Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

2025 年 11 月 22 日 市场承压回调，关注超跌品种的博 型 机会 公募 REITs 周度跟踪（2025.11.17-2025.11.21） 指数修复,发改委支持民间项目发 公墓 REITs 周唐韻院 (2025.11.10-2025.11.14)》 025/11/15 《沈软 REIT 上市破发，交投再度回 公募 REITs 周度跟踪 (2025.11.03-2025.11.07)》 2025/11/08 《三季报延续分化, 保障房、消费更 为稳健- 公募 REITs 周度跟踪 (2025.10.27-2025.10.31)》 2025/11/01 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yanqxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 REITs 各板块普跌 ...

2025 年 11 月 22 日 市场承压回调，关注超跌品种的博 弈机会 ——公募 REITs 周度跟踪（2025.11.17-2025.11.21） 相关研究 《指数修复，发改委支持民间项目发 行 REITs——公募 REITs 周度跟踪 （2025.11.10-2025.11.14）》 2025/11/15 《沈软 REIT 上市破发，交投再度回 落——公募 REITs 周度跟踪 （2025.11.03-2025.11.07）》 2025/11/08 《三季报延续分化，保障房、消费更 为稳健——公募 REITs 周度跟踪 （2025.10.27-2025.10.31）》 2025/11/01 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 债 券 研 究 证 券 研 究 报 告 请务必仔细阅 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rental rate of industrial parks is under pressure, and the first consumer REITs plans a secondary expansion. The overall rental rate of industrial parks is under pressure, and Huaxia China Resources Commercial REIT plans a secondary expansion. The Beijing Municipal Government supports the issuance of REITs for eligible consumer infrastructure, and Huaxia Fund wins the bid for the fund manager of Yulong Snow Mountain Public REITs [2]. - In the primary market, as of July 11, 2025, 12 REITs have been successfully issued this year, with a total issuance scale of 20.93 billion yuan, a year - on - year decrease of 23.3%. One new REITs has made progress this week, and there is no new progress in expansion [2]. - In the secondary market, the CSI REITs Total Return Index closed at 1103.87 points this week, down 1.12%. The market has fully corrected, and liquidity has declined [2][13]. Summary According to the Directory 1. Primary Market: One Newly Issued REITs Made Progress - As of July 11, 2025, 71 REITs have been issued, with a total issuance scale of 184.2 billion yuan, a total market value of 205.2 billion yuan, and a circulating market value of 96.9 billion yuan [8]. - This week, Huaxia Zhonghe Clean Energy REIT has been feedback, and there is no new progress in expansion. Currently, there are 15 newly issued REITs under application, 6 have been inquired and feedback, 0 have passed the review, and 1 is registered and waiting for listing; 10 expansion REITs have been applied, 4 have been inquired and feedback, and 3 have passed the review [2][9][11]. 2. Secondary Market: The Market Fully Corrected This Week, and Liquidity Declined 2.1 Market Review: The CSI REITs Total Return Index Closed Down 1.12% - The CSI REITs Total Return Index (932047.CSI) closed at 1103.87 points this week, down 1.12%, underperforming the SSE 500 by 1.94 percentage points and the CSI Dividend by 1.72 percentage points. The CSI REITs Total Return Index has risen 14.05% since the beginning of the year, outperforming the SSE 500/CSI Dividend by 12.02/14.54 percentage points [2][13][15]. - By project attribute, equity - based REITs fell 1.21% this week, and concession - based REITs fell 0.69%. By asset type, energy (-0.32%), warehousing and logistics (-0.51%), consumption (-0.54%), and water services (-0.76%) sectors performed better [2][14]. - Among individual bonds, 8 rose and 60 fell this week. Harvest JD Warehousing Infrastructure REIT (+4.25%), CICC China Green Development Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) led the gainers, while Huaxia Capital Outlet Mall REIT (-5.95%), CICC Chongqing Liangjiang REIT (-4.54%), and CICC Xiamen Anju REIT (-4.44%) led the losers [2]. 2.2 Liquidity: The Environmental Protection Sector Had the Highest Activity - The average daily turnover rates of equity - based/concession - based REITs this week were 0.63%/0.51%, down 15.43/11.45 basis points from last week. The trading volumes this week were 462 million/140 million shares, down 18.88%/17.88% week - on - week. The environmental protection sector was the most active [2][20]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the CCDC valuation yield, the yields of equity - based/concession - based REITs were 3.90%/4.09% respectively. The transportation (5.31%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked among the top three [2][22][24]. 3. This Week's News and Important Announcements - **News**: On July 10, 2025, the Beijing Municipal Government issued the "Special Action Plan for Deepening Reforms to Boost Consumption", supporting the issuance of REITs for eligible consumer infrastructure; on the same day, Huaxia Fund won the bid for the fund manager of Yulong Snow Mountain Public REITs [29]. - **Announcements**: Multiple REITs released semi - annual operating data, including rental rates and rent collection rates. Some REITs had news of share unlocking, dividends, and expansion plans [29][30][31].

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 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].