Report Industry Investment Rating No relevant content provided. Core Views - The overall year-on-year revenue growth rate of public REITs declined marginally by 3 pct to -3%. The financial completion rate remained at a high level. Except for the water supply limitation of Yin Hua Shaoxing Raw Water, resulting in a 68% revenue completion rate for the water conservancy facilities sector, the revenue completion rates of the remaining sectors were above 93%. Due to the non-arrival of subsidies, the distributable amount completion rate of the energy sector was only 48%, while the completion rates of the remaining sectors were all above 94% [2]. - Consumption and affordable housing are still high-performing sectors with high revenue growth. Consumption revenue increased by 4% year-on-year, with a completion rate of 102%/114% (revenue/distributable amount, excluding new bonds, the same below), continuing to lead. The month-on-month changes of individual bonds were divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian were weaker than other individual bonds. The market seemed to accept the seasonal attribution of Huaxia Capital and CIFI Group's CM奥莱's manager, and it rose slightly by 1.48% after the release of the second-quarter report (from July 18th to July 29th, the same throughout the text). Huaan Bailian, on the other hand, fell by 8.88%. Affordable housing revenue increased by 6% year-on-year, with a completion rate of 100%/98%, and the occupancy rate remained relatively stable [2]. - The performance of warehousing and logistics was better than expected. Although it continued to "exchange price for volume", most assets were able to achieve a stable or increasing occupancy rate, and the sector's revenue stabilized marginally. The year-on-year revenue decreased by 4%, with a month-on-month growth rate increase of 2 pct, and the completion rate was 97%/98%. The main operating pressure on the sector came from the entry of competitors rather than trade frictions. The coastal warehousing and logistics operations of Hongtu Yantian Port and Huaxia Shenzhen International Hangzhou Project were not weak [3]. - The energy sector had a high revenue completion rate, but the quarterly fluctuations in distributable amounts dragged down the market performance. The year-on-year revenue increased by 1%, with a completion rate of 99%/48%. The delayed payment of national subsidies for wind and solar projects led to cash flow shortages, and the distributable completion rate of some projects was below 53%. If the subsidies are concentrated in the second half of the year, the completion rate is expected to improve [3]. - The sectors with weak performance were mainly industrial parks and transportation. The revenue of industrial parks decreased by 14% year-on-year, and the decline marginally widened by 4 pct. The completion rates were 93%/96%, both relatively low among all sectors. Many industrial parks mentioned the pressure from the entry of competitors, and the occupancy rates generally decreased month-on-month. However, factory projects showed operational resilience, and the occupancy rates of some factories increased against the trend. After the release of the second-quarter report, the market repriced the operational resilience of Bosera Jinkai Industrial Park [3]. - The revenue of the transportation sector decreased by 2% year-on-year, and the growth rate decreased by 2 pct marginally. Only a few individual bonds showed operational improvements [3]. - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. As of July 29th, the CSI REITs Total Return Index has corrected by 3% from its peak. In late June, the CSI REITs Total Return Index reached a phased high in February 2023, and its relative cost-effectiveness compared to stocks and bonds was relatively low. Driven by the recovery of risk appetite and the increase in REITs supply, REITs prices have declined. Valuation compression was the main theme of trading during the quarterly report period. Sectors and individual bonds with high year-to-date gains tended to fall, and price changes did not fully match performance. However, individual bonds with outstanding performance were also priced [4]. - REITs may enter a volatile range, and stable sectors are still preferred. On the one hand, REITs valuations are not low, and the improvement in risk appetite may continue. June may be a phased high. On the other hand, on July 25th, the cash distribution rate of property rights REITs was 3.86%, and the overall market IRR was 4.05%. There was still a spread of 232 BP between the IRR and the 10-year Treasury bond, supporting investor demand. Observe whether the REITs index can stabilize at the previous low price level (such as the level at the end of April). Currently, it is judged that the volatile range of the CSI Dividend Total Return is between 1052 - 1125 (1052 is the low in April, and 1125 is the high in June). If risk appetite changes drastically, it may break through the volatile range, while a slowdown in REITs supply will help stabilize the bottom of the range. When selecting bonds, first, the valuation advantages of sectors with relatively stable cycles are not extreme (the IRR spread is at the median), and stable sectors have performance support. It is expected that stable sectors such as consumption and affordable housing will still perform better. Second, the arrival of national subsidies is theoretically a short-term impact, and there may be investment opportunities after the adjustment of new energy individual bonds is in place. Third, factory-type individual bonds in industrial parks are still worthy of attention [5]. Summary by Directory REITs Overall - The overall revenue growth rate of REITs was -3% year-on-year, a 3 pct decline compared to Q1 2025. The revenue of property rights REITs decreased by 4% year-on-year. Consumption and affordable housing had positive year-on-year growth, warehousing and logistics and affordable housing stabilized marginally, while industrial parks continued to decline. The year-on-year revenue growth rates of industrial parks, warehousing and logistics, affordable housing, and consumption were -14%, -4%, +6%, and +4% respectively, with marginal changes of -4 pct, +2 pct, +6 pct, and -53 pct compared to Q1 2025. The revenue of franchise rights REITs decreased by 2% year-on-year, and the energy sector performed relatively well. The year-on-year revenue growth rates of transportation, energy, and environmental protection were -2%, +1%, and -6% respectively, with marginal changes of -2 pct, +19 pct, and -2 pct compared to Q1 2025 [17]. - After excluding the impact of new bonds, the overall market operating revenue completion rate was 96%. The revenue completion rates of the municipal, consumption, and affordable housing sectors met the standards. The distributable amount completion rate of the energy sector was relatively low due to the existence of an account period for new energy subsidies, resulting in quarterly fluctuations in the distributable amount. The completion rates of the remaining sectors were all above 94% [18][23]. Market Reaction - Since late June, risk appetite has recovered, and stable, high-dividend assets have weakened. The CSI REITs Total Return Index reached its peak on June 20th and had corrected by 3% by July 29th. Valuation compression was the main theme of trading during the quarterly report period, causing the rise and fall of REITs to not fully match performance. The month-on-month increase of individual bonds after the release of the quarterly report was generally negatively correlated with the year-to-date increase. The affordable housing sector with a high year-on-year revenue growth rate fell by 2.86%, not significantly better than other sectors, which was related to its high valuation and year-to-date increase. The industrial park sector with the most obvious marginal weakening of performance did not decline significantly, possibly because its valuation was not high, and the cash distribution rate on July 18th was at the 53% percentile in history. Some individual bonds with low valuations did not decline significantly even if their performance remained weak, such as CICC Hubei KeTou Optics Valley and Jianxin Zhongguancun. Some individual bonds with performance that exceeded expectations, such as Bosera Jinkai Industrial Park, Huatai Jiangsu Expressway, and Huaxia JINMAO Commercial, continued to rise on the basis of their significant increases this year. Several energy REITs with low distributable amounts and Guangfa Chengdu Gaotou with a large decline in occupancy rate fell significantly. Consumption had a high year-to-date increase and was still one of the three best-performing sectors after the quarterly report, indicating strong market recognition of this sector [27]. Sector Analysis - **Industrial Parks**: The revenue of industrial parks decreased by 14% year-on-year, and the growth rate decreased by 4 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 93% and 96% respectively. The occupancy rates generally decreased month-on-month, while rents varied. Factory-type projects showed performance resilience. New supply led to intensified competition. Some individual bonds faced significant performance pressure. At the individual bond level, Jianxin Zhongguancun Industrial Park, Huaxia Hefei High-tech, Huaxia Hangzhou HeDa High-tech, CICC Hubei KeTou, and others were worthy of attention [31][32]. - **Warehousing and Logistics**: The revenue of warehousing and logistics decreased by 4% year-on-year, and the growth rate increased by 2 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 97% and 98% respectively. It adopted a strategy of "exchanging price for volume", and the occupancy rates of most assets were stable or increasing. The main operating pressure came from the entry of surrounding competitors. At the individual bond level, Hongtu Yantian Port, CICC Puluosi, Huaxia Shenzhen International Warehouse Logistics, and others were worthy of attention [36]. - **Affordable Housing**: The revenue of the affordable housing sector increased by 6% year-on-year, and the growth rate increased by 6 pct compared to the previous quarter. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 100% and 98% respectively. The occupancy rates of the underlying assets fluctuated slightly, with most fluctuations within 2 pct [45]. - **Consumption**: The revenue of the consumption sector increased by 4% year-on-year. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 102% and 114% respectively. The month-on-month revenue was divergent. Huaxia Capital and CIFI Group's CM奥莱 and Huaan Bailian's month-on-month revenue were at least 10 pct lower than other individual bonds. At the individual bond level, Huaxia Vanke Commercial, Huaxia Capital and CIFI Group's CM奥莱, and Yifangda Huawai Agricultural Trade were worthy of attention [46]. - **Transportation**: The revenue of the transportation sector decreased by 2% year-on-year, and the decline widened by 2 pct compared to Q1 2025. After excluding new bonds, the sector's revenue completion rate and distributable amount completion rate were 95% and 97% respectively. Some individual bonds, such as Ping An Guangzhou Guanghe, CICC Anhui Expressway, and Huatai Jiangsu Expressway, performed well. At the individual bond level, Huaxia China Communications Construction, CICC Anhui Expressway, Zhongjin Shandong High-Speed, and others were worthy of attention [51]. - **Energy**: The revenue of the energy sector increased by 1% year-on-year, a 19 pct increase compared to Q1 2025, reflecting the large quarterly fluctuations in the revenue of the energy sector. The revenue and distributable amount completion rates were 99% and 48% respectively. The accounts receivable of new energy REITs such as photovoltaic and wind power were relatively high, resulting in a significantly lower distributable amount completion rate than the revenue completion rate. It is expected that the distributable amount completion rate will gradually increase in the second half of the year. At the individual bond level, Penghua Shenzhen Energy, CITIC Construction Investment National Power Investment New Energy, and others were worthy of attention [55]. - **Utilities**: Except for Yin Hua Shaoxing Raw Water, the revenue completion rates were at a relatively high level of 95% - 110%. At the individual bond level, AVIC Shougang Biology and Yin Hua Shaoxing Raw Water were worthy of attention [63].

证券研究报告 | 行业专题研究 gszqdatemark 2025 08 14 年 月 日 房地产 公募 REITs 二季报业绩点评：分化成主基调，择时为关键 仓储物流：小幅以价换量，出租率现修复趋势。二季度仓储物流 REITs 底 层项目整体呈现出租率回升的修复态势；但租户扩租意向普遍谨慎，租约 倾向于更高灵活性、分阶段起租的特征。出租率回升一是关税政策阶段性 调整后部分区域尤其是港口城市用仓需求呈现修复态势；二是部分项目强 化主动管理，以更灵活的租赁策略有效挖掘市场需求，以价换量效果较好。 消费基础设施：业态调改与首店经济体现管理溢价。二季度消费业态往往 呈现一定淡季特征。但已上市消费 REITs 底层资产几乎均为国内较优质的 消费载体，叠加头部运营商具备在运营管理能力与品牌影响力上的优势， 因此二季度已上市消费 REITs 在运营端仍呈现多项亮点，且当期底层项目 平均出租率为 97.1%，环比提升 0.9pcts。 保障房：配租型项目天然具备出租率、租金双稳定性。保障房 REITs 项目 在政策红利加持下租金收入与出租率展现出较强韧性。二季度已上市项目 出租率几乎保持在 90%以上，政策类保障房的整体稳 ...

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].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This is a weekly report on public infrastructure REITs, presenting the price - volume performance, valuation, market correlation statistics, and primary - market tracking of various REITs [1][5][6][7][8] 3. Summary by Directory 3.1 Secondary Market Price - Volume Performance - The report details the price - volume data of multiple REITs, including their fund codes, industry types, listing dates, issue prices, trading volumes, turnover rates, weekly and year - to - date returns, etc. For example, the turnover rate of Boshi Jingkou REIT this week is 0.14%, and its weekly return is 1.36%, with a year - to - date return of - 2.10% [5][11] 3.2 Secondary Market Valuation Situation - No specific content on secondary - market valuation is summarized from the given text 3.3 Market Correlation Statistics - The correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities are presented. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and that between REITs and the CSI Convertible Bond Index is 0.19 [21][23] 3.4 Primary Market Tracking - Information about REITs in the primary market is provided, including their project natures, types, stages (e.g., passed, feedback received, or accepted), acceptance dates, original equity holders, underlying projects, and project valuations. For example, the project valuation of Zhongyin Sino - Sinotrans Warehouse Logistics REIT is 11.56 billion yuan, and it has passed the review on December 30, 2024 [27]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The primary market has updates on two project statuses, with the secondary - market REITs index leading and market activity picking up. - The guaranteed rental housing sector leads the gains, and there are differences in trading volume and turnover rate among different sectors. - The valuation differences between equity - type and franchise - type REITs persist. [3] 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Dynamics - As of June 13, 2025, 7 products have been successfully issued in the public REITs market this year, 2 less than the same period last year. There are currently no products in the declared stage, 2 in the accepted stage, 1 in the in - query stage, 8 in the feedback stage, and 5 that have passed the review and are waiting for listing. - This week, the review status of two projects has been updated: one from declared to accepted, and the other from accepted to feedback. [3][8][9] 3.2 Secondary Market Review and Analysis - **Market Scale and Liquidity**: As of June 13, 2025, the total market value of public REITs has risen to 204.081 billion yuan, an increase of 2.007 billion yuan from the previous week. The total circulating market value has also increased to 95.089 billion yuan, with a weekly increase of 1.509 billion yuan. The average daily turnover rate this week is 0.61%, up from 0.48% last week, indicating a slight increase in market trading activity. - **Index Performance**: The CSI REITs Total Return Index rose 0.69% this week, outperforming the Dividend Index (- 0.52%), the ChinaBond - New Composite Wealth Index (0.18%), the CSI 300 Index (- 0.25%), and the CSI Convertible Bond Index (- 0.02%). The volatility of the CSI REITs Total Return Index is 0.23%, lower than that of the Dividend Index (0.41%) and the CSI 300 Index (0.60%), and higher than that of the ChinaBond - New Composite Wealth Index (0.03%). - **Sector Performance**: By project attribute, equity - type REITs had a weighted average weekly increase of 0.95%, better than the 0.42% of franchise - type REITs. By underlying asset type, the guaranteed rental housing sector led with a weighted average weekly increase of 1.54%, followed by the municipal environmental protection and water conservancy sector with a 1.02% increase. The energy infrastructure sector had the smallest increase at 0.06%. - **Individual Bond Performance**: Huaxia Fund CR Land Youchao REIT (4.32%) and Hua'an Bailian Consumption REIT (4.19%) led the gains. - **Trading Volume and Turnover Rate**: In terms of weekly trading volume, the park infrastructure sector ranked first with 193 million shares, followed by transportation infrastructure (108 million shares), guaranteed rental housing (99 million shares), etc. In terms of weekly turnover rate, the municipal environmental protection and water conservancy sector led with 1.01%, followed by the guaranteed rental housing sector (0.81%). - **Valuation Level**: As of June 13, 2025, the average cash distribution rate of equity - type REITs is 3.78%, with the consumer infrastructure sector leading at 4.26%. The average cash distribution rate of franchise - type REITs is 8.05%, with the municipal facilities sector leading at 12.21%. The Zhongzhai REITs valuation yield (IRR) of equity - type REITs (4.02%) is higher than that of franchise - type REITs (3.23%), and the PV multiplier of franchise - type REITs (1.27) is lower than that of equity - type REITs (1.31). [3][11][14][19][23][25]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From May 1 to May 31, 2025, the secondary - market prices of publicly - offered REITs in China showed an overall upward trend with fluctuations. The market had a certain degree of activity, but the trading enthusiasm decreased compared with the previous month. There were also many REITs waiting to be listed in the primary market, indicating potential development in the future [1][2]. 3. Summary According to the Directory 3.1 Primary Market 3.1.1 Listed Projects As of May 31, 2025, there were 66 publicly - offered REITs in China, with a total issuance scale of 174.393 billion yuan (excluding expansion). Among them, the transportation infrastructure category had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure category at 27.062 billion yuan. In May 2025, Huatai Suzhou Hengtai Rental Housing REIT was newly listed, with an issuance scale of 1.367 billion yuan [11][12]. 3.1.2 Projects to be Listed As of May 31, 2025, 26 REITs were waiting to be listed, including 14 initial - offering REITs and 12 REITs for expansion. In May, the project status of several REITs was updated, such as some reaching the "passed" status, some the "feedback received" status, etc. [15]. 3.2 Secondary - Market Performance 3.2.1 Price Trend - **At the level of major asset classes**: The secondary - market prices of publicly - offered REITs in China showed an overall upward trend with fluctuations. The weighted REITs index closed at 139.99, with a monthly return rate of 3.71%. Among major asset classes, the return rate ranking from high to low was US stocks > convertible bonds > REITs > A - shares > gold > pure bonds > crude oil [18]. - **At the level of underlying asset types**: Both equity - type REITs and franchise - type REITs showed an upward trend with fluctuations in secondary - market prices this month, and equity - type REITs had a larger increase. In terms of underlying asset types, the affordable housing - type REITs had the largest increase this month. The top three underlying asset types in terms of return rate were affordable housing, warehousing and logistics, and consumer - related types [22][25]. - **At the single - REIT level**: This month, the prices of publicly - offered REITs showed a mixed trend, with 58 rising and 8 falling. The top three in terms of increase were Huatai Suzhou Hengtai Rental Housing REIT, Huaxia Jinhuao Commercial REIT, and Huaxia Jinyu Zhizao Gongchang REIT [29]. 3.2.2 Trading Volume and Turnover Rate - **At the level of underlying asset types**: The trading volume of publicly - offered REITs decreased compared with the previous month, and the affordable rental housing - type REITs had the highest average daily turnover rate during the period. As of May 31, the total trading volume of 66 listed REITs was 9.72 billion yuan, and the average daily turnover rate was 0.65% [31]. - **At the single - REIT level**: In terms of trading volume, the top three were Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Huaxia Hefei High - tech REIT. In terms of trading amount, the top three were CICC Anhui Expressway REIT, Huaxia China Expressway REIT, and Dongwu Suyuan Industrial REIT. In terms of turnover rate, the top three were Huatai Suzhou Hengtai Rental Housing REIT, Huaxia Tebian Electric New Energy REIT, and Guotai Junan Lingang Innovation Industrial Park REIT [32]. 3.2.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: The total main - force net inflow was 100.56 million yuan, and the market trading enthusiasm decreased compared with the previous month. Among different underlying asset REITs, the top three underlying asset types in terms of main - force net inflow were warehousing and logistics, affordable rental housing, and transportation infrastructure [35]. - **Block trading**: The total block - trading amount decreased compared with the previous month. There were block trades on 17 trading days this month, with a total block - trading amount of 1.12 billion yuan. The highest single - day block - trading amount was on May 6, 2025, at 149.72 million yuan [40]. 3.3 Relevant Policies On May 7, 2025, Wu Qing, the chairman of the CSRC, stated during a press conference that REITs and other assets would be included in the Shanghai - Hong Kong Stock Connect and Shenzhen - Hong Kong Stock Connect. On May 15, 2025, the General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Continuously Promoting Urban Renewal Actions", proposing to improve the market - based investment and financing model and encourage eligible projects to issue infrastructure - related REITs [43].

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Report's Core View From May 12 to May 16, 2025, the secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, REITs ranked second in terms of return. In terms of different project attributes and underlying asset types, there were also varying degrees of price increases. The trading volume and turnover rate of REITs showed differentiation, and the net inflow of main funds continued. There were no new REITs listed in the primary market this week, but the status of several REITs' initial projects was updated [1][10]. Summary According to the Directory Secondary Market Price Trend - **At the large - asset level**: The secondary - market prices of China's listed public REITs showed an overall fluctuating upward trend. The weighted REITs index closed at 137.87 with a weekly return of 1.7%. Compared with other mainstream asset classes, the return ranking from high to low was: US stocks > REITs > convertible bonds > A - shares > pure bonds > crude oil > gold [1][10]. - **At the underlying - asset level**: Both equity - type REITs and franchise - type REITs showed an upward trend, with equity - type REITs having a larger increase. In terms of underlying asset types, consumer - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly return were consumer - type, park - type, and affordable housing - type [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 52 REITs rising and 13 falling. The top three in terms of increase were Huaxia Nanjing Transportation Expressway REIT, Jiashi Wumei Consumption REIT, and CICC Xiamen Anju REIT. The top three in terms of decrease were Guojin China Railway Construction REIT, AVIC Shougang Green Energy REIT, and AVIC Jingneng Photovoltaic REIT [22]. Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.442 billion yuan, and the average daily turnover rate of warehousing and logistics REITs was the highest among others. The top three REITs asset types in terms of trading volume were transportation infrastructure, park infrastructure, and warehousing and logistics. The top three in terms of average daily turnover rate were warehousing and logistics, affordable rental housing, and energy infrastructure [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Hongtu Innovation Yantian Port REIT, Dongwu Suyuan Industrial REIT, and Guotai Junan Dongjiu New Economy REIT. The top three in terms of trading amount were Guotai Junan Dongjiu New Economy REIT, Dongwu Suyuan Industrial REIT, and CICC Anhui Expressway REIT [29]. Net Inflow of Main Funds and Block Trading - **Net inflow of main funds**: The total net inflow of main funds this week was 26.7254 million yuan, and the market trading enthusiasm continued. The top three underlying asset types in terms of net inflow of main funds were warehousing and logistics, park infrastructure, and energy infrastructure. The top three single REITs in terms of net inflow were Hongtu Innovation Yantian Port REIT, Huaxia Shenzhen International REIT, and Huaxia China Resources Commercial REIT [32]. - **Block trading**: The total block trading amount this week reached 220.67 million yuan, a decrease compared with last week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on May 13, 2025, which was 82.28 million yuan. The top three single REITs in terms of block trading amount were CICC Yinli Consumption REIT, Huaxia China Resources Commercial REIT, and Hua'an Zhangjiang Industrial Park REIT [33]. Primary Market Listed Projects As of May 16, 2025, the number of public REITs products in China reached 65, with a total issuance scale of 17.3026 billion yuan. In terms of underlying asset types, transportation infrastructure had the largest issuance scale, reaching 6.8771 billion yuan, followed by park infrastructure REITs with an issuance scale of 2.7062 billion yuan. No new REITs were listed this week [37][38]. Projects to be Listed According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 27 REITs in the state of being to be listed, including 15 initial REITs and 12 REITs to be expanded. This week, the status of the initial project of "Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund" was updated to "declared"; the status of the initial project of "Huaxia Kaide Commercial Asset Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received"; the status of the initial project of "Bank of China Sino - Sinotrans Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund" was updated to "feedback received" [41].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report 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 Directory Secondary Market Price and Volume Performance - The report provides detailed data on various REITs, including fund code, fund name, industry type, listing date, issue price, 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. For example, the trading volume of Southern Shunfeng Logistics REIT this week is 1.28 billion yuan, with a turnover rate of 42.70% [12] Secondary Market Valuation Situation - No relevant content is provided in the given text Market Correlation Statistics - The correlation coefficients between REITs indices and various asset classes are calculated, including stocks, convertible bonds, pure bonds, and commodities. For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21 [24] - The correlation coefficients of different types of REITs (such as property rights, franchise rights, industrial parks, etc.) with various asset classes are also presented [24] Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the project valuation of Huatai Zijin Suzhou Hengtai Rental Housing REIT is 1.342 billion yuan [26]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].