Core Viewpoint - The company is actively investing in the Beijing Pingzhun Infrastructure Real Estate Investment Fund and the Shounong REIT, aiming to revitalize existing assets and align with national policy directives [1][2] Group 1: Investment Activities - The company's wholly-owned subsidiary, Beijing Shouyuan Xinrong Investment Co., Ltd., is involved in managing the Beijing Pingzhun Fund, which is investing in the Shounong REIT [1] - The Shounong REIT is backed by the Shounong Food Group, a major state-owned agricultural enterprise in Beijing, and serves as a significant initiative to activate existing assets [1] Group 2: Strategic Importance - The Shounong REIT is the first approved headquarters-type technology innovation industrial park REIT project, supporting the capital's strategy as a "Technology Innovation Center" [1] - The investment in the Shounong REIT is seen as a model for urban renewal financing and is expected to attract social capital [1] Group 3: Future Plans - The company plans to continue increasing its investment in China's core infrastructure real estate sector, leveraging its full industry chain synergy and REITs first-mover advantage [2] - The focus will be on enhancing the efficiency and value of core infrastructure assets in China [2]

Group 1 - The report highlights the successful listing of the Chuangjin Hexin Shounong REIT on July 25, with a total issuance scale of 3.685 billion yuan and a duration of 16 years, marking it as the first REIT project in China focused on "headquarters economy" [1][7] - The underlying asset, Shounong Yuan Center, has been transformed into a LEED Platinum certified technology innovation industrial park, covering an area of 203,600 square meters, with an average occupancy rate exceeding 94% over the past three years [1][7] - During the issuance phase, the REIT received significant investor interest, with total subscription amounts reaching 231.6 billion yuan, setting a new record for subscription amounts for Beijing state-owned enterprise REITs [1][7] Group 2 - In the market performance segment, the report notes that the overall REITs market declined, with the Chuangjin Hexin Shounong REIT leading gains at +28.47%, while the CSI REITs total return index fell by 1.56% [2][15] - The report indicates that the REITs total index underperformed compared to the CSI 300 index by 3.98 percentage points and the CSI All Bond index by 1.79 percentage points [2][15] - Individual REITs such as Chuangjin Hexin Shounong REIT, Bosera Tianjin Kai Industrial Park REIT, and China Merchants Science and Technology Innovation REIT showed notable gains, while others like CITIC Construction Investment Mingyang Intelligent New Energy REIT experienced significant declines [2][15] Group 3 - The liquidity section of the report reveals an increase in overall trading activity for REITs, with a total trading volume of 670 million yuan, up 35.1% from the previous week [3][36] - The report details that the largest category by trading volume was park infrastructure REITs, accounting for 31.1% of the total trading volume, with significant increases in trading volumes across various REIT categories [3][36] - Specific categories such as energy infrastructure and warehouse logistics also saw notable increases in trading activity, indicating a positive trend in market engagement [3][36] Group 4 - The report provides insights into the correlation of REITs with major asset classes, indicating a strong positive correlation with bond indices, particularly the CSI All Bond index [27][28] - The internal correlation among different REIT categories, such as industrial park REITs and energy facility REITs, shows significant interdependencies, suggesting that movements in one category may influence others [29] - The report emphasizes the importance of understanding these correlations for strategic investment decisions in the REIT market [27][28]