Core Viewpoint - The report of the Zhongjin Shandong Expressway REIT for Q4 2025 indicates a steady growth in distributable income and stable operational performance despite external challenges. Group 1: Financial Performance - The fund achieved a total distributable income of approximately 191 million yuan in 2025, reflecting a year-on-year increase of 0.95% [2] - The annualized cash distribution rate based on the closing price of 7.364 yuan per share on December 31, 2025, reached 6.47% [2] - Since its establishment, the fund has distributed income 9 times, totaling approximately 691 million yuan, with a distribution ratio close to 100% [3] Group 2: Operational Performance - The actual operating revenue for the Yanhua Expressway in 2025 was 255.92 million yuan, which is 94.92% of the forecasted value of 269.61 million yuan [4] - The decrease in traffic volume and toll revenue was influenced by changes in the road network, particularly the reopening of the Jinan to Heze Expressway after expansion [4] Group 3: Management Actions - The fund management has actively maintained road assets and rights, successfully completing bridge construction over the Yanhua Expressway and securing compensation for related construction [5] - The operational management team has focused on ensuring key operational metrics are met, including traffic flow rates and customer satisfaction, while implementing measures to maximize toll revenue collection [5] - Safety measures were prioritized, with preparations for national evaluations and proactive checks conducted throughout the year, resulting in no safety production responsibility accidents [5]

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Group 1 - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% [2][3] - The highest performing REIT this week was the Zhongjin Chongqing Liangjiang REIT, which saw a weekly increase of 7.86% [3][4] - The recent fluctuations in the REIT market are attributed to concerns over the accounting treatment of OCI principal and interest, rather than the fundamental performance of the underlying assets [3][5] Group 2 - The highly anticipated launch of the first water power REIT in Xinjiang, the Huaxia Zhongke Clean Energy REIT, was successful, with subscription funds exceeding 1616 billion yuan and an effective subscription multiple of approximately 392 times for public investors [6][7] - The underlying asset of the Huaxia Zhongke Clean Energy REIT is the largest hydropower station in the Hotan region, which has been operational for over 14 years with stable historical sales revenue and power generation [7] - The BoShi Shandong Iron Investment Road and Bridge REIT project has been accepted for review, with its underlying asset being the Huanghe Bridge in Jinan, connecting Jinan and Dezhou [8]

Market Overview - The secondary market for publicly listed REITs in China showed a fluctuating upward trend, with the weighted REITs index closing at 184.03 and a weekly return of 0.95% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: Gold > REITs > Convertible Bonds > Pure Bonds > US Stocks > A-shares > Crude Oil [4] - Among different asset types, REITs related to affordable housing had the highest increase, with the top three asset types by return being affordable housing, transportation infrastructure, and consumer-related REITs [4] Individual REIT Performance - A total of 56 REITs experienced price increases, while 20 saw declines, with the top three gainers being Zhongjin Liandong Science and Technology REIT, Zhongjin Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT [4] - The trading volume for publicly listed REITs reached 2.84 billion yuan, with water infrastructure REITs leading in average daily turnover rate [4] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Hongtu Innovation Yantian Port REIT [5] Net Inflow and Block Trading - The total net inflow for the week was -51.39 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [5] - The top three REITs by net inflow were in the categories of consumer infrastructure, water infrastructure, and affordable rental housing [5] - Total block trading reached 1.01 billion yuan, with the highest single-day block trading occurring on November 12, 2025, at 300.82 million yuan [5] Primary Market - No new REIT products were listed this week, and there were no updates on project statuses [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

Core Viewpoint - The announcement details the third dividend distribution for the China International Capital Corporation (CICC) Fund Management Co., Ltd. regarding the CICC Shandong High-Speed Railway Infrastructure Securities Investment Fund for the year 2025 [1] Summary by Sections Dividend Announcement - The dividend distribution is the third for the year 2025, with the income distribution base date set for June 6 [1] - The specific dividend plan indicates that the CICC Shandong High-Speed Railway REIT (code: 508007) has a distribution amount of 1.20 yuan per 10 shares [1] Dividend Eligibility and Payment - The beneficiaries of this dividend are all fund shareholders registered on the equity registration date of September 23 [1] - The cash dividend payment date is scheduled for September 29 [1] Tax and Fees - The fund's income distribution method is cash dividends, and reinvestment of dividends is not supported [1] - According to regulations from the Ministry of Finance and the State Administration of Taxation, the fund's income distributed to shareholders is exempt from income tax, and there are no dividend distribution fees [1]