Core Viewpoint - The public REITs market in China has expanded significantly, with the establishment of new products and a total issuance scale nearing 200 billion yuan, reflecting increased investor recognition and interest in these investment vehicles [1][4][7]. Market Expansion - As of October 20, the public REITs market has grown to 77 products, with a total issuance scale close to 200 billion yuan [1][4]. - The recent launch of the CITIC Securities Shenyang International Software Park REIT and the Huaxia Zhonghai Commercial Asset REIT contributed to this expansion, with their respective issuance sizes of 1.098 billion yuan and 1.584 billion yuan [3][4]. Performance Analysis - Over 70% of public REITs have seen price increases this year, with some consumer-focused REITs rising over 30% [1][5]. - The CSI REITs Total Return Index reached a year-to-date high of 1124.91 points on June 23, but has since experienced fluctuations, closing at 1031.66 points on October 21, reflecting a 6.59% increase for the year [5]. Investor Sentiment - The rapid growth of the public REITs market over the past four years indicates a significant increase in investor confidence, with total issuance rising from 31.403 billion yuan at the inception of the first products to nearly 200 billion yuan [4][6]. - The strong performance of consumer REITs, particularly in shopping centers, suggests a preference for stable dividend-yielding investments amid market volatility [6][7]. Future Outlook - The establishment of new consumer REITs is expected to accelerate the development of a multi-tiered REITs market system, driven by policy guidance and market practices [7]. - The ongoing decline in bond market interest rates may enhance the attractiveness of public REITs as a high-dividend, low-risk asset class, particularly with expectations of increased participation from social security and pension funds [7].

Core Insights - The domestic public REITs market in China has reached 75 listed projects with a total issuance scale of 196.619 billion yuan, nearing the 200 billion yuan mark with upcoming issuances [1][2] - The launch of the first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market [3] Group 1: Market Expansion and New Issuances - A total of 19 public REITs have been newly issued this year, with 2 additional expansions, indicating a steady growth in market issuance scale and diversification of participating entities and asset types [2][6] - The recent approval of the Huaxia Anbo Warehousing REIT further demonstrates the active participation of foreign institutions in the Chinese market [1][6] Group 2: Specific REIT Projects - The Huaxia CapitaLand Commercial REIT had a proposed fundraising scale of 2.2872 billion yuan, with total subscriptions reaching 309.17 billion yuan, reflecting high market interest [3][4] - The underlying assets of the Huaxia CapitaLand Commercial REIT include two mature shopping centers in Guangzhou and Changsha, with an occupancy rate exceeding 96% and an average revenue growth rate of over 4% [3][4] Group 3: Policy and Structural Developments - The issuance of the "Notice on Further Improving the Normalized Application and Recommendation Work for Infrastructure REITs" is expected to enhance the quality and expansion of China's public REITs market [2][6] - The policy shift aims to support a wider range of project issuers, including more private and foreign enterprises, which could diversify the market further [6][7]

Core Insights - The domestic public REITs market in China has reached 75 listed projects with a total issuance scale of 196.619 billion yuan, nearing the 200 billion yuan mark with the upcoming issuance of two new REITs [1][2][3] Group 1: Market Expansion and New Issuances - A total of 19 public REITs have been newly issued this year, along with 2 expansions, indicating a steady growth in the market [2][5] - The recent approval of the "Notice on Further Improving the Normalized Application and Recommendation Work of Public REITs in the Infrastructure Sector" is expected to enhance the quality and expansion of public REITs in China [2][5] Group 2: International Participation - The listing of the first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, marks a significant step towards the internationalization and diversification of China's public REITs market [3][4] - The project has attracted significant market attention, with a proposed fundraising scale of 2.2872 billion yuan and an oversubscription rate of 535.2 times for public investors [3][4] Group 3: Asset Types and Investment Opportunities - The newly issued REITs this year include seven asset types, with heating facilities and data centers being newly introduced [5] - The underlying assets of the Huaxia CapitaLand Commercial REIT are two mature shopping centers in Guangzhou and Changsha, with an occupancy rate exceeding 96% and an average revenue growth rate of over 4% [3][4] Group 4: Future Outlook - The approval of Huaxia Anbo Warehousing REIT, backed by Prologis, further signifies the internationalization of China's public REITs market and the introduction of global REIT management experience [6] - The market is expected to see a diversification of project issuers, as the new policies aim to support more private and foreign investment projects [5]

Core Viewpoint - The issuance of new funds has surged post the National Day holiday, with a total of 51 new funds launched during the week from October 13 to October 17, indicating a strong recovery in the fund issuance market, particularly in equity funds [2][6]. Fund Issuance Overview - A significant portion of the new funds, 31 out of 51, were launched on Monday, October 13, accounting for 60.78% of the total new funds for the week [4]. - The average subscription period for the new funds was 12.59 days, which is a noticeable decrease compared to previous periods [5]. - The longest subscription period was 21 days for the 华夏上证 180ETF 联接, while the shortest was just 2 days for two public REITs products [6]. Fund Types and Composition - Equity funds dominated the new fund landscape, with 42 out of 51 funds classified as equity funds, representing 82.35% of the total [7]. - Among the equity funds, 28 were index equity funds, making up 66.67% of the equity category [8]. - The new funds included a variety of themes, such as those tracking Hong Kong Stock Connect indices and those focused on the STAR Market and ChiNext indices [8]. Active Equity Funds - There were 14 actively managed equity funds launched, including 11 mixed funds and 3 ordinary stock funds, reflecting a diverse investment strategy among fund companies [9]. - The active equity funds featured several quantitative theme products and a range of investment styles, from technology growth to balanced value strategies [9]. Bond Funds and Market Trends - Only 3 bond funds were launched during the week, indicating a decline in interest in bond funds as equity markets show signs of recovery [9]. - The "fixed income plus" funds have gained attention, suggesting a shift in investor preference towards more flexible investment strategies [9]. - The overall sentiment in the fund issuance market is improving, with expectations for continued growth in equity fund issuance if market conditions remain favorable [9].

Investment Rating - The industry investment rating is maintained as "Positive" [2][5]. Core Viewpoints - The approval of the first public REIT in Northeast China and the strong performance of consumption REITs in the past month indicate a positive trend in the market. The REITs market is expected to benefit from the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds, enhancing the cost-effectiveness of allocations in this sector [5]. Summary by Sections Market Overview - In the 39th week of 2025, the CSI REITs closing index was 831.45, up 6% year-on-year but down 0.83% month-on-month. The CSI REITs total return index was 1064.42, up 12.63% year-on-year but down 0.65% month-on-month. Year-to-date, the CSI REITs closing index has increased by 9.92%, while the CSI 300 index has risen by 32.61%, resulting in an excess return of -22.7% [7][16][20]. Weekly Tracking - The trading volume of the REITs market reached 388 million units, a year-on-year decrease of 16.92%, with a transaction value of 1.86 billion yuan, down 1.06% year-on-year. The turnover rate for the period was 1.63%, down 1.54 percentage points year-on-year [25][30]. Sector Performance - In the 39th week, the weekly performance of various REIT sectors showed declines: affordable housing down 1.49%, environmental down 0.09%, highway down 1.73%, industrial park down 0.65%, warehousing and logistics down 0.43%, energy down 0.60%, and consumption down 1.43%. However, the monthly performance showed consumption REITs with a cumulative increase of 1.56% [35][50].

Group 1 - The China Securities Regulatory Commission (CSRC) has accepted the fundraising application for the Zhonghang Tianhong Consumption REIT submitted by Zhonghang Fund on July 21, indicating ongoing interest in public REITs despite a sluggish secondary market [1] - The public REITs market is currently experiencing a period of adjustment, with many individual REITs seeing declines of over 10% since late June [1][6][8] - The recent performance of public REITs is influenced by marginal changes in project fundamentals, with expectations of horizontal fluctuations in the market until new significant variables emerge [1][10] Group 2 - Tianhong Co., Ltd. announced on July 13, 2023, its plans to develop a public REIT focused on consumer infrastructure, with the project expected to have a maximum issuance period of 30 years and a total transaction amount not exceeding 60 million [3] - The company plans to use the Suzhou Xiangcheng Tianhong Shopping Center as the underlying asset for the public REIT project, with a 34% fund share subscription from Zhonghang Fund [3] - Recent developments include feedback on the CICC Vipshop Outlet REIT and Zhonghang Jingneng Photovoltaic expansion project, as well as inquiries from the exchange regarding other REITs [4]

Group 1 - The core viewpoint of the article is the recent submission of the Zhonghang Tianhong Consumption REIT application, which has been accepted by the China Securities Regulatory Commission [2][5] - The application process took over two years from preparation to formal submission [4] - The project involves the Suzhou Xiangcheng Tianhong Shopping Center as the underlying asset, with a planned issuance period not exceeding 30 years and a total transaction amount not exceeding 60 million [5][6] Group 2 - The public REITs market is currently experiencing a period of adjustment, with many individual REITs seeing declines of over 10% since late June [2][9] - The CSI REITs Total Return Index reached a two-year high of 1124.91 points on June 24, but has since entered a phase of volatility, with an overall decline of more than 2.5% [9] - Recent trading days have shown that 24 public REITs have experienced cumulative declines exceeding 2%, with three of them dropping more than 5% [9][10] - The market is expected to continue a sideways trend until new significant market variables emerge [10]

Core Viewpoint - The recent acceptance of the Huaxia Anbo Warehousing and Logistics REIT by the Shenzhen Stock Exchange marks a significant development in the public REIT market, alongside the upcoming issuance of Huaxia Huadian Clean Energy REIT and Chuangjin Hexin Shounong REIT next week [1][6]. Group 1: Huaxia Anbo Warehousing and Logistics REIT - The Huaxia Anbo Warehousing and Logistics REIT has been officially accepted by the Shenzhen Stock Exchange, with the original rights holder being PCCLF Holding PTE.LTD. and managed by Huaxia Fund Management Co., Ltd. [3][4] - This REIT focuses on high-quality warehousing projects located in key logistics nodes within the Guangdong-Hong Kong-Macao Greater Bay Area, specifically in Guangzhou and Dongguan [4][5]. - The project boasts several core advantages, including its strategic location in the manufacturing hub of Dongguan, high-standard infrastructure, and a diverse tenant structure that includes well-known companies like JD.com and Deppon [5]. Group 2: Upcoming REIT Issuances - The Huaxia Huadian Clean Energy REIT completed its inquiry phase with a subscription multiple of 224.26 times, and is set to raise approximately 1.8945 billion yuan [7]. - Chuangjin Hexin Shounong REIT also completed its inquiry with a subscription multiple of 128.95 times, aiming to raise around 3.685 billion yuan [7]. - Additionally, two other REITs, Nanfang Runze Technology Data Center REIT and Nanfang Wanguo Data Center REIT, are in the inquiry phase with specified price ranges [7]. Group 3: Other REIT Developments - On June 26, the Huaxia Zhonghai Commercial Asset REIT was also accepted by the Shenzhen Stock Exchange, with its underlying assets located in Foshan, Guangdong [8].

Core Viewpoint - The public REITs market in China is experiencing growth with new offerings, including the acceptance of the Huaxia Anbo Warehousing Logistics REIT and upcoming issuances of Huaxia Huadian Clean Energy REIT and Chuangjin Hexin Shounong REIT [2][7] Group 1: Huaxia Anbo Warehousing Logistics REIT - Huaxia Anbo Warehousing Logistics REIT has been accepted by the Shenzhen Stock Exchange, with PCCLF Holding PTE.LTD. as the original rights holder and Huaxia Fund Management Co., Ltd. as the fund manager [4] - The REIT focuses on high-quality warehousing projects in the Guangdong-Hong Kong-Macao Greater Bay Area, including three projects in Guangzhou and Dongguan [5] - Key advantages include location scarcity, high-standard hardware, and a diverse tenant structure with major clients like JD.com and Deppon [5][6] - The REIT aims for stable rental cash flow, with a distribution ratio of no less than 90% of the annual distributable amount, projecting a cash distribution rate of 5.00% in 2025 and 5.02% in 2026 [5] Group 2: Upcoming REIT Issuances - Huaxia Huadian Clean Energy REIT completed its inquiry with 514 subscription objects and a subscription multiple of 224.26 times, with an expected fundraising total of 1.8945 billion yuan [8] - Chuangjin Hexin Shounong REIT also completed its inquiry with 566 subscription objects and a subscription multiple of 128.95 times, aiming to raise 3.685 billion yuan [8] - Two additional REITs, Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, are set for inquiry with price ranges specified [8] Group 3: Other REIT Developments - On June 26, Huaxia Zhonghai Commercial Asset REIT was accepted by the Shenzhen Stock Exchange, focusing on a mixed-use shopping center in Foshan [9]