1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From August 11 to August 15, 2025, the weighted index of REITs decreased by 1.52% to 101.68 points. The performance of major asset classes from high to low was stocks > convertible bonds > crude oil > pure bonds > REITs > gold. Among REITs, equity - type REITs fell 1.57% to 115.01, and concession - type REITs fell 1.45% to 85.90. By industry type, the weekly performance from high to low was consumer - type > warehousing and logistics > highways > energy > industrial parks > ecological and environmental protection > affordable rental housing [2]. - In terms of secondary - market performance, the top three REITs in terms of weekly gains were Southern Wanquan Data Center REIT (5.59%), Southern Runze Technology Data Center REIT (4.26%), and China Resources Commercial REIT (0.62%). In terms of trading volume, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and Boshi Shekou Industrial Park REIT had the highest trading volumes, with 0.83 billion shares, 0.74 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Southern Wanquan Data Center REIT, Southern Runze Technology Data Center REIT, and ICBC Inner Mongolia Energy Clean Energy REIT had the highest turnover rates, at 34.47%, 24.71%, and 10.46% respectively [3][11]. - In terms of secondary - market valuation, as of August 15, 2025, the top three products in terms of internal rate of return (IRR) were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT, with corresponding IRRs of 11.43%, 11.37%, and 8.98% respectively. In terms of the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. In terms of the P/NAV indicator, the top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT. In terms of expected cash distribution rate, the top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [3][16][17]. - As of August 15, 2025, there were 11 REIT products still in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4]. 3. Summary by Relevant Catalogs 3.1 Secondary - market Price - volume Performance - Market - wide performance: The weighted index of REITs decreased by 1.52% this week. Equity - type and concession - type REITs both declined, and there were varying degrees of decline in different industry types [2]. - Individual - product performance: The top three REITs in terms of gains, trading volume, and turnover rate were as mentioned above [3][11]. 3.2 Secondary - market Valuation Situation - IRR: The top three REITs in terms of internal rate of return were China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Jiao Kong REIT [3][18]. - P/FFO: Many REITs had a dynamic P/FFO lower than the industry average [3][16][17]. - P/NAV: The top three undervalued REITs were Huaxia Huadian Clean Energy REIT, Huatai Suzhou Hengtai Rental Housing REIT, and CICC Yizhuang Industrial Park REIT [3]. - Expected cash distribution rate: The top three were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and ICBC Hebei Expressway REIT [17]. 3.3 Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.21 this week. The correlation coefficients with other major asset classes were also provided, such as 0.19 with the CSI 300, 0.12 with the ChiNext Index, etc. Different types of REITs (equity - type, concession - type, etc.) also had different correlation coefficients with major asset classes [21][23]. 3.4 Primary - market Tracking - As of August 15, 2025, there were 11 REIT products in the exchange acceptance stage and 1 REIT in the approved - to - be - listed state [4].

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 1.49% this week, with operational rights down 1.45% and property rights down 2.01%. In contrast, the Shanghai Composite Index rose by 2.37% and the CSI 500 Index increased by 3.88% [5][17]. - The report highlights significant events, including the announcement of the issuance of fund shares for the CICC Vipshop Outlet REIT, which was oversubscribed by 253.26 times, and the completion of a targeted expansion for the Guotai Junan Lingang Innovation Industrial Park REIT [10][12]. - The report emphasizes the strong allocation attributes of REITs in the long term, suggesting investors pay attention to sector rotation and expansion opportunities while being mindful of macroeconomic and policy environments [5][12]. Summary by Sections Market Overview - The total number of listed companies in the REITs sector is 73, with a total market capitalization of 217.78 billion yuan and a circulating market capitalization of 102.88 billion yuan [2]. - The trading volume for the week was 3.27 billion yuan, reflecting a decrease of 10.9% compared to the previous week, with an average daily turnover rate of 0.6% [10]. Key Events - The CICC Vipshop Outlet REIT announced a fund share issuance at a price of 3.480 yuan per share, with a total effective subscription amounting to 53,184,400 thousand shares [10]. - The Guotai Junan Lingang Innovation Industrial Park REIT completed a targeted expansion, issuing 388,788,630 shares at a price of 4.433 yuan per share [12]. Market Performance - The report notes that 7 REITs increased in value, while 66 declined, resulting in an overall drop of 1.49% for the REITs sector [21]. - The correlation of REITs with the 10-year government bonds, 1-year government bonds, and convertible bonds is reported as 0.08, -0.12, and 0.69, respectively, indicating a differentiated performance compared to the stock market [17][21].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - This week (from July 28, 2025, to August 1, 2025), the REITs weighted index rose 1.81% to 102.69 points. The performance of major asset classes from high to low was: crude oil > REITs > pure bonds > stocks > convertible bonds > gold. Among REITs, the equity - type rose 2.54% to 117.51, and the concession - type rose 0.90% to 87.46. In terms of industry types, the weekly performance from high to low was: consumer - type > rental housing for security > energy - type > industrial park - type > ecological and environmental protection - type > highway - type [2]. - The top three REITs in terms of increase this week were Huaxia Capital - First Capital Outlets REIT (6.86%), ICBC Mengneng Clean Energy REIT (6.75%), and Huaxia China Resources Commercial REIT (5.77%). In terms of trading volume, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT were at the forefront. In terms of turnover rate, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT had relatively high turnover rates [3][12]. - In terms of valuation, for the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. For the P/NAV indicator, the top three undervalued REITs were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT [4][19]. - As of August 1, 2025, there were 11 REIT products still in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5]. Summary by Directory Secondary Market Price and Volume Performance - **Overall Index Performance**: The REITs weighted index rose 1.81% this week. The equity - type REITs rose 2.54%, and the concession - type rose 0.90%. Different industry - type REITs also had different increases [2]. - **Individual REIT Performance**: The top three REITs in terms of increase were Huaxia Capital - First Capital Outlets REIT, ICBC Mengneng Clean Energy REIT, and Huaxia China Resources Commercial REIT. The REITs with high trading volume and turnover rate were BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT [3][12]. - **Fund Inflow and Block Trading**: The top three REITs in terms of net inflow of main funds were BOC Sino - Sinotrans Logistics REIT, Penghua Shenzhen Energy REIT, and Hongtu Innovation Yantian Port REIT. The top three industries in terms of trading volume were park infrastructure, warehousing and logistics, and transportation infrastructure. The top three in terms of average daily turnover rate were warehousing and logistics, energy infrastructure, and park infrastructure. Among block trading, Friday had the highest block trading volume, and the top three REITs in terms of block trading turnover were Cinda Principal Agricultural REIT, CITIC Construction Mingyang Smart New Energy REIT, and ICBC Hebei Highway REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs had a dynamic P/FFO lower than the industry average. The top three undervalued REITs by P/NAV were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT. The top three in terms of expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [19]. - **IRR Ranking**: As of this Friday, the top three products in terms of internal rate of return (IRR) were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 11.28%, 11.07%, and 8.46% respectively [21]. Market Correlation Statistics - **Correlation with Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.19), ChiNext Index (0.12), small and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.06), gold (0.04), and crude oil index (0.09) [25]. - **Correlation of Different Types of REITs**: Different types of REITs (equity - type, concession - type, and various industry - type REITs) had different correlation coefficients with major asset classes [27]. Primary Market Tracking As of August 1, 2025, there were 11 REIT products in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5].

证券研究报告|固收研究报告 [Table_Date] 2025 年 08 月 03 日 [Table_Title] 消费设施、租赁住房 REITs 领涨 [Table_Title2] 公募 REITs 周速览（2025 年 7 月 28 日-8 月 1 日） [Table_Summary] 本周（2025 年 7 月 28 日-8 月 1 日）中证 REITs 全收益指 数收于 1100.90 点，周度上涨 1.25%，重回 1100点位，后半周 呈现放量上涨状态。中外运仓储物流、华电清洁能源正式上市 交易，我国上市 REITs 项目达 71 个，总市值收于 2131 亿元。 大类资产角度，"反内卷"商品市场情绪转弱，权益板块显 著回调，市场风险偏好有所降温，资金避险情绪逐渐酝酿，本 周 REITs 与黄金表现亮眼。前期领涨的玻璃、焦煤、碳酸锂、 纯碱等品种跌幅超过 10%，恒生科技下跌 4.94%，沪深 300、 中证 500 和中证转债跌幅介于 1.3-1.7%，均跑输 REITs。 ►二级市场 七大 REITs 板块止跌回升，消费设施、租赁住房涨幅靠 前，分别达 4.58%、3.70%。华润商业作为消费 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the China Securities REITs Index closed down. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. From the comparison of the weekly price changes of major indices, CSI Convertible Bonds > CSI 300 > CSI All - Bond > CSI REITs. The average daily turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed down, with energy, ecological, and municipal facilities REITs having smaller declines. As of June 27, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP. The central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", supporting the issuance of REITs for eligible consumer infrastructure, bringing new opportunities for the development of consumer REITs. China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, realizing a "first - issuance + expansion - fundraising" closed - loop for rental housing REITs and establishing a paradigm for normalizing refinancing [1]. Summary by Directory Market Trends - **Secondary Market Trends** - As of June 27, 2025, the closing price of the CSI REITs (closing) index was 880.9 points, with a weekly price change of - 1.46%, performing worse than the CSI Convertible Bonds Index (+2.08%), the CSI 300 Index (+1.95%), and the CSI All - Bond Index (- 0.09%). Year - to - date, the price change rankings of major indices were: CSI REITs (+11.6%) > CSI Convertible Bonds (+6.6%) > CSI All - Bond (+1.2%) > CSI 300 (- 0.3%). In the past year, the return rate of the CSI REITs index was 11.4%, with a volatility of 7.0%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bonds Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 206.1 billion yuan on June 27, a decrease of 500 million yuan from the previous week. The average daily turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][8][14]. - Energy, ecological, and municipal facilities REITs had smaller declines. The average weekly price changes of property - type REITs and franchise - type REITs were - 2.1% and - 1.8% respectively. Among different project - type REITs, all closed down, with the three project types with the smallest average declines being energy (- 0.8%), ecological (- 0.9%), and municipal facilities (- 1.3%). The top three REITs in terms of weekly price increases were AVIC Jingneng Photovoltaic REIT (+0.95%), China Asset Management China Resources Commercial REIT (+0.64%), and CICC Shandong Expressway REIT (+0.47%) [3][19][23]. - In terms of trading activity, municipal facilities REITs were the most active this week, and transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 2.4% during the period, accounting for 2.8% of the total REITs trading volume. The latter had an average daily turnover rate of 0.6%, accounting for 25.9% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were China Asset Management China Resources Commercial REIT (21.81 million yuan), Penghua Shenzhen Energy REIT (16.2 million yuan), and China Asset Management Heda High - tech REIT (10.79 million yuan) [3][24][25]. - **Primary Market Issuance** - As of June 27, 2025, there were 2 REIT products in the declared stage on the exchange, 3 products had been accepted, 5 products had received feedback, 5 products had passed and were waiting to be listed, and there were 7 first - issued products that had passed and were already listed [27]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs as of June 27 was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. From the equity perspective, the valuation of REITs is judged through relative net - value premium rate, IRR, and P/FFO. The relative net - value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net - value premium rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets; P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent asset operation situation to judge the current investment return rate [29]. - Different project types of REITs have different valuation indicators. For example, municipal facilities REITs had a relative net - value premium rate of 79.1%, a P/FFO of 8.7, an IRR of 7.5%, and an annualized dividend rate of 13.6%. In addition, the dividend yield of property - type REITs was compared with the CSI Dividend stock dividend yield, and the internal rate of return of franchise - type REITs was compared with the 10 - year Treasury bond yield. As of June 27, 2025, the dividend yield of property REITs was 143BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury bond yield was 209BP [30]. Industry News - On June 19, the central bank and other six departments issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", proposing to support the issuance of public - offering REITs for eligible consumer infrastructure, further expanding the "asset pool" for consumer REITs and strengthening the institutional and financial foundation for project implementation [35]. - On June 24, the winning bid results of Jiangxi Water Group's public - offering REITs were announced, with Huatai - PineBridge Fund winning the fund manager qualification. On the same day, the tender for Wenzhou Shanxi Water Conservancy's public - offering REITs was completed, with CICC and CICC Fund's consortium winning the bid [35]. - On June 25, China Asset Management Beijing Affordable Housing REIT completed the first domestic rental housing expansion and fundraising, raising approximately 946 million yuan. The expansion included 4 affordable rental housing projects, and rental housing REITs achieved a "first - issuance + expansion - fundraising" closed - loop [35]. - On June 26, CICC Yizhuang Industrial Park REIT was listed on the Shanghai Stock Exchange, the first domestic infrastructure REIT focusing on the automobile manufacturing industry chain, raising a total of 1.088 billion yuan [35]. - On June 27, CICC China Green Development Commercial REIT was listed on the Shenzhen Stock Exchange and hit the daily limit on the first day, with a 30% increase from the issue price, showing the strong attractiveness of consumer - type commercial assets in the REITs market [36].

Group 1 - The Shanghai Cooperation Organization (SCO) finance ministers and central bank governors meeting was held in Beijing, discussing global and regional economic challenges and financial cooperation [1] - The meeting achieved substantial progress towards the establishment of the SCO Development Bank and agreed to create a financial think tank network [1] - Topics included improving local currency settlement arrangements and enhancing digital inclusive finance cooperation [1] Group 2 - The National Energy Administration announced the initiation of pilot projects for new power systems, focusing on building or upgrading renewable energy power stations in areas with tight supply or significant consumption pressure [2] - The projects aim to enhance system performance with a target of increasing output by over 10% during peak hours [2] - Priority will be given to projects with installed capacity of over 200,000 kilowatts [2] Group 3 - Guangdong Province is planning to develop a marine strong province indicator system to evaluate the effectiveness of marine development [3] - The system will include functional positioning, compilation principles, and calculation methods, ensuring practical implementation [3] - This initiative aims to support the construction of a new marine Guangdong [3] Group 4 - Shenzhen's Industrial and Information Technology Bureau announced a support plan for the smart terminal industry, with funding up to 20 million yuan for various AI terminal projects [4] - The focus is on research, production, and application promotion of innovative consumer electronics, including smartphones and smart home products [4] - The application system for funding will open on June 13 [4] Group 5 - The National Railway Administration is promoting the green transformation of old diesel locomotives by replacing fossil fuel systems with electric and hydrogen fuel cell systems [5] - This initiative aims to improve energy efficiency and reduce emissions from railway operations [5] Group 6 - PingPong has received preliminary approval from the Central Bank of the UAE to become the first Chinese third-party payment institution to hold a UAE payment license [6] - This marks a significant step for Chinese payment platforms in expanding their international presence [6] Group 7 - Shanghai's Development and Reform Commission encourages local enterprises to actively apply for infrastructure REITs reserve projects, with a minimum asset valuation of 1 billion yuan for new issuances [8] - Existing REITs can expand without asset size restrictions, allowing for bundled calculations of multiple projects [8] Group 8 - The Ministry of Industry and Information Technology and the Chinese Academy of Sciences are launching an innovation task for high-performance bioreactors, focusing on key technologies and applications [9] - The initiative aims to enhance the integrated development capabilities of technology research, supply-demand matching, and large-scale application [9] Group 9 - In May 2025, A-share new account openings reached 1.56 million, a year-on-year increase of 22.86% compared to 1.27 million in May 2024 [10] - Despite a decline from previous months, the overall trend remains robust, with the total new accounts in 2025 exceeding the first six months of 2024 [10] Group 10 - China Eastern Airlines announced a new fuel surcharge policy effective June 5, 2025, exempting fuel surcharges for domestic flights under 800 kilometers [11] - For flights over 800 kilometers, a surcharge of 10 yuan per passenger will be applied [11] - The policy aims to adjust pricing structures for domestic air travel [11]

Core Viewpoint - The China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission (CSRC) for the establishment of the CICC Yizhuang Industrial Park closed-end infrastructure securities investment fund, marking the first REIT project in China focused on the automotive manufacturing industry chain [1]. Group 1: Fund Details - The CICC Yizhuang Industrial Park REIT will invest in infrastructure assets located in the Beijing Economic-Technological Development Area, specifically targeting high-end automotive and new energy vehicle key component industrial parks [5]. - The REIT aims to become a global hub for high-end automotive key components and a forefront of technological innovation in the capital, focusing on "high-end equipment + intelligent manufacturing + innovative research and development" [5]. Group 2: Strategic Importance - The current enterprises within the infrastructure assets primarily provide upstream and downstream products and services to well-known vehicle manufacturers and intelligent driving companies, aligning with the strategic goals of enhancing the core functions of the capital and creating a high-end manufacturing industry cluster [9]. - This project is the first infrastructure REIT in the Beijing Economic-Technological Development Area, initiated by Beijing Yizhuang Investment Holding Co., Ltd., with the original rights holder being its wholly-owned subsidiary, Beijing Yizhuang Shengyuan Investment Development Group Co., Ltd. [9]. Group 3: Asset and Development Overview - Yizhuang Holding has established 57 industrial platforms, including industrial parks and customized factories, covering a total construction area of nearly 4 million square meters and hosting over 5,000 enterprises, including 391 high-tech companies [9]. - As of the end of 2024, the initiator and original rights holder have a total book value of quality assets exceeding 13 billion yuan, indicating a rich reserve of expandable assets [9].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Industry Investment Rating - No information provided Report's Core View - No information provided Summary by Relevant Catalogs Secondary Market Price and Volume Performance - The report presents detailed data on various REITs, including their fund codes, names, industry types, listing dates, issue prices, trading volumes, turnover rates, returns, and closing price trends. For example, the year-to-date return of Boshi Shekou Industrial Park REIT is 7.45%, and its weekly turnover rate is 2.50% [11] Secondary Market Valuation Situation - No information provided Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated. For REITs, the correlation coefficients with the Shanghai Composite Index, CSI 300, ChiNext Index, and other assets are 0.21, 0.20, 0.13, etc. respectively. Different types of REITs (such as property rights, franchise rights, etc.) also show different correlation characteristics with these asset classes [20] Primary Market Tracking - Information on REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations. For instance, Huatai Zijin Suzhou Hengtai Rental Housing REIT has a project valuation of 1.342 billion yuan and is in the "passed" stage [23]

Core Insights - Beijing has successfully issued and listed 11 infrastructure public REITs projects, raising approximately 23.5 billion yuan, accounting for 17.2% of the national project count and 13.8% of the total fundraising scale, maintaining a leading position in the country [1] - Infrastructure public REITs serve as an innovative financial tool that transforms stable income-generating real estate projects into standardized, tradable financial products, providing investors with high cash dividends and strong liquidity [1] - The initiative plays a crucial role in supporting high-quality economic development by enhancing direct financing, stabilizing macro leverage ratios, and preventing financial risks [1] Project Development and Support - The Beijing Development and Reform Commission has issued a notice to encourage market participants to actively submit applications for infrastructure public REITs projects, reflecting a positive response [2] - A dedicated working mechanism has been established, involving multiple departments to efficiently support the issuance and operation of infrastructure public REITs projects [2] - Beijing has successfully launched projects in various sectors, including warehousing logistics, ecological protection, clean energy, and affordable housing, marking the first listings in these areas nationwide [2] Future Directions - The city plans to leverage its ecological advantages and enhance service support to promote more infrastructure public REITs projects [3] - The project solicitation channel for infrastructure public REITs will be normalized, focusing on new infrastructure areas such as artificial intelligence, data centers, and smart cities [3]