Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - From November 3 to November 7, 2025, the REITs weighted index fell 0.49% to 97.40 points. The performance of major asset classes from high to low was convertible bonds > crude oil > stocks > pure bonds > REITs > gold. Property - type REITs fell 0.75% and franchise - type REITs rose 0.11%. [2] - As of November 7, 2025, there were 9 REITs products still in the exchange acceptance stage and 3 in the approved - to - be - listed state. [4] Group 3: Summary by Directory Secondary Market Price - Volume Performance - **Overall Secondary Market Performance**: The REITs weighted index fell 0.49% this week. Property - type REITs fell 0.75% to 110.46, and franchise - type REITs rose 0.11% to 82.68. Different industry - type REITs had varied performances. [2] - **Property - Type REITs**: The top five in terms of increase were Huaxia JINMAO Commercial REIT (4.42%), Guotai Haitong Dongjiu New Economy REIT (1.83%), Huitianfu Shanghai Real Estate Rental Housing REIT (1.81%), Huaxia First - Outlets REIT (1.52%), and Huitianfu Jiuzhoutong Pharmaceutical REIT (1.17%). High - turnover ones included Huaxia Zhonghai Commercial REIT (21.52%), etc. [2][11] - **Franchise - Type REITs**: The top five in terms of increase were Zheshang Shanghai - Hangzhou - Ningbo REIT (2.37%), Guotai Haitong Jinan Energy Heating REIT (2.25%), China Merchants Highway REIT (2.03%), Huaxia Huadian Clean Energy REIT (1.53%), and Huaxia China Communications Construction REIT (1.27%). High - turnover ones included Huaxia TBEA New Energy REIT (5.59%), etc. [2][13] - **Block Trading**: There were 5 block trading days this week, with the highest turnover on Monday at 72.2788 million yuan. The top five in terms of block trading turnover were Southern Runze Technology Data Center REIT, etc., with average discount/premium rates of 0.41%, etc. [20] Secondary Market Valuation Situation - **Property - Type REITs**: As of Friday, the top three in terms of internal rate of return (IRR) were E Fund Guangzhou Open Industrial Park REIT (8.38%), CICC Hubei KT Guanggong REIT (8.04%), and Huaxia Hefei High - tech REIT (7.33%). REITs with low P/NAV quantiles were E Fund Guangzhou Open Industrial Park REIT, etc. [3][25] - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT (9.75%), Ping An Guangzhou Guanghe REIT (9.31%), and CICC Anhui Expressway REIT (7.60%). REITs with low P/NAV quantiles were Huaxia Yuexiu REIT, etc. [3][28] Market Correlation Statistics - The correlation coefficient between REITs and the Shanghai Composite Index was the highest at 0.20 this week. Different types of REITs had different correlation coefficients with major asset classes. [29][30] Primary Market Tracking - As of November 7, 2025, there were 9 REITs in the exchange acceptance stage and 3 in the approved - to - be - listed state, including Huaxia Anbo Warehouse Logistics REIT, etc. [4][33]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not explicitly stated in the given content 3. Summary by Relevant Catalogs 3.1 Secondary Market Price and Volume Performance - Data on multiple REITs including fund code, fund name, industry type, listing date, issue price, first - day return, return since listing, trading volume since listing, trading volume this week, trading volume last week, turnover rate this week, turnover rate last week, return this week, return last week, and return since the beginning of this year are presented for different industries such as warehousing logistics, industrial parks, affordable rental housing, consumer infrastructure, data centers, highways, ecological environment protection, water facilities, and energy [10][11] 3.2 Secondary Market Valuation Situation - Valuation data of various REITs are provided, including P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025, along with comparisons to industry averages and current quantiles [22] 3.3 Market Correlation Statistics - The correlation coefficients between REITs (including different types such as property - based, franchise - based, and by industry) and various asset classes (stock assets, convertible bonds, pure bonds, and commodities) are presented [28] 3.4 Primary Market Tracking - Information on several REITs in the primary market is given, including project nature, project type, stage, acceptance date, original equity holder, underlying projects, and project valuation [30]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week (2025/10/20 - 2025/10/24), the REITs weighted index rose 0.09% to 97.53 points. The performance of major asset classes from high to low was: crude oil > stocks > convertible bonds > REITs > pure bonds > gold. Among REITs, data centers, ecological environmental protection, and highways showed better performance [2]. - In terms of valuation, as of this Friday, the top three products in terms of internal rate of return (IRR) for equity - type REITs were CICC Hubei Ketou Optics Valley REIT, E Fund Guangkai Industrial Park REIT, and Huaxia Heda Gaoke REIT, with corresponding IRRs of 8.09%, 7.21%, and 6.89% respectively. For franchise - type REITs, the top three were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 9.93%, 9.35%, and 7.08% respectively [4][28][31]. Group 3: Summary According to Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Market Performance**: The REITs weighted index rose 0.09%, while equity - type REITs fell 0.04% and franchise - type REITs rose 0.42%. By industry type, data centers, ecological environmental protection, and highways had relatively high returns [2]. - **Equity - Type REITs**: The top five in terms of increase were AVIC Yishang Warehouse Logistics REIT (3.58%), Huatai Suzhou Hengtai Rental Housing REIT (2.30%), Huaxia Beijing Affordable Housing REIT (2.21%), Hongtu Innovation Shenzhen Affordable Housing REIT (2.18%), and Hua'an Zhangjiang Industrial Park REIT (2.11%). High - turnover products included Huatai Baowan Logistics REIT, China Merchants Fund Shekou Rental Housing REIT, etc. [3][12]. - **Franchise - Type REITs**: The top five in terms of increase were ICBC Inner Mongolia Energy Clean Energy REIT (4.06%), Zheshang Shanghai - Hangzhou - Ningbo REIT (3.23%), Yin Hua Shaoxing Raw Water Hydraulic REIT (3.23%), Harvest China Power Construction Clean Energy REIT (2.42%), and Huatai Jiangsu Expressway REIT (1.85%). High - turnover products included Huatai Jiangsu Expressway REIT, Huaxia Tebian Electric Apparatus Stock Co., Ltd. New Energy REIT, etc. [3][14]. - **Block Trading**: There were 5 block trading days this week, with the highest block trading volume on Wednesday at 38.4782 million yuan. The top five in terms of block trading turnover were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, Huaxia China Communications Construction REIT, China Merchants Fund Shekou Rental Housing REIT, and Hongtu Innovation Shenzhen Affordable Housing REIT [23]. 3.2 Secondary Market Valuation Situation - **Equity - Type REITs**: The top three in terms of IRR were CICC Hubei Ketou Optics Valley REIT, E Fund Guangkai Industrial Park REIT, and Huaxia Heda Gaoke REIT. Some products had lower P/FFO than the industry average. The top three undervalued products in terms of P/NAV were E Fund Guangkai Industrial Park REIT, Huatai - PineBridge Shanghai Real Estate Rental Housing REIT, and CICC China Green Development Commercial REIT [4][28]. - **Franchise - Type REITs**: The top three in terms of IRR were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT. Some products had lower P/FFO than the industry average. The top three undervalued products in terms of P/NAV were Huaxia Yuexiu REIT, Huaxia Huadian Clean Energy REIT, and Huaxia Nanjing Transportation Expressway REIT [4][31]. 3.3 Market Correlation Statistics - REITs had the highest correlation coefficient with the Shanghai Composite Index this week, at 0.20. The correlation coefficients with other major asset classes were also provided, such as 0.18 with the CSI 300, 0.11 with the ChiNext Index, etc. [32]. 3.4 Primary Market Tracking - As of October 24, 2025, there were 9 REIT products still in the exchange acceptance stage and 3 approved but not yet listed [5].

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints of the Report - No clear overall core viewpoints are presented in the report. It mainly presents detailed data on the performance, valuation, correlation, and primary - market tracking of various REITs. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - The report details the price - volume performance of multiple REITs, including listing date, issue price, first - day return, cumulative return, trading volume, turnover rate, weekly return, and year - to - date return. For example, the Red Clay Innovation Yantian Port REIT had an issue price of 2.3 yuan, a first - day return of 2.91%, and a cumulative return of 15.89% as of the report date [10]. 3.2 Secondary Market Valuation - It shows the valuation indicators of different REITs, such as P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025. For instance, the Red Clay Innovation Yantian Port REIT had a dynamic P/FFO of 18.69, a P/NAV of 1.03, and an expected cash distribution rate of 4.37% in 2025 [21]. 3.3 Market Correlation Statistics - The report presents the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20 [29]. 3.4 Primary Market Tracking - It lists several REITs in different stages (to be listed, feedback received, application accepted, and application submitted), along with their project nature, type, original equity holders, underlying projects, and project valuations. For example, the CITIC Construction Investment Shenyang International Software Park REIT is a property - type industrial park REIT to be listed, with a project valuation of 11.84 billion yuan [31].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report's Core View - In the week from August 25 to August 29, 2025, the REITs weighted index rose 1.20% to 101.29 points. Different types of REITs showed varied performance in terms of price changes, trading volume, turnover rate, and valuation. There are also 11 REITs in the exchange acceptance stage and 2 in the approved - to - be - listed state as of August 29, 2025 [2][5] Industry Investment Rating - No industry investment rating is provided in the report Summary by Relevant Catalog Secondary Market Performance - **Overall Index Performance**: The REITs weighted index rose 1.20%, while the CSI All - Share Index rose 1.84%, the CSI Convertible Bond Index fell 2.58%, the ChinaBond Net Price Index rose 0.05%, the London Gold Spot rose 1.32%, and the weighted crude oil varieties fell 1.44%. The order of performance from high to low is stocks > gold > REITs > pure bonds > crude oil > convertible bonds [2] - **Underlying Asset Type Performance**: This week, the property - right type fell 2.07% to 112.64, and the franchise type fell 1.08% to 84.97. By industry type, consumer - type REITs rose 2.21%, ecological and environmental - protection type rose 2.03%, and so on. The order of weekly return performance from high to low is consumer - type > ecological and environmental - protection type > affordable rental housing type > warehousing and logistics type > data center > industrial park type > highway type > energy type [2] - **Top Performers**: The top three REITs in terms of weekly increase are Guotai Junan Jinan Energy Heating REIT (5.70%), AVIC Yishang Warehousing and Logistics REIT (4.29%), and Jiashi Wumei Consumption REIT (4.22%). In terms of trading volume, CICC Hubei Ketou Optics Valley REIT, Huaxia Hefei High - tech REIT, and Huaxia Fund China Resources Youchao REIT led with 0.29 billion shares, 0.28 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Huatai Nanjing Jianye REIT, Huatai Baowan Logistics REIT, and Huaxia Huadian Clean Energy REIT had higher turnover rates of 14.75%, 12.66%, and 9.85% respectively [2][3][12] Secondary Market Valuation - **P/FFO Indicator**: This week, the dynamic P/FFO of many REITs such as Hongtu Innovation Yantian Port REIT, CICC GLP REIT is lower than the average of their respective industry types [4][19] - **P/NAV Indicator**: The top three REITs with lower valuation quantiles and showing an undervalued state are Huaxia Huadian Clean Energy REIT, Huaxia Yuexiu REIT, and CICC Hubei Ketou Optics Valley REIT [4][19] Primary Market Tracking - As of August 29, 2025, there are 11 REIT products still in the exchange acceptance stage and 2 in the approved - to - be - listed state [5] Market Correlation Statistics - **REITs and Major Asset Correlation**: This week, the correlation coefficient between REITs and the Shanghai Composite Index is the highest at 0.20. The correlation coefficients with other major assets such as the CSI 300, ChiNext Index also vary [23][24]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From August 25 to August 29, 2025, the weighted index of REITs rose 1.20% to 101.29 points. The performance of major asset classes from high to low was stocks > gold > REITs > pure bonds > crude oil > convertible bonds. Among REITs, the property - type decreased by 2.07% and the franchise - type decreased by 1.08%. By industry type, the weekly return performance from high to low was consumer - type > ecological and environmental protection - type > affordable rental housing - type > warehousing and logistics - type > data center - type > industrial park - type > highway - type > energy - type [2]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - **Overall Index Performance**: The weighted index of REITs rose 1.20% this week. The weekly return performance of different types of REITs varied. For example, the consumer - type REITs rose 2.21%, while the property - type REITs decreased by 2.07% [2]. - **Top Performers**: The top three REITs in terms of weekly increase were Guotai Junan Jinan Energy Heating REIT (5.70%), AVIC Yishang Warehousing and Logistics REIT (4.29%), and Jiashi Wumei Consumption REIT (4.22%). In terms of trading volume, CICC Hubei KeTou Optics Valley REIT, Huaxia Hefei High - tech REIT, and Huaxia Fund Huarun Youchao REIT ranked high, with trading volumes of 0.29 billion shares, 0.28 billion shares, and 0.24 billion shares respectively. In terms of turnover rate, Huatai Nanjing Jianye REIT, Huatai Baowan Logistics REIT, and Huaxia Huadian Clean Energy REIT had relatively high turnover rates, which were 14.75%, 12.66%, and 9.85% respectively [2][3][12]. 3.2 Secondary Market Valuation Situation - **P/FFO Indicator**: This week, many REITs such as Hongtu Innovation Yantian Port REIT, CICC Puluosi REIT, etc. had a dynamic P/FFO lower than the industry average [4][14][18]. - **P/NAV Indicator**: The top three REITs with relatively low valuation quantiles and showing an undervalued state were Huaxia Huadian Clean Energy REIT, Huaxia Yuexiu REIT, and CICC Hubei KeTou Optics Valley REIT [4][18]. - **Expected Cash Distribution Rate**: The top three REITs in terms of expected cash distribution rate this week were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [18]. - **Internal Rate of Return (IRR)**: As of this Friday, the top three products in terms of IRR were Huaxia China Communications Construction REIT (9.63%), Ping An Guangzhou Guanghe REIT (8.89%), and CICC Hubei KeTou Optics Valley REIT (7.47%) [19]. 3.3 Market Correlation Statistics - **Correlation Coefficient between REITs and Major Asset Classes**: This week, the correlation coefficient between REITs and the Shanghai Composite Index was the highest, reaching 0.20. The correlation coefficients with other major asset classes such as CSI 300, ChiNext Index, etc. also varied [22][23]. - **Correlation Coefficient by Project Nature and Industry Type**: Different types of REITs (such as property - type, franchise - type, and various industry - specific types) had different correlation coefficients with major asset classes and market indices [23]. 3.4 Primary Market Tracking - As of August 29, 2025, there were 11 REIT products still in the exchange acceptance stage and 2 REITs in the state of being approved and waiting for listing [5].

Report Title - Weekly Report on Public Offering Infrastructure REITs [1] Report Core Content 1. Secondary Market Price and Volume Performance - The report presents detailed data on the trading volume, price, and return of various publicly - offered infrastructure REITs from 2021 to 2025, including industry types such as industrial parks, warehousing and logistics, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, energy, and municipal facilities [11]. - For example, for the industrial park REITs, the 180101.SZ had a year - to - date return of 54.00%, a weekly return of 1.30%, and a trading volume of 0.28 billion shares this week [11]. 2. Secondary Market Valuation - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV factor, and 2025 expected cash distribution rate for different REITs, comparing them with industry averages and current quantiles [15]. - For instance, the 180301.SZ (Red Earth Innovation Yantian Port REIT) had a P/FFO of 18.95, a P/NAV of 1.04 (49.50% quantile), an IRR of 6.01% (68.20% quantile), and a 2025 expected cash distribution rate of 4.31% [15]. 3. Market Correlation Statistics - It shows the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. Different types of REITs (e.g., property - rights, franchise - rights, industry - specific) have different correlation characteristics [22]. - For example, the correlation coefficient between all REITs and the Shanghai Composite Index is 0.21, while the correlation coefficient between energy - related REITs and the Shanghai Composite Index is 0.04 [22]. 4. Primary Market Tracking - The report lists information on REITs in the primary market, including their project nature, type, stage, acceptance date, original equity holders, underlying projects, and project valuations [26]. - For example, the CICC Vipshop Outlet REIT (property - rights, consumer infrastructure) has been accepted on May 9, 2025, with a project valuation of 2.972 billion yuan [26].

Group 1 - The report highlights that as of August 4, 2025, there are 73 public infrastructure REITs established in the market, with a total scale of approximately 178.32 billion, accounting for about 0.52% of the total public fund market [5][8]. - The leading asset types in terms of REITs scale are transportation infrastructure (32.07%), park infrastructure (18.31%), consumption infrastructure (12.69%), and warehousing logistics (12.36%) [8][10]. - The report indicates that 71 of the 73 established REITs are already listed for trading, with two data center REITs set to be listed on August 8, 2025 [5][8]. Group 2 - The report notes that public REITs have become a choice for FOF asset allocation, with an increase in the degree of allocation observed [5][16]. - Key REITs with increased allocation in the second quarter include Zhongjin Yinli Consumption REIT, Jiashi Wumei Consumption REIT, Zhongjin Anhui Traffic Control REIT, Zhongxin Jian Investment National Electric Power New Energy REIT, and Jiashi JD Warehousing Infrastructure REIT [5][16]. Group 3 - The report provides insights into various underlying asset types for REITs, including industrial parks, warehousing logistics, transportation infrastructure, energy infrastructure, consumption infrastructure, rental housing, new infrastructure, and municipal water conservancy [13][14]. - Specific investment preferences for industrial parks include long lease terms and fewer tenants, while for warehousing logistics, high demand elasticity and location advantages are emphasized [17][18]. - The report identifies key REITs for each asset type, such as Guotai Junan Dongjiu New Economy REIT for industrial parks and Huaxia Shen International REIT for warehousing logistics, highlighting their competitive advantages and stable rental situations [17][18][19].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - This week (from July 28, 2025, to August 1, 2025), the REITs weighted index rose 1.81% to 102.69 points. The performance of major asset classes from high to low was: crude oil > REITs > pure bonds > stocks > convertible bonds > gold. Among REITs, the equity - type rose 2.54% to 117.51, and the concession - type rose 0.90% to 87.46. In terms of industry types, the weekly performance from high to low was: consumer - type > rental housing for security > energy - type > industrial park - type > ecological and environmental protection - type > highway - type [2]. - The top three REITs in terms of increase this week were Huaxia Capital - First Capital Outlets REIT (6.86%), ICBC Mengneng Clean Energy REIT (6.75%), and Huaxia China Resources Commercial REIT (5.77%). In terms of trading volume, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT were at the forefront. In terms of turnover rate, BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT had relatively high turnover rates [3][12]. - In terms of valuation, for the P/FFO indicator, many REITs had a dynamic P/FFO lower than the industry average. For the P/NAV indicator, the top three undervalued REITs were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT [4][19]. - As of August 1, 2025, there were 11 REIT products still in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5]. Summary by Directory Secondary Market Price and Volume Performance - **Overall Index Performance**: The REITs weighted index rose 1.81% this week. The equity - type REITs rose 2.54%, and the concession - type rose 0.90%. Different industry - type REITs also had different increases [2]. - **Individual REIT Performance**: The top three REITs in terms of increase were Huaxia Capital - First Capital Outlets REIT, ICBC Mengneng Clean Energy REIT, and Huaxia China Resources Commercial REIT. The REITs with high trading volume and turnover rate were BOC Sino - Sinotrans Logistics REIT, Cinda Principal Agricultural REIT, and Huaan Bailian Consumer REIT [3][12]. - **Fund Inflow and Block Trading**: The top three REITs in terms of net inflow of main funds were BOC Sino - Sinotrans Logistics REIT, Penghua Shenzhen Energy REIT, and Hongtu Innovation Yantian Port REIT. The top three industries in terms of trading volume were park infrastructure, warehousing and logistics, and transportation infrastructure. The top three in terms of average daily turnover rate were warehousing and logistics, energy infrastructure, and park infrastructure. Among block trading, Friday had the highest block trading volume, and the top three REITs in terms of block trading turnover were Cinda Principal Agricultural REIT, CITIC Construction Mingyang Smart New Energy REIT, and ICBC Hebei Highway REIT [16]. Secondary Market Valuation - **P/FFO and P/NAV**: Many REITs had a dynamic P/FFO lower than the industry average. The top three undervalued REITs by P/NAV were Huaxia Yuexiu REIT, GF Chengdu High - tech Industrial Park REIT, and Huaxia Nanjing Transportation Highway REIT. The top three in terms of expected cash distribution rate were E Fund Shenzhen Expressway REIT, Zheshang Shanghai - Hangzhou - Ningbo REIT, and Guojin China Railway Construction REIT [19]. - **IRR Ranking**: As of this Friday, the top three products in terms of internal rate of return (IRR) were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT, and CICC Anhui Expressway REIT, with corresponding IRRs of 11.28%, 11.07%, and 8.46% respectively [21]. Market Correlation Statistics - **Correlation with Major Asset Classes**: This week, REITs had the highest correlation coefficient with the Shanghai Composite Index (0.21), followed by CSI 300 (0.19), ChiNext Index (0.12), small and medium - cap stocks (0.18), CSI Convertible Bond Index (0.19), CSI All - Bond Index (0.06), gold (0.04), and crude oil index (0.09) [25]. - **Correlation of Different Types of REITs**: Different types of REITs (equity - type, concession - type, and various industry - type REITs) had different correlation coefficients with major asset classes [27]. Primary Market Tracking As of August 1, 2025, there were 11 REIT products in the exchange acceptance stage, 3 in the approved - to - be - listed state, and CICC Vipshop Outlets REIT was approved this week and was in the to - be - issued stage [5].