Market Performance - The public REITs secondary market continued to decline, with the CSI REITs index down 0.20% to 838.34 points as of September 19 [1][3] - The CSI REITs total return index increased by 0.12%, closing at 1071.34 points [1][3] - Among the 74 listed public REITs, 38 saw an increase, while 35 experienced a decline, and 1 remained unchanged [1][3] Product Performance - The top three performing REITs were Huaxia Fund Huazhong REIT (+2.20%), China Merchants Highway REIT (+1.89%), and E Fund Shen Highway REIT (+1.57%) [1][3] - The three worst-performing REITs were Huaxia Tebian Electric New Energy REIT (-2.74%), Huaxia Beijing Affordable Housing REIT (-1.79%), and ICBC Mengneng Clean Energy REIT (-1.70%) [1][3] Sector Analysis - Data center REITs showed the best performance with a weekly increase of 1.32%, while ecological and highway sectors declined by 2.00% and 0.47%, respectively [3] - The weekly performance ranking from highest to lowest was: data center, warehousing and logistics, industrial parks, consumer, energy, affordable housing, highways, and ecological environment [3] Liquidity and Trading Volume - The total trading volume for REITs was 468 million yuan, a decrease of 19.0% week-on-week [4] - Trading volumes for property rights and operational rights REITs were 295 million yuan and 173 million yuan, reflecting declines of 20.9% and 15.7%, respectively [4] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 19.7% of total trading [4] Industry and Policy Developments - Three private REITs were accepted for review, including projects related to Tianjin Rail Transit and Qingdao Water Group [2][5] - A joint notice from the Ministry of Commerce and nine departments emphasized support for community commercial complexes and other consumer infrastructure projects to issue REITs [2][6] - As of September 19, there were 28 ABS projects in the year, with a total intended fundraising amount of approximately 564 billion yuan [6]

Market Performance - The public REITs secondary market continued to decline last week, with the CSI REITs Index falling by 0.20% to close at 838.3 points, while the CSI REITs Total Return Index increased by 0.12% to 1071.3 points [1][4] - Among the 74 listed public REITs, 38 saw an increase, 35 experienced a decline, and one remained unchanged. The top three performing products were Huaxia Fund Huayuan REIT (+2.20%), China Merchants Highway REIT (+1.89%), and E Fund Shen Highway REIT (+1.57%) [1][4][6] Sector Performance - The performance of various sectors showed divergence, with industrial park REITs up by 0.04%, logistics REITs up by 0.23%, while ecological and environmental protection REITs fell by 2.00%, and highway REITs decreased by 0.47% [4] - The weekly performance ranking from highest to lowest was: data centers, logistics, industrial parks, consumer, energy, affordable rental housing, highways, and ecological protection [4] Transaction Volume - The total transaction volume for REITs last week was 468 million yuan, a decrease of 19.0% compared to the previous week. The transaction volumes for property and operational REITs were 295 million yuan and 173 million yuan, respectively, reflecting declines of 20.9% and 15.7% [9] - The transaction volumes for various REIT types included: 68 million yuan for park infrastructure, 59 million yuan for energy infrastructure, 44 million yuan for logistics, and 91 million yuan for traffic infrastructure, with traffic infrastructure accounting for 19.7% of total transactions [9] Industry and Policy Developments - Three private REITs were accepted for review last week, including projects related to Tianjin Rail Transit, China Railway Construction, and Qingdao Water Group [2][10] - On September 19, the Ministry of Commerce and nine other departments issued a notice prioritizing support for community commercial complexes and other consumer infrastructure projects to issue REITs [2][10]

Core Viewpoint - 华夏基金华润有巢REIT demonstrates stable operational performance and value creation for investors through refined asset management and proactive industry policy engagement [1] Financial Performance - For the period from January 1 to June 30, 2025, the fund achieved revenue of 39,288,302.43 yuan and a net profit of 5,783,765.47 yuan, with net cash flow from operating activities at 23,853,749.29 yuan [2] - As of the end of the reporting period, total assets reached 1,184,540,905.07 yuan, net assets were 1,106,748,732.32 yuan, and the fund had 500 million shares with a net asset value per share of 2.2135 yuan [2] - The fund distributed 90% of the available distributable amount in cash to investors, with a total distributable amount of 24,334,960.06 yuan and an actual distribution of 24,419,974.58 yuan in the first half of 2025 [2] - Historical data shows stable distribution records with 2024's distributable amount at 49,044,536.45 yuan and actual distribution at 65,414,939.35 yuan, and 2023's figures at 60,761,363.43 yuan and 39,230,011.57 yuan respectively [2] Asset Operations - The fund focuses on the affordable rental housing sector, with core assets located in Shanghai's key innovation corridor, targeting new citizens and young talent [3] - As of June 30, 2025, the fund had 2,612 rental units available, with 2,504 units rented out, resulting in an occupancy rate of 95.87%, an increase of 1.75% from the previous year [3] - Commercial rental space totaled 3,880.34 square meters, with 3,034.73 square meters rented out, achieving a rental rate of 78.21%, up 16.54 percentage points year-on-year [3] - Parking spaces available were 1,023, with 814 rented out, resulting in a rental rate of 79.57%, an increase of 8.24 percentage points year-on-year [3] Project Performance - The occupancy rate for the 有巢泗泾 project was 96.52%, up 2.60% year-on-year, with a commercial rental price of 2.99 yuan per square meter per day, a 16.34% increase [4] - The 有巢东部经开区 project had an occupancy rate of 95.25%, up 0.94% year-on-year, with a commercial rental rate of 83.50%, an increase of 20.25% [4] Policy Environment - The affordable rental housing sector is currently benefiting from strong policy support and high market demand, with the implementation of the Housing Rental Regulations providing a solid regulatory framework [5] - Local policies and tax incentives, such as the "non-residential to residential" policy in Shanghai, are enhancing the supply structure of affordable rental housing [5] Team and Risk Management - The fund's operations are supported by a professional team with extensive experience in infrastructure and real estate investment [7] - The fund management adheres to legal regulations and maintains a robust compliance and risk control framework [7][8] Future Outlook - The affordable rental housing sector is expected to see significant growth with the ongoing implementation of housing policies and projects [9] - The fund aims to enhance operational efficiency and tenant satisfaction while expanding its asset base and market influence [9]

Core Viewpoint - The C-REITs market in China is experiencing a robust growth driven by favorable policies and a strong demand-supply dynamic, with a focus on fundamental changes in products before making investment decisions [1][2][5]. Market Dynamics - The C-REITs market has seen a significant increase in trading activity, with instances of funds being suspended due to hitting the price limit, indicating a strong demand for these investment vehicles [2][3]. - As of June 17, 2025, 37 announcements related to price limit suspensions were made across 66 listed public REITs, highlighting the market's volatility and investor interest [3]. Investment Trends - The underlying assets of C-REITs have expanded to include twelve categories, such as elderly care facilities and market-oriented rental housing, reflecting a diversification in investment opportunities [4]. - C-REITs have shown impressive returns, with consumption infrastructure REITs leading the market with over 30% growth year-to-date, while housing-related REITs have seen nearly 20% growth [5][6]. Policy Impact - Regulatory support, including tax incentives and improved investor protection mechanisms, has created a positive feedback loop in the C-REITs market, contributing to its growth [6]. - The average increase of the CSI REITs total return index was 12.31% in 2024 and 12.46% as of June 20, 2025, indicating a sustained upward trend in the market [6]. Strategic Recommendations - Investment strategies should focus on 'first projects' in various asset classes, high-premium secondary market assets, and those with anti-cyclical properties [7]. - Investors are advised to consider dividend strategies during the upcoming distribution window and to focus on quality assets with stable cash flows [8].

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up. The performance of property - type REITs was stronger than that of concession - type REITs, with average weekly price changes of +1.1% and +0.6% respectively. The weekly price change ranking of major indices was: China Securities REITs > China Securities All - Bond > China Securities Convertible Bonds > CSI 300. The daily average turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed up, with consumer, affordable housing, and water conservancy REITs having the largest increases. As of June 13, the average annualized cash distribution rate of public REITs was 6.3%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property REITs is 281BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield is 155BP [1]. Summary by Related Catalogs Market Trends - **Index Performance**: As of June 13, 2025, the closing price of the China Securities REITs (closing) Index was 886.31 points, with a weekly price change (from 2025/6/6 to 2025/6/13) of +0.5%, outperforming the China Securities Convertible Bonds Index (-0.02%), the CSI 300 Index (-0.3%), and the China Securities All - Bond Index (+0.3%). Since the beginning of the year, the price change ranking of major indices was: China Securities REITs (+12.3%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+1.0%) > CSI 300 (-1.8%). In the past year, the return rate of the China Securities REITs Index was 12.1%, with a volatility of 6.9%. The return rate was higher than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index, while the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bond Index [2][8][13]. - **Total Market Value and Turnover Rate**: The total market value of REITs increased to 204.1 billion yuan on June 13, an increase of 2 billion yuan from the previous week. The daily average turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][13]. - **Performance by REIT Type**: Property - type REITs and concession - type REITs had average weekly price changes of +1.1% and +0.6% respectively. Among different project - type REITs, all types closed up, with the top three in terms of average increase being consumer (1.6%), affordable housing (1.5%), and water conservancy (1.4%). The top three REITs in terms of weekly price increase were Huaxia Fund China Resources Youchao REIT (+4.32%), Huaan Bailian Consumer REIT (+4.19%), and ICBC Mongolia Energy Clean Energy REIT (+3.97%) [1][3][18]. - **Trading Activity**: In terms of different project types, ecological and environmental protection REITs were the most actively traded this week, while transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.1% during the period, accounting for 3.9% of the total REIT trading volume, and the latter had an average daily turnover rate of 0.6%, accounting for 30.0% of the total REIT trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC Anhui Expressway REIT (9.46 million yuan), Yin Hua Shaoxing Raw Water Water Conservancy REIT (6.47 million yuan), and CITIC Construction Investment SPIC New Energy REIT (4.74 million yuan) [3]. Primary Market Issuance - As of June 13, 2025, there was 1 REIT product in the declared stage, 1 in the in -quired stage, 2 in the accepted stage, 8 in the feedback stage, 5 in the passed - awaiting - listing stage, and 3 first - issued products that had passed and were listed on the exchange [27]. Valuation Tracking - **Dividend - related Indicators**: From the perspective of debt characteristics, as of June 13, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. For property - type REITs, the focus is on the dividend yield, and for concession - type REITs, the focus is on the internal rate of return. Currently, the dividend yield of property REITs is 281BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield is 155BP [1][29][30]. - **Other Valuation Indicators**: From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash - flow method; P/FFO is the current price divided by the cash flow generated from operations. Different project - type REITs have different values for these indicators [29][30]. Industry News - On June 9, the CPIC Asset - Trina Home Energy New Energy Infrastructure Carbon - Neutral Green Hold - type Real Estate Asset - Backed Special Plan (Rural Revitalization) was accepted by the Shanghai Stock Exchange, with a proposed issuance of 240 million yuan, and the original equity holder was Trina Home Energy Co., Ltd. This project is the market's first hold - type real estate ABS with photovoltaic power plants as the underlying assets [35]. - On June 11, the CICC Yizhuang Industrial Park REIT launched its issuance and ended the public fundraising ahead of schedule on the first day due to over - subscription. The REIT planned to issue 400 million shares at a subscription price of 2.720 yuan per share, with an expected fundraising of 1.088 billion yuan. The public part was sold out in one day, and the offline subscription multiple reached 265.76 times, setting a new high for offline subscription multiples [35]. - On June 13, the CICC China Greentown Commercial REIT announced its share offering notice and launched its public offering. The fund determined the issue price of 3.160 yuan per share through inquiry, planned to issue 500 million shares, and the total fundraising was 1.58 billion yuan, with strategic配售 accounting for 70% [35]. - On June 13, the expansion and issuance of Huaxia Beijing Affordable Housing REIT was officially completed. This expansion and issuance used the method of targeted expansion and competitive offering, and a total of 24 specific objects were offered. The expansion and issuance price was 4.220 yuan per share, and the total number of expanded and issued fund shares was approximately 224 million, with a total fundraising of approximately 946 million yuan (excluding the interest during the fundraising period) [4][35].