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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not explicitly stated in the given content 3. Summary by Relevant Catalogs 3.1 Secondary Market Price and Volume Performance - Data on multiple REITs including fund code, fund name, industry type, listing date, issue price, first - day return, return since listing, trading volume since listing, trading volume this week, trading volume last week, turnover rate this week, turnover rate last week, return this week, return last week, and return since the beginning of this year are presented for different industries such as warehousing logistics, industrial parks, affordable rental housing, consumer infrastructure, data centers, highways, ecological environment protection, water facilities, and energy [10][11] 3.2 Secondary Market Valuation Situation - Valuation data of various REITs are provided, including P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025, along with comparisons to industry averages and current quantiles [22] 3.3 Market Correlation Statistics - The correlation coefficients between REITs (including different types such as property - based, franchise - based, and by industry) and various asset classes (stock assets, convertible bonds, pure bonds, and commodities) are presented [28] 3.4 Primary Market Tracking - Information on several REITs in the primary market is given, including project nature, project type, stage, acceptance date, original equity holder, underlying projects, and project valuation [30]

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints of the Report - No clear overall core viewpoints are presented in the report. It mainly presents detailed data on the performance, valuation, correlation, and primary - market tracking of various REITs. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - The report details the price - volume performance of multiple REITs, including listing date, issue price, first - day return, cumulative return, trading volume, turnover rate, weekly return, and year - to - date return. For example, the Red Clay Innovation Yantian Port REIT had an issue price of 2.3 yuan, a first - day return of 2.91%, and a cumulative return of 15.89% as of the report date [10]. 3.2 Secondary Market Valuation - It shows the valuation indicators of different REITs, such as P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025. For instance, the Red Clay Innovation Yantian Port REIT had a dynamic P/FFO of 18.69, a P/NAV of 1.03, and an expected cash distribution rate of 4.37% in 2025 [21]. 3.3 Market Correlation Statistics - The report presents the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20 [29]. 3.4 Primary Market Tracking - It lists several REITs in different stages (to be listed, feedback received, application accepted, and application submitted), along with their project nature, type, original equity holders, underlying projects, and project valuations. For example, the CITIC Construction Investment Shenyang International Software Park REIT is a property - type industrial park REIT to be listed, with a project valuation of 11.84 billion yuan [31].

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]