今年上半年高歌猛进的REITs，下半年突然掉头向下，二级市场价格指数自高点回撤近8%，一级市场也 逐渐降温。在多位受访人士看来，这是估值回归、资金偏好变化、解禁潮等多重因素导致的结果。然 而，压力中也蕴藏转机，市场的短期调整正在有效挤出泡沫，促使投资逻辑回归本源，未来投资的主逻 辑将更聚焦底层资产的真实质量，推动市场迈向更理性、更成熟的发展新阶段。 公募REITs二级市场持续承压 Choice数据显示，中证REITs全收益指数从2024年12月触及925.46的低点后，便开启一轮强势反弹，到 今年6月达到1124.91的高点，其间涨幅达21.55%，成为表现较为亮眼的资产类别之一。但进入下半年， 市场调头向下步入震荡走低通道，截至11月24日，中证REITs全收益指数自前期高点回撤近8%。 晨星中国基金研究中心高级分析师李一鸣对上海证券报记者表示，公募REITs二级市场行情先扬后抑， 前半段上涨行情的主要动力缘于低利率背景下的配置需求爆发，10年期国债收益率、LPR等连续下调， 具备4%至6%现金分派率和强制分红机制的公募REITs成为资金"避风港"。首批数据中心项目REITs的落 地则进一步推升了市场热度。 ...

投资逐渐回归理性 有机构称，展望2026年，公募REITs项目经营仍将波动与分化。二级市场方面，作为高股息含权资产的 公募REITs仍具备较好的配置价值，在基本面未有明显变化条件下，利率、资金配置需求以及事件因素 或仍主导市场。机构建议关注基本面有韧性、高景气度或短期有改善预期的项目，如数据中心、消费、 保租房及部分高速等，把握估值回调后逢低吸纳机会 ◎记者 聂林浩 REITs行情"先扬后抑" 打新策略的收益效应也有所减弱。以最新上市的中信建投沈阳国际软件园REIT为例，其在上市首日盘 中一度破发，每份额的开盘价为3.661元，盘中曾跌至3.59元，截至收盘才回升至3.66元。截至11月20 日，每份额的收盘价为3.588元，仍在开盘价以下。10月末上市的华夏中海商业REIT在上市首日的涨幅 仅为3.29%，华夏凯德商业REIT于9月29日上市，首日涨幅为12.63%。 据统计，截至11月21日，今年以来上市的19只公募REITs中，除上述3只产品外，其余16只在上市首日 录得涨停或涨幅超20%。 二级市场的降温也导致投资者情绪趋于谨慎，部分资金开始转向更具性价比的资产类别。同时，产业园 区类REITs受区域 ...

Market Overview - The bond market maintained a volatile trend during the week of November 10-14, 2025, with the 1-year government bond yield rising by 0.59 basis points to 1.41%, the 10-year yield remaining flat at 1.81%, and the 30-year yield decreasing by 1.00 basis points to 2.15% [3][16] - The third quarter monetary policy execution report indicated a shift towards further easing, but rising inflation data tempered expectations for additional monetary easing, leading to a continuation of the short-term volatile market [3][16] Public Fund Market Dynamics - The issuance of the Huaxia Anbo Warehousing REIT was highly successful, selling out in one day, indicating strong market demand for such assets [4][20] Fund Index Performance Tracking - The Money Enhancement Index rose by 0.03% last week, with a cumulative return of 4.30% since inception [5][21] - The Short-term Bond Fund Index also increased by 0.03%, achieving a cumulative return of 4.48% since inception [6][21] - The Mid-to-Long-term Bond Fund Index saw a rise of 0.07%, with a cumulative return of 6.82% since inception [7][21] - The Low Volatility Fixed Income + Fund Index increased by 0.07%, with a cumulative return of 4.78% since inception [8][21] - The Medium Volatility Fixed Income + Fund Index rose by 0.04%, achieving a cumulative return of 6.12% since inception [9][21] - The High Volatility Fixed Income + Fund Index decreased by 0.06%, with a cumulative return of 8.11% since inception [10][21] - The Convertible Bond Fund Index rose by 0.03%, with a cumulative return of 23.54% since inception [11][21] - The QDII Bond Fund Index increased by 0.08%, achieving a cumulative return of 10.35% since inception [12][21] - The REITs Fund Index rose by 1.67%, with a cumulative return of 33.81% since inception [13][21]

1. Report Industry Investment Rating - The report indicates that the current bond market has more opportunities than risks, especially from November to December [11]. 2. Core Viewpoints - Last week (2025.11.10 - 2025.11.14), the domestic bond market maintained an overall volatile pattern. The yield of 1 - year Treasury bonds rose by 0.59BP to 1.41%, the yield of 10 - year Treasury bonds remained flat at 1.81%, and the yield of 30 - year Treasury bonds fell by 1.00BP to 2.15%. The change in the wording of the third - quarter monetary policy implementation report towards further easing and the warming of inflation data led to a cooling of expectations for further monetary policy easing, resulting in a short - term continuation of the volatile pattern in the bond market [2][10]. - The US bond yield increased last week. The 1 - year US bond yield rose by 7BP to 3.70%, the 2 - year US bond yield rose by 7BP to 3.62%, and the 10 - year US bond yield rose by 3BP to 4.14%. The increasingly hawkish attitude of Fed officials led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part of Huaxia Anbo Warehouse REIT, which was launched on November 11, exceeded the initial fundraising scale limit in one day and started the proportional placement [12][13]. 3. Summary by Directory 3.1. Pan - fixed - income Market Review and Observation - **Domestic Bond Market**: The domestic bond market was volatile last week. The change in the monetary policy report's wording and the warming of inflation data affected the market. In the long term, the downward breakthrough of long - term yields depends on economic data and investors' risk preferences. Overall, the bond market from November to December has more opportunities than risks [10][11]. - **US Bond Market**: The US bond yield increased last week. The hawkish attitude of Fed officials and the under - expected auction yield of 10 - year US Treasury bonds led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - **REITs Market**: The CSI REITs Total Return Index rose by 0.86% last week, with the transportation, affordable housing, consumption, and warehousing and logistics sectors leading the rise, while the municipal environmental protection and data center sectors falling. The issuance of Huaxia Anbo Warehouse REIT was very popular [12]. 3.2. Public Fund Market Dynamics - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part exceeded the initial fundraising scale limit in one day, and the public investor subscription confirmation ratio was 5.83%, while the offline investor confirmation ratio was as low as 0.68% [12][13]. 3.3. Pan - fixed - income Fund Index Performance Tracking - **Performance Statistics**: - The money enhancement index rose by 0.03% last week, with a cumulative return of 4.30% since its establishment [4]. - The short - term bond fund selection index rose by 0.03% last week, with a cumulative return of 4.48% since its establishment [4]. - The medium - and long - term bond fund selection index rose by 0.07% last week, with a cumulative return of 6.82% since its establishment [4]. - The low - volatility fixed - income + fund selection index rose by 0.07% last week, with a cumulative return of 4.78% since its establishment [4]. - The medium - volatility fixed - income + fund selection index rose by 0.04% last week, with a cumulative return of 6.12% since its establishment [4]. - The high - volatility fixed - income + fund selection index fell by 0.06% last week, with a cumulative return of 8.11% since its establishment [4]. - The convertible bond fund selection index rose by 0.03% last week, with a cumulative return of 23.54% since its establishment [4]. - The QDII bond fund selection index rose by 0.08% last week, with a cumulative return of 10.35% since its establishment [4]. - The REITs fund selection index rose by 1.67% last week, with a cumulative return of 33.81% since its establishment [4]. - **Index Positioning**: - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly, and mainly allocates money market funds and inter - bank certificate of deposit index funds [17]. - **Short - term Bond Fund Selection Index**: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities [19]. - **Medium - and Long - term Bond Fund Selection Index**: Aims to obtain stable returns by investing in medium - and long - term pure bond funds, controls drawdowns, and tries to obtain excess returns relative to the medium - and long - term bond fund index. It selects funds with both returns and drawdown control, and flexibly adjusts the duration and the proportion of credit bond funds and interest rate bond funds according to market conditions [21]. - **Low - volatility Fixed - income + Selection Index**: The equity center is positioned at 10%, and 10 funds are selected each period. It focuses on selecting fixed - income + targets with an equity center within 15% in the past three years and recently, and emphasizes the holding experience [22]. - **Medium - volatility Fixed - income + Selection Index**: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently, and focuses on the performance - risk cost - effectiveness [25]. - **High - volatility Fixed - income + Selection Index**: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently, and focuses on selecting targets with strong stock - picking ability and certain offensiveness on the equity side [26][29]. - **Convertible Bond Fund Selection Index**: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. - **QDII Bond Fund Selection Index**: Selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds to form the index [33]. - **REITs Fund Selection Index**: Selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types of REITs to form the index [34].

1. Report Industry Investment Rating The document does not provide an investment rating for the industry. 2. Core View of the Report This week, the public offering REITs market saw a slight increase, with a decrease in trading volume. Both the equity - type and franchise - type public offering REITs indices rose. There are 23 public offering REITs funds awaiting listing, and the market is expected to continue expanding. In the context of asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][4][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: Slight Increase in the Public Offering REITs Market This Week - **Market Index Performance**: As of November 14, 2025, the China Securities REITs Index rose 0.82% to 818.17 compared to last week, and the China Securities REITs Total Return Index was 1050.45, up 0.86% from last week [9]. - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 710 million shares, a 3.14% week - on - week decline, and the trading amount was 2.844 billion yuan, a 1.15% week - on - week decline. The market turnover rate was 2.83%, down from 2.96% last week [11]. - **Index Performance by Asset Type**: Equity - type and franchise - type public offering REITs indices rose by 0.68% and 0.31% respectively. Among them, transportation infrastructure REITs had the highest increase, and municipal facilities REITs had the highest decline [4][14]. - **Trading Volume and Turnover by REITs Type**: Most types of public offering REITs saw an increase in trading volume and turnover. Water conservancy facilities, new infrastructure, warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had increased trading volume, while others decreased. The daily average turnover rate of some types also changed accordingly [19][21]. - **Single - Product Performance**: Among the 77 public offering REITs, 56 rose, 20 fell, and 1 remained unchanged. The top - rising products included Zhongjin Shandong Hi - Speed Group Expressway REIT, etc., and the top - falling products included Huatai Zijin Nanjing Jianye Industrial Park REIT, etc. [23]. 3.2 Primary Market: 23 Public Offering REITs Funds Awaiting Listing - **Issuance Situation**: As of November 14, 2025, a total of 77 public offering REITs had been issued, with a total issuance scale of 198.1 billion yuan. In 2025, 18 public offering REITs were issued, 2 in October, and none in November [3][30]. - **Pending Listings**: There are 23 public offering REITs funds awaiting listing, including 10 for initial offerings and 13 for expansion. In terms of project status, 10 have passed, 7 have been feedback, 4 have been questioned, and 2 have been accepted [32]. 3.3 Public Offering REITs Policies and Market Dynamics - **Xiamen Anju Group's Plan**: On November 12, Xiamen Anju Group announced plans to use enterprise - bond investment projects as underlying assets for the expansion of Zhongjin Xiamen Anju REIT. The application materials have been officially accepted by the CSRC and the Shanghai Stock Exchange [35][36]. - **NDRC's Recommendation**: As of November 12, the National Development and Reform Commission has recommended 105 REITs projects to the CSRC, with 83 successfully listed, raising 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [37]. - **Early End of Subscription for Huaxia Anbo Warehouse REIT**: On November 12, Huaxia Anbo Warehouse REIT announced the early end of the public - investor subscription and proportionate allocation due to over - subscription [38]. 3.4 Investment Suggestions This week, the REITs index rose slightly, and the trading volume decreased. The market is expected to continue expanding. In the context of asset shortage, public offering REITs have high dividends and medium - low risks, with high allocation cost - performance [4][40].

Core Viewpoint - The 华夏安博仓储 REIT experienced a highly successful issuance, selling out in one day and initiating a proportional allocation for investors, indicating strong market confidence in logistics assets in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4][6]. Summary by Sections Issuance and Subscription Details - The public investor subscription confirmation ratio for 华夏安博仓储 REIT was 5.83%, with offline investors at a low of 0.68%, reflecting high demand [4][6]. - The total effective subscription amount reached 617.2682 million shares, exceeding the initial fundraising cap, leading to an early closure of the fundraising period [4][6]. - The subscription price was set at 6.121 yuan per share, with a total expected fundraising amount of 2.4484 billion yuan [6]. Market Performance - The 中证 REITs total return index rose by 0.86% this week, showing signs of stabilization in the secondary market [3][8]. - As of November 14, the index closed at 1050.45 points, with a year-to-date increase of 8.53% despite a previous decline of over 6.6% since June [8]. - Among the 77 listed public REITs, 56 saw weekly gains, particularly in sectors like parks, highways, rental housing, and logistics [8][11]. Notable Performers - The top performer for the week was 中金联东科创 REIT, with a weekly increase of 6.24%, followed by 中金山东高速 REIT and 招商基金蛇口租赁住房 REIT with increases of 5.18% and 4.10%, respectively [11]. - Several REITs have shown significant annual gains, with 9 exceeding 30% growth, and 嘉实物美消费 REIT surpassing 50% [11].

Core Viewpoint - The article discusses various convertible bonds, their current prices, redemption prices, last trading dates, conversion values, remaining scales, and their proportion to the underlying stocks, highlighting the investment landscape for these financial instruments [1][3][5]. Group 1: Convertible Bonds Overview - Wei Ning Convertible Bond (卫宁转债) will not undergo adjustments, with the last trading day set for December 9, 2025 [1]. - The Z Tong Cheng Convertible Bond (Z彤程转) has a current price of 125.708, with a redemption price of 101.440 and a conversion value of 126.17 [3]. - The Z Sheng 24 Convertible Bond (Z升24转) is priced at 113.184, with a redemption price of 100.168 and a conversion value of 113.67 [3]. - The Luo Kai Convertible Bond (洛凯转债) is currently at 126.615, with a redemption price of 100.038 and a conversion value of 125.05 [3]. - The Chen Feng Convertible Bond (晨丰转债) has a current price of 161.169, with a redemption price of 100.616 and a conversion value of 161.39 [3]. - The Zhong Jin Convertible Bond (中金转债) is priced at 126.333, with a redemption price of 100.700 and a conversion value of 126.81 [3]. - The Heng Bang Convertible Bond (恒邦转债) is currently at 122.680, with a redemption price of 100.280 and a conversion value of 122.79 [3]. - The Qi Bin Convertible Bond (旗滨转债) has a current price of 125.607, with the last trading day yet to be announced and a conversion value of 126.15 [3]. Group 2: Additional Convertible Bonds Information - The Feng Huo Convertible Bond (烽火转债) is priced at 110.722, with a redemption price of 106.000 and a conversion value of 111.15 [5]. - The Eagle 19 Convertible Bond (鹰19转债) has a current price of 116.589, with a redemption price of 111.000 and a conversion value of 103.41 [5]. - The Hong Da Convertible Bond (鸿达退债) is priced at 12.556, with a redemption price of 118.000 and a conversion value of 3.07 [5].

Group 1 - The controlling shareholder's concerted action party of Yinxin Technology plans to reduce its stake by no more than 1% [1] - The conversion price of Lanfang Convertible Bond has been lowered by 0.5 yuan [1] - The Spring 23 Convertible Bond is subject to strong redemption [1] Group 2 - Taiping Convertible Bond, Honglu Convertible Bond, and Xinhai Convertible Bond will not undergo price adjustments [1][2] - The announcement details for various convertible bonds include their current prices, redemption prices, last trading dates, and conversion values [4][6] - The remaining scale and market value ratios of several convertible bonds are provided, indicating their liquidity and market presence [4][6]

Core Insights - The launch of the Huaxia Anbo Warehousing REIT (Fund Code: 180306) is scheduled for November 11-12, 2025, with a total fundraising target of 2.4484 billion yuan [1] - The underlying assets consist of three high-quality logistics projects located in the Guangdong-Hong Kong-Macao Greater Bay Area, which is characterized by strong demand for warehousing logistics [1][2] - The REIT has received significant interest from institutional investors, with a total of 198.1 billion shares requested during the offline inquiry phase, indicating a 235.8 times oversubscription compared to the initial offline offering [1] Company Insights - Anbo (Prologis, L.P.) is a leading global logistics real estate investment and management firm, operating in 20 countries with a total managed area of 121 million square meters [2] - Anbo China has established a significant presence in the logistics infrastructure sector in China, managing 44 logistics centers across 24 core cities with a total asset reserve of approximately 5.3 million square meters [2] - The collaboration between Huaxia Fund and CITIC Securities, both experienced in managing warehousing logistics REITs, is expected to support the stable operation and growth of the Huaxia Anbo Warehousing REIT [2] Industry Insights - The rise of warehousing logistics REITs aligns with China's economic transformation and the development of a modern circulation system [3] - Such products provide investors with convenient tools to participate in logistics infrastructure development while optimizing capital allocation [3] - The successful issuance of the Huaxia Anbo Warehousing REIT exemplifies financial innovation serving the real economy and sets a precedent for international companies to engage deeply in China's capital market [3]

Group 1: Industry Dynamics - Huaxia Anbo Warehousing REIT will initiate offline inquiry on October 30, with a price range of 5.103 to 6.235 yuan per share, and a total issuance of 400 million shares approved by the China Securities Regulatory Commission [1][7]. - The initial strategic placement will account for 280 million shares, representing 70% of the total issuance, while 84 million shares will be offered in the initial offline issuance (21%) and 36 million shares to public investors (9%) [1][7]. Group 2: Primary Market - As of October 24, 2025, the total issuance scale of listed REITs reached 196.6 billion yuan, with 75 REITs issued [8][9]. Group 3: Market Performance - During the week of October 20 to October 24, 2025, the CSI REITs total return index increased by 0.16%, while the total REITs index rose by 0.35% [2][17]. - The total REITs index underperformed the CSI 300 index by 2.89 percentage points but outperformed the CSI All Bond Index by 0.33 percentage points [2][17]. - The top-performing REITs included ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Easy Business Warehousing Logistics REIT (+3.58%), and Shanghai-Hangzhou-Ningbo Hanghui REIT (+3.23%) [2][17]. Group 4: Liquidity - The total trading volume of REITs for the week was 544 million yuan, a 31.3% increase from the previous week [3][38]. - The trading volumes for property and operating rights REITs were 350 million yuan and 194 million yuan, respectively, with both showing similar increases of around 31% [3][38]. - The largest trading volume among REIT types was in transportation infrastructure, accounting for 18.9% of the total [3][38]. Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the valuation of REITs [44].