprehensive reform pilot program, achieving significant economic growth and setting ambitious goals for further reform and opening up [1][2]. Economic Growth - Shenzhen's GDP increased from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, with an average annual growth rate of 5.5% [1]. - The city's industrial output and added value have ranked first among national cities for three consecutive years [1]. Reform Initiatives - The issuance of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" on June 10 marks a new phase for the reform pilot [1][3]. - The reform pilot has seen the implementation of 40 authorized measures and the promotion of 48 innovative initiatives nationwide [2]. Key Focus Areas - The reform emphasizes innovation in education and technology, aiming to create a globally influential industrial and technological innovation center [3]. - There is a strong focus on integrating innovation chains, industrial chains, financial chains, and talent chains to support key industries and enterprises [3]. - Expansion of cooperation with Hong Kong and Macau is prioritized, particularly in trade and personnel movement, to enhance international collaboration [3]. Healthcare and Data Innovation - At the AI Empowerment Conference for the pharmaceutical and medical device industry, Shenzhen Data Exchange introduced five medical data products to support AI companies [4]. - The exchange aims to drive reforms and innovations in the healthcare sector, contributing to the development of a globally influential digital city [4].

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Relevant Catalogs Secondary Market Price and Volume Performance - From July 28 to August 1, 2025, some REITs showed price changes of 20.51%, 14.74%, 60.01%, 39.98%, and 70.00% [26] Secondary Market Valuation Situation - The report provides detailed valuation data for various REITs, including P/FFO, P/NAV, IRR, expected values for 2025, and other indicators for different types of REITs such as warehousing and logistics, industrial parks, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, and energy [16] Market Correlation Statistics - It shows the correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and different types of REITs (property - related, franchise - related, etc.) also have different correlation coefficients with these asset classes [22] Primary Market Tracking - Lists multiple REIT projects in different stages (approved, accepted, feedback - received). For example, the Southern Runze Technology Data Center REIT has been approved, with a project valuation of 4.203 billion yuan, and the CICC Vipshop Outlets REIT has been accepted, with a project valuation of 2.972 billion yuan [25]

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This is a weekly report on public infrastructure REITs, presenting the price - volume performance, valuation, market correlation statistics, and primary - market tracking of various REITs [1][5][6][7][8] 3. Summary by Directory 3.1 Secondary Market Price - Volume Performance - The report details the price - volume data of multiple REITs, including their fund codes, industry types, listing dates, issue prices, trading volumes, turnover rates, weekly and year - to - date returns, etc. For example, the turnover rate of Boshi Jingkou REIT this week is 0.14%, and its weekly return is 1.36%, with a year - to - date return of - 2.10% [5][11] 3.2 Secondary Market Valuation Situation - No specific content on secondary - market valuation is summarized from the given text 3.3 Market Correlation Statistics - The correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities are presented. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and that between REITs and the CSI Convertible Bond Index is 0.19 [21][23] 3.4 Primary Market Tracking - Information about REITs in the primary market is provided, including their project natures, types, stages (e.g., passed, feedback received, or accepted), acceptance dates, original equity holders, underlying projects, and project valuations. For example, the project valuation of Zhongyin Sino - Sinotrans Warehouse Logistics REIT is 11.56 billion yuan, and it has passed the review on December 30, 2024 [27]

Core Viewpoint - C-REITs have emerged as a new investment choice in the low-interest-rate environment, with increasing asset pools and ongoing expansions expected to enhance cash flow reserves and asset management quality, ultimately providing better and more stable returns for investors [1] Market Performance - From June 9 to June 13, 2025, the weighted REITs index rose to 143.48, with a return rate of 0.74%, outperforming other major asset classes [2] - The most notable performance was from the保障性租赁住房REITs, with 华夏基金华润有巢 REIT showing the highest market value increase of 4.32% during the same period [2] - Since their listing, 中金厦门安居 REIT has seen a total equity increase of 94.09% compared to its initial market value [2] - The price index for the保障性租赁住房 sector rose by 29.8% in Q1 2025, with the total return index increasing by 34.8% [2] Product Performance and Demand - As of June 10, 2025, the eight listed保障性租赁住房REITs have averaged a 52.7% increase from their issuance prices, with an average increase of 19.7% since the beginning of 2025 [3] - The average cash distribution rate for six products issued before 2025 was 2.81%, with an actual distribution rate of 2.82% [3] - The stable rental income and low capital expenditure requirements of保障性租赁住房REITs have made them attractive to investors [3] Expansion and Market Sentiment - 华夏北京保障房REIT recently completed its first expansion, raising approximately 946.2 million yuan by issuing 224,218,009 shares at a price of 4.22 yuan per share [4] - The successful expansion of the first保障性租赁住房REIT validates the effective development model of "initial issuance + continuous expansion" and boosts market sentiment, with other REITs also experiencing significant price increases [4] Future Outlook - The cumulative issuance scale of公募REITs is expected to exceed 25 billion yuan, driven by increasing investor interest and the need for new investment avenues in a low-interest-rate environment [5] - The expansion trend is anticipated to continue, allowing original equity holders to grow asset scales and improve asset management quality [5] - Analysts suggest that保障性租赁住房REITs, characterized by low operational costs and stable rental income, are likely to remain attractive investments [5] Investment Strategy - Investors are encouraged to focus on core cities for allocation in保障性租赁住房REITs, given their low operational risks and stable rental income [5] - The potential for significant returns from newly listed REITs is highlighted, with many projects experiencing high subscription rates and substantial first-day price increases [5] - Research indicates that buying newly listed REITs within the first 60 trading days can yield favorable returns, with a win rate of 60% [5][6]