自从负责运营的保障性租赁住房项目不动产投资信托基金（下称"保租房REIT"）上市后，吴波的工作 就变得格外忙碌。 吴波是一家华东地区保租房社区运营管理机构负责人，今年起，他几乎每周都要抽出不少时间来接待不 同类型金融机构的投资考察。这些机构包括保险、私募基金、券商资管与银行理财子公司等。 起初，这些机构考察的重点是，保租房REITs的发行主体是否实力强劲、预期年化分红率是否足够高、 项目现金流状况是否良好。后来他发现，自己与金融机构讨论最多的是，保租房REITs的抗周期属性与 较高分红率。 因此，只要保租房REITs年化分红率超过4%且分红率保持稳定，这些金融机构就认为它符合投资项目内 部上会要求，会积极推动将保租房REITs纳入资产多元配置范畴。若保租房REITs运营方拥有将保租房 社区"变废为宝"，令ROE（净资产收益率）由低转高的丰富经验，更是投资"加分项"。 负责城投宽庭REIT运营的上海城投置业经营管理有限公司常务副总经理吴弢告诉记者，在效益表现方 面，城投宽庭2024年租金收入规模突破5亿元，较2021年实现近10倍的增长。 记者多方了解到，保租房REITs的抗周期属性与较高分红率，令其成为新的" ...

◎记者 聂林浩 8月以来，公募REITs市场走势趋弱，截至8月20日，中证REITs全收益指数下跌近4%，8月11至19日连收 7根阴线。机构认为，近期市场对于大类资产系统性重估的分歧加剧，权益市场走强，债市持续承压， 与债市联动性较强的REITs市场也相应走弱。同时，9月至12月，一批REITs产品的战略配售份额将迎来 解禁潮。 Choice数据显示，8月20日，中证REITs全收益指数结束了此前的七连跌，收盘上涨0.43%，但8月以来的 跌幅达3.95%。 根据相关规定，基础设施项目原始权益人或其同一控制下的关联方参与战略配售的（下称"原始权益人 战配"），其中基金份额发售总量的20%持有期自上市之日起不少于60个月，超过20%部分持有期自上 市之日起不少于36个月；原始权益人战配以外的专业机构投资者（下称"市场化战配"），参与战略配售 的持有份额期限自上市之日起不少于12个月。 据记者统计，从8月数据来看，红土创新深圳人才安居REIT、中金厦门安居REIT和华夏北京保障房 REIT均在2022年8月31日上市，部分原始权益人战配份额即将迎来解禁；华安百联消费REIT和华夏首创 奥莱REIT分别于2024 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of consumption infrastructure REITs, with high occupancy rates and rental collection rates, indicating a robust investment opportunity in this sector [1][2] - Consumption infrastructure REITs have shown an average increase of 35.02% in the first half of the year, with Jia Shi Wu Mei Consumption REIT leading at a net value increase of 50.35% [2] - The occupancy rates for key REITs such as Zhongjin Yinpian REIT and Huaxia Dayuecheng REIT are reported at 98.88% and 98.44% respectively, demonstrating stability in the market [2][4] Group 2 - The report indicates that the rental prices for some underlying assets have slightly decreased, with Zhongjin Yinpian REIT's rental price dropping from 266.1 yuan/sqm/month to 252.2 yuan/sqm/month [2] - The expansion of public REITs is beneficial for real estate companies, with the total market value of public REITs exceeding 200 billion yuan as of June, and the number of listed REITs reaching 68 [5][8] - Public REITs are seen as advantageous for real estate companies holding substantial properties, providing better exit channels and improving capital efficiency [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, 2 REITs were listed, 2 started the inquiry process, 1 was established, and 2 were submitted for approval, indicating a significant acceleration in the issuance and approval rhythm. The expansion project of Huaxia Beijing Affordable Housing REIT was listed on June 25th, becoming the first successfully expanded rental housing REITs project in China, marking the further formation of the "initial offering + expansion" dual - wheel drive pattern in the public REITs market. Policy support for the issuance of REITs for consumer infrastructure was mentioned again, accelerating the normalization of REITs issuance [3]. 3. Summary According to the Directory 3.1 Primary Market: A New Warehouse Logistics REIT was Issued - Since 2025, 10 REITs have been successfully issued (6 in Q1, 1 in April, and 3 in June), with the number higher than the same period last year, but the issuance scale was 15.35 billion yuan, a year - on - year decrease of 35.2%. This week, 7 initial public offering (IPO) public REITs made new progress, including the listing of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT, both with their first - day trading hitting the daily limit. One expansion REIT, Huaxia Beijing Affordable Housing REIT, had its expanded shares listed, becoming the first successfully expanded rental housing REITs in China. Currently, in the approval process, there are 15 IPO REITs declared, 4 with inquiries and feedback, and 3 registered and awaiting listing; for expansion REITs, 10 have been declared, 4 have inquiries and feedback, and 3 have passed the review [4]. 3.2 Secondary Market: The Market Pulled Back this Week, but Liquidity Still Increased 3.2.1 Market Review: The CSI REITs Total Return Index Fell 1.38% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1109.13 points, a decline of 1.38%, underperforming the CSI 300 by 3.33 percentage points and the CSI Dividend by 1.80 percentage points. The year - to - date decline of the CSI REITs Total Return Index was 14.59%, outperforming the CSI 300/CSI Dividend by 14.93/17.56 percentage points. In terms of project attributes, property - type REITs fell 1.25%, and concession - type REITs fell 2.16%. In terms of asset types, the energy (-0.29%), consumer (-0.55%), ecological environment protection (-1.58%), and warehouse logistics (-1.65%) sectors performed better. Among individual bonds, 7 rose and 61 fell this week. CICC Yizhuang Industrial Park REIT (+43.01%), CICC China Greentown Commercial REIT (+30.00%), and AVIC Jingneng Photovoltaic REIT (+0.95%) led the gainers, while Huaxia Nanjing Transportation Expressway REIT (-6.72%), Huaan Waigaoqiao REIT (-5.89%), and Ping An Ningbo Jiaotou REIT (-5.69%) were the biggest losers [4]. 3.2.2 Liquidity: The Ecological Environment Protection Sector was the Most Active - The average daily turnover rate of CSI REITs this week was 0.58%, an increase of 1.27 basis points from last week. The average daily turnover rates of property - type/concession - type REITs this week were 0.62%/0.61%, a decrease of 0.30/increase of 3.23 basis points from last week respectively. The trading volumes during the week were 443 million/156 million shares, a week - on - week increase of 0.03%/5.57%. The ecological environment protection sector had the highest activity [4]. 3.2.3 Valuation: The Energy Sector had a Higher Valuation - According to the ChinaBond valuation yield, the yields of property - type/concession - type REITs were 3.83%/4.17% respectively. The transportation (5.38%), warehouse logistics (5.13%), and industrial park (4.75%) sectors ranked among the top three [4]. 3.3 This Week's Important News and Announcements - On June 24, 2025, six departments including the central bank and the National Development and Reform Commission jointly issued the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption", clearly stating measures such as establishing a 500 - billion - yuan service consumption re - loan, supporting the issuance of REITs for consumer infrastructure, and innovating consumer financial products and services to increase financial support for boosting and expanding commodity consumption, service consumption, and new - type consumption. There were also a series of announcements including operation data,解禁 announcements, dividend announcements, and listing announcements for various REITs [34][36].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].

Core Viewpoint - C-REITs have emerged as a new investment choice in the low-interest-rate environment, with increasing asset pools and ongoing expansions expected to enhance cash flow reserves and asset management quality, ultimately providing better and more stable returns for investors [1] Market Performance - From June 9 to June 13, 2025, the weighted REITs index rose to 143.48, with a return rate of 0.74%, outperforming other major asset classes [2] - The most notable performance was from the保障性租赁住房REITs, with 华夏基金华润有巢 REIT showing the highest market value increase of 4.32% during the same period [2] - Since their listing, 中金厦门安居 REIT has seen a total equity increase of 94.09% compared to its initial market value [2] - The price index for the保障性租赁住房 sector rose by 29.8% in Q1 2025, with the total return index increasing by 34.8% [2] Product Performance and Demand - As of June 10, 2025, the eight listed保障性租赁住房REITs have averaged a 52.7% increase from their issuance prices, with an average increase of 19.7% since the beginning of 2025 [3] - The average cash distribution rate for six products issued before 2025 was 2.81%, with an actual distribution rate of 2.82% [3] - The stable rental income and low capital expenditure requirements of保障性租赁住房REITs have made them attractive to investors [3] Expansion and Market Sentiment - 华夏北京保障房REIT recently completed its first expansion, raising approximately 946.2 million yuan by issuing 224,218,009 shares at a price of 4.22 yuan per share [4] - The successful expansion of the first保障性租赁住房REIT validates the effective development model of "initial issuance + continuous expansion" and boosts market sentiment, with other REITs also experiencing significant price increases [4] Future Outlook - The cumulative issuance scale of公募REITs is expected to exceed 25 billion yuan, driven by increasing investor interest and the need for new investment avenues in a low-interest-rate environment [5] - The expansion trend is anticipated to continue, allowing original equity holders to grow asset scales and improve asset management quality [5] - Analysts suggest that保障性租赁住房REITs, characterized by low operational costs and stable rental income, are likely to remain attractive investments [5] Investment Strategy - Investors are encouraged to focus on core cities for allocation in保障性租赁住房REITs, given their low operational risks and stable rental income [5] - The potential for significant returns from newly listed REITs is highlighted, with many projects experiencing high subscription rates and substantial first-day price increases [5] - Research indicates that buying newly listed REITs within the first 60 trading days can yield favorable returns, with a win rate of 60% [5][6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to provide good investment opportunities due to the downward pressure on bond market interest rates, the "asset shortage" logic, and the expected entry of social security and pension funds into the market [3][5][6] Market Overview - As of the 24th week of 2025, the CSI REITs (closing) index was 886.31, up 11.69% year-on-year and up 0.51% month-on-month; the CSI REITs total return index was 1114.86, up 18.95% year-on-year and up 0.69% month-on-month [5][15][20] - The trading volume of the REITs market reached 595 million shares, a year-on-year increase of 21.18%; the trading amount reached 2.74 billion yuan, a year-on-year increase of 43.08% [27][29][32] Sector Performance - Weekly and monthly performance of various REITs sectors for the 24th week of 2025: - Affordable housing REITs increased by 2.45% weekly and 4.57% monthly - Environmental REITs increased by 0.70% weekly and 1.24% monthly - Highway REITs increased by 0.02% weekly and 5.08% monthly - Industrial park REITs increased by 0.88% weekly and 1.29% monthly - Warehousing and logistics REITs increased by 0.50% weekly and 3.56% monthly - Energy REITs increased by 0.54% weekly and 4.81% monthly - Consumer REITs increased by 0.52% weekly and 3.91% monthly [38][52]

Group 1 - The report highlights the successful completion of the expansion and issuance of the Huaxia Beijing Affordable Housing REIT, marking the first expansion of a rental housing REIT in China [1][7]. - As of June 13, 2025, the total issuance scale of listed REITs reached 174.4 billion, with 66 REITs issued [8]. - The overall REITs market showed positive performance, with the CSI REITs total return index increasing by 0.69% during the week of June 9 to June 13, 2025 [2][16]. Group 2 - The liquidity of the REITs market improved, with a total trading volume of 548 million yuan, reflecting a 10.1% increase week-on-week [3][36]. - The trading volume for different categories of REITs showed significant variations, with the largest category being transportation infrastructure, accounting for 30.0% of the total trading volume [3][36]. - The report indicates that the trading volume for affordable rental housing REITs increased by 63.4% week-on-week, highlighting strong investor interest in this segment [3][36]. Group 3 - The report provides a comparative analysis of various asset classes, showing that the REITs total index outperformed the CSI 300 index by 1.23 percentage points during the same week [2][16]. - The performance of individual REITs was notable, with Huaxia Fund's Huayuan Youchao REIT leading with a gain of 4.32% [2][16]. - The report also includes historical performance data, indicating that the REITs total index has shown a year-to-date increase of 22.43% [26].

Group 1 - The public REITs market in June continued to heat up, with significant activities including the successful expansion of the first public REIT for affordable rental housing, Huaxia Beijing [1][2] - The expansion of Huaxia Beijing REIT raised approximately 946 million yuan (about 94.6 million) through a targeted offering to 24 specific investors, with a final sale price of 4.220 yuan per share [2][3] - The successful issuance of the CICC Yizhuang Industrial Park REIT, which sold out in one day, indicates strong market interest, with a total fundraising scale of 236.823 billion yuan (about 23.68 billion) [5][6] Group 2 - The expansion of Huaxia Beijing REIT is seen as a breakthrough in the affordable rental housing REIT sector, setting a benchmark for similar products and providing a replicable model for future projects [3][4] - The management of Huaxia Beijing REIT emphasizes that the expansion not only enhances the growth potential of the product but also offers investors new opportunities in the development of affordable housing in Beijing [3][4] - As of June 13, 2023, there have been 8 public REITs successfully launched this year, with the total market value of public REITs surpassing 200 billion yuan for the first time [6]

Core Viewpoint - The announcement by Shanghai Minhang Public Rental Housing Investment and Operation Co., Ltd. regarding the public acquisition of rental housing has garnered industry attention, indicating a trend towards expanding the supply of affordable rental housing and enhancing the REITs market for such properties [1][2]. Group 1: Public Acquisition Announcement - The announcement aims to optimize housing resource allocation and promote stable development in the real estate market by publicly soliciting real estate projects for use as affordable rental housing [2]. - Eligible projects must be legal new residential properties with a minimum total construction area of 7,500 square meters, located in the southern part of Minhang District, and free from ownership disputes [2]. Group 2: Benefits of Utilizing Existing Properties - Converting existing properties into affordable rental housing can significantly shorten construction timelines, typically requiring only 3 to 6 months for renovations [2][3]. - This approach not only meets the housing needs of low-income groups but also enhances the city's attractiveness and talent retention capabilities [2][3]. Group 3: Financial Innovation and REITs Expansion - The successful acquisition of existing properties for affordable housing, exemplified by the Guotai Junan City Investment REIT, demonstrates strong policy support for the development of the rental housing market [4][5]. - The REITs market for affordable housing is expected to expand, with projections indicating that the overall issuance scale could exceed 25 billion yuan by 2025 [6]. - Recent activities, such as the completion of the first public offering and expansion of the Huaxia Beijing Affordable Housing REIT, highlight the growing maturity and resilience of the affordable housing REITs market [6][7].