Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in the public REITs market in China, with notable participation from insurance capital as strategic investors [1][3]. Group 1: Strategic Investors - Among the 76 strategic investors in Southern Runze Technology Data Center REIT, several insurance institutions are included, such as Ping An Health Insurance, Ping An Property Insurance, and Pacific Life Insurance [3]. - Southern Wanguo Data Center REIT also attracted investments from major insurance players like China Life Asset Management and Allianz Asset Management [3]. - The establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which includes investments from China Life and other firms, indicates a growing trend of insurance capital in the REIT sector [3]. Group 2: Investment Trends - Insurance capital has shown a strong interest in public REITs due to their characteristics aligning well with the investment needs of insurance companies, such as stable returns and strong liquidity [4]. - The current market environment has led insurance firms to adjust their asset allocation strategies, increasing their exposure to equity investments and alternative assets like public REITs to enhance investment returns [4]. - Data from Wind indicates that as of August 14, 14 public REITs have been issued this year, with insurance investment accounts participating significantly in offline offerings, with allocations exceeding 10% for both Southern Runze and Southern Wanguo REITs [3][4].

Core Viewpoint - The recent listing of Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT marks a significant development in China's public REITs market, attracting substantial interest from institutional investors, particularly insurance funds [1][2]. Group 1: Market Development - Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT were listed on August 8, with both products experiencing a price increase of 30% by the end of the trading day [1]. - The public offering of these REITs was met with enthusiastic subscription, leading to a full sell-out of the public investor portion in just one day [1]. - As of August 14, 73 public REITs have been listed in China, covering various asset categories including infrastructure and energy [3]. Group 2: Insurance Fund Participation - Insurance funds are increasingly diversifying their investments into public REITs, with significant participation noted in the strategic placements of the newly listed REITs [1][2]. - Notable insurance institutions such as China Life Asset, Ping An Health Insurance, and others have been involved in the strategic placements of these REITs [1]. - Insurance funds have also engaged in offline offerings, with over 10% of the allocation for both Southern Runze and Southern Wanguo REITs going to insurance investment accounts [2]. Group 3: Advantages of Public REITs - Public REITs are recognized for their stable dividends and lower risk, aligning well with the investment needs of insurance funds [2]. - The current market environment, characterized by asset scarcity, has led to increased attention on public REITs from insurance capital [2]. - REITs are seen as a long-term investment tool with stable returns, strong liquidity, and relative transparency, making them suitable for long-term capital like insurance funds [2]. Group 4: Future Outlook - The public REITs market is expected to continue growing, with insurance funds likely to increase their allocation to these investment vehicles [3]. - Regulatory improvements, such as adjustments to risk factors for insurance company investments in public REITs, are anticipated to enhance the attractiveness of these investments [3]. - Despite the growth potential, challenges remain, including the relatively small scale of public REITs and limited market liquidity, which may hinder large-scale allocations by insurance funds [4].

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]

Core Viewpoint - The public REITs market in China is experiencing significant growth, with the recent listing of multiple REITs, including the first central enterprise natural gas power generation REIT, indicating a strong trend towards capital market support for energy transition and the activation of quality clean energy assets [1][2][3] Group 1: Public REITs Market Expansion - The number of public REITs in China has increased to 71, with the listing of the 华夏华电清洁能源 REIT marking a milestone in the market [1] - The recent listings include products from 创金合信 and 中银中外运, expanding the clean energy REITs to 8, covering various energy types such as solar, wind, hydro, and natural gas [2] - The 华夏华电清洁能源 REIT received over 170 billion yuan in subscription funds, setting a new record for clean energy REITs [1] Group 2: Performance and Market Dynamics - The 创金合信首农 REIT, focusing on "headquarters economy," achieved a total issuance scale of 3.685 billion yuan, with a high average occupancy rate of over 94% [3] - The average achievement rates for key performance indicators (revenue, EBITDA, and distributable amount) among 31 public REITs with disclosed data are 94.1%, 101.5%, and 91.5%, respectively [3] - The market outlook suggests that public REITs will continue to be influenced by macroeconomic factors and investor sentiment, with a focus on quality domestic demand sectors and recovery in market conditions [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 - 25, 2025, the CSI REITs Total Return Index closed at 1087.36 points, down 1.56% for the week, breaking below the 1100 - point mark, with a relatively large overall correction. The total market capitalization of the REITs market reached 204.7 billion yuan with 69 listed projects after the listing of CICC Principal Agricultural REIT [1][8]. - In terms of major asset classes, commodities and equities generally rose in July, while REITs had negative returns. Commodities performed strongly this week, with coking coal up 35%, and coke, lithium carbonate, polysilicon, soda ash, and glass up over 15%. The equity market rose between 1.5 - 3.5%, and indices such as the CSI 300, CSI 500, CSI 1000, Hang Seng Tech, and CSI Convertible Bond all outperformed REITs [1][8]. Summary by Related Catalogs Secondary Market Price: The Rental Housing Sector Had the Largest Decline - All seven REITs sectors declined this week, with rental housing having the largest decline of 3.23%. Industrial parks and warehousing logistics were relatively more resilient. Eight rental housing REITs generally fell 3 - 5%. Some previously high - performing rental housing REITs like CRIC Wanke Shenzhen Rental Housing had a decline of about 3% this week. The average cash distribution rate of rental housing is 2.76%. REITs with high distribution rates such as Shanghai Real Estate Rental Housing and Chengtou Kuanting Rental Housing can be continuously monitored [2][13]. - In the highway sector, there were still differences among projects in June. Projects in the eastern economically active regions had better year - on - year performance in traffic volume and toll revenue. Huaxia Nanjing Traffic Highway REIT had the largest decline this week, but its operation has good resilience. Projects like China Merchants Highway and CICC Anhui Expressway had good fundamentals and can be continuously monitored [2][15]. Liquidity: Trading Activity Recovered - The overall market trading was relatively active this week, with the average daily trading volume of 583 million yuan, the average daily trading volume of 129 million shares, and the average daily turnover rate of 0.63%, up 17.72%, 15.22%, and 0.08 pct respectively from the previous week [20]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.06%), rental housing (0.78%), and consumer facilities (0.73%). Most sectors' turnover rates continued to decline compared with last week, except for consumer facilities and warehousing logistics, whose turnover rates slightly increased [23]. - Five projects were lifted from lock - up in July. With a large number of projects approaching the end of their lock - up periods from the second half of 2025 to the first half of 2026, potential trading pressure from recent lock - up expirations needs to be monitored [28]. Valuation: The Overall Decline Led to Valuation Adjustment - The overall decline of REITs this week led to valuation adjustments, and the distribution rate increased slightly. In terms of ChinaBond valuation yields, the energy infrastructure sector had the largest change in yield but still had the lowest yield among all sectors. The traffic (5.69%), warehousing logistics (5.09%), and industrial park (4.81%) sectors had relatively high yields [31]. - In terms of cash distribution rates, energy - related projects still had the largest change, with the average rising to 8.28%. For concession - based projects, the principal recovery situation should be considered when looking at the cash distribution rate. Among equity - based projects, industrial parks (4.33%), warehousing (4.11%), and consumer facilities (3.79%) had relatively high distribution rates, while the average distribution rate of rental housing was only 2.76% [31]. Primary Market Initial Offering: China Aerospace Tianhong Consumer REIT Has Been Filed - On July 22, 2025, China Aerospace Tianhong Consumer Closed - end Infrastructure Securities Investment Fund was filed with the Shenzhen Stock Exchange. Tianhong Co., Ltd. has three major brands: "Tianhong", "Junshang", and "sp@ce", targeting the mid - to high - end consumer market [3][35]. - As of July 25, 2025, there were about 7 - 10 potential issuance projects remaining this year. There are 4 projects that have been approved and are waiting to be listed, 10 projects that have received feedback from the exchange, and 1 project that has been filed [35].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected inflow of social security and pension funds [5][6] - The market remains active with 12 REITs funds waiting to be listed, indicating ongoing interest and activity in the sector [8] Market Overview - As of the 30th week of 2025, the CSI REITs (closing) index was 860.11, up 8.11% year-on-year but down 1.79% month-on-month; the CSI REITs total return index was 1087.36, up 16.32% year-on-year but down 1.56% month-on-month [5][21] - The trading volume in the REITs market reached 741 million units, a year-on-year increase of 12.1%, with a transaction value of 3.348 billion yuan, up 29.17% year-on-year [28][30] Sector Performance - Weekly and monthly performance for various REIT sectors showed declines: affordable housing (-3.09%), environmental (-2.02%), expressways (-1.32%), industrial parks (-0.87%), warehousing and logistics (-0.69%), energy (-3.75%), and consumer REITs (-0.82%) [38][55] - Monthly performance for these sectors included declines for affordable housing (-5.88%), environmental (+0.04%), expressways (-1.64%), industrial parks (-1.22%), warehousing and logistics (+0.15%), energy (-4.85%), and consumer (-0.90%) [38] Recent Developments - Tianhong Consumer REIT has submitted its initial public offering application to the Shenzhen Stock Exchange, while Chuangjin Hexin Shounong REIT has successfully listed on the Shanghai Stock Exchange, raising 3.685 yuan per share with a total fundraising of 3.685 billion yuan [6][14]

Report Industry Investment Rating No information about the industry investment rating is provided in the content. Report's Core View From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The weighted REITs index had a return rate of - 1.73%. Compared with other mainstream asset classes, REITs performed weakly. In terms of different project attributes and underlying asset types, there were differences in price trends, trading volumes, and capital flows. A new REIT, Chuangjin Hexin Shounong REIT, was listed on July 25, 2025, and a new project, "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund", was reported for the first time [1][4]. Summary According to Relevant Catalogs 1. Secondary Market 1.1 Price Trends - **At the level of major asset classes**: From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The returns of the CSI REITs (closing) and CSI REITs total return indices were - 1.79% and - 1.56% respectively, and the weighted REITs index return was - 1.73%. Among major asset classes, the return of REITs ranked the lowest, with the order from high to low being convertible bonds > A - shares > US stocks > gold > pure bonds > crude oil > REITs [10]. - **At the level of underlying assets**: Both equity - type and franchise - type REITs' secondary - market prices declined, with equity - type REITs having a smaller decline. In terms of underlying asset types, park - type REITs had the smallest decline. The top three underlying asset types in terms of returns were park - type, warehousing and logistics, and transportation infrastructure, with returns of - 0.63%, - 1.09%, and - 1.44% respectively [15][18]. - **At the single - REIT level**: Excluding the newly - listed Chuangjin Hexin Shounong REIT, 9 REITs rose and 59 declined. The top three in terms of increase were Boshi Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT, with increases of 8.49%, 3.79%, and 2.2% respectively. The top three in terms of decline were CITIC Construction Investment Mingyang Smart New Energy REIT, ICBC Mengneng Clean Energy REIT, and AVIC Yishang Warehousing and Logistics REIT, with declines of 8.49%, 6.89%, and 6.07% respectively [1][22]. 1.2 Trading Volume and Turnover Rate - **At the level of underlying assets**: The trading volume of publicly - listed REITs this week was 3.35 billion yuan, and the average daily turnover rate of park infrastructure - type REITs was the highest. The top three in terms of trading volume were park infrastructure, transportation infrastructure, and consumer infrastructure, with trading volumes of 1.042 billion, 0.59 billion, and 0.457 billion yuan respectively. The top three in terms of average daily turnover rate were park infrastructure, ecological and environmental protection, and municipal facilities, with rates of 1.70%, 1.21%, and 1.15% respectively [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Chuangjin Hexin Shounong REIT, Huaan Zhangjiang Industrial Park REIT, and Southern SF Logistics REIT. The top three in terms of trading amount were Chuangjin Hexin Shounong REIT, Huaxia China Resources Commercial REIT, and Huaan Zhangjiang Industrial Park REIT. The top three in terms of turnover rate were Chuangjin Hexin Shounong REIT, Huaxia Jinyu Zhizao Factory REIT, and CICC Yizhuang Industrial Park REIT [27]. 1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 95.17 million yuan, and the market trading enthusiasm increased. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and water conservancy facilities, with net inflows of 97.18 million, 10.64 million, and 3.21 million yuan respectively. The top three single REITs in terms of net inflow were Chuangjin Hexin Shounong REIT, Huaxia Shen International REIT, and Hongtu Innovation Yantian Port REIT, with net inflows of 88.48 million, 4.95 million, and 4.9 million yuan respectively [31]. - **Block trading situation**: The total block trading amount this week was 127.05 million yuan, a decrease compared with last week. The highest single - day block trading amount was on July 22, 2025, which was 50.12 million yuan. The top three single REITs in terms of block trading amount were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Investment Mingyang Smart New Energy REIT, with trading amounts of 50.12 million, 39.96 million, and 19.37 million yuan respectively [32]. 2. Primary Market 2.1 Listed Projects As of July 25, 2025, there were 69 publicly - listed REITs in China, with a total issuance scale of 180.746 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by park infrastructure - type. Chuangjin Hexin Shounong REIT was listed on July 25, 2025, with an asset type of park infrastructure and an issuance scale of 3.685 billion yuan [36]. 2.2 Projects to be Listed There were 26 REITs in the state of being to be listed, including 15 initial - offering REITs and 11 REITs to be expanded. The status of the initial - offering project of "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund" was updated to "reported" this week [39].

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a decline of 1.56% this week, while the Shanghai Composite Index rose by 1.69% and the CSI 500 Index increased by 3.28% [5][16] - The newly listed Chuangjin Shounong REIT saw a first-day increase of 28.48% [7][10] - The total market capitalization of the REITs industry is approximately 204.75 billion [2] Market Performance - This week, 9 REITs increased in value, while 60 declined, resulting in an overall drop of 1.56% in the REITs market [20] - The trading volume for the week was 32.8 billion, reflecting a 36.2% increase, with an average turnover rate of 0.7% [43] - The trading amounts for various sectors included: - Highways: 5.9 billion (+13.4%) - Ecological Environment: 1.8 billion (+11.8%) - Clean Energy: 3.6 billion (+22.0%) - Industrial Parks: 10.4 billion (+94.7%) - Warehousing and Logistics: 3.5 billion (+60.4%) - Rental Housing: 3.7 billion (-2.4%) - Consumer: 4.6 billion (+68.0%) [43] Key Events - The listing date for the Zhongyin Zhongwaiyun Warehousing Logistics REIT is set for July 29, 2025 [10][12] - The Zhonghang Tianhong Consumer REIT project has been submitted for approval [10][12] - The E-Fonda Shen High-Speed REIT announced a dividend distribution of 58.11 million, accounting for 99.97% of the distributable amount [10][11] Market Trends - The report indicates that the REITs market has a strong correlation with the consumer sector, with a correlation coefficient of 0.51 [24] - The REITs have shown varying degrees of correlation with other asset classes, with the REITs showing a negative correlation with 10-year government bonds at -0.08 [18]

Group 1 - The core viewpoint of the article highlights the planned share reductions by major shareholders in several companies, indicating potential changes in ownership dynamics [1] Group 2 - Yaoji Technology's actual controller and concerted parties plan to reduce their holdings by no more than 3% of the company's shares [1] - Yubang New Materials' shareholders intend to transfer 2.28% of the company's shares through inquiry [1] - Wentai Technology's shareholders plan to reduce their holdings by no more than 1% of the company's shares [1] - Sanfang Convertible Bonds and Ruike Convertible Bonds will not undergo adjustments [1] - Guangke Convertible Bonds have been listed [1] - Chuangjin Hexin Shounong REIT (508039) has been listed [1] - Hansang Technology's new shares are available for subscription on the Shanghai and Shenzhen stock exchanges [1]

Group 1 - The core viewpoint of the news is that the public REITs market is becoming increasingly competitive, with significant interest from brokerage firms, leading to low allocation rates for individual investors [1][2][5] - The effective subscription confirmation ratio for the recent Chuangjin Hexin Shounong REIT was only 0.7755%, indicating high demand and low supply [1] - The public investors' effective subscription confirmation ratio was even lower at 0.2616%, meaning that for every 1,000 yuan subscribed, only 2.6 yuan was allocated [1] Group 2 - Brokerage firms have become the largest players in the public REITs market, surpassing insurance asset management in terms of holdings [3] - As of the end of 2024, brokerage firms held over 70 million shares of public REITs, accounting for 23.73% of the total market investors [3] - Major brokerages like CITIC Securities hold a diversified portfolio of REITs, with most individual holdings between 1% and 5%, reflecting their role as liquidity providers in the market [3] Group 3 - The stable dividend expectations and strong secondary market performance of public REITs have made them attractive in a low-interest-rate environment [5][6] - Brokerages are deeply involved in various aspects of the public REITs market, including fund management, financial advisory, and participation in new issuances and secondary market trading [6] - As of now, there are 73 public REITs listed or approved, with 9 managed by brokerage asset management firms [6] Group 4 - The limited issuance of public REITs by brokerage asset management is primarily due to regulatory constraints rather than a lack of interest [7] - Many successful public funds in the REITs space are affiliated with brokerages, leveraging their parent companies' resources and expertise [7] - The investment logic of REITs aligns more closely with real estate investment, which may provide brokerage asset management firms an opportunity to excel in this area [7]