Core Viewpoint - The transition to normalized issuance of infrastructure REITs in China marks the end of a four-year pilot program, indicating a new phase for the market and the need for further reforms in the investment and financing system [2][5]. Group 1: Market Development - The National Development and Reform Commission (NDRC) has issued a notice to promote the normalized issuance of infrastructure REITs, which has garnered significant market attention [2]. - Since the pilot program began in June 2021, the NDRC has recommended 67 projects to the China Securities Regulatory Commission (CSRC), with 44 projects successfully issued, raising a total of 128.5 billion yuan [5]. - The normalized issuance is expected to enhance the market's stability and maturity, allowing for a more market-driven investment behavior [5]. Group 2: Regulatory Changes - The new notice adjusts the application rules for REITs, eliminating the requirement for future yield rates, which has raised concerns about potential risks in project financing [3]. - The simplification of the application process and the expansion of asset types eligible for REITs, including clean and efficient coal-fired power and elderly care facilities, are aimed at optimizing the regulatory framework [4]. - The reforms are based on the improved professional capabilities of REITs operators and the enhanced quality of project applications, aligning with market principles [4]. Group 3: Financial Performance - The infrastructure REITs have generated over 51 billion yuan in net recovery funds for new investments and are expected to drive total new project investments exceeding 640 billion yuan [5]. - Cumulatively, listed infrastructure REITs have distributed over 13 billion yuan in dividends to investors, with the CSI REITs total return index rising by 8.65% in the first half of 2024 [5].