1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From November 17 to November 21, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The trading volume and main - force capital inflow increased compared to the previous week, and there were 2 REITs with updated project status in the primary market [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The weighted REITs index closed at 182.16, with a weekly return of - 1.02%. Among mainstream large - scale assets, the return ranking from high to low was: pure bonds > gold > REITs > crude oil > US stocks > A - shares > convertible bonds [11]. - **At the underlying asset level**: Both the secondary - market prices of property - right and franchise - right REITs declined. The weighted index of property - right REITs closed at 154.26, with a return of - 1.11%; the weighted index of franchise - right REITs closed at 130.06, with a return of - 1.12%. In terms of underlying asset types, water - conservancy facilities REITs had the largest increase, and the top three in terms of weekly return were water - conservancy facilities, ecological and environmental protection, and transportation infrastructure [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 9 rising and 68 falling. The top three in terms of increase were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou REIT, and Huaxia Nanjing Transportation Expressway REIT; the top three in terms of decrease were CICC Chongqing Liangjiang REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and China Merchants Expressway REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.38 billion yuan, and the new - type infrastructure REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure; the top three in terms of average daily turnover rate were new - type infrastructure, water - conservancy facilities, and affordable rental housing [25]. - **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 Huaxia Hefei High - tech REIT, Huaxia Fund CR Land Youchao REIT, and Huatai Jiangsu Jiaokong REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huatai Jiangsu Jiaokong REIT, and Southern Runze Technology Data Center REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, Huaxia Zhonghai Commercial REIT, and Huaxia Hefei High - tech REIT [28]. 3.1.3 Main - Force Inflow and Block - Trade Situation - **Main - force inflow situation**: The total main - force inflow this week was 17.32 million yuan, and the market trading enthusiasm increased compared to the previous week. The top three in terms of main - force inflow among different underlying asset REITs were consumer infrastructure, new - type infrastructure, and transportation infrastructure. The top three single REITs in terms of main - force inflow were Huatai Jiangsu Jiaokong REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Runze Technology Data Center REIT [31]. - **Block - trade situation**: The total block - trade volume this week reached 368.22 million yuan, a decrease compared to the previous week. There were block - trade transactions on 5 trading days, and the block - trade turnover on November 21, 2025, was the highest within the period. The top three single REITs in terms of block - trade turnover were China Merchants Expressway REIT, Huaxia Fund CR Land Youchao REIT, and BOC Sinotrans Warehouse Logistics REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects As of November 21, 2025, there were 77 public REITs in China, with a total issuance scale of 199.301 billion yuan. Among them, transportation infrastructure had the largest issuance scale at 68.771 billion yuan, followed by park infrastructure REITs at 32.933 billion yuan. No new REITs were listed this week [37][39]. 3.2.2 Pending - Listing Projects There were 18 REITs in a pending - listing state, including 11 initial - offering REITs and 7 pending - expansion REITs. This week, the project status of Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received", and the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared" [42].

Core Viewpoint - CICC reported strong mid-term performance for the period ending June 30, 2025, with significant growth in revenue and net profit, indicating robust business operations and market positioning [1] Group 1: Financial Performance - CICC achieved total operating revenue of RMB 12.83 billion, a year-on-year increase of 44% [1] - The net profit attributable to shareholders reached RMB 4.33 billion, reflecting a 94% year-on-year growth [1] - The weighted average return on equity (ROE) stood at 4.2% [1] Group 2: Investment Banking Business - CICC's investment banking segment capitalized on market opportunities, leading in domestic and international equity financing [1] - The company completed notable projects including Ningde Times and Haitian Flavoring, maintaining the top position in both global IPOs and Hong Kong IPOs for Chinese enterprises [1] - CICC ranked second among Chinese brokers in overseas bond underwriting, with a significant increase in both domestic and international bond underwriting volumes [1] Group 3: Asset Management and Private Equity - The asset management division reported a business scale of approximately RMB 586.7 billion, managing 848 products [3] - CICC's public fund management scale reached RMB 220.2 billion, a 6.2% increase from the previous year [3] - The private equity business maintained a leading market position with assets under management reaching RMB 489.8 billion [3] Group 4: Wealth Management - Wealth management products and advisory services reached historical highs, with product scale growing to nearly RMB 400 billion [4] - The company managed 9.39 million clients, with total account assets valued at approximately RMB 3.4 trillion [4] - CICC introduced innovative product service models to meet diverse asset allocation needs [4] Group 5: Overall Company Growth - As of June 30, 2025, CICC's total assets amounted to RMB 699.8 billion, with net assets attributable to shareholders at RMB 118.8 billion [4] - The company emphasized its commitment to supporting the real economy and contributing to the development of a modern industrial system in China [4]

Core Viewpoint - The report highlights the financial performance and operational achievements of China International Capital Corporation (CICC) for the first half of 2025, showcasing significant growth in revenue, profit, and market positioning in various financial services [2][8]. Financial Performance - Total assets reached RMB 699.76 billion, an increase of 3.71% from the previous year [3]. - Total revenue was RMB 12.83 billion, representing a 43.96% increase year-on-year [3]. - Total profit amounted to RMB 5.16 billion, up 109.91% compared to the previous year [3]. - Net profit attributable to shareholders was RMB 4.33 billion, a 94.35% increase [3]. - The net cash flow from operating activities was RMB 31.59 billion, a significant rise of 212.36% [3]. - The weighted average return on equity increased to 4.16%, up by 2.03 percentage points [3]. Shareholder Information - The company plans to distribute a total cash dividend of RMB 434.45 million to shareholders, pending approval at the shareholders' meeting [2]. - As of the report date, there were 123,976 shareholders, with 123,620 being A-shareholders [3]. Market Positioning - CICC ranked first in the market for underwriting A-share refinancing projects, with a total underwriting amount of RMB 67.24 billion across 7 projects [8][10]. - The company also led in the Hong Kong IPO market, managing 20 projects with a total underwriting scale of USD 2.38 billion [8][10]. - In the bond underwriting sector, CICC's scale reached USD 2.57 billion, marking a 16.5% year-on-year increase [10]. Business Segments - The main business areas include investment banking, equity business, fixed income, asset management, private equity, wealth management, and research [8]. - CICC has been actively involved in innovative financial products, including green bonds and REITs, enhancing its service offerings in sustainable finance [11][12]. International Expansion - The company has strengthened its international presence, facilitating cross-border transactions and enhancing its global sales network [19][21]. - CICC has been involved in significant cross-border M&A transactions, with a total deal value of approximately USD 32.84 billion in the first half of 2025 [12][13]. Asset Management - As of June 30, 2025, the asset management department's business scale was RMB 586.71 billion, with a focus on various asset classes [22]. - The company launched 7 new public funds in the first half of 2025, maintaining a leading position in the public REITs management scale [22].

Group 1 - The company reported a total operating income of 12.83 billion yuan in the first half of 2025, representing a year-on-year growth of 44% [1] - The net profit attributable to shareholders reached 4.33 billion yuan, with a year-on-year increase of 94% [1] - The weighted average return on equity (ROE) was 4.2% [1] - As of June 30, 2025, total assets amounted to 699.8 billion yuan, and net assets attributable to shareholders were 118.8 billion yuan [1] Group 2 - The investment banking business capitalized on market opportunities, maintaining a leading position in domestic and international equity business, completing notable projects such as Ningde Times and Haitian Flavoring [1] - The company ranked first in both global IPOs and Hong Kong IPOs for Chinese enterprises [1] - In bond financing and asset securitization, the company saw a year-on-year increase in both domestic and international bond underwriting scale, ranking second among Chinese securities firms for overseas bond underwriting [1] Group 3 - The asset management business showed steady growth, with a business scale of approximately 586.7 billion yuan and 848 managed products [2] - The public fund scale of CICC Fund Management reached about 220.2 billion yuan, growing by 6.2% compared to the end of the previous year [2] - The company launched seven new public funds and issued CICC Yizhuang Industrial Park REIT and CICC China Green Development Commercial REIT, maintaining a leading position in public REITs management scale [2] Group 4 - The wealth management business achieved record-high product scale and buyer advisory scale, with product holdings growing to nearly 400 billion yuan and buyer advisory product holdings close to 100 billion yuan [3] - The company introduced an innovative fee model based on asset management scale with the "ETF50 Hengxiang" product [3] - By the end of the reporting period, the company managed 9.39 million clients with total account assets valued at approximately 3.4 trillion yuan [3]

Core Insights - The first two data center REITs were listed on August 8, achieving a 30% limit-up on their debut, reflecting strong market demand for REITs [1][2] - A total of 73 public REITs have been listed, with an average return of nearly 35% since their launch, indicating a significant profit effect [1][4] - The current public REITs market size is just over 200 billion yuan, which is insufficient to meet the large-scale capital allocation needs [1][7] Group 1: Market Performance - On August 8, the Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT both achieved a 30% limit-up on their first trading day [2] - Among the 73 listed public REITs, 67 saw their prices rise on the first day, with 15 achieving a 30% limit-up, representing 20.55% of the total [3] - The average return of public REITs since listing is close to 35%, with 17 products yielding over 50% [4] Group 2: Demand and Supply Dynamics - There is a significant mismatch between the strong demand for REITs and the insufficient supply of quality assets [1][7] - The public REITs market currently has a scale of just over 200 billion yuan, which limits its capacity to accommodate large-scale capital [7] - Investors have shown a preference for high-quality assets, leading to concerns about liquidity risks in the market [7][8] Group 3: Future Recommendations - It is suggested to gradually allow investment institutions and Pre-REITs funds to act as original rights holders for public REITs to enhance the supply of quality assets [8] - Implementing these measures could potentially activate existing assets and stimulate investment, aligning with policy objectives [8]

Core Insights - The first batch of data center REITs officially launched on the Shanghai and Shenzhen stock exchanges on August 8, with both Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT hitting the daily limit on their debut [1][4]. Group 1: Market Performance - Southern Runze Technology Data Center REIT closed at 5.850 yuan, with a trading volume of 752,000 and a turnover rate of 25.08% [2][4]. - Southern Wanguo Data Center REIT closed at 3.900 yuan, with a trading volume of 580,000 and a turnover rate of 24.19% [3][4]. - Both REITs experienced a price increase of 30.00% on their first trading day [2][3][4]. Group 2: Fundraising and Demand - The two data center REITs raised a total of 6.9 billion yuan during their fundraising process, with Southern Runze Technology REIT seeing a subscription multiple of 317.95 times and Southern Wanguo REIT at 455 times [5]. - The total number of public REITs established in 2023 reached 14, with a total fundraising scale of 27.8 billion yuan, averaging about 2 billion yuan per issuance [8]. Group 3: Industry Significance - The launch of these REITs marks a significant entry into the technology innovation sector, transitioning from traditional infrastructure to "new infrastructure" focused on computing power [6]. - The development of public REITs is seen as a new financing platform that can continuously attract market-based funds for high-growth companies, facilitating a synergistic development of heavy asset infrastructure and light asset operation services [5].

Core Viewpoint - The public REITs market in China is experiencing significant demand, with two products, 华夏华电清洁能源REIT and 创金合信首农REIT, achieving "one-day sell-out" status due to oversubscription [2][3][9]. Summary by Sections Public REITs Issuance - On July 7, 2025, 华夏华电清洁能源REIT and 创金合信首农REIT announced the early closure of public fundraising due to exceeding the initial subscription limits [4]. - The public subscription period was originally set from July 7 to July 8, 2025, but was concluded early due to high demand [4]. Fundraising Details - 创金合信首农REIT has a subscription price of 3.685 yuan per share, aiming to raise a total of 36.85 billion yuan, with a public offering of 90 million shares [5]. - The net demand for 创金合信首农REIT was 270.797 billion shares, 128.95 times the initial offline offering [5]. - 华夏华电清洁能源REIT has a subscription price of 3.789 yuan per share, targeting a total fundraising of 18.945 billion yuan, with a public offering of 4.5 million shares [6]. - The net demand for 华夏华电清洁能源REIT reached 215.70 billion shares, 205.43 times the initial offline offering [6]. Market Trends - The public REITs market has seen a surge in popularity this year, with multiple products achieving early closure and "one-day sell-out" status [9]. - Notable examples include 中银中外运仓储物流REIT and 中金亦庄产业园REIT, which also experienced high oversubscription rates [9]. - As of June 2023, the total market value of REITs in China surpassed 200 billion yuan, with 69 products available, indicating rapid growth since the first batch was approved in May 2021 [9]. Industry Outlook - The demand for REITs is driven by the need for innovative financing tools in China's vast infrastructure and real estate sectors [10]. - Regulatory support from the China Securities Regulatory Commission and the National Development and Reform Commission is fostering a normalized issuance phase and market expansion [10]. - Both institutional and individual investors are increasingly participating in the REITs market, contributing to its long-term healthy development [10].

Core Viewpoint - The recent adjustment in China's public REITs (C-REITs) market follows a period of sustained growth, primarily driven by profit-taking and a rebound in risk appetite in the equity market, rather than a deterioration in market fundamentals [1][2][3]. Market Performance - From late May to June 23, the China Securities REITs Total Return Index rose from 1090.07 to a peak of 1124.91, before experiencing a decline [2]. - Various REITs sectors saw approximately 2% pullback, with the consumer sector experiencing the largest decline, while energy and industrial park sectors showed relatively smaller declines [2]. - The average daily turnover in June was 5.50 billion yuan, reflecting a 7.6% increase compared to the previous month [3]. Regulatory Environment - The approval pace for new C-REITs has accelerated, with 68 listed products and a total market value of 206.07 billion yuan as of June 27, 2025 [4]. - There are currently 28 REITs awaiting listing, indicating a robust pipeline for future growth [4]. Policy Support - Recent policy initiatives have expanded the types of underlying assets eligible for REITs, including consumer infrastructure, cultural tourism, and healthcare [5][6]. - The approval of the first two public data center REITs marks a significant expansion in the asset types available for C-REITs [5]. Investment Opportunities - C-REITs are expected to remain attractive to long-term capital due to ongoing demand amid a low-interest-rate environment and an "asset shortage" [7]. - Analysts suggest that consumer infrastructure REITs are likely to perform well, particularly in core cities, due to their stable rental income and resilience to economic cycles [8].

Core Viewpoint - The recent listing of public REITs has seen significant investor enthusiasm, with the Zhongjin Yizhuang Industrial Park REIT experiencing a 30% increase on its first trading day, reflecting a broader trend of strong performance in the REITs market since 2025 [1][2][4]. Group 1: REITs Performance - On June 26, the Zhongjin Yizhuang Industrial Park REIT was listed on the Shanghai Stock Exchange, with an initial offering of 400 million shares priced at 2.72 yuan each, raising a total of 1.088 billion yuan [1][2]. - The fund's opening day saw a 30% increase, reaching the maximum allowable limit for first-day gains, and it remained at the limit by the end of the trading session [2][3]. - The public offering was oversubscribed, with effective subscriptions totaling approximately 64.743 billion shares, which is 1,798.42 times the initial offering size, setting a new record [3]. Group 2: Market Trends and Statistics - Since 2025, the public REITs market has been notably active, with 9 new products launched, many achieving first-day price increases averaging 26.34% [4]. - As of June 26, 16 public REITs have seen market gains exceeding 30% this year, with two products, namely the Jiashi Wumei Consumption REIT and the Huaxia Dayuecheng Commercial REIT, surpassing 50% [4][5]. - The CSI REITs Total Return Index has risen by 14.94% this year, while the CSI REITs Closing Index has increased by 11.9% [5]. - The total number of public REITs has reached 68 since their inception, with a cumulative fundraising exceeding 180 billion yuan and an overall market capitalization surpassing 200 billion yuan [5]. Group 3: Future Outlook - Industry experts predict that in the current low-interest-rate environment, public REITs will continue to attract investment due to their stable cash flow returns and mandatory dividend distribution mechanisms [5]. - The long-term appeal of public REITs is expected to grow as market development progresses and investment demand aligns, leading to a positive growth trajectory [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The C-REITs market is experiencing a correction in the existing market, while newly issued products have reached their upper limit in price increase [1][5] - The C-REITs total market capitalization is approximately 206.07 billion, with an average market value of about 3 billion per REIT [3][12] - The C-REITs total return index has increased by 14.59% year-to-date, ranking second among various indices [2][10] REITs Index Performance - The CSI REITs total return index fell by 1.38% this week, closing at 1109.1 points, while the CSI REITs closing index decreased by 1.46%, closing at 880.9 points [1][10] - Year-to-date performance shows the CSI REITs total return index up by 14.59%, while the CSI REITs closing index is up by 11.57% [2][10] REITs Secondary Market Performance - The secondary market for C-REITs saw a decline this week, with 8 REITs rising and 60 falling, resulting in an average weekly decline of 0.86% [3][12] - The sectors with the smallest declines include energy infrastructure and ecological environmental REITs, while warehousing logistics and consumer infrastructure REITs led the decline [3][12] REITs Trading Activity - The municipal water conservancy sector exhibited the highest trading activity this week, with an average daily turnover rate of 0.8% across listed REITs [4] - The average daily trading volume for listed REITs was 1.795 million shares [4] REITs Valuation Performance - The report indicates that the internal rate of return (IRR) for listed REITs is relatively low, with some REITs like the ICBC Mengneng Clean Energy REIT showing an IRR of -2.3% [5] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the lowest being the China Communications Construction REIT at 0.7 [5]