1. Report Industry Investment Rating No relevant content provided in the given text. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index stopped falling and rebounded, rising 0.2% for the week. The average weekly price changes of property - type REITs and franchise - type REITs were +0.1% and +0.7% respectively. In terms of the comparison of weekly price changes of major indices: CSI 300 > CSI Convertible Bond Index > China Securities REITs Index > China Bond Aggregate Index [1]. - Most sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains. As of October 24, 2025, the dividend yield of property - type REITs was 83 basis points higher 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 yield was 210 basis points [1]. - E Fund Guangxi Beitou Expressway REIT was officially declared. This is the first publicly offered REIT product declared by a local enterprise in Guangxi, marking an important breakthrough in the in - depth linkage between local infrastructure and the capital market [1][4]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - As of October 24, 2025, the closing price of the China Securities REITs (closing) Index was 816.04 points, with a weekly price change of +0.2%. It performed worse than the CSI Convertible Bond Index (+1.5%) and the CSI 300 Index (+3.2%), but better than the China Bond Aggregate Index (0.0%). Year - to - date, the price change rankings of major indices were: CSI 300 (+18.4%) > CSI Convertible Bond Index (+16.1%) > China Securities REITs Index (+3.4%) > China Bond Aggregate Index (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was 5.2%, with a volatility of 7.3%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the China Bond Aggregate Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the China Bond Aggregate Index [2][11]. - The total market value of REITs rose to 218.8 billion yuan on October 24, an increase of 500 million yuan from the previous week. The average daily turnover rate for the week was 0.52%, up 0.13 percentage points from the previous week [2][11]. - Most sectors closed up, with water conservancy facilities, municipal facilities, and new infrastructure leading the gains. The top three REITs in terms of weekly price increases were ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Yishang Warehouse Logistics REIT (+3.58%), and Zheshang Hu杭Yong REIT (+3.23%) [3][16][20]. - Water conservancy facilities REITs had the highest trading activity. The average daily turnover rate of water conservancy facilities REITs was 1.0%, and transportation infrastructure REITs had the highest trading volume share this week, accounting for 18.9% of the total REIT trading volume [3][23]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC InTime Consumption REIT (10.04 million yuan), China Merchants Fund Shekou Rental Housing REIT (7.32 million yuan), and YinHua Shaoxing Raw Water Water Conservancy REIT (4.34 million yuan) [3][24]. 3.2 Primary Market Issuance - From the beginning of the year to October 24, 2025, there were 2 REIT products in the "accepted" stage, 1 in the "declared" stage, 1 in the "inquired" stage, 5 in the "feedback" stage, 7 in the "passed and awaiting listing" stage, and 12 first - issued products that had passed and were listed on the exchange [26]. - E Fund Guangxi Beitou Expressway Closed - end Infrastructure Securities Investment Fund was officially declared. The initiator of the project was Guangxi Beibu Gulf Investment Group Co., Ltd., and the manager was E Fund Management Co., Ltd. This was the first publicly offered REIT product declared by a local enterprise in Guangxi [4][33]. 3.3 Valuation Tracking - REITs have both bond and equity characteristics. As of October 17, the average annualized cash distribution rate of publicly offered REITs was 6.5%. From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs [28]. - As of October 24, 2025, the dividend yield of property - type REITs was 83 basis points higher 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 yield was 210 basis points [31].

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].

Group 1: Industry Dynamics - Huaxia Anbo Warehousing REIT will initiate offline inquiry on October 30, with a price range of 5.103 to 6.235 yuan per share, and a total issuance of 400 million shares approved by the China Securities Regulatory Commission [1][7]. - The initial strategic placement will account for 280 million shares, representing 70% of the total issuance, while 84 million shares will be offered in the initial offline issuance (21%) and 36 million shares to public investors (9%) [1][7]. Group 2: Primary Market - As of October 24, 2025, the total issuance scale of listed REITs reached 196.6 billion yuan, with 75 REITs issued [8][9]. Group 3: Market Performance - During the week of October 20 to October 24, 2025, the CSI REITs total return index increased by 0.16%, while the total REITs index rose by 0.35% [2][17]. - The total REITs index underperformed the CSI 300 index by 2.89 percentage points but outperformed the CSI All Bond Index by 0.33 percentage points [2][17]. - The top-performing REITs included ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Easy Business Warehousing Logistics REIT (+3.58%), and Shanghai-Hangzhou-Ningbo Hanghui REIT (+3.23%) [2][17]. Group 4: Liquidity - The total trading volume of REITs for the week was 544 million yuan, a 31.3% increase from the previous week [3][38]. - The trading volumes for property and operating rights REITs were 350 million yuan and 194 million yuan, respectively, with both showing similar increases of around 31% [3][38]. - The largest trading volume among REIT types was in transportation infrastructure, accounting for 18.9% of the total [3][38]. Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the valuation of REITs [44].

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].

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 stabilization in the market [1][2]. Market Performance - On September 4, the CSI REITs All Return Index rose by 0.42%, with multiple public REITs gaining over 2%, including a 3.1% increase in the China Merchants Fund Shekou Rental Housing REIT [1][2]. - The previous week (August 25-29), the index recorded a 1.06% increase, closing at 1073.33 points [2]. - There is a noticeable differentiation within public REITs, with property-type REITs increasing by 1.55% and franchise-type REITs by 0.87% [2]. Year-to-Date Performance - As of September 4, 54 out of 58 listed REITs have achieved positive returns this year, with the Jia Shi Wu Mei Consumption REIT exceeding a 50% increase [3]. - Other notable performers include the Huaxia Dayuecheng Commercial REIT and the Bosera Tian Kai Industrial Park REIT, both with gains over 40% [3]. Market Challenges - The REITs market is currently under short-term pressure due to a high sentiment in the equity market, leading to reduced liquidity and significant index corrections [4]. - Among 47 public REITs, many have reported negative returns over the past 60 trading days, with four REITs experiencing declines exceeding 10% [4]. Financial Performance - For the first half of 2025, the overall revenue of REITs showed a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [6]. - The average cash distribution rate fell to 2.36%, a decline of 50 basis points year-on-year, and the average dividend rate dropped to 2.26%, down 146 basis points [6]. Long-term Investment Perspective - The current market conditions may present good long-term investment opportunities in public REITs, particularly in resilient sectors such as affordable housing and consumption [8][9]. - Investors are encouraged to adopt a long-term holding strategy to achieve better returns through reasonable asset allocation [9].

Market Performance - The public REITs secondary market has rebounded after several weeks of decline, with the CSI REITs Index and CSI REITs Total Return Index both increasing by 1.06% as of August 29 [1][2] - Among the 73 listed public REITs, 65 experienced a rise, while only 8 saw a decline, indicating a positive market sentiment [2] Top Performers - The top three performing REITs last week were Guotai Junan Jinan Energy Heating REIT, AVIC Easy Business Warehousing Logistics REIT, and Harvest Wumart Consumption REIT, with increases of 5.7%, 4.29%, and 4.22% respectively [1][2] Sector Analysis - Consumer assets showed strong performance, with the average weekly increase for consumer REITs reaching 2.49%, while other sectors like environmental and energy REITs had lower growth rates [2][3] - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, but net profit declined by 7.5% [3] New Developments - The first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, was officially approved, with a total fundraising target of 400 million units [4][5] - Guotai Junan Dongjiu New Economy REIT's expansion application was also approved, marking the eighth expansion project in the public REITs market [5] Financial Highlights - China Foreign Transportation's 2025 semi-annual report indicated that REITs projects helped offset declines in other income, with a 73.7% year-on-year increase in investment net income [5] - The average cash distribution rate for REITs decreased to 2.36%, down 50 basis points year-on-year, while the average dividend rate fell to 2.26%, down 146 basis points [3] Upcoming Listings - As of August 29, there are 12 REITs funds awaiting listing, indicating ongoing interest and potential growth in the public REITs market [6]

Market Performance - The public REITs secondary market has rebounded after several weeks of decline, with the CSI REITs Index and the CSI REITs Total Return Index both increasing by 1.06% as of August 29 [1][2] - Among the 73 listed public REITs, 65 saw an increase in value, while only 8 experienced a decline [2][4] - The top three performing REITs were Guotai Junan Jinan Energy Heating REIT, AVIC Easy Business Warehousing Logistics REIT, and Harvest Wumart Consumption REIT, with weekly increases of 5.7%, 4.29%, and 4.22% respectively [1][2] Sector Dynamics - The approval of the first foreign-funded consumption REIT, Huaxia CapitaLand Commercial REIT, marks a significant development in the industry [7] - Guotai Junan Dongjiu New Economy REIT's expansion application was also approved, making it the eighth expansion project approved in the public REITs market [8] Financial Performance - In the first half of 2025, the overall revenue of REITs showed a slight year-on-year increase of 0.6%, while net profit decreased by 7.5% [6] - The average cash distribution rate fell to 2.36%, a decline of 50 basis points year-on-year, and the average dividend rate dropped to 2.26%, down 146 basis points year-on-year [6] Company Developments - China Foreign Transportation Company reported a 73.7% year-on-year increase in investment net income to 860 million yuan, attributed to the listing of the Zhongyin China Foreign Transportation Warehousing Logistics REIT [9] - As of August 29, there are 12 REITs waiting to be listed [10]

Core Viewpoint - The REITs market in China has experienced a notable adjustment in August, with the China Securities REITs Total Return Index showing a cumulative monthly decline of 2.61% [2][3]. Market Performance - During the week of August 25-29, the China Securities REITs Total Return Index increased by 1.06%, although trading activity decreased compared to the previous week [3]. - As of August 29, the index slightly fell by 0.29%, closing at 1073.33 points. Out of 74 listed public REITs, 65 recorded a week-on-week increase, with the top performers being in the consumer, energy, and warehousing sectors [3]. - The best-performing REIT for the week was Guotai Junan Jinan Energy Heating REIT, which rose by 5.70%. Other notable gainers included China Aviation Easy Business Warehousing Logistics REIT and Harvest Wumart Consumer REIT, both exceeding 4% weekly growth [3]. - Only 8 REITs experienced declines, with the largest drop being 2.62% for ICBC Mengneng Clean Energy REIT [3]. Market Outlook - CITIC Construction Investment recently published a report indicating that the REITs market is at a turning point, with expectations for stabilization and potential new highs by the end of the year. The report highlights that three short-term negative factors are nearing exhaustion, while three long-term positive factors remain unchanged [4]. New Developments - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, has received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission to raise a total of 400 million units. This marks a significant step towards the internationalization and diversification of China's public REITs market [6]. - The initial assets of Huaxia CapitaLand Commercial REIT include two properties in Guangzhou and Changsha, with a total construction area of 168,405 square meters and an overall occupancy rate of approximately 96% as of March 31, 2025 [6]. - Guotai Junan Dongjiu New Economy REIT's expansion application has been approved, marking the eighth expansion project in the public REITs market [7]. - Guotai Junan Lingang Innovation Industrial Park REIT successfully completed its expansion listing, raising approximately 1.723 billion yuan (around 17.23 million) and demonstrating strong market investor interest [8]. - The total fundraising scale of the public REITs market has reached 202.066 billion yuan (approximately 2020.66 million), indicating a shift towards normalized issuance and quality expansion in the market [8].

Core Viewpoint - REITs have become an important strategy for many small and medium-sized public funds seeking differentiated competition in the market [1][2]. Group 1: Market Dynamics - Many small and medium-sized public funds are actively expanding in the REITs sector despite facing strong competition from leading public funds with established brands and distribution channels [2][3]. - Several small public funds have made significant moves in the REITs business this year, with some securing multiple projects and others preparing for their first deals [2][4]. Group 2: Competitive Advantages - Small public funds are showing remarkable activity in the REITs space, with funds like Hongtu Innovation Fund securing two REITs projects, including Hongtu Innovation Yantian Port REIT and Hongtu Innovation Shenzhen Anju REIT [5]. - Notably, smaller public funds like Zhongjin Fund and Zhongxin Jiantou Fund have established a competitive edge in the REITs market, surpassing their own industry status and scale [5][6]. Group 3: Shareholder Influence - Small public funds with strong industrial capital shareholders are seizing opportunities in the REITs market [7][8]. - For instance, Changcheng Fund is preparing to enter the REITs market, with a project involving Huaneng International and its subsidiary [9]. Group 4: Future Outlook - The REITs market is expected to expand in terms of asset types, driven by increasing investor demand and policy support, leading to a rapid development of the market [10][11]. - The domestic REITs market is relatively new compared to its overseas counterparts, but it is anticipated to grow significantly due to the abundance of quality assets from China's infrastructure development [11].

Group 1: Industry Overview - The warehousing index for May 2025 is at 50.5%, indicating a slight decrease of 0.2 percentage points from the previous month, but still within the expansion range, reflecting a stable and positive trend in the warehousing industry this year [4][8][10] - The logistics prosperity index (LPI) for May 2025 is 50.6%, down 0.5 percentage points month-on-month, with key indicators remaining in the expansion range, particularly in central and western regions [10][11] - The e-commerce logistics index for May 2025 is 111.6 points, showing a month-on-month increase of 1.1 points, with various sub-indices indicating growth in business volume and efficiency [11][12] Group 2: Policy and Market Dynamics - Three policy initiatives were recorded, with two related to cross-border e-commerce and overseas warehouse construction, emphasizing support for enterprises to explore new markets like the "Belt and Road" [12][13] - The logistics and warehousing market is experiencing regional differentiation, with demand in South China declining due to increased external uncertainties, while other regions like East and West China show resilience [15][16] - The average rental price for warehouses in 41 key cities is 23.67 yuan per square meter per month, reflecting a decrease, while the vacancy rate has risen to 14.88% [16][18] Group 3: Company Developments - ESR's privatization plan received overwhelming support with 99.97% approval, aiming to transform into a light-asset platform and optimize its balance sheet [6][25][26] - JD Group is accelerating its logistics capabilities, with the establishment of a "Smart Supply Chain Hub" in the Oriental Hub area, focusing on cross-border e-commerce and integrated logistics services [22][23] - 中银中外运 REIT is implementing a whole leasing model strategy, with a significant portion of its revenue derived from this model, and plans to distribute over 90% of its annual distributable amount as dividends [27][28][29]