1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, the REITs market rose significantly, with the China Securities REITs Index up 1.7% week - on - week. New infrastructure, consumer, and municipal facilities REITs had prominent gains. The performance order of major indices in terms of weekly gains and losses was: China Securities Convertible Bonds > China Securities REITs > China Securities All - Bonds > CSI 300 [1]. - As of January 23, 2026, the dividend yield of equity - type REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [1]. - Since the beginning of this year, five public REITs have been terminated (withdrawn) on the Shanghai and Shenzhen Stock Exchanges. The public REITs market is gradually transforming towards "emphasizing operation and compliance", and projects with stable cash flows and strong operation and management capabilities will be more favored by the market in the future [1]. 3. Summary According to Related Catalogs 3.1 Secondary Market Trends - As of January 23, 2026, the closing price of the China Securities REITs (closing) Index was 806.72 points, with a weekly increase of 1.7% (from January 17 to January 23, 2026). It performed weaker than the China Securities Convertible Bonds Index (+2.9%) but stronger than the China Securities All - Bonds Index (+0.2%) and the CSI 300 Index (-0.6%). Since the beginning of the year, the order of major indices in terms of gains and losses was: China Securities Convertible Bonds (+8.7%) > China Securities REITs (+3.2%) > CSI 300 (+1.6%) > China Securities All - Bonds (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.6%, and the volatility was 7.5%. The return rate was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bonds Index. The volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bonds Index. The total market value of REITs on January 23 was 228 billion yuan, an increase of 5.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.66%, an increase of 0.11 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly gains and losses of equity - type REITs and concession - type REITs were 2.9% and 1.8% respectively. In terms of different project types, there was a divergence in the rise and fall of each sector, with new infrastructure, consumer, and municipal facilities REITs leading the gains. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+10.30%), Huaan Bailian Consumer REIT (+9.97%), and Huatai Baowan Logistics REIT (+7.27%) [3][15][19]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Resources Commercial REIT (213.02 million yuan), Guojin CRCC REIT (76.03 million yuan), and Southern Runze Technology Data Center REIT (72.96 million yuan) [3][21][22]. 3.2 Primary Market Issuance - From January 1 to January 23, 2026, there was 1 REITs product in the accepted stage, 1 in the in -quired stage, and 3 in the feedback stage on the exchanges. According to the official websites of the Shanghai and Shenzhen Stock Exchanges, the additional issuance of Fuling First - created Water Service Closed - end Infrastructure Securities Investment Fund, Jianxin Jiarongyuan Rental Housing Closed - end Infrastructure Securities Investment Fund, Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund, Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund, and Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund were terminated or withdrawn [24]. - The public REITs market is changing from "emphasizing issuance" to "emphasizing operation and compliance". In the future, projects with stable cash flows and standardized operation and management capabilities will be more favored by the market [24]. 3.3 Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of January 23, the average annualized cash distribution rate of public REITs was 6.3%. Different valuation indicators were used from the perspectives of bond - like and stock - like characteristics, including relative net value premium rate, IRR, and P/FFO [25]. - As of January 16, 2026, the dividend yield of equity REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [28]. 3.4 Industry News - The first national Torch REITs landed in Xiamen. CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund officially entered the application stage, with underlying assets covering 10 industrial parks within the "one - district, multiple - parks" scope of Xiamen Torch High - tech Zone, with a total construction area of 481,300 square meters [4][36]. - Maoye Commercial plans to carry out the application and issuance of commercial real - estate public REITs. On January 23, Maoye Commercial Co., Ltd. announced that it would use some buildings of Chengdu Maoye Center in Tianfu Avenue North, High - tech Zone, Chengdu held by its wholly - owned subsidiary and related parties as underlying assets to carry out the application and issuance of commercial real - estate public REITs [4][36].

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the "2025 Edition List of Industry Scope for Real Estate Investment Trusts (REITs) in the Infrastructure Sector," expanding the issuance scope of infrastructure REITs to better support the real economy and promote a virtuous investment cycle [1][4]. Group 1: REITs Overview - REITs are publicly traded financial products that convert stable income-generating infrastructure assets into liquid, standardized equity products [2]. - Infrastructure REITs facilitate the financing of existing infrastructure projects through publicly raised funds, helping to revitalize assets and recover funds for new project construction [2][3]. Group 2: Expansion of Issuance Scope - The issuance scope of infrastructure REITs has significantly expanded, now covering 12 major industries and 52 asset types prior to the 2025 edition list [4]. - New additions to the 2025 list include commercial office facilities and urban renewal facilities, with specific projects like four-star and above hotels and sports venues in the consumer infrastructure sector [4]. Group 3: Market Performance and Impact - As of now, 83 out of 105 recommended projects have been issued and listed, with a total fundraising amount of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [5]. - Private investment projects have played a crucial role, with several being the first in their respective fields, enhancing the quality of consumer infrastructure [6]. Group 4: Future Directions - The NDRC aims to continue supporting qualified private investment projects in issuing infrastructure REITs, enhancing the market's expansion and addressing challenges faced by these projects [6]. - Ongoing collaboration with the China Securities Regulatory Commission (CSRC) will focus on optimizing the application process and improving project quality while preventing risks [6].

Core Viewpoint - The expansion of the infrastructure REITs issuance scope aims to activate a large amount of existing assets in China, improve resource allocation, and enhance economic efficiency [1][2]. Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission has released a new list for infrastructure REITs, including commercial office facilities and urban renewal projects as independent asset categories [1]. - The China Securities Regulatory Commission has proposed a pilot for commercial real estate REITs, which, along with the expanded infrastructure REITs, will help create a complete public REITs market in China [1]. - As of November 2025, there are 77 infrastructure REITs products with a total fundraising scale of approximately 220 billion yuan, indicating a relatively small scale compared to the vast existing assets in China [1]. Group 2: Impact on Consumption and Urban Renewal - The inclusion of sports venues, commercial complexes, and four-star hotels in the REITs framework is expected to stimulate supply-side improvements and innovation, thereby enhancing consumption scale and structure [2]. - The central urban work conference in 2025 emphasizes urban renewal, and incorporating old neighborhoods and factories into the REITs framework can help address funding challenges in urban renewal projects [2]. Group 3: Commercial Real Estate and Liquidity - Commercial real estate has a large scale and long recovery period, with many companies overly reliant on debt financing, leading to liquidity issues [3]. - REITs can provide a channel for asset exit and capital recovery for real estate companies, helping to activate existing assets and reduce debt ratios [3]. - The attractiveness of REITs is increasing due to low savings and bond yields, with a high mandatory dividend payout ratio making them appealing to investors [3]. Group 4: Operational Improvement and Market Growth - There is a need to focus on improving project operational capabilities, optimizing governance structures, and transitioning from "heavy development" to "precise operation" to enhance supply quality and attract more social capital [4].

Group 1: Infrastructure REITs Expansion - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1][2] - Since the launch of infrastructure REITs in 2020, the NDRC has collaborated with the China Securities Regulatory Commission (CSRC) to expand the market, initially including logistics, toll roads, municipal facilities, and industrial parks, and later adding clean energy, data centers, affordable rental housing, water conservancy, cultural tourism, and consumer infrastructure [2] - Currently, the issuance scope covers 12 major industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [2] Group 2: Development of Embodied Intelligence Industry - The embodied intelligence industry, represented by humanoid robots, is experiencing rapid growth at over 50% due to innovation and demand [3] - There are currently over 150 humanoid robot companies in China, but there are concerns about product redundancy and limited R&D space [3][4] - The NDRC is working on establishing industry standards and an entry-exit mechanism to ensure fair competition and orderly development of the industry [4] Group 3: Reform Initiatives - The 14th Five-Year Plan suggests focusing on emerging industries like low-altitude economy, biomanufacturing, and embodied intelligence [5] - The NDRC plans to promote reforms in three areas: market entry, application scenarios, and resource elements to address barriers to industry development [5] - Efforts will be made to optimize the market entry environment, support the cultivation of application scenarios, and enhance the resource guarantee mechanism to facilitate the flow of advanced resources towards new productive forces [5]

Group 1: Infrastructure REITs Development - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - Since the launch of infrastructure REITs in 2020, the NDRC and the China Securities Regulatory Commission (CSRC) have been working to broaden the market, initially including logistics, toll roads, municipal facilities, and industrial parks, and later adding clean energy, data centers, affordable rental housing, water conservancy, cultural tourism, and consumer infrastructure [1] - Currently, the issuance scope of infrastructure REITs covers 12 major industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [1] Group 2: "Two Major" Construction Progress - The NDRC, in collaboration with relevant departments and local governments, has made progress in the "Two Major" construction, focusing on major national strategies and key areas of safety capability construction [2] - In the past two years, the NDRC has allocated 700 billion yuan and 800 billion yuan in special long-term bonds to support 1,465 and 1,459 "hard investment" projects respectively, reflecting strategic and forward-looking planning [2] - Future plans include integrating the "Two Major" construction into the 14th Five-Year Plan to provide stronger support for the modernization of China [2] Group 3: Development of Embodied Intelligence Industry - The NDRC is conducting in-depth research to promote the healthy and orderly development of the embodied intelligence industry, focusing on policy guidance, accelerating technological breakthroughs, and promoting the application of results [2] - Key initiatives include establishing industry standards and evaluation systems, creating fair competition environments, and ensuring orderly industry development [3] - The NDRC aims to accelerate the construction of training and pilot platforms to facilitate the integration and open sharing of embodied intelligence technology and resources nationwide [3]

Core Insights - The Indian capital market is experiencing an unprecedented wave of foreign capital outflow, with net outflows exceeding $22 billion in the past three months, marking a historical high. This trend reflects systemic risks facing the Indian economy and a strategic shift in global capital allocation [2][3]. Group 1: Triggers of the Outflow - Deteriorating policy environment: Frequent modifications to foreign investment regulations by the Modi government, including localization requirements and retrospective taxation, have severely undermined investor confidence [3]. - Accumulation of valuation bubble risks: The Sensex index has maintained a price-to-earnings ratio above 25, with some tech unicorns valued at 3-4 times the industry average, prompting institutions like BlackRock and Vanguard to adopt profit-taking strategies [3]. - Disappearance of geopolitical premiums: With a temporary easing of US-China relations, capital is reassessing the value of the "China+1" strategy, revealing significant shortcomings in India's supply chain completeness and business efficiency [3]. Group 2: Key Areas of Capital Withdrawal - Financial technology sector: Companies like Paytm have seen their stock prices halve, with foreign ownership dropping by 40% [3]. - Renewable energy: Import restrictions on solar components have stalled multiple large-scale projects [3]. - Consumer electronics: Companies like Xiaomi and OPPO face compliance scrutiny, leading to a 28% reduction in foreign ownership among supply chain firms [3]. - Infrastructure REITs: Significant redemptions have occurred in highway and power asset securitization products [3]. Group 3: Structural Deficiencies - Infrastructure bottlenecks: Logistics costs account for 14% of GDP, significantly higher than the Southeast Asian average [3]. - Labor quality trap: Only 5% of the eligible workforce has received systematic vocational training [3]. - Financial system vulnerabilities: The non-performing loan ratio remains above the 8% warning threshold [3]. - Local protectionism: Inconsistent tax policies across states have led to increased cross-regional operational costs [3].

Core Viewpoint - The expansion of the Guotai Junan Lingang Innovation Industrial Park REIT is a significant step towards optimizing asset structure and enhancing liquidity in the REIT market, supporting the transformation and sustainable operation of Lingang Group [1][2][3] Group 1: REIT Expansion and Strategy - The Guotai Junan Lingang Innovation Industrial Park REIT is utilizing a "listed company + public REITs" dual-driven strategy to inject mature R&D assets, aiming to expand market size and liquidity [1] - The expansion is seen as a solid step towards the REIT's goal of achieving "scale development," reinforcing the foundation for nurturing industrial park assets and creating a virtuous cycle of "technology-industry-finance" [2] Group 2: Asset Quality and Performance - The newly acquired infrastructure project for the REIT is the Caohejing Technology Oasis Kangqiao Park, which has a strong operational performance with an average occupancy rate of 95% or higher over the past three years [3] - The park has established a core industrial layout focusing on integrated circuits, biomedicine, and artificial intelligence, indicating strong operational capability and growth potential [3] Group 3: Market Impact and Future Outlook - The expansion creates a "synergistic effect" between new and old assets, leveraging the industrial chain and cluster advantages of Lingang Group's parks to provide comprehensive services from incubation to production [3] - This initiative sets a benchmark for asset optimization and value reassessment in the industry, offering new opportunities for investors to participate in the development of Shanghai's international innovation center and strategic emerging industries [3]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 1.56% this week, while the Shanghai Composite Index rose by 1.69% and the CSI 500 Index increased by 3.28% [5][16] - The newly listed Chuangjin Shounong REIT saw a first-day increase of 28.48% [7][10] - The total market capitalization of the REITs industry is approximately 204.75 billion [2] Market Performance - This week, 9 REITs increased in value, while 60 declined, resulting in an overall drop of 1.56% in the REITs market [20] - The trading volume for the week was 32.8 billion, reflecting a 36.2% increase, with an average turnover rate of 0.7% [43] - The trading amounts for various sectors included: - Highways: 5.9 billion (+13.4%) - Ecological Environment: 1.8 billion (+11.8%) - Clean Energy: 3.6 billion (+22.0%) - Industrial Parks: 10.4 billion (+94.7%) - Warehousing and Logistics: 3.5 billion (+60.4%) - Rental Housing: 3.7 billion (-2.4%) - Consumer: 4.6 billion (+68.0%) [43] Key Events - The listing date for the Zhongyin Zhongwaiyun Warehousing Logistics REIT is set for July 29, 2025 [10][12] - The Zhonghang Tianhong Consumer REIT project has been submitted for approval [10][12] - The E-Fonda Shen High-Speed REIT announced a dividend distribution of 58.11 million, accounting for 99.97% of the distributable amount [10][11] Market Trends - The report indicates that the REITs market has a strong correlation with the consumer sector, with a correlation coefficient of 0.51 [24] - The REITs have shown varying degrees of correlation with other asset classes, with the REITs showing a negative correlation with 10-year government bonds at -0.08 [18]