Market Overview - The secondary market for publicly listed REITs in China has shown a wave-like recovery, ending a five-week decline, with the CSI REITs closing at 783.86 and the CSI REITs Total Return Index at 1014.8, yielding returns of 1.39% and 1.56% respectively during the week of December 22-26, 2025 [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: Gold > Oil > A-shares > Convertible Bonds > REITs > US Stocks > Pure Bonds [4] - Among different project types, both property and concession REITs saw price increases, with property REITs achieving a return of 2.22% and concession REITs 1.19% [4] - The largest increase in returns came from affordable housing REITs, with the top three asset types ranked by return being affordable housing, warehousing and logistics, and industrial park REITs [4] Trading Activity - The total trading volume for public REITs was 3.14 billion yuan, with the water infrastructure REITs leading in average daily turnover rate at 0.80% [5] - The top three REITs by trading volume were: Zhongjin Hubei Keti Guanggu REIT, Huaxia Anbo Warehousing REIT, and Yinhua Shaoxing Raw Water REIT [5] - The total net inflow for the week was 94.74 million yuan, indicating increased market trading enthusiasm compared to the previous week, with the top three net inflow categories being consumer infrastructure, transportation infrastructure, and warehousing and logistics REITs [5] Block Trading - The total amount of block trading reached 264.42 million yuan, showing an increase from the previous week, with the highest single-day block trading amount on December 26, 2025, at 149.19 million yuan [6] - The top three REITs by block trading volume were: Southern Runze Technology Data Center REIT, CMB Fund Shekou Rental Housing REIT, and Southern Wanguo Data Center REIT [6] Primary Market - No new REIT products were listed during the week, but the project status of three existing REITs was updated [7]

Group 1 - Foreign investment in China's real estate investment trusts (REITs) is accelerating, with the launch of "Hua Xia Anbo Warehousing REIT" on December 19, marking the first issuance of REITs in the Chinese market by global logistics giant Anbo Group [1] - Anbo Group's global vice chairman expressed optimism about the Chinese market, indicating a commitment to long-term development opportunities in China [1] - The underlying assets of the newly issued REIT include three logistics centers located in Guangzhou and Dongguan, which are considered core quality assets for Anbo in China [2] Group 2 - REITs serve as a form of real estate securitization, pooling investor funds to invest in income-generating infrastructure or less liquid real estate, providing foreign institutions a way to broaden domestic equity financing channels [2] - The issuance of REITs allows foreign investors to efficiently recycle capital from quality real estate in China, addressing challenges such as limited exit channels and long capital turnover cycles [2] - The Chinese public REITs market officially launched in 2021, with 78 public REITs listed on the Shanghai and Shenzhen stock exchanges, including 6 initiated by foreign enterprises [3] Group 3 - The development of the REITs market is seen as a crucial platform for revitalizing existing assets and promoting the growth of the real estate industry, facilitating the integration of international management experience with domestic market practices [3] - The acceleration of foreign investment in China's public REITs market is expected to enhance the high-quality opening and development of the industry [3]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index declined by 3.1% throughout the week. After the departure of irrational premium and speculative funds in the early stage, the year - to - date return of the China Securities REITs Index turned negative (-2.1%). As emotional pricing fades, prices are gradually anchored to the cash flow and distribution ability of underlying assets, significantly enhancing the safety margin. From the comparison of weekly returns of major indices, CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI 300 Index > China Securities REITs Index. As of December 19, 2025, the dividend yield of equity - type REITs is 80BP 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 10 - year Treasury yield is 367BP [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of December 19, 2025, the closing price of the China Securities REITs (closing) Index was 773.15 points, with a weekly decline of 3.1% from December 15 - 19, 2025, performing worse than the CSI Convertible Bond Index (+0.5%), the CSI Aggregate Bond Index (+0.1%), and the CSI 300 Index (-0.3%). Year - to - date, the performance order of major indices is: CSI Convertible Bond Index (+17.1%) > CSI 300 Index (+16.1%) > CSI Aggregate Bond Index (+0.6%) > China Securities REITs Index (-2.1%). In the past year, the return of the China Securities REITs Index was -0.7%, with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index, the CSI Convertible Bond Index, and the CSI Aggregate Bond Index; its volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI Aggregate Bond Index [2][6]. - **Market Capitalization and Turnover**: On December 19, the total market capitalization of REITs was 214.1 billion yuan, a decrease of 3.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.39%, an increase of 0.02% from the previous week [2][9]. - **Performance by Type**: From the perspective of different project attributes, the average weekly returns of equity - type REITs and concession - type REITs were -2.1% and -4.0% respectively. All types of REITs closed down, with transportation, water conservancy facilities, and municipal facilities REITs experiencing the largest declines. The two REITs with the largest weekly increases were Hua'an Waigaoqiao REIT (+1.34%) and Boshi Jinkai Industrial Park REIT (+0.08%), while the rest of the REITs declined this week [3][13][15]. - **Trading Activity**: Among different project types, water conservancy facilities REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 25.9% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds were Southern Runze Technology Data Center REIT (7.45 million yuan), Huatai Jiangsu Expressway REIT (6.71 million yuan), and China Merchants Expressway REIT (4.22 million yuan) [3][18][19]. 3.2 Primary Market Issuance - From the beginning of the year to December 19, 2025, there were 2 REITs products in the accepted stage, 3 in the declared stage, 2 in the inquired stage, 5 in the feedback stage, 6 products that had passed and were waiting for listing, and 15 newly - listed first - issue products on the exchange [22]. 3.3 Valuation Tracking - **Valuation Indicators**: REITs have both bond and equity characteristics. As of December 19, the average annualized cash distribution rate of public - offering REITs was 6.20%. From the equity perspective, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. Different project types have different valuation levels. For example, the relative net value premium rate of affordable rental housing REITs is 40.7%, and the P/FFO is 36.3 [24][26]. - **Comparison with Benchmarks**: As of December 19, 2025, the dividend yield of equity REITs was 20BP 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 10 - year Treasury yield was 367BP [28]. 3.4 Industry News - On December 19, China Three Gorges New Energy (Group) Co., Ltd. officially applied for the "Huatai Three Gorges Clean Energy REIT", with the underlying asset being the Dalian Zhuanghe Offshore Wind Power Project. The project has been fully connected to the grid in 2020, and the relevant issuance proposal has been reviewed and approved by the board of directors. The company and its affiliated parties plan to subscribe for 44% of the fund shares in total. - On December 19, the "Huaxia Anbo Warehouse REIT" initiated by foreign - funded enterprise Ambo was successfully listed on the Shenzhen Stock Exchange. The underlying assets of this product are three high - quality logistics and warehousing projects in the core area of the Guangdong - Hong Kong - Macao Greater Bay Area. During the issuance stage, the offline inquiry multiple of this fund reached 235.8 times, and various investors highly recognized the investment value of the project [4][34].

Investment Rating - The report maintains a rating of "Accumulate" for the C-REITs sector [6] Core Insights - The C-REITs secondary market continues to show weakness, with the overall market experiencing a decline. The report highlights the ongoing challenges in the warehousing and logistics REIT segment [1][11] - The report suggests that the low interest rate environment in 2025 presents an opportunity for REIT market allocation, emphasizing three main investment strategies: focusing on policy themes, recognizing the value of weak-cycle assets, and monitoring the expansion of REITs alongside new issuances [3][11] Summary by Sections REITs Index Performance - The CSI REITs total return index fell by 2.85% this week, closing at 999.2 points. The CSI REITs closing index decreased by 3.06%, ending at 773.2 points. Other indices such as the CSI 300 and Hang Seng also experienced declines [1][9] - Year-to-date, the CSI REITs total return index has increased by 3.24%, while the closing index has decreased by 2.08% [2][9] C-REITs Secondary Market Performance - The secondary market for C-REITs has continued its downward trend, with a total market capitalization of approximately 212.36 billion yuan and an average market cap of about 2.7 billion yuan per REIT. Out of the listed REITs, only 2 saw an increase, while 76 experienced declines, averaging a weekly drop of 2.6% [2][11] - The performance of various REIT sectors this week includes declines in warehousing logistics (-1.62%), industrial parks (-1.92%), and transportation infrastructure (-4.65%) [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Ping An Guangzhou Guanghe REIT (10.9%), Huaxia China Communications Construction REIT (10.2%), and E Fund Guangkai Industrial Park REIT (9.2%) [3] - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.7, with the highest being Jiashi Wumei Consumption REIT at 1.7 and the lowest being Huaxia China Communications Construction REIT at 0.7 [3]

Report Title - "2025 December 20th: Subscription Multiple of CNNC Hydropower REIT Hits New High - Weekly Tracking of Publicly Offered REITs (2025.12.15 - 2025.12.19)" [1] Report Industry Investment Rating - Not provided in the content. Core Viewpoints - This week, the REITs index fell unilaterally, with transportation and affordable housing leading the decline. Newly - listed products were under pressure, but CNNC Hydropower REIT was highly sought after by funds. The asset side showed signs of expansion, and the policy side continued to support the REITs market [3]. - As of December 19, 2025, 19 REITs were successfully issued this year, with a total issuance scale of 38.8 billion yuan, a 40.0% year - on - year decrease [3]. Summary by Directory 1. Primary Market: Three First - time Issued Publicly Offered REITs Made New Progress - This year, 19 REITs were successfully issued (6 in Q1 2025, 4 in Q2 2025, 6 in Q3 2025, 2 in October, and 1 in November), with a scale of 38.8 billion yuan, down 40.0% year - on - year [3]. - This week, three first - time issued REITs made new progress: Huaxia Anbo Warehouse REIT was listed with a 10.16% drop on the first day; Huaxia CNNC Clean Energy REIT was priced at 5.015 yuan per share after inquiry, with an effective subscription multiple of 340.5 times, and will be officially issued on December 22; E Fund Guangxi Beitou Expressway REIT was under inquiry [3][13]. - One REIT for expansion made new progress: The expanded shares of Huaxia Fund CR Land Youchao REIT were listed, with the ex - right effective date on December 16 [3][14]. 2. Secondary Market: The Index Fell This Week 2.1 Market Review: The CSI REITs Total Return Index Fell 2.85% - This week, the CSI REITs Total Return Index (932047.CSI) closed at 999.19 points, down 2.85%, underperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 3.89 percentage points. The year - to - date increase of the CSI REITs Total Return Index was 3.24%, underperforming the CSI 300 by 12.86 percentage points and outperforming the CSI Dividend by 4.99 percentage points [3]. - By property type, equity REITs fell 2.23% and concession - based REITs fell 4.30%. By asset type, the warehouse logistics, park, data center, and consumption sectors performed better [3]. 2.2 Liquidity: The Liquidity of the Environmental Protection and Water Services Sector Increased Significantly - The average daily turnover rates of equity/concession - based REITs this week were 0.37%/0.42%, down 0.15BP/up 4.98BP compared with last week. The trading volumes during the week were 365 million/140 million shares, up 0.42%/13.47% week - on - week. The data center sector was the most active [3][26]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to ChinaBond valuation yields, the yields of equity/concession - based REITs were 4.18%/5.26%, with the transportation, warehouse logistics, and park sectors ranking top three [3]. 3. This Week's Important News and Announcements 3.1 This Week's News - On December 15, 2025, the CSRC emphasized promoting the high - quality development of the private equity fund industry, implementing the pilot of commercial real estate REITs as soon as possible, and researching and launching new key futures varieties [34]. - Also on December 15, Shanghai Jinjiang Asset Management Co., Ltd. launched the tender for the public REITs project, which may indicate the upcoming first hotel REIT [34]. - On the same day, Huatai Baowan Logistics REIT announced an expansion plan, planning to purchase four new infrastructure projects [34]. - On December 16, the National Development and Reform Commission proposed to play the role of new policy - based financial instruments, infrastructure REITs, and inclusive loans to stimulate investment vitality [34]. - On December 18, the National Development and Reform Commission proposed to continuously expand the scope of infrastructure REITs during the 15th Five - Year Plan period and support more private investment projects to be listed [34]. 3.2 Important Announcements - Multiple REITs announced dividend plans this week, including Zheshang Hu杭Yong REIT, Huatai Baowan Logistics REIT, etc. [35][36] - Some REITs announced the lifting of the ban on strategic placement shares, including China Merchants Science and Technology Innovation REIT, Huaxia Beijing Affordable Housing REIT, etc. [36] - Some REITs announced their operation data for November 2025, including Huatai Jiangsu Expressway REIT, Huaxia China Communications Construction Expressway REIT, etc. [36]

Core Viewpoint - The recent listing of the Huaxia Anbo Warehousing REIT on the Shenzhen Stock Exchange marks a significant development in China's public REITs market, which now approaches 80 funds, enhancing investment opportunities in logistics and infrastructure sectors [1] Group 1: Market Performance - The CSI REITs Index closed down 0.57% at 780.58 points, continuing a downward trend since late June, indicating that the REITs market has lagged behind the broader market [1] - The decrease in turnover rate is attributed to the stock market's rise, increased market observation, and stabilized trading, alongside a convergence of dividend distributions from certain projects [1] Group 2: Investment Opportunities - The successful issuance of the Huaxia Anbo Warehousing REIT provides an efficient investment tool for ordinary investors to participate in warehousing and logistics projects, thereby enriching the asset types available in China's public REITs [1] - Analysts from Pacific Securities highlight that in a landscape characterized by asset scarcity, public REITs demonstrate significant value due to their high dividends and moderate risk profile, making them an attractive investment option [1] Group 3: Economic Impact - The introduction of the Huaxia Anbo Warehousing REIT is expected to play a crucial role in modernizing logistics infrastructure and supporting sustained growth in the real economy [1] - According to Founder Securities, the characteristics of REITs, which lie between stocks and bonds, continue to attract medium to long-term capital due to their stable cash flow in a low-interest-rate environment [1]

Core Viewpoint - The recent trend in REITs (Real Estate Investment Trusts) initial public offerings (IPOs) shows a decline in subscription yields, with the first REIT of 2025 experiencing a drop below its issue price on the listing day, indicating a shift in market dynamics and investor sentiment [1][4]. Group 1: Market Performance - The recent listing of Huaxia Anbo Warehousing REIT saw a subscription ratio of 235.8 times for offline investors, with a public subscription ratio of 17.1 times, indicating strong initial interest [1]. - However, on its first trading day, Huaxia Anbo Warehousing REIT closed at 5.499 yuan, down 10.16% from its issue price of 6.121 yuan, marking a rare occurrence of a REIT listing below its issue price [1][2]. - The overall performance of REITs in 2025 has shown a trend of "first rise, then fall," with the CSI REITs total return index increasing by 14.21% in the first half of the year but experiencing a decline in the second half [4]. Group 2: Subscription Trends - The enthusiasm for offline subscriptions remains high, but public investor interest has shown signs of decline, as evidenced by the performance of recent REITs like the CITIC Construction Investment Shenyang International Software Park REIT, which nearly broke its issue price on the first day [1][2]. - The opening of the inquiry range for REITs has contributed to a decrease in subscription yields, with the inquiry range now allowing for a ±25% deviation from the proposed issue price, leading to a more balanced pricing environment [4][5]. Group 3: Future Outlook - Analysts predict that the REITs market may trend towards more rational pricing, with the narrowing of the price gap between primary and secondary markets affecting the potential for high initial returns [5]. - YY Ratings anticipates a general decline in subscription yields for REITs in the medium term, suggesting that only those with strong fundamentals and significant price discrepancies between primary and secondary markets may still offer attractive returns [5].

Core Viewpoint - The successful listing of the Huaxia Anbo Warehousing REIT marks a significant milestone for Anbo in the Chinese market, showcasing the recognition of asset quality and operational resilience by the capital market [1][4][9]. Group 1: Fund Details - The Huaxia Anbo Warehousing REIT is the first public REIT launched by Anbo in China, holding 20% of the fund shares, managed by Huaxia Fund Management Co., Ltd [1][4]. - It is the only listed warehousing logistics REIT with all assets located in the Guangdong-Hong Kong-Macao Greater Bay Area [3][7]. - The offline inquiry phase saw a subscription multiple of 235.8 times, indicating strong investor confidence in the project's investment value [3][7]. Group 2: Strategic Importance - The listing of the Huaxia Anbo Warehousing REIT reflects Anbo's commitment to leveraging financial innovation to support the real economy and demonstrates foreign capital's accelerated entry into the Chinese public REITs market [4][9]. - The underlying assets of the REIT include three high-quality logistics warehousing projects located in key logistics hubs of the Greater Bay Area, designed and managed to international standards [4][9]. Group 3: Market Outlook - The robust growth of the Chinese consumer market is a fundamental driver for the development of the warehousing logistics industry, with Anbo maintaining a positive outlook on the growth potential in China [4][9]. - The successful issuance of the REIT provides an efficient investment tool for ordinary investors and enriches the asset types available in China's public REITs, contributing to the modernization of logistics infrastructure and supporting sustained economic growth [5][9]. Group 4: Long-term Commitment - Anbo aims to continue its long-term investment strategy in the Chinese market, utilizing its global resources and international operational experience to develop future-oriented logistics infrastructure and sustainable solutions [5][10].

Group 1 - The core viewpoint of the article is that the launch of Huaxia Anbo Warehouse REIT (180306) on December 19 will provide an efficient investment tool for ordinary investors and enrich the asset types of public REITs in China, enhancing overall market scale and vitality [1] - Huaxia Anbo Warehouse REIT is a collaboration between Anbo, Huaxia Fund, and CITIC Securities, with its underlying assets consisting of three high-quality warehouse logistics projects located in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The three assets are designed and managed according to international leading standards, showcasing high maturity and good operational status, making this REIT unique as it is the only one with all assets located in the Greater Bay Area [1] Group 2 - Anbo is a global leader in logistics and warehouse facility investment and operations, with a network covering 20 countries across four continents, serving as a key hub in the global economy [2] - The management team of Anbo, along with the expertise of CITIC Securities and Huaxia Fund in the warehouse logistics REIT sector, provides a solid foundation for the long-term stable operation of Huaxia Anbo Warehouse REIT [2] - The robust development of China's consumer market is a fundamental driver for the growth of the warehouse logistics industry, with trends in urban integration expected to continue boosting demand for high-standard warehouse logistics facilities [2]

Group 1 - The total issuance scale of public funds in November 2025 was approximately 966.16 billion yuan, showing a year-on-year decrease of 35.12% but a month-on-month increase of 29.9% [2][10] - A total of 136 fund products were issued in November, excluding transformed and subdivided funds [2][10] - The largest issuance was from equity funds, which reached 306.69 billion yuan, followed by mixed funds at 240 billion yuan and bond funds at 216.66 billion yuan [5][6] Group 2 - The top three funds by issuance scale were: 1. E Fund Ruiying An 6-Month Holding with 58.48 billion yuan, a mixed FOF fund [6][7] 2. Great Wall Yuanli with 52.51 billion yuan, a medium to long-term pure bond fund [6][7] 3. E Fund Industry Selection with 31.62 billion yuan, a mixed equity fund [6][7] - Notable fund companies with high issuance numbers included E Fund, Huaxia Fund, and Tianhong Fund [8] Group 3 - In November, 12 funds announced extensions for their fundraising periods, including products from China Ocean Fund and Fortune Fund [9][10]