Core Viewpoint - Clean energy REITs are entering a new stage of "value realization" and "growth potential" as the "dual carbon" goals continue to advance, showcasing strong cash flow and dividend capabilities, along with significant growth potential and green fundraising ability [2][4][10]. Group 1: Performance and Distribution - The first water REIT in China, the "Jia Shi China Electric Power Clean Energy REIT," achieved revenue of 36.31 million yuan and a distributable amount of 30.51 million yuan in the first half of the year, with a cumulative distribution amount of 7.388 million yuan for 2024, accounting for 96.94% of the distributable amount [4]. - The "Hua Xia Tebian Electric Power New Energy REIT," the first new energy public REIT in Xinjiang, reported revenue of 9.798 million yuan and a distributable amount of 1.835 million yuan, with a total distribution of 157.6 million yuan since its listing [4]. - The "Zhong Hang Jing Neng Photovoltaic REIT" achieved revenue of 153 million yuan and a distributable amount of 68 million yuan, with a cumulative increase of 46.68% since its listing, and total dividends of 673 million yuan [5][6]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" reported revenue of 112.79 million yuan and a distributable amount of 36.72 million yuan, with a cumulative distribution of 235 million yuan since its listing [6]. Group 2: Underlying Asset Operations - The underlying asset of the "Jia Shi China Electric Power Clean Energy REIT" is the Wuyi Bridge Hydropower Station with a total installed capacity of 137,000 kW, which saw an 8.17% increase in electricity generation in the first half of the year [8]. - The "Hua Xia Tebian Electric Power New Energy REIT" operates a 150 MWp photovoltaic project in Xinjiang, achieving 52.7% of its forecasted annual revenue and 51.7% of its forecasted annual electricity generation in the first half of the year [8]. - The "Zhong Hang Jing Neng Photovoltaic REIT" manages two photovoltaic projects with a combined annual generation capacity of approximately 5.1 billion kWh, maintaining stable operations despite external pressures [9]. - The "Zhongxin Jiantou Mingyang Intelligent New Energy REIT" operates two wind power projects with a total capacity of 150 MW, reporting an 8% increase in revenue in the first half of the year [9]. Group 3: Expansion and Asset Integration - The "Zhong Hang Jing Neng Photovoltaic REIT" has received approval for a product change application to expand its asset base by integrating two hydropower projects, potentially doubling its asset scale and enhancing cash flow [11]. - The "Jia Shi China Electric Power Clean Energy REIT" is actively preparing for expansion, aiming to revitalize clean energy assets within the China Electric Power system, which has a total installed capacity of approximately 5 million kW [12]. - The "Hua Xia Tebian Electric Power New Energy REIT" and "Mingyang Intelligent New Energy REIT" are also pursuing expansion strategies, focusing on acquiring additional renewable energy assets to diversify risks and optimize project returns [12].

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential for further market stabilization and investment opportunities [1][2][5]. Market Performance - On September 4, the CSI REITs All Return Index increased by 0.42%, with multiple public REITs rising over 2%, notably the招商基金蛇口租赁住房REIT which rose by 3.1% [1][2]. - From August 25 to August 29, the CSI REITs All Return Index recorded a gain of 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [1][2]. - As of September 4, among the 58 REITs listed before January 1, 2025, 54 have achieved positive returns this year, with 40 REITs increasing by over 10% [3]. Sector Analysis - There is a noticeable differentiation within public REITs, with property-type REITs rising by 1.55% and concession-type REITs by 0.87% last week [2]. - Sectors such as consumption, affordable housing, warehousing logistics, and data centers have shown relatively strong performance [2][4]. Financial Metrics - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [4]. - The distributable income decreased by 4.3%, and the actual dividend amount dropped by 26%, leading to an average cash distribution rate of 2.36%, down 50 basis points year-on-year [4]. Investment Strategy - The market sentiment indicates a potential for further recovery in the REITs sector, especially if investor risk appetite continues to contract [5][6]. - Investment opportunities are suggested in high-quality projects, particularly in sectors with strong fundamental expectations such as affordable housing and consumption [6]. - Long-term holding and reasonable allocation are emphasized as strategies for achieving better investment returns in public REITs [1][6].