Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs market has shown a significant recovery in trading volume, with a notable increase in the inquiry premium rate for Anbo Storage REIT returning to 10% [1] - The overall market sentiment remains stable, with a focus on the potential for long-term investment opportunities in REITs due to low bond yields and improving fundamentals in infrastructure asset operations [9][19] - The REITs index experienced a decline of 0.68% this week, contrasting with gains in major stock indices such as the Shanghai Composite and CSI 300 [19][23] Industry Overview - The industry comprises 75 listed companies with a total market capitalization of 2125.35 billion and a circulating market value of 1089.48 billion [2] - The trading volume for the week reached 24.9 billion, reflecting a 38.9% increase, with daily turnover rates averaging 0.5% [43] - The REITs market has shown varying performance across different sectors, with significant increases in trading volumes for storage logistics and clean energy sectors [43] Market Performance - The REITs index's correlation with various bond indices and stock indices indicates a mixed relationship, with a correlation of 0.15 with ten-year government bonds and 0.36 with the CSI 300 [21] - The report highlights that 20 REITs saw price increases, while 53 experienced declines, with the largest gain being 1.79% and the largest loss at 6.87% [23] - The report notes that the REITs market is influenced by macroeconomic conditions, policy environments, and the performance of underlying infrastructure assets [9][19] Trading Activity - The report details specific trading volumes for various sectors, with highway REITs at 5.2 billion (+31.7%) and storage logistics at 2.7 billion (+50.8%) [43] - The inquiry for the upcoming Anbo Storage REIT is set between 5.103 yuan and 6.235 yuan per share, with a total of 400 million shares planned for issuance [12][13] Valuation Metrics - The report provides valuation metrics indicating that the estimated yield for certain REITs ranges from -0.81% to 9.93%, with the highest yield observed in Huaxia China Communications at 9.93% [45] - The P/NAV ratio for the REITs is reported to be between 0.71 and 1.80, with the highest P/NAV being 1.80 for Jiashe China Electric Construction [45]

Group 1 - The fund is named "Huaxia Anbo Warehousing Logistics Closed-End Infrastructure Securities Investment Fund" and is approved for issuance by the China Securities Regulatory Commission [9][14] - The total number of fund shares approved for issuance is 400 million, with 280 million shares allocated for strategic placement, 84 million for offline issuance, and 36 million for public investors [10][14] - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming to obtain stable cash flows from infrastructure projects [2][10] Group 2 - The fund operates on a closed-end basis, meaning it does not allow subscription or redemption, and shares can be traded on the Shenzhen Stock Exchange [3][14] - The pricing for the fund's shares will be determined through an offline inquiry process, with a price range set between 5.103 yuan and 6.235 yuan per share [12][43] - Strategic investors must hold their shares for a minimum of 12 to 60 months, depending on the portion of shares held [17][24] Group 3 - The fund's management emphasizes the unique risk-return characteristics of infrastructure funds compared to traditional public funds [2][4] - Investors are required to understand the specific risks associated with infrastructure projects, including operational risks and market conditions [5][6] - The fund's expected risk and return profile is higher than bond funds but lower than equity funds [2][4]