Group 1 - Shenzhen is focusing on relaxing market access and exploring a more flexible and scientific policy system to accelerate the construction of a socialist demonstration zone with Chinese characteristics [1] - The city aims to stimulate the vitality and creativity of various market entities by breaking down entry barriers and optimizing the market access environment [1] - Economic reforms in Shenzhen are designed to liberate and develop productive forces, continuously enhancing the internal motivation of various business entities [2] Group 2 - Shenzhen is building a robust international trading platform for electronic components and integrated circuits, establishing a data exchange center and an advanced technology application promotion center [2] - The city has introduced "Pengnong Loan" to support agricultural enterprises, providing a cumulative financial support of 42.7 billion yuan to enhance the agricultural supply chain [2] - Shenzhen has developed a low-altitude economy action plan, establishing 1,284 low-altitude takeoff and landing points to support logistics, manned flight, and emergency rescue operations [2] Group 3 - Shenzhen has been a pioneer in the pilot demonstration of infrastructure Real Estate Investment Trusts (REITs), leading the nation in the number and scale of issued products [3] - The city has achieved significant breakthroughs in the REITs sector, including the first pilot projects in clean energy and affordable rental housing [3] - Shenzhen's REITs projects have been recognized as typical cases for promoting effective investment through asset revitalization [3] Group 4 - Shenzhen has initiated the "Super Charging City 2.0" project, establishing over 1,098 supercharging stations and 536,000 charging facilities to create a comprehensive charging service network [6] - The city has been selected as a pilot city for large-scale vehicle-network interaction applications, contributing to the development of a virtual power plant with the highest adjustable capacity ratio in the country [6] Group 5 - Shenzhen has released the "Qianhai Green Building Assessment Standard," integrating national and Hong Kong standards to promote green building certification in the Greater Bay Area [7] - The standard aims to enhance the efficiency of green building practices across the entire lifecycle of new and existing buildings [7] Group 6 - Shenzhen is enhancing its open economic system by facilitating the "Hong Kong-Macao Drug and Medical Device Access" pilot program, with 17 medical institutions now covered [8] - The city has implemented high-level cross-border trade facilitation measures, including the inclusion of 166 quality enterprises in the pilot program and processing over 27 billion USD in facilitation payments [8] - Shenzhen has established the first and only international industry and standards organization cluster in the He Tao area, promoting the first international hospital accreditation standard in China [8]

Core Viewpoint - The Shanghai Stock Exchange has issued detailed feedback on the listing application for the "AVIC Nuclear Group Energy Closed-End Infrastructure REIT," focusing on the sustainability of cash flows from underlying assets, which is crucial for infrastructure REITs [1] Group 1: Feedback Focus Areas - The feedback highlights concerns regarding the generation capacity and stability of the underlying wind power projects, noting a trend of declining output and increasing curtailment rates, which could impact future cash flows [2] - The exchange is particularly focused on the resilience of project revenues amid declining market electricity prices and the expiration of national subsidies, questioning whether the valuation models adequately reflect these policy changes [3] - There are inquiries about historical cost fluctuations and future operational expense forecasts, emphasizing the need for clarity on the necessity and efficiency of the complex three-tier operational management structure [3] Group 2: Market Implications - The feedback signals a shift in the REITs review process from macro narratives to micro validations, providing investors with more detailed operational data to make informed value judgments [4] - The unique risk profile of renewable energy infrastructure is highlighted, including policy risks, physical risks, structural risks, and management risks, which investors need to consider [4] - As the public REITs market continues to expand, establishing a multi-dimensional risk assessment framework is becoming increasingly urgent for investors [5] Group 3: Investment Considerations - Investors are advised to focus on verifying the authenticity of underlying asset ownership, assessment reports, and cash flow data, while also evaluating the REITs management experience and risk control systems [5] - The concept of a "safety cushion" is emphasized, which includes operational hedging mechanisms and clear governance structures to ensure asset independence and stable operations [6] - The wind power public REITs market is projected to grow significantly, with expectations of reaching a market size of over 50 billion by 2028, driven by the demand for revitalizing existing wind power assets [6][7] Group 4: Future Outlook - The wind power public REITs are positioned to benefit from supportive policies, industry upgrades, and capital influx, creating a substantial market opportunity [8] - Investors are encouraged to adopt a scientific evaluation system focusing on asset quality, operational capability, valuation levels, and policy adaptability to identify quality investment targets [8] - The long-term growth potential of wind power public REITs aligns with the green transition trend, making them a vital link between the green industry and capital markets [8]

Core Viewpoint - The Huaan Bailian Consumption REIT is set to distribute dividends amounting to 34.46 million yuan, representing 99.98% of the distributable amount as of September 30, 2025, highlighting its strong cash flow and dividend capacity since its listing [1] Group 1: Fund Performance - The fund will distribute 0.3446 yuan per 10 shares, marking its second dividend distribution in 2025 and the fourth since its inception [1] - The annualized cash flow distribution rate reached 4.70% as of September 30, 2025, indicating robust performance in the secondary market for public REITs [1] Group 2: Underlying Asset Operations - The underlying asset, Bailian Youyi City Shopping Center, has demonstrated efficient operations, contributing to the fund's stable cash flow [1] - In 2025, the shopping center signed 55 new brands, including 17 regional first stores and 3 Shanghai first stores, with 12 new brands signed in Q4 alone [2] Group 3: Customer Engagement and Digitalization - The project has effectively targeted young consumers through events like the "Green Tree E-sports" first store and urban competitions, resulting in a daily footfall increase to 84,800, a 12.92% year-on-year growth [2] - A comprehensive upgrade of the customer flow analysis system in 2025 has enabled precise data capture and analysis, enhancing operational efficiency and brand performance [3] Group 4: Market Position and Future Outlook - The Huaan Bailian Consumption REIT aims to leverage its solid operational capabilities and digital management to provide sustainable returns for investors, playing a crucial role in the transformation of commercial real estate and boosting urban commercial vitality [4]

特许经营权领跌，指数加速下探 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 当前市场普跌下也蕴含着配置机会，可关注超跌优质项目的反弹机会。 债 券 研 究 投资要点： 债券研究 /[Table_Date] 2025.12.21 | | 021-38038263 | | --- | --- | | | liuyu6@gtht.com | | 登记编号 | S0880523050002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 转债估值及常规因子表现数据库（251215- 251219） 2025.12.20 年内地方债发行金额突破 10 万亿 2025.12.17 12 月第二周大行资金融出回升明显 2025.12.16 高速板块领跌，指数至阶段新低 2025.12.14 理解重要会议后的债市波动：三个层次的分析 2025.12.14 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 市 场 策 略 ...

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 private investment 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].

Group 1 - The National Development and Reform Commission (NDRC) has released the "2025 Edition of the Industry Scope List for Real Estate Investment Trusts (REITs) in the Infrastructure Sector," highlighting a focus on consumer and service-oriented infrastructure [1] - The list includes sports venues, four-star and above hotels, and elderly care facilities, aligning with the "Special Action Plan to Boost Consumption" and addressing core demands for consumer upgrades and livelihood security [1] - Additionally, the list incorporates data centers, artificial intelligence infrastructure projects, 5G, communication towers, Internet of Things, industrial Internet, broadband network projects, smart transportation, smart energy, and smart city projects, resonating with the "Artificial Intelligence +" initiative [1] Group 2 - As of now, there are 77 REIT products listed in the market, with a total issuance scale of 207 billion yuan (including expansions) and a total market value of approximately 220 billion yuan [2] - The implementation of the 2025 Edition of the Industry Scope List is expected to further expand the REITs market, providing stronger support for stabilizing the macroeconomic landscape [2]

Core Insights - The National Development and Reform Commission (NDRC) has expanded the scope of infrastructure REITs to include urban renewal projects, which encompasses the renovation of old neighborhoods and factories, as well as comprehensive urban renewal facilities [1][2] - The integration of urban renewal with market-oriented rental housing is expected to revitalize existing assets and meet housing demands in major cities, while avoiding large-scale demolitions [2][3] - The updated list of eligible projects now includes new asset types such as hotels and sports venues, with specific guidelines on their inclusion in the REITs framework [3][4] Summary by Categories Policy Expansion - The newly released list includes urban renewal facilities and commercial office facilities as new sectors for REITs [3] - The inclusion of urban renewal is seen as a strategic move to support the transformation of the real estate industry towards a new development model focused on operation and revitalization of existing assets [1][2] Market Dynamics - The combination of urban renewal and rental housing aligns well with the financing characteristics of REITs, which require stable, long-term funding for projects with significant upfront investment and long cultivation periods [2][3] - The NDRC has been actively working to expand the infrastructure REITs market since its initiation in 2020, with 12 major industries and 52 asset types now included, and 18 asset types having already achieved their first issuance [2][3] Project Guidelines - The new guidelines specify that the initiators of projects in rental housing, consumer infrastructure, commercial office facilities, elderly care facilities, and urban renewal must be independent legal entities focused on long-term operations rather than short-term sales [4] - The maximum allowable area for hotels and commercial office spaces within the underlying assets of a REIT project is set at 30%, with exceptions allowing up to 50% in special cases [3][4]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report presents a weekly analysis of public - offering infrastructure REITs from November 24 to November 28, 2025, including secondary - market price - volume performance, valuation, market correlation, and primary - market tracking [1][2]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Various REITs' performance data are provided, including weekly return, year - to - date return, turnover rate, trading volume, etc. For example, in the warehousing and logistics sector, the weekly return of Hongtu Innovation Yantian Port REIT was 1.24%, and the year - to - date return was - 1.07% [9]. 3.2 Secondary - market Valuation Situation 3.2.1 Valuation of Equity - type REITs - As of this Friday, the top three products in terms of internal rate of return (IRR) are E Fund Guangzhou High - tech Industrial Park REIT, CICC Hubei KeTou Optics Valley REIT, and Huaxia HeDa High - tech REIT, with corresponding IRRs of 8.74%, 8.45%, and 7.66% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are CJGX Shounong REIT, E Fund Guangzhou High - tech Industrial Park REIT, and CICC Hubei KeTou Optics Valley REIT [19][20][21]. 3.2.2 Valuation of Concession - type REITs - As of this Friday, the top three products in terms of IRR are Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.46%, 9.45%, and 6.94% respectively. Some REITs have P/FFO and P/NAV indicators lower than the industry average, and the top three in expected cash distribution rate are E Fund Shenzhen Expressway REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT [22][23][24]. 3.3 Market Correlation Statistics - At the level of the correlation coefficient between REITs and major asset classes, this week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20. The correlation coefficients between REITs and other major asset classes such as CSI 300, ChiNext Index, etc., are also provided. Different types of REITs have different correlation coefficients with major asset classes [25][26]. 3.4 Primary - market Tracking - As of November 28, 2025, there are 12 REIT products still in the exchange acceptance stage and 1 in the passed - to - be - listed state. This week, Dongfanghong Tunnel Road Expressway REIT and Ping An Xi'an High - tech Industrial Park REIT were submitted to the exchange [28][29].

Market Performance - The Shanghai Composite Index rose by 0.29%, while the Shenzhen Component Index fell by 0.25% on November 27[2] - The net inflow of funds into the Shanghai market was 110.51 billion CNY, and 29.69 billion CNY into the Shenzhen market[4] Sector Trends - Leading sectors included communication equipment, consumer electronics, and batteries, while software development, IT services, and film and television saw the largest outflows[4] - The technology sector shows a clear long-term upward trend, although short-term fluctuations are expected[1] Policy Impact - The Ministry of Industry and Information Technology emphasized the importance of aligning supply and demand to stimulate consumption potential[5] - The Ministry of Commerce is promoting new consumption models and encouraging businesses to launch new products and stores[8] Consumer Insights - As of mid-2023, the user base for generative AI products in China reached 515 million, indicating a growing market for AI-driven consumer products[10] - The Ministry of Culture and Tourism plans to support the introduction of high-quality cultural and tourism products to meet consumer demand[11] Investment Opportunities - Investors are advised to focus on companies with clear market scale, technological advantages, and favorable policy directions as year-end performance and policies gain attention[1]

Group 1: Humanoid Robot Industry - The National Development and Reform Commission (NDRC) is focusing on preventing a "bubble" in the humanoid robot industry by conducting in-depth research and planning to strengthen policy guidance, accelerate technological breakthroughs, and promote application of results [1][2] - The humanoid robot industry is experiencing rapid growth, with a projected market size of 100 billion yuan by 2030, driven by innovation and demand [2] - There are currently over 150 humanoid robot companies in China, with more than half being startups or companies from other sectors, which presents both opportunities and risks of product redundancy [2][3] Group 2: Infrastructure REITs - The NDRC is actively promoting the expansion of infrastructure Real Estate Investment Trusts (REITs) to include more asset types such as urban renewal facilities, hotels, sports venues, and commercial office spaces [4] - Since the launch of infrastructure REITs in 2020, the NDRC has expanded the issuance scope to cover 12 industries and 52 asset types, with 18 asset types already achieving their first issuance [4] - The NDRC aims to enhance collaboration with the China Securities Regulatory Commission to optimize the project application process and support more qualified projects while ensuring risk management and quality control [4] Group 3: "Two Heavy" Construction - The NDRC is integrating "Two Heavy" construction into the broader context of the 14th and 15th Five-Year Plans, emphasizing strategic and forward-looking investments [5][6] - Significant funding has been allocated for "hard investment" projects, with 700 billion yuan and 800 billion yuan arranged for the last two years, respectively, to support various infrastructure developments [6] - Key areas of focus include urban infrastructure, major transportation projects along the Yangtze River, food security initiatives, and improvements in social welfare and education facilities [6][7]