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 REITs market shows signs of stabilization after three weeks of decline, with the CSI REITs Total Return Index rising by 1.49% this week, potentially ending the downward trend [1][3] Market Performance - The REITs market experienced a significant adjustment in August, with the CSI REITs Total Return Index declining by 3.53% in the first three weeks [1] - The decline was primarily driven by high market valuations and fluctuations in long-term interest rates, leading to profit-taking transactions [1][3] - The correlation between the CSI REITs Total Return Index and the China Government Bond Wealth Index reached 0.64 since the peak on June 23, indicating a strong relationship between REITs and bond yields [1] Sector Analysis - The guaranteed rental housing sector, which is highly correlated with government bond yields, led the market decline in August, with some projects, like the Zhongjin Xiamen Anju REIT, dropping over 10% [1][3] - The consumer infrastructure sector showed strong performance this week, with the Huashang Bailian Consumer REIT leading the rebound after experiencing a share lock-up release [4][6] Upcoming Events - A significant share lock-up release is expected at the end of August for several projects, including the Huashang Shichuang Aolai REIT, which will release 328 million shares, accounting for 41% of the fund's total shares [3] - The market is currently in a performance vacuum between the second and third quarter reports, with short-term influences primarily from long-term interest rate fluctuations [7]

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2]. Group 1: Recent Developments - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [2]. - The first central enterprise warehousing logistics REIT, Bank of China Zhongwaiyun Warehousing Logistics REIT, was listed on July 29, with underlying assets comprising six logistics projects [2]. - The Chuangjin Hexin Shounong REIT was listed on July 25, attracting a total subscription amount of 231.6 billion yuan, setting a new record for public REITs issuance in Beijing [2]. Group 2: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [4]. - Despite some recent market fluctuations, with certain products experiencing declines, the overall performance of public REITs remains strong, with only 2 out of over 70 listed products showing negative returns this year [4]. Group 3: Investment Opportunities - The strong performance of public REITs in the first half of the year is attributed to factors such as declining interest rates, increased market sentiment, and heightened institutional demand [5]. - Future investment strategies should focus on stable cash flow "debt-like" products and high-potential assets with expected fundamental reversals, particularly in sectors like municipal environmental projects and energy [6]. - The public REITs market is expected to continue expanding, with more "first" projects from various sectors anticipated to enter the market under a normalized issuance mechanism [6].

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2][3] Group 1: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [3] - Among the more than 70 listed public REITs, only 2 have reported negative returns this year, showcasing the overall strong performance of the sector [3] - The public REITs market's total market capitalization surpassed 200 billion yuan by the end of June, covering various asset types including industrial parks, logistics, data centers, and energy infrastructure [3] Group 2: Recent Listings - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [1] - The first central enterprise logistics REIT, Bank of China Zhongwaiyun Logistics REIT, was listed on July 29, with its underlying assets consisting of six logistics projects [1] - On July 25, Chuangjin Hexin Shounong REIT was listed, achieving a record subscription amount of 231.6 billion yuan, indicating strong market interest [2] Group 3: Investment Strategies - Analysts suggest that the recent valuation adjustments in public REITs present new investment opportunities, particularly in cash flow stable "debt-like" products and high-yield potential assets [4] - The focus should be on projects with stable cash flows, strong support from original rights holders, and stable lease agreements, especially in municipal environmental and energy sectors [4] - The normalization of public REITs issuance is expected to enhance market ecology and diversify asset types available for investment [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the China Securities REITs Index closed lower, with property - type REITs outperforming concession - type REITs. The average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. The weekly price change ranking of major indices was: CSI 300 > China Securities Convertible Bond Index > China Securities All - Bond Index > China Securities REITs Index. The average daily turnover rate of REITs for the whole week decreased slightly compared with the previous week. Different types of REITs in the market showed divergent price movements, with municipal, park, and consumer - type REITs having the largest price increases. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 154 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 192 basis points. Two data center REITs were successfully issued, and the market subscription was enthusiastic [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of July 18, 2025, the closing price of the China Securities REITs (closing) Index was 875.82 points, with a weekly price change of - 0.09%, performing worse than the China Securities Convertible Bond Index (+0.67%), the CSI 300 Index (+1.09%), and the China Securities All - Bond Index (+0.11%). Year - to - date, the price change ranking of major indices was: China Securities REITs (+10.9%) > China Securities Convertible Bond Index (+9.5%) > CSI 300 (+3.1%) > China Securities All - Bond Index (+1.4%). In the past year, the return rate of the China Securities REITs Index was 11.2%, with a volatility of 7.0%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][8][12]. - **Market Capitalization and Turnover Rate**: The total market capitalization of REITs decreased to 204.6 billion yuan on July 18, a decrease of 600 million yuan from the previous week. The average daily turnover rate for the whole week was 0.55%, a decrease of 0.04 percentage points from the previous week [2][12]. - **Divergent Performance of Different Types of REITs**: From the perspective of project attributes, the average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. From the perspective of project types, all types of REITs had price changes, with the three project types with the largest average price increases being municipal facilities (+1.2%), park infrastructure (+0.5%), and consumer infrastructure (+0.4%). The top three REITs in terms of weekly price increases were China Merchants Science and Technology Innovation REIT (+3.05%), Huaxia JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%) [3][18][22]. - **Trading Activity**: Among different project types, ecological and environmental protection - type REITs were the most actively traded this week, and park infrastructure - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, accounting for 4.3% of the total REITs trading volume, while the latter had an average daily turnover rate of 0.7%, accounting for 22.8% of the total REITs trading volume. 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 China Green Development Commercial REIT (11.56 million yuan), Huaxia Beijing Affordable Housing REIT (7.29 million yuan), and CITIC Construction Investment SPIC New Energy REIT (7.26 million yuan) [3][24][25]. 3.2 Primary Market Issuance As of July 18, 2025, there were 2 REIT products in the "inquiry" stage on the exchange, 7 products in the "feedback" stage, 7 products that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [27]. 3.3 Valuation Tracking - **Debt - like Aspect**: Due to the constraint of mandatory high - dividend distribution, the annualized cash distribution rate of REITs is concerned. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [29]. - **Equity - like Aspect**: The valuation of REITs is judged through relative net asset value premium/discount rate, IRR, and P/FFO. The relative net asset value premium/discount rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash flow method; P/FFO is the current price divided by the cash flow generated from operations. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets, while P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent operating conditions of assets and judging the current investment return rate [29]. - **Comparison of Different Types of REITs**: Property - type REITs focus on dividend yield, and concession - type REITs focus on internal rate of return. As of July 18, 2025, the dividend yield of property - type REITs was 154 basis points lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 192 basis points [30]. 3.4 Industry News - On July 14, the fund contract of Chuangjin Hexin Shounong REIT came into effect. During the public offering period (July 7 - 8), it raised 3.685 billion yuan and confirmed 1 billion shares, including 700 million shares (70%) for strategic placement, 210 million shares (21%) for offline investors, and 90 million shares (9%) for the public. The underlying assets are mature industrial supporting facilities in Beijing Shounong Information Industry Park. The fund is expected to have a total distributable amount of over 500 million yuan in the second half of 2025 and 2026, with a calculated distribution rate of approximately 6.9% - 6.85%, providing stable cash flow and expansion funds for industrial park - type assets [37]. - On July 16, Southern Runze Technology Data Center REIT announced the subscription confirmation results, and the market subscription was enthusiastic. Public investors effectively subscribed for 28.616 billion shares, with a confirmation ratio of only 0.3145%, over - subscribed by 317.95 times; the confirmation ratio for offline investors was 0.5992%. The fund issued a total of 1 billion shares to strategic, offline, and public investors. The underlying asset of this REIT is the International Information Cloud Aggregation Core Port A - 18 Data Center of Runze Technology in Langfang, Hebei, with 5,897 cabinets, a rack - up rate of over 99%, a PUE of 1.276 in 2024, and it was included in the list of national green data centers [37]. - On July 16, Southern Wanguo Data Center REIT completed its public offering and announced the placement results. Public investors effectively subscribed for 32.914 billion shares, with a confirmation ratio of 0.2198%, over - subscribed by 455.03 times; the confirmation ratio for offline investors was 0.6064%. This offering raised 800 million shares and 2.4 billion yuan in funds. The underlying asset is the Guojin Cloud Computing Data Center of Wanguo Data in Huaqiao Town, Kunshan, Jiangsu, with 4,192 cabinets, a power capacity of 29,044 kW, a PUE of 1.24 in 2024, and an average signing rate of 100% in the past three years [37]. - On July 16, Nanjing Electromechanical Industry (Group) Co., Ltd. publicly tendered for the fund management service of Xin Gong Industrial Park Infrastructure Public - Offering REITs, planning to select a manager to undertake issuance guidance and post - issuance management. The planned initial application scale is not less than 1 billion yuan. The proposed assets in the pool are industrial park properties under the group, with a leasable construction area of 388,000 square meters, a land reserve of 616,000 square meters, and total assets of 4.7 billion yuan, covering industries such as equipment manufacturing and industry - education integration [37].