Group 1 - The core viewpoint of the news is the successful listing of the Huaxia Huadian Clean Energy REIT on the Shanghai Stock Exchange, marking the 71st public REIT in China's infrastructure market and expanding the number of clean energy REITs to 8 [1][2] - The total issuance scale of the 73 established public REITs has reached 190.852 billion yuan, covering various asset types including industrial parks, warehousing logistics, and affordable rental housing [1][3] - The Huaxia Huadian Clean Energy REIT has an issuance scale of 1.8945 billion yuan, with over 170 billion yuan in cumulative subscription funds, setting new records for clean energy REITs [1][2] Group 2 - The current public REITs market has expanded to include diverse energy categories such as solar, wind, hydropower, and natural gas, forming a green asset matrix [2] - In 2023, 13 public REITs have successfully listed, with notable issuances from Zhongyin Zhongwai Logistics REIT and Chuangjin Hexin Shounong REIT [2] - Experts predict that the categories of REITs may expand to include elder care and cultural tourism, reflecting the diversification of the new economy [2][3] Group 3 - The continuous growth of public REITs is significant for the market, as it can activate existing assets and create a closed-loop financing model for infrastructure investment [3] - The public REITs market currently exhibits institutional investment characteristics, and there is a need to lower subscription thresholds to attract more individual investors [4] - Future development of REITs is expected to be vast, especially in the context of a stock economy, but achieving further asset securitization and cash flow activation is crucial [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium 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 by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - This week, the public offering REITs market fluctuated and declined, but the trading volume increased. The indexes of property - type and franchise - type public offering REITs both decreased, with only the park infrastructure - type REITs showing a slight increase and the municipal facilities - type having the highest decline. - As of July 25, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. 14 new public offering REITs have been issued in 2025, and 4 were newly issued in July 2025, with a total scale of 12.5 billion yuan. Additionally, 26 public offering REITs funds are waiting to be listed. - The market is expected to continue to expand, and its activity is expected to further increase. In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [2][4][35]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public Offering REITs Market Fluctuated and Declined - Index Performance: As of July 25, 2025, the China Securities REITs Index decreased by 1.79% to 860.11 compared with last week, and the China Securities REITs Total Return Index decreased by 1.56% to 1087.36. The indexes of property - type and franchise - type public offering REITs decreased by 1.48% and 2.23% respectively. Among property - type public offering REITs, only park infrastructure - type REITs increased by 3.72%, while others declined, with the municipal facilities - type, water conservancy facilities - type, and other types having different degrees of decline [9][14]. - Trading Volume and Turnover: The total trading volume of the REITs market this week was 741 million shares, a 31.85% increase from last week, and the trading amount was 3.348 billion yuan, a 35.11% increase. The turnover rate of the REITs market this week was 3.62%, compared with 2.77% last week. The trading amounts and turnover rates of most types of public offering REITs increased [10]. - Individual Product Performance: Among the 69 public offering REITs (excluding the 1 newly listed this week), 9 rose and 59 fell. The top gainers included Boshi Jinkai Science and Industry Park REIT, China Merchants Science and Technology Incubator REIT, etc., while the top losers included CITIC Construction Investment Mingyang Smart New Energy REIT, ICBC Inner Mongolia Energy Clean Energy REIT, etc [22]. 3.2 Primary Market: 26 Public Offering REITs Funds are Waiting to be Listed - Issuance Situation: As of July 25, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. In 2024, 29 REITs were issued, with a total scale of 64.6 billion yuan. In 2025, 14 public offering REITs have been issued, and 4 were newly issued in July 2025, with a total scale of 12.5 billion yuan [27]. - Upcoming Listings: There are 26 public offering REITs funds waiting to be listed, including 15 for initial offerings and 11 for expansion and fundraising. In terms of project status, 10 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been declared [29]. 3.3 Public Offering REITs Policies and Market Dynamics - Dividend: E Fund Shenzhen Expressway REIT made its first dividend in 2025, with a distribution of 1.937 yuan per 10 shares. The available distribution amount of this public offering REITs was 58.1293 million yuan, and the proposed distribution amount was 58.11 million yuan, accounting for 99.97% of the available distribution amount as of March 31, 2025 [33]. - New Listing: On July 22, the first follow - on issuance infrastructure - type REITs in Inner Mongolia was successfully launched, with a scale of 2.992 billion yuan [34]. 3.4 Investment Suggestions - Market Trend: This week, the REITs index fluctuated and declined, and the trading amount of the public offering REITs market increased. The indexes of property - type and franchise - type public offering REITs decreased, with only park infrastructure - type REITs showing a slight increase and municipal facilities - type having the highest decline. - Market Outlook: This Friday, the first infrastructure REIT project of Shounong Food Group, the CICGAM Shounong Industrial Park REIT, was listed. 14 public offering REITs have been established this year, with a total scale of over 25 billion yuan. Additionally, 26 REITs funds are waiting to be listed, and the market is expected to continue to expand, with its activity expected to further increase. - Investment Value: In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high cost - performance ratio for allocation [4][35][36].

【导读】 创金合信首农产业园REIT上市首日大涨28.47% 中国基金报记者 天心 又见公募REITs上市首日大涨。 7月25日，创金合信首农产业园REIT上市首日大涨28.47%，盘中一度涨停。 7月25日，创金合信首农产业园REIT在上海证券交易所鸣锣开市。上市首日，该REIT开盘价 为4.6元，涨幅超过20%，盘中一度涨停。当天整体交投活跃，全日成交额达到4.31亿元，换 手率超过30%。 创金合信首农REIT于2025年6月18日正式获批，7月7日发行首日，公众发售部分便告售罄。 按照认购价格3.685元/份计算，战略投资者、网下及公众投资者总认购金额达2316亿元，创 北京市属企业REIT发行认购金额新高。其中，公众投资者有效认购1268亿元，有效认购倍数 约382倍。 上市交易公告书显示，国新资产、大家资产、泰康养老、中信证券、中金公司、中信建投等 多家头部机构，以及北京平准基础设施不动产股权投资基金合伙企业、北京金控资本等参与 战略配售。 据了解，创金合信首农产业园REIT是全国首单总部型科创产业园公募REITs项目，首发份额 共计10亿份，发售价格为3.685元/份，募集规模为36.85亿元， ...

Group 1 - The total market value of public REITs in China surpassed 200 billion yuan as of mid-2023, with most products yielding positive returns since the beginning of the year [1][2] - The top three fund management companies control nearly 40% of the public REITs market, highlighting a significant head effect in the industry [2][5] - New entrants such as Southern Fund, Huatai-PineBridge Fund, and Bank of China Fund are actively participating in the public REITs market, indicating a growing interest from various institutions [1][3] Group 2 - The highest-performing public REIT this year is the Jiashi Wumei Consumption REIT, which has increased by 51.84% [2] - The public REITs market is still in its early development stage, providing opportunities for various institutions, but newcomers are advised to focus on niche markets rather than broad offerings [3][5] - Successful public REIT managers have accumulated deep experience in asset selection, due diligence, active management, and risk control, which fosters investor trust and a positive feedback loop [5]

Core Viewpoint - The approval of the first data center REITs, namely Southern Universal Data Center REIT and Southern Runze Technology REIT, signifies the expansion of public REITs product types in the market [1][3]. Group 1: REITs Product Expansion - The Southern Universal Data Center REIT is backed by the Guojin Data Center located in Kunshan, Jiangsu Province, while the Southern Runze Technology REIT is based on the Runze (Langfang) International Information Port A-18 Data Center in Langfang, Hebei Province [3]. - The continuous introduction of new REITs projects includes the listing of the first agricultural market public REIT by E Fund on January 24, and several other first-of-their-kind REITs throughout February [3]. - The approval of the Chuangjin Hexin First Agricultural Industrial Park REIT on June 19 marks the first public REIT product from Chuangjin Hexin Fund [3]. Group 2: Market Dynamics and Performance - As of June 24, there are 68 public REITs in the market, with major players like Huaxia Fund having 14, CICC Fund with 10, and Huatai Securities Asset Management and Guotai Junan Asset Management each having 4, collectively accounting for nearly half of the total REITs [4]. - Despite the concentration of products among leading firms, the REITs industry has significant growth potential, providing ample opportunities for new entrants [4]. - Public REITs have shown strong performance in the secondary market, with notable year-to-date gains, including a 50.36% increase for Huaxia Dayuecheng Commercial REIT and over 40% for several others [4].

Core Viewpoint - The recent approval of public REITs, particularly in the data center sector, marks a significant expansion in China's REITs market, indicating a growing recognition and support for diverse asset types and innovative financing solutions [1][2][7]. Group 1: Recent Developments in Public REITs - Several public REITs, including the first data center REITs, have been approved, filling a market gap in the data center sector [1][2]. - As of June 20, the total number of public REITs in the market has exceeded 85, with underlying assets expanding to ten categories [4][5]. - The average increase in the price of listed public REITs has surpassed 20% this year, with some experiencing gains over 50% [5][6]. Group 2: Specific REITs and Their Characteristics - The first public data center REITs approved include the Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT, with total fundraising amounts of 800 million and 1 billion shares, respectively [2][3]. - The first public REIT from Chuangjin Hexin, the Shou Nong Industrial Park REIT, has a stable occupancy rate of approximately 94.8% as of December 31, 2024 [3]. Group 3: Market Trends and Future Outlook - The public REITs market is expected to continue its growth trajectory, driven by policy support, market efficiency, and increasing investor awareness [1][7]. - Analysts predict that new asset types, such as data centers and smart city facilities, will emerge, aligning with the demands of the digital economy [7][8]. - The market still faces challenges, including the need for improved asset diversity and market scale, as well as the necessity for regulatory enhancements to streamline the issuance and operation of REITs [8].

Group 1 - The public REITs market is expanding again with the approval of the first public REIT by Chuangjin Hexin Fund, marking a significant step in supporting the development of technology innovation parks [1] - The project is initiated by Beijing Shounong Food Group and aims to enhance the capital market's role in serving the real economy and promoting technological innovation [1][2] - The underlying asset of the REIT is the Shounong Yuan Center, a high-quality industrial park located in Beijing, which has been transformed from the old site of the Sanyuan Milk Factory [1][2] Group 2 - Since its operation in 2021, the Shounong Yuan Center has attracted major companies like Kuaishou and Xiaomi, achieving a high occupancy rate of approximately 94.8% as of December 31, 2024 [2] - Shounong Food Group is one of the first state-owned capital investment companies in Beijing, focusing on asset quality improvement and the release of value from existing assets [2] - Chuangjin Hexin Fund has established a professional team and governance mechanism for REITs, ensuring the smooth progress of projects and providing attractive investment opportunities [3] Group 3 - The second public REIT project by Chuangjin Hexin Fund, the Chuangjin Hexin Electronic City Industrial Park REIT, has been formally accepted by the Shanghai Stock Exchange [3] - The public REITs market is experiencing a significant increase in issuance speed and scale, driven by policy support and market demand, reaching record highs in product issuance and listing numbers [3]

Group 1 - The core viewpoint of the article highlights the strong performance of public REITs in the market, with significant year-to-date gains, particularly in the consumer sector [1][5]. - The Huazhong BaiLian Consumer REIT has achieved the highest increase of 52.77% this year, leading the performance among public REITs [1][5]. - As of June 9, the total market capitalization of public REITs has surpassed 200 billion yuan, indicating robust investor interest and market activity [5]. Group 2 - Multiple new public REITs are in the application process, including the Huazhong Nuclear Clean Energy REIT, which is currently listed as "submitted" on the Shanghai Stock Exchange [2][4]. - The Xinjiang water power asset, which is part of the Huazhong Nuclear Clean Energy REIT, is expected to be the underlying asset, specifically the Bopona Hydropower Station [2]. - Other public REITs, such as the Chuangjin Hexin Agricultural Park REIT and the Huazhong Huadian Clean Energy REIT, are also progressing through the approval process, with some experiencing valuation adjustments [4]. Group 3 - The China Securities REITs Total Return Index has shown a year-to-date increase of over 14%, with a cumulative increase of nearly 20% over the past six months, outperforming other asset indices [5]. - Among the 66 listed public REITs, 25 have seen gains exceeding 20% this year, with 11 surpassing 30% [5]. - The consumer sector dominates the top-performing public REITs, with six out of the top ten year-to-date gainers being consumer-related REITs [5]. Group 4 - The Shanghai Stock Exchange has implemented measures to protect investors, such as temporarily suspending trading for the Huazhong Tebian Electric REIT after its price rose significantly [6]. - The recent economic stability and low bond yields are expected to support the long-term attractiveness of REITs, suggesting potential investment opportunities in sector rotation and capital expansion [6]. - The Shanghai government has issued a notice to enhance the quality and expansion of infrastructure REITs, encouraging collaboration with existing REIT platforms for asset restructuring [6].