1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From February 24 to February 27, 2026, the secondary - market prices of publicly - listed REITs in China fluctuated and declined overall. The returns of publicly - listed REITs were relatively weak compared to other mainstream asset classes. Among them, franchise - based REITs performed relatively better, and new infrastructure - based REITs had the highest increase in returns [1][11]. - In the primary market, no new REIT products were listed this week, but the project status of 12 REIT products was updated [4]. 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of publicly - listed REITs in China fluctuated and declined. The returns of REITs were - 0.96%, and the returns of other major asset classes from high to low were: crude oil (5.45%) > gold (4.68%) > convertible bonds (3.44%) > A - shares (2.74%) > US stocks (0.54%) > pure bonds (- 0.14%) > REITs [11]. - **At the underlying asset level**: Both property - based and franchise - based REITs' secondary - market prices declined. The return of property - based REITs was - 1.46%, and that of franchise - based REITs was - 0.09%. Among different underlying asset types, new infrastructure - based REITs had the highest increase, with a return of 2.01%. The top three underlying asset types in terms of returns were new infrastructure, ecological and environmental protection, and transportation infrastructure, with returns of 2.01%, 0.41%, and 0.11% respectively [16][17]. - **At the single - REIT level**: Among the 79 REITs, 17 rose and 62 fell. The top three in terms of increase were Southern Runze Technology Data Center REIT (2.68%), Huatai Jiangsu Expressway REIT (2.33%), and Huaan Waigaoqiao REIT (1.7%). The top three in terms of decline were Huatai Nanjing Jianye REIT (- 6.19%), CICC Chongqing Liangjiang REIT (- 4.96%), and ICBC Mengneng Clean Energy REIT (- 3.91%) [19]. Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of publicly - listed REITs this week was 1.72 billion yuan, and the new infrastructure - based REITs had the highest average daily turnover rate. The total trading volume of the 79 listed REITs was 1.72 billion yuan, and the average daily turnover rate was 0.44%. The top three underlying asset types in terms of trading volume were transportation infrastructure (319 million yuan), warehousing and logistics (309 million yuan), and consumer infrastructure (251 million yuan). The top three in terms of average daily turnover rate were new infrastructure (1.47%), warehousing and logistics (0.54%), and water conservancy facilities (0.45%) [22]. - **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 Southern Wanguo Data Center REIT (190 million shares), AVIC Yishang Warehousing and Logistics REIT (190 million shares), and嘉实京东仓储基础设施 REIT (180 million shares). The top three in terms of trading value were Southern Runze Technology Data Center REIT (104 million yuan), Southern Wanguo Data Center REIT (90 million yuan), and嘉实京东仓储基础设施 REIT (65 million yuan). The top three in terms of turnover rate were Southern Wanguo Data Center REIT (8.00%),嘉实京东仓储基础设施 REIT (5.45%), and Southern Runze Technology Data Center REIT (4.79%) [25]. Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 42.87 million yuan, and the market trading enthusiasm increased compared to the previous period. At the underlying asset level, the top three in terms of net inflow were consumer infrastructure (12.21 million yuan), affordable rental housing (11.41 million yuan), and new infrastructure (10.52 million yuan). At the single - REIT level, the top three in terms of net inflow were Southern Runze Technology Data Center REIT (8.53 million yuan), Huatai Jiangsu Expressway REIT (8.40 million yuan), and Huaxia Anbo Warehousing REIT (7.75 million yuan) [28]. - **Block trading situation**: The total block trading volume this week was 216 million yuan, which was lower than the previous period. There were block trades on 3 trading days, with the highest single - day trading volume on February 27, 2026, reaching 122.87 million yuan. The top three REITs in terms of block trading volume were AVIC Yishang Warehousing and Logistics REIT (93.55 million yuan), Guotai Haitong Jinan Energy Heating REIT (51.30 million yuan), and Huaxia Jinyu Zhizao Factory REIT (48.06 million yuan), with average discount/premium rates of - 1.90%, + 0.13%, and - 1.71% respectively [30]. Primary Market Listed Projects As of February 27, 2026, there were 79 publicly - listed REIT products in China, with a total issuance scale of 205.039 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 32.933 billion yuan. No new REIT products were listed this week [36][37]. Projects to be Listed According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 30 REITs in the state of being to be listed, including 28 initial - offering REITs and 2 REITs to be expanded. The project status of 12 REIT products was updated this week [40][41].

Core Insights - Jiangsu Province is actively promoting the issuance of public REITs in infrastructure, establishing a multi-track approach of "reserve + cultivation + issuance" [1] - By September 2025, a total of 75 products are expected to be listed in the market, with a fundraising scale exceeding 200 billion yuan [1] - The Shanghai Stock Exchange has 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the total number and scale [1] Group 1 - Jiangsu Province has successfully launched 8 REITs, raising 24 billion yuan, with 12 underlying assets located within the province [1][2] - The first batch of data center REITs, such as the Southern Universal Data REIT, has been launched, indicating a diversification of asset types [2] - Local government support has been crucial, with policies included in the province's "14th Five-Year Plan" to accelerate infrastructure investment [2][3] Group 2 - The Jiangsu Securities Regulatory Bureau has developed a plan to help state-owned enterprises utilize public REITs to revitalize existing assets [3] - The provincial government is enhancing policy implementation and simplifying application procedures to support REITs development [3] - The Shanghai Stock Exchange is collaborating with various departments to provide training and support for REITs project advancement [3]

Core Viewpoint - The article discusses three key suggestions made by Huang Yi, Chairman of Sichuan Tianfu Bank, during the 2025 National People's Congress, focusing on the modification of the Trust Law, the development of the REITs market, and the governance of artificial intelligence. Group 1: Suggestions for Trust Law Modification - Huang Yi emphasizes the need to accelerate the modification of the Trust Law, which has not kept pace with the evolving financial landscape since its implementation in 2001 [3][4]. - Four main areas for modification are proposed: 1. Adjusting the definition of trust to clarify the transfer of property rights to trustees [3]. 2. Improving the property registration mechanism and clarifying tax principles related to trusts [3]. 3. Strengthening the responsibilities and liabilities of trustees to ensure compliance with fiduciary duties [3]. 4. Promoting the development of socially beneficial trust businesses, particularly in relation to charity and consumer protection [4]. Group 2: Suggestions for REITs Market Development - Huang Yi points out the rapid growth of the public REITs market since 2024, but notes the uneven development across different levels of the REITs market [5]. - Six policy recommendations are provided to enhance the REITs market: 1. Gradually improve the multi-tiered REITs market by enhancing exit mechanisms and liquidity for private and Pre-REITs [7]. 2. Refine the legal framework for public REITs to ensure asset independence and risk isolation [7]. 3. Utilize tax policies to drive REITs development, addressing issues of double taxation and establishing unified tax incentives [7]. 4. Enhance the dividend mechanism for REITs, including detailed capital expenditure disclosures and investor protection measures [7]. 5. Explore pension REITs to support the development of pension finance [8]. 6. Accelerate the issuance of data center REITs to support technological innovation [8].