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]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, 2 REITs were listed, 2 started the inquiry process, 1 was established, and 2 were submitted for approval, indicating a significant acceleration in the issuance and approval rhythm. The expansion project of Huaxia Beijing Affordable Housing REIT was listed on June 25th, becoming the first successfully expanded rental housing REITs project in China, marking the further formation of the "initial offering + expansion" dual - wheel drive pattern in the public REITs market. Policy support for the issuance of REITs for consumer infrastructure was mentioned again, accelerating the normalization of REITs issuance [3]. 3. Summary According to the Directory 3.1 Primary Market: A New Warehouse Logistics REIT was Issued - Since 2025, 10 REITs have been successfully issued (6 in Q1, 1 in April, and 3 in June), with the number higher than the same period last year, but the issuance scale was 15.35 billion yuan, a year - on - year decrease of 35.2%. This week, 7 initial public offering (IPO) public REITs made new progress, including the listing of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT, both with their first - day trading hitting the daily limit. One expansion REIT, Huaxia Beijing Affordable Housing REIT, had its expanded shares listed, becoming the first successfully expanded rental housing REITs in China. Currently, in the approval process, there are 15 IPO REITs declared, 4 with inquiries and feedback, and 3 registered and awaiting listing; for expansion REITs, 10 have been declared, 4 have inquiries and feedback, and 3 have passed the review [4]. 3.2 Secondary Market: The Market Pulled Back this Week, but Liquidity Still Increased 3.2.1 Market Review: The CSI REITs Total Return Index Fell 1.38% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1109.13 points, a decline of 1.38%, underperforming the CSI 300 by 3.33 percentage points and the CSI Dividend by 1.80 percentage points. The year - to - date decline of the CSI REITs Total Return Index was 14.59%, outperforming the CSI 300/CSI Dividend by 14.93/17.56 percentage points. In terms of project attributes, property - type REITs fell 1.25%, and concession - type REITs fell 2.16%. In terms of asset types, the energy (-0.29%), consumer (-0.55%), ecological environment protection (-1.58%), and warehouse logistics (-1.65%) sectors performed better. Among individual bonds, 7 rose and 61 fell this week. CICC Yizhuang Industrial Park REIT (+43.01%), CICC China Greentown Commercial REIT (+30.00%), and AVIC Jingneng Photovoltaic REIT (+0.95%) led the gainers, while Huaxia Nanjing Transportation Expressway REIT (-6.72%), Huaan Waigaoqiao REIT (-5.89%), and Ping An Ningbo Jiaotou REIT (-5.69%) were the biggest losers [4]. 3.2.2 Liquidity: The Ecological Environment Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.58%, an increase of 1.27 basis points from last week. The average daily turnover rates of property - type/concession - type REITs this week were 0.62%/0.61%, a decrease of 0.30/increase of 3.23 basis points from last week respectively. The trading volumes during the week were 443 million/156 million shares, a week - on - week increase of 0.03%/5.57%. The ecological environment protection sector had the highest activity [4]. 3.2.3 Valuation: The Energy Sector had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/concession - type REITs were 3.83%/4.17% respectively. The transportation (5.38%), warehouse logistics (5.13%), and industrial park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's Important News and Announcements - On June 24, 2025, six departments including the central bank and the National Development and Reform Commission jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", clearly stating measures such as establishing a 500 - billion - yuan service consumption re - loan, supporting the issuance of REITs for consumer infrastructure, and innovating consumer financial products and services to increase financial support for boosting and expanding commodity consumption, service consumption, and new - type consumption. There were also a series of announcements including operation data,解禁 announcements, dividend announcements, and listing announcements for various REITs [34][36].