中经记者 杜丽娟 北京报道 深圳证券交易所官网显示，2025年12月19日，华夏安博仓储物流REIT正式上市，这是全市场第11只仓 储物流REITs产品。 该产品的底层资产为安博中国旗下的三个仓储物流项目，分别为广州开发区项目、东莞石排项目和东莞 洪梅项目，三处资产均位于仓储物流需求旺盛的粤港澳大湾区，是目前市场上唯一全部资产均布局在大 湾区的仓储物流REIT。 （编辑：吴婧 审核：朱紫云 校对：燕郁霞） ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Chinese Securities Regulatory Commission has recently intensified efforts in reforming the REITs market, emphasizing the acceleration of commercial real - estate REITs pilot projects, and promoting the high - quality development of the market through measures such as enhancing system inclusiveness and flexibility [4]. - In the first half of December, the REITs market declined, hitting a new low since the second half of 2025, with most sectors in the red, and market trading volume and liquidity hitting new lows [4]. - The interest rate spread between REITs and dividend stocks turned negative, and the valuations of most REITs assets remained high, but the internal rate of return (IRR) generally increased [4]. - Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, and Huaxia Anbo Warehouse Logistics REIT will be listed on December 19th. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened [4]. - The expansion plan of AVIC Jingneng Photovoltaic REIT was approved, and three REITs will be lifted from the restricted - sale period in the second half of December. There is one new application and one new acceptance in the queue of REITs projects, and Jinjiang Group may issue hotel - related REITs [4]. 3. Summary by Relevant Catalogs 3.1 Commercial Real - estate REITs Promising, Market Trading Volume Shrinking to the Bottom - **Policy Support**: The CSRC is promoting the implementation of commercial real - estate REITs pilot projects and enhancing system inclusiveness and flexibility [4][7][8]. - **Market Performance**: In the first half of December, the A - share market showed a slight upward trend, commodities rose, and long - term bond yields increased. The REITs market fell 1.8%, reaching a new low since the second half of 2025. Only IDC and public utilities showed slight increases, while transportation had the largest decline. The overall daily average turnover rate of REITs dropped to 0.35%, the lowest level of the year [4][16][21]. - **Dividend Yield and Valuation**: The dividend yields of equity - type and concession - type REITs were 4.48% and 8.86% respectively. The interest rate spread between equity - type REITs and 10 - year Treasury bonds was 2.64%, and the spread with CSI Dividend Index was - 0.65%. Most asset valuations remained high, with the P/NAV of equity - type REITs at 1.23X (69% quantile) and the P/FFO of concession - type REITs at 12.64X (41% quantile). The IRR generally increased [4][32][43]. 3.2 Zhonghe Clean Energy Inquiries Initiated, Anbo Logistics to Be Listed Soon - **Market Scale**: As of December 15, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 216 billion yuan [57]. - **New REITs Progress**: Huaxia Zhonghe Clean Energy REIT will conduct offline inquiries on December 17th, with an issue size of 300 million shares and a price range of 3.356 - 5.033 yuan per share. Huaxia Anbo Warehouse Logistics REIT will be listed on the Shenzhen Stock Exchange on December 19th, and the shares allocated to offline investors will be fully tradable on the listing day. The valuation difference of Anbo Warehouse Logistics REIT compared to comparable REITs has widened. The offline subscription return rate of 100 million yuan for REITs from January to December 2025 was 3.49% [59][70][71]. 3.3 Jingneng Photovoltaic Expansion Plan Approved, Three REITs to Be Lifted from Restricted - Sale Period in the Second Half of the Month - **Important Announcements**: In the first half of December, 10 REITs announced dividend plans. Huaxia Runhe Youchao REIT's expansion was allocated to original holders, and AVIC Jingneng Photovoltaic REIT's expansion plan was approved by the holders' meeting [84][86]. - **Restricted - Sale Period Lifting**: In the second half of December, Guangfa Chengdu Gaotou Industrial Park REIT, Hua'an Waigaoqiao REIT, and Huaxia Beijing Affordable Housing REIT will have part of their shares lifted from the restricted - sale period [86]. 3.4 One New Application, One New Acceptance, Jinjiang Group May Issue Hotel REITs - **Queue of Projects**: There are 12 initial public offering (IPO) projects and 3 expansion projects in the queue at the exchange. In the first half of December, the exchange accepted Ping An Xi'an Gaoke Industrial Park REIT, and Boshi Shandong Tietou Road and Bridge REIT submitted an application [91]. - **Tendering Information**: In the first half of December, the tendering information of 6 public REITs projects was updated. Jinjiang Group may issue hotel - related REITs, and Penghua Fund won the bid for Xuzhou Guotou Energy Group's infrastructure REITs project, while Jianxin Fund won the bid for Shuifa Group's water - related REITs project [94][97].

Report Industry Investment Rating No relevant content provided. Report's Core View - The REITs market has deviated from the unilateral decline trend but remains in a bottom - oscillation range. It is recommended to stay cautious overall, focus on projects with relatively high distribution rates in the energy and transportation sectors, and look for rebound opportunities in oversold varieties under the pressure of restricted shares lifting [2]. Summary According to the Directory 1. Primary Market: Three Newly Issued Public REITs Made Progress - As of November 21, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for approval. There are currently 9 newly issued and 5 expansion - issued REITs in the approval process [2][10]. 2. Secondary Market: Liquidity Continued to Contract This Week 2.1 Market Review: The CSI REITs Total Return Index Dropped by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%. It outperformed the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. Property - type REITs fell 1.25%, and concession - type REITs fell 1.06%. In terms of asset types, the environmental protection and water services (-0.38%), park (-0.77%), transportation (-1.01%), and consumption (-1.10%) sectors performed better [2]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type and concession - type REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, with a week - on - week decrease of 26.60% and 0.89%. The data center sector was the most active [2]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type and concession - type REITs were 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors ranked among the top three [2]. 3. This Week's News and Important Announcements - This week, multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing supported the issuance of REITs for eligible consumption infrastructure; and many companies announced REITs - related projects such as public bidding and project applications [28]. - Multiple REITs released important announcements, including operation data, restricted shares lifting, and dividend distribution [29].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - REITs in various sectors declined across the board, with the data center sector, which had significant gains previously, leading the decline for the first time. The environmental protection and water utilities, and park sectors were relatively resilient this week. The REITs market has emerged from a unilateral decline but remains in a bottom - oscillating range. Given that the index is at around the 60% percentile level since 2024, overall caution is advised. Attention can be focused on projects with relatively high distribution rates in the energy and transportation sectors, as well as the rebound opportunities of oversold varieties under the pressure of restricted share unlocks [2]. 3. Summary According to the Directory 3.1 Primary Market: Three Newly - Issued Public REITs Made Progress - As of 2025/11/21, 19 REITs have been successfully issued this year, with an issuance scale of 38.79 billion yuan, a year - on - year decrease of 20.8%. Three newly - issued public REITs made progress this week: Huaxia Zhonghe Clean Energy REIT has provided feedback, Huaxia Anbo Warehouse Logistics REIT has been established, and AVIC Zhonghe Energy REIT has been submitted for application. Currently, in the approval process, there are 9 newly - issued REITs that have been submitted, 2 that have been questioned and provided feedback, 1 that has passed the review, and 1 that has been registered and is awaiting listing. For expansion, 5 have been submitted, 3 have been questioned and provided feedback, and 3 have passed the review [2][11]. 3.2 Secondary Market: Liquidity Continued to Contract This Week 3.2.1 Market Review: The CSI REITs Total Return Index Declined by 0.88% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1041.16 points, a decline of 0.88%, outperforming the CSI 300 by 2.89 percentage points and the CSI Dividend by 2.81 percentage points. The year - to - date increase of the CSI REITs Total Return is 7.57%, underperforming the CSI 300 by 5.61 percentage points and outperforming the CSI Dividend by 8.05 percentage points. In terms of project attributes, equity - based REITs declined by 1.25%, and concession - based REITs declined by 1.06%. In terms of asset types, the environmental protection and water utilities (- 0.38%), park (- 0.77%), transportation (- 1.01%), and consumption (- 1.10%) sectors performed better [2]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of equity - based and concession - based REITs this week were 0.44% and 0.45% respectively, down 15.84 and 2.76 basis points from last week. The trading volumes during the week were 420 million and 136 million shares respectively, a week - on - week decrease of 26.60% and 0.89%. The data center sector had the highest activity [2]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector Is Relatively High - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs are 3.94% and 4.07% respectively. The warehouse logistics (5.55%), transportation (4.89%), and park (4.70%) sectors rank among the top [2]. 3.3 This Week's News and Important Announcements - Multiple regions issued policies and announcements related to REITs. Tianjin introduced measures to support the high - quality development of REITs; Beijing Shunyi Municipal Holding Group announced a public tender for financial and legal advisors for its public REITs project; Guangbai Co., Ltd. is carrying out the application for a consumption REITs project; Beijing supported the issuance of real - estate investment trust funds for eligible consumption infrastructure; Ji'an focused on promoting the issuance of REITs for projects in industrial parks and affordable rental housing; Qingdao Water Group's public REITs project has been submitted to the National Development and Reform Commission [29]. - Many REITs made important announcements, including operating data announcements, restricted share unlock announcements, and dividend announcements [30][31].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The secondary market of REITs has cooled down, with trading volume and turnover rate hitting lows since early 2024 after peaking in August. However, strategic placement yields are promising [2][3]. - Data center REITs are relatively resilient, while other sectors have performed poorly in the past month. Only a small number of projects have achieved positive returns [2][4]. - The issuance scale of REITs in the next year is expected to be between 50 - 75 billion yuan, with 25 - 35 issues. Other strategic investors are expected to be allocated 14 - 30.7 billion yuan through strategic placement [2][13][15]. - Based on historical performance after strategic placement lock - up expiration, the average annualized return of 45 REITs samples is 19.69%. In a pessimistic scenario, the annualized return can reach 8.20%, and in an optimistic scenario, it can reach 31.18%. Investors are advised to focus on REITs with an issuance scale of 20 - 40 billion yuan and be cautious about transportation and industrial park REITs with poor underlying asset operations [2][21]. 3. Summary by Relevant Catalogues 3.1 Recent REITs Market Overview - The trading volume and turnover rate of the REITs market have been shrinking since peaking in August, reaching lows since early 2024. The weekly trading volume from October 6 - 12 was only 702 million yuan, and the turnover rate was only 0.31% [2][3]. - Data center REITs are relatively resilient, with a decline of only - 0.03% in the past month. Other sectors, such as affordable rental housing (- 2.8%), warehousing and logistics (- 1.5%), and transportation (- 2.5%), have performed poorly. Only a small number of projects have achieved positive returns in the past one and three months [2][4]. 3.2 REITs Projects in the Review and Issuance Stages - As of October 15, 2025, there is 1 REIT project under review that has been accepted, 3 projects that have been queried, and 4 projects that have provided feedback. The accepted project is expected to receive the first - round query around the end of October, the queried projects are expected to enter the feedback stage in 2 - 3 months, and the projects that have provided feedback are expected to be approved within 1 month if there are no major corrections [7]. - As of October 15, 2025, there are 3 REIT projects in the issuance stage. Huaxia Zhonghai Commercial REIT and CITIC Construction Investment Shenyang International Software Park REIT ended their fundraising on October 14 but have not been listed, with expected issuance scales of 1.584 billion yuan and 1.098 billion yuan respectively. Huaxia Anbo Warehousing and Logistics REIT was registered and became effective on September 23, 2025. It is expected that 3 - 4 new REIT projects will be launched by the end of the year [8]. - As of October 15, 2025, there are 12 REIT projects for expansion, new acquisitions, or other purposes in the review or approved - to - be - issued stage, which will provide additional market capacity for investors' new - share subscription or strategic placement strategies [9]. 3.3 Potential of REITs Strategic Placement Strategy 3.3.1 Market Capacity of REITs Strategic Placement Strategy - The REITs market is expected to expand further through asset - mixing expansions and the encouragement of private investment projects. The total issuance scale of REITs has approached 200 billion yuan, and the total market value has exceeded 200 billion yuan. The issuance scale in the next year is expected to be between 50 - 75 billion yuan, with 25 - 35 issues [12][13]. - The average subscription ratio of original equity holders and their affiliated parties for listed REITs is 38.21%. The average ratio of other professional institutional investors is 34.45%. Based on this, it is estimated that other strategic investors will be allocated 14 - 30.7 billion yuan through strategic placement in the next year [14][15]. 3.3.2 Return Calculation of Strategic Placement Strategy - Strategic placement is more suitable for large - scale, long - term funds. The holding - period return rate of strategic placement is affected by factors such as the annualized dividend rate, secondary - market price increase at the time of lock - up expiration, and the annualized cost of capital occupation [16][17]. - As of October 15, 2025, most of the 45 REITs that have been listed for more than a year can achieve a return of over 10% at the time of lock - up expiration, and nearly 80% can achieve positive returns. The average annualized return of all 45 REITs samples is 19.69%. REITs with an issuance scale of 20 - 40 billion yuan can achieve relatively high annualized returns with relatively controllable return fluctuations [18][21].

Report Industry Investment Rating No information about the industry investment rating is provided in the given content. Core Viewpoints - The REITs market had an overall correction this week, with all eight major sectors closing down, and liquidity continued to decline. The current (weekly) average daily turnover rate has dropped to 0.3% - 0.4%, hitting a new low for the year. However, there was a window for the registration of first - issue projects before the National Day, with three public REITs registering for effect on September 23. Among them, CITIC Construction Investment Shenyang International Software Park REIT will conduct price inquiries and set prices next week, and China Asset Management CNOOC Commercial REIT has completed price inquiries this week and will set prices next week. Both will be officially issued on the 13th after the holiday. In addition, China Asset Management CapitaLand Commercial REIT will be officially listed on the Shanghai Stock Exchange on September 29 [2]. Summary by Directory 1. Primary Market: Three First - Issue Public REITs Made New Progress - As of September 26, 2025, 16 public REITs have been successfully issued this year, with an issuance scale of 33.66 billion yuan, a year - on - year decrease of 12.4%. This week, three first - issue public REITs made new progress: Huaxia Anbo Warehouse Logistics REIT and CITIC Construction Investment Shenyang International Software Park REIT (the first public REIT in Northeast China) were registered for effect, and Huaxia CNOOC Commercial REIT completed price inquiries. Currently, in the approval process, there are 10 first - issue REITs declared, 3 having been questioned and responded, 3 having passed the review, and 3 registered for effect and awaiting listing; for expansion and issuance, 8 have been declared, 6 have been questioned and responded, and 6 have passed the review [3]. 2. Secondary Market: Liquidity Continued to Weaken This Week 2.1 Market Review: The CSI REITs Total Return Index Fell by 0.65% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1064.42 points, a decline of 0.65%, underperforming the CSI 300 by 1.71 percentage points and the CSI Dividend by 0.39 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 9.97%, underperforming the CSI 300 by 5.66 percentage points and outperforming the CSI Dividend by 12.24 percentage points. In terms of project attributes, property - type REITs fell by 0.97% and franchise - type REITs fell by 1.07%. In terms of asset types, the energy (- 0.24%), warehouse logistics (- 0.46%), environmental protection and water services (- 0.49%), and park (- 0.64%) sectors performed better. Among individual securities, 8 rose and 65 fell. CITIC Construction Investment SPIC New Energy REIT (+ 0.98%), CICC Liandong Innovation REIT (+ 0.71%), and AVIC Jingneng Photovoltaic REIT (+ 0.65%) ranked in the top three, while E Fund Shenzhen Expressway REIT (- 4.15%), CITIC Construction Investment Mingyang Smart Energy New Energy REIT (- 4.03%), and Ping An Ningbo Transportation Investment REIT (- 4.02%) ranked in the bottom three [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Decreased - The average daily turnover rates of property - type/franchise - type REITs this week were 0.30%/0.40%, down 11.86/2.39 basis points from last week. The trading volumes within the week were 276 million/112 million shares, a week - on - week decrease of 24.24%/3.64%. The data center sector was the most active [3]. 2.3 Valuation: The Valuation of the Affordable Housing Sector was Relatively High - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.78%/3.86% respectively. The warehouse logistics (5.29%), transportation (4.70%), and park (4.34%) sectors ranked in the top three [3]. 3. This Week's News and Important Announcements - On September 22, 2025, the Shenzhen Stock Exchange approved two public REITs products: Huaxia CNOOC Commercial Asset REIT and Huaxia Anbo Warehouse Logistics REIT. On September 23, the first public REIT in Northeast China, CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, was approved by the CSRC. There were also various operation data announcements and dividend announcements for multiple REITs [35][36]

Core Viewpoint - The approval of the first foreign-funded consumer REIT in China, 华夏凯德商业REIT, marks a significant development in the domestic real estate investment trust market, indicating increased foreign investment interest in China's real estate sector [1][2][3]. Group 1: Company Overview - 华夏凯德商业REIT has received registration approval from the China Securities Regulatory Commission, with its original rights holders including CAPITALAND MALL ASIA LIMITED and several management companies [3][4]. - The REIT will initially include two shopping center assets located in Guangzhou and Changsha, making it the first foreign consumer-type public REIT in China [5][6]. - 凯德投资, headquartered in Singapore, is a major player in the REIT market, having launched its first REIT in Singapore and managing assets worth approximately 117 billion Singapore dollars as of August 2025 [4][5]. Group 2: Asset Management and Expansion - The initial asset pool for 华夏凯德商业REIT consists of two shopping centers, with plans for future expansion as 凯德商用 holds a substantial portfolio of infrastructure assets in China, valued at over 800 billion yuan [7][9]. - The company has a total of 35 potential assets for future expansion, covering over 3 million square meters, with an average operational history of over 11 years and stable occupancy rates above 80% [7][8]. - 凯德商用 operates in 18 cities, with 50% of its managed projects located in first-tier cities, indicating a strong market presence [7][9]. Group 3: Market Trends and Foreign Investment - The entry of international asset management firms into the Chinese REIT market, including 安博 and 汉斯集团, reflects a growing trend of foreign investment in China's real estate sector [10][11]. - The establishment of a 30 billion yuan private real estate equity investment fund by 施罗德资本 and 西子国际 focuses on high-quality office buildings and consumer infrastructure in key cities, highlighting the increasing interest in China's real estate opportunities [14]. - The Chinese consumer REIT market is undergoing a transformation from "scale growth" to "quality improvement," driven by consumption upgrades and capital market reforms, positioning it as a key tool for revitalizing existing assets and promoting domestic demand [14].

Group 1 - The core point of the news is the formal application of the Huaxia Hubei Traffic Investment Chutian Expressway REIT, marking the first traffic infrastructure REIT application of the year [1] - The initiators and original rights holders of the REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Traffic Investment Construction Group Co., Ltd., with CITIC Securities as the special plan manager [3] - The underlying assets for the REIT include the toll rights and ancillary facilities of the Hubei section of the Daqing to Guangzhou Expressway, specifically the section from Macheng to Xishui [3] Group 2 - As of August 17, there are 73 public REITs listed in the market, with various statuses in the application and issuance process [3] - The 74th public REIT, the CICC Vipshop Outlets REIT, has completed its inquiry with a determined issuance price of 3.48 yuan per share, set to be sold starting August 20 [3] - The total market value of public REITs has dropped below 220 billion yuan, currently at 212.619 billion yuan, reflecting a decline compared to the strong performance in the first half of the year [4]

Core Viewpoint - The public REITs market in China continues to show strong issuance momentum, with the recent application for the "Hubei Jiaotou Chutian Expressway REIT" indicating ongoing interest and activity in this sector [2][4]. Group 1: Product Information - The newly submitted public REIT is named "Hubei Jiaotou Chutian Expressway Closed-End Infrastructure Securities Investment Fund" [3]. - The initiators of this REIT are Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiaotou Construction Group Co., Ltd. [5]. - The management of the REIT is handled by Huaxia Fund Management Co., Ltd. [3]. Group 2: Project Status and Background - The project has been officially submitted for approval and is currently awaiting acceptance [6]. - The underlying assets for this REIT include the toll rights and associated facilities of the Hubei section of the Daqing-Guangzhou Expressway, specifically the segment from Macheng to Xishui, which spans 147.115 kilometers [7]. - The toll collection period for this project is set from April 1, 2009, to June 18, 2039 [7]. Group 3: Market Overview - As of August 17, there are a total of 73 public REITs listed in the market [8]. - The market has seen a recent adjustment, with the total market capitalization of public REITs dropping below 220 billion yuan, currently at 212.619 billion yuan [13]. - The year-to-date performance of the market indices shows a rise of 9.78% for the CSI REITs Total Return Index and 6.27% for the CSI REITs Closing Index [13]. Group 4: Future Outlook - Analysts express optimism regarding the REITs market in a low-interest-rate environment expected in 2025, suggesting three main investment strategies: focusing on policy-driven projects, recognizing the value of weak-cycle assets, and monitoring the expansion of existing REITs alongside new issuances [14].