Report Industry Investment Rating No relevant information provided. Core View of the Report - The REITs index declined unilaterally this week, with a 2.85% drop, and sectors such as transportation and affordable housing led the decline. The newly - listed Anbo Warehouse REIT broke its issue price on the first day, while the Huaxia Zhonghe Hydropower REIT was highly sought after, with an effective subscription multiple of 340.5 times, attracting over 100 billion yuan in funds. There are also signs of expansion on the asset side, and the policy environment continues to be favorable [3]. - As of December 19, 2025, 19 new REITs have been successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease. This week, 3 new issuance and 1 expansion of public REITs made progress [3]. Summary by Directory 1. Primary Market - This week, 3 new issuance public REITs made progress: Huaxia Anbo Warehouse REIT was listed, with a 10.16% drop on the first day; Huaxia Zhonghe Clean Energy REIT has been priced at 5.015 yuan per share, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT has been queried. One expansion public REIT, Huaxia Fund CR Land Youchao REIT, has its expansion shares listed [3][12][13]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 999.19 points this week, with a 2.85% decline, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. Year - to - date, the index has a 3.24% increase, underperforming the CSI 300 by 12.86 percentage points but outperforming the CSI Dividend by 4.99 percentage points. By project attribute, equity - based REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, sectors such as warehousing and logistics, parks, data centers, and consumption performed better [3]. 2.2 Liquidity - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.42% respectively, with a change of - 0.15BP and + 4.98BP compared to last week. The trading volumes were 365 million and 140 million shares respectively, with a week - on - week increase of 0.42% and 13.47%. The data center sector had the highest activity, and the environmental protection and water services sector saw a significant increase in liquidity [24]. 2.3 Valuation - The affordable housing sector has a relatively high valuation. From the perspective of ChinaBond valuation yields, the yields of equity - based and concession - based REITs are 4.18% and 5.26% respectively [25][27]. 3. This Week's News and Important Announcements 3.1 This Week's News - The China Securities Regulatory Commission emphasized promoting the high - quality development of the private equity fund industry, accelerating the pilot of commercial real estate REITs, and researching the launch of new key futures varieties. - Jinjiang International's subsidiary launched a tender for the fund manager, special plan manager, and financial advisor of a public REITs project. - The National Development and Reform Commission proposed to continue to expand the scope of infrastructure REITs and support more private investment projects to be listed [31]. 3.2 Important Announcements - Multiple REITs announced dividend plans, and some REITs had strategic placement shares lifted from restrictions. In addition, some REITs released their operation data, showing an increase in traffic volume and toll revenue [32][33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The REITs market continued to adjust this week, but liquidity started to pick up, with sector differentiation. The data center and affordable housing sectors led the gains. The China Asset Management CNNC Clean Energy REIT is set to start the book - building process next Wednesday, with an expected offering of RMB 1.258 billion and a projected distribution rate of 5.64% in 2026 [3]. - As of December 12, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of RMB 38.79 billion, a year - on - year decrease of 37.9%. This week, 2 new issuance and 1 expansion REITs made progress [3]. - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points [3]. 3. Summary According to the Directory 3.1 Primary Market: Two New Issuance Public REITs Made Progress - This week, Bosera Shandong TieTou Road & Bridge REIT was filed, with the underlying asset being the Changqing Yellow River Highway Bridge in Jinan. China Asset Management CNNC Clean Energy REIT was registered and effective [3][13]. - As of December 12, 2025, there were 12 REITs in the filing stage, 2 that had responded to inquiries, 2 that had passed the review, and 2 that were registered and waiting to be listed. For expansion, 4 were filed, 2 had responded to inquiries, and 2 had passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: China Securities REITs Total Return Index Declined 0.29% - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points. Year - to - date, it was up 6.26%, underperforming the CSI 300 by 10.15 percentage points and outperforming the CSI Dividend Index by 9.04 percentage points [3]. - By project attribute, equity - based REITs fell 0.11% and concession - based REITs fell 0.75% this week. By asset type, the data center (+1.54%), affordable housing (+0.41%), environmental protection and water services (+0.23%), and park (+0.22%) sectors performed well [3]. 3.2.2 Liquidity: Liquidity in the Data Center Sector Increased Significantly - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.37% respectively, up 1.25BP and 3.52BP from last week. The trading volumes were 364 million and 123 million shares respectively, up 4.19% and 10.53% week - on - week. The data center sector had the highest activity [3][24]. 3.2.3 Valuation: The Affordable Housing Sector Had a High Valuation - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs were 4.01% and 4.54% respectively. The warehousing and logistics (5.62%), transportation (5.53%), and park (4.83%) sectors ranked in the top three [3]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On December 8, 2025, Jiazexineng adjusted its public REITs project application plan. Beibuwan Port announced the application for port infrastructure public REITs [32]. - On December 9, 2025, Han Zhuo, the director of the Bond Department of the China Securities Regulatory Commission, published an article, suggesting measures to promote the high - quality development of the REITs market. He also mentioned that the scale of China's REITs is expected to reach RMB 7.5 trillion. Hebei Development and Reform Commission solicited infrastructure REITs project intentions [3][32]. - On December 10, 2025, a competitive selection announcement for the fund manager service of Chongqing Shuangfu Agricultural Market REITs was released [32]. - On December 11, 2025, the winning bid announcement for the financial advisor of Beijing Shunyi Municipal Holding Group Co., Ltd.'s public REITs project was released [32]. 3.3.2 Important Announcements - Multiple REITs such as AVIC Jingneng Photovoltaic REIT, China Asset Management CR Land Youchao REIT, and others issued announcements regarding expansion, share unlocking, and dividends. For example, the expansion of AVIC Jingneng Photovoltaic REIT had a planned issuance amount between RMB 2.541 billion and RMB 2.92215 billion [33][34].

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints of the Report - The REITs market continued to adjust this week, but liquidity began to recover, with significant sector differentiation. The data center and affordable housing sectors led the gains [3]. - China Asset Management and CNNC Clean Energy REIT has been registered and will start the inquiry process on December 17, with an expected issuance on December 22 [3]. - The scale of China's REITs market is expected to reach 7.5 trillion yuan, and it is positioned as a medium - risk and medium - return product [3]. Summary According to the Directory 1. Primary Market - Two new public offering REITs made progress: Bosera Shandong TieTou Road & Bridge REIT was declared, and China Asset Management and CNNC Clean Energy REIT was registered [3][13]. - One REIT expansion made progress: China Asset Management and China Resources Youchao REIT expanded its shares through a placement to original holders from December 8 to December 12, with an expected fundraising of 1.1385 billion yuan [3][14]. - As of December 12, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 37.9% [3]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1028.50 points, a decline of 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend by 2.07 percentage points [3]. - In terms of project attributes, property - type REITs fell 0.11%, and franchise - type REITs fell 0.75%. In terms of asset types, the data center (+1.54%), affordable housing (+0.41%), environmental protection and water services (+0.23%), and park (+0.22%) sectors performed well [3]. 2.2 Liquidity - The average daily turnover rate of property - type/franchise - type REITs this week was 0.37%/0.37%, an increase of 1.25/3.52 basis points from last week. The trading volume increased by 4.19%/10.53% week - on - week [3][24]. - The data center sector had the highest liquidity. 2.3 Valuation - The yields of property - type/franchise - type REITs according to ChinaBond valuations were 4.01%/4.54%. The warehousing and logistics (5.62%), transportation (5.53%), and park (4.83%) sectors had the highest yields [3]. 3. This Week's News and Important Announcements - News: Multiple companies made adjustments or announcements regarding REITs projects, such as Jiazexineng adjusting its REITs project application plan, Beibuwan Port announcing the launch of port infrastructure REITs application, etc. [32]. - Announcements: Some REITs made announcements about expansion, share unlocking, dividends, and operating data, such as AVIC Jingneng Photovoltaic REIT's expansion plan, China Asset Management and China Resources Youchao REIT's share unlocking, etc. [33][34]