Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the overall market rebounded, with consumer - related REITs leading the gains. The market capitalization of C - REITs exceeded 210 billion yuan for the first time. The frequent listing of new products may drive market attention and enthusiasm for REITs, thereby pushing up valuations [1]. - As of August 1, 2025, 14 public REITs have been successfully issued this year, with a total issuance scale of 27.87 billion yuan, a year - on - year increase of 2.1%. Four new public REITs made progress this week [2]. - The CSI REITs Total Return Index closed at 1100.90 points this week, up 1.25%, outperforming the CSI 300 by 3.00 percentage points and the CSI Dividend by 3.89 percentage points. The CSI REITs Total Return Index has risen 13.74% since the beginning of the year, outperforming the CSI 300/CSI Dividend by 10.69/15.48 percentage points [2]. Summary by Directory 1. Primary Market: Four Newly Issued Public REITs Made Progress - As of August 1, 2025, 73 public REITs have been issued, with a total issuance scale of 191.1 billion yuan, a total market capitalization of 213.1 billion yuan, and a free - float market capitalization of 101.5 billion yuan [9]. - This week, four newly issued public REITs made progress, including the listing of Huaxia Huadian Clean Energy REIT and Bank of China Sino - Sinotrans Warehouse Logistics REIT, and the approval of CICC Vipshop Outlet REIT by the Shanghai Stock Exchange. There was no new progress in the expansion of existing REITs this week [2][10][11]. - Currently, there are 11 newly issued REITs under application, 5 of which have been questioned and responded, and 2 of which have been registered and are awaiting listing. There are 9 REITs applying for expansion, 4 of which have been questioned and responded, and 3 of which have passed the review [2]. 2. Secondary Market: Market Rebounded in All Sectors This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 1.25% - The CSI REITs Total Return Index closed at 1100.90 points this week, up 1.25%, outperforming the CSI 300 by 3.00 percentage points and the CSI Dividend by 3.89 percentage points. Since the beginning of the year, it has risen 13.74%, outperforming the CSI 300/CSI Dividend by 10.69/15.48 percentage points [2]. - In terms of project attributes, equity - based REITs rose 3.78% and concession - based REITs rose 0.26% this week. In terms of asset types, consumer (+5.42%), water services (+3.75%), affordable housing (+3.53%), and industrial park (+2.67%) sectors performed well [2]. - Among individual bonds, 59 rose and 12 fell this week. Huaxia Huadian Clean Energy REIT (+27.47%), Bank of China Sino - Sinotrans Warehouse Logistics REIT (+23.59%), and Huaxia Capital First - Mall REIT (+6.86%) led the gains, while CICC Hubei KeTou Optics Valley REIT (-2.92%), Huatai Jiangsu Expressway REIT (-2.01%), and Huaxia Yuexiu Expressway REIT (-1.51%) were at the bottom [2]. 2.2 Liquidity: Trading Volume Declined - The average daily turnover rate of the CSI REITs this week was 0.52%, a decrease of 1.53 basis points from last week. The average daily turnover rates of equity - based/concession - based REITs were 0.79%/0.70% this week, an increase of 0.14/15.85 basis points from last week. The trading volumes within the week were 611 million and 195 million shares respectively, a week - on - week increase of 3.14%/31.86%. The energy sector was the most active [2]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - based/concession - based REITs were 3.68%/4.33% respectively. The transportation (5.63%), warehousing and logistics (5.14%), and industrial park (4.13%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - On July 30, 2025, YinHua Fund was pre - selected to win the bid for Wuxi Xishan Huaneng Group's infrastructure public REITs, with a winning bid price of 2.5 million yuan [32]. - Bank of China Sino - Sinotrans Warehouse Logistics REIT was listed on the Shanghai Stock Exchange on July 29, 2025. Huaxia Huadian Clean Energy REIT was listed on the Shanghai Stock Exchange on August 1, 2025. ICBC Hebei Expressway REIT announced its first dividend in 2025 and released its operation data [32].

Core Viewpoint - China National Foreign Trade Transportation Group Co., Ltd. (China Foreign Trade) has successfully launched its infrastructure public REITs, which is expected to enhance the company's financial performance and operational sustainability through asset revitalization and expanded financing channels [2][4]. Group 1: REITs Issuance Process - The company approved the proposal for public infrastructure REITs issuance on June 15, 2022, and extended the authorization for 24 months on June 11, 2024 [2]. - The China Securities Regulatory Commission and Shanghai Stock Exchange formally accepted the REITs issuance application on January 8, 2025 [2]. - The REIT, named Zhongyin China Foreign Trade Warehousing Logistics REIT, received approval for registration from the regulatory authorities in May 2025 [2]. Group 2: Fundraising Details - The REIT completed its issuance on June 24, 2025, with a total of 400 million fund shares sold at a price of RMB 3.277 per share, raising a net subscription amount of RMB 1.3108 billion [3]. - The issuance comprised three parts: strategic placement (70% of total shares), offline placement, and public investor placement [3]. - The original equity holder, a wholly-owned subsidiary of the company, subscribed to 80 million shares, accounting for 20% of the total issuance [3]. Group 3: Financial Impact - The issuance of the REIT is expected to positively impact the company's financial metrics, with an anticipated increase in net profit of approximately RMB 390 million for the fiscal year 2025 [4].