Market Performance - The public REITs secondary market experienced continued adjustments last week, with the CSI REITs index closing at 838 points, down 1.87% week-on-week, and the CSI REITs total return index down 1.74% to 1062.1 points [1][3] - The market has seen three consecutive weeks of declines since August, with only 9 out of 73 listed public REITs products showing an increase, while 64 experienced declines [1][3] Top Performers - The top three performing REITs for the week were: - CICC Chongqing Liangjiang REIT, up 2.33% - ICBC Hebei Expressway Group REIT, up 2.18% - CITIC Securities Mingyang Smart Energy REIT, up 1.38% [1][4] Bottom Performers - The three worst-performing REITs were: - CICC Xiamen Anju Affordable Rental Housing REIT, down 6.28% - Huatai Suzhou Hengtai Rental Housing REIT, down 6.18% - Huitianfu Shanghai Real Estate Rental Housing REIT, down 5.65% [5][4] Sector Analysis - The REITs market saw a broad decline across various sectors, with transportation and new infrastructure REITs experiencing smaller declines compared to others. The performance from high to low was as follows: - Transportation: -0.86% - New Infrastructure: -0.96% - Energy: -0.99% - Warehousing: -1.22% - Industrial Park: -1.23% - Municipal Environmental Protection: -1.89% - Consumer: -2.16% - Affordable Housing: -3.97% [3][5] Policy Developments - On August 16, the National Development and Reform Commission published an article supporting private investment projects to issue REITs, aiming to enhance the participation of private enterprises in major national projects [2][7] - The Huaxia Hubei Traffic Chutian Expressway REIT was accepted by the Shanghai Stock Exchange, marking it as the first traffic infrastructure REIT application for 2025 [2][8] Market Outlook - Analysts from Guotai Haitong Securities noted that the REIT market is under pressure due to a systemic reassessment of major asset classes, with expectations of continued pressure on the REIT market [6][5] - CICC also indicated that the REIT market is currently in a performance vacuum between quarterly reports, with potential opportunities for larger institutional funds to gradually enter the market [6]

1. Report Industry Investment Rating No relevant content found. 2. Core View of the Report This week, the public offering REITs market weakened, but the trading volume increased. The indices of both property - type and concession - type public offering REITs declined. There are 23 public offering REITs funds awaiting listing. The market is expected to continue expanding, and its activity is likely to further increase. In the context of an asset shortage, public offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [2][5][40]. 3. Summary by Relevant Catalogs 3.1 Secondary Market - The public offering REITs market weakened this week. The China Securities REITs Index and the China Securities REITs Total Return Index fell by 1.87% and 1.74% respectively compared to last week [2][10]. - The trading volume in the REITs market increased. The total trading volume was 861 million shares, a week - on - week increase of 24.78%, and the trading amount was 3.633 billion yuan, a week - on - week increase of 11.24%. The interval turnover rate this week was 3.83%, up from 3.18% last week [11]. - The indices of both property - type and concession - type public offering REITs declined, by 3.04% and 1.12% respectively. Among property - type REITs, only park infrastructure REITs rose by 3.21%, while others declined. Among concession - type REITs, all subtypes declined [13][17]. - The trading volume and turnover rate of most types of public offering REITs increased. The trading volume of consumer infrastructure, ecological environmental protection, park infrastructure, and other types of REITs increased, while that of new infrastructure, municipal facilities, and energy infrastructure REITs decreased. The turnover rate of some types increased, while that of others decreased [19][21]. - Most public offering REITs products declined. Among the 73 products, 9 rose and 64 fell. The top - gainers and top - losers are listed in the report, along with information on high - turnover and high - trading - volume products [23]. 3.2 Primary Market - As of August 22, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. 14 public offering REITs have been issued since 2025, and there were no new issuances in August 2025 [3][30]. - There are 23 public offering REITs funds awaiting listing, including 12 for initial offerings and 11 for expansions. In terms of project status, 8 have passed, 9 have been feedback, 4 have been questioned, and 2 have been accepted. By type, there are different numbers of various subtypes of industrial and concession - type REITs [32]. 3.3 Public Offering REITs Policies and Market Dynamics - The first transportation infrastructure public offering REITs of the year was filed. On August 18, Huaxia Hubei Jiaotou Chutian Expressway REIT was officially filed, and it was accepted on August 22 [35][36]. - Shenzhen Securities Regulatory Bureau aims to build an integrated investment - financing chain for public offering REITs to help Shenzhen become a national REITs market high - ground [37]. - Huaxia Shouchuang Outlet Mall REIT lifted its restricted shares, increasing the tradable shares to 528 million [38]. - Guotai Junan Lingang Innovation Industrial Park REIT raised 1.723 billion yuan through expansion [39]. 3.4 Investment Suggestions - This week, the REITs index weakened, but the trading amount increased. Park infrastructure REITs had the highest increase, while consumer infrastructure REITs had the highest decline [5][40]. - 14 public offering REITs have been established this year, with a total scale exceeding 25 billion yuan. With 23 REITs funds awaiting listing, the market is expected to expand, and its activity is likely to increase. Public offering REITs have high - dividend and medium - low - risk advantages, with a relatively high allocation cost - performance [5][40].

Group 1 - The overall secondary market for public REITs experienced a downward trend this week, despite a strong stock market, with increased trading activity compared to the previous week [1][2] - The CSI REITs total return index fell by 1.74% week-on-week, while the REITs index decreased by 1.55% [2] - Various project types saw declines, with property rights down by 1.93% and franchise rights down by 1.10% [3] Group 2 - Among the 74 public REITs listed, only 9 saw an increase, with notable performers including China International Capital Corporation Chongqing Liangjiang REIT and Industrial Bank Galaxy North Expressway REIT, both rising over 1% [4][5] - Conversely, 64 products experienced declines, with China International Capital Corporation Xiamen Anju REIT and Huatai Suzhou Hengtai Rental Housing REIT dropping over 6% [6] Group 3 - The total transaction amount for REITs this week was 3.633 billion yuan, with a rebound in trading activity [6] - The newly listed Southern Universal Data Center REIT showed high trading activity, with an average turnover rate of 3.02% [6] Group 4 - The recent strength in the equity market, with the Shanghai Composite Index surpassing 3,800 points, has negatively impacted the REITs market, which is closely linked to the bond market [7] - A significant portion of public REITs' strategic placement shares will be unlocked from September to December 2025, totaling 3.83 billion shares, which may lead to selling pressure [7] Group 5 - The first public REIT for transportation infrastructure this year, Huaxia Hubei Traffic Chutian Expressway REIT, has been officially filed [8] - Hubei Province has actively promoted the issuance of public REITs, with a total of 8 REITs issued, raising 24 billion yuan, ranking among the top in the country [8]

Core Viewpoint - The public REITs market in China experienced a downward trend this week, despite a strong performance in the stock market, with overall trading activity increasing compared to the previous week [2][3]. Market Performance - The CSI REITs Total Return Index fell by 1.74% this week, while the REITs Index decreased by 1.55% [4]. - Year-to-date performance shows a decline of 3.64% for the CSI REITs Total Return Index and 3.88% for the closing index [5]. - All categories of REITs saw declines, with property rights down by 1.93% and concession rights down by 1.10% [5]. Sector Analysis - The performance of various sectors is as follows: - Industrial parks down by 1.41% - Warehousing and logistics down by 1.23% - Ecological and environmental protection down by 1.05% - Highways down by 0.78% - Energy down by 1.19% - Affordable rental housing down by 4.52% - Consumer sector down by 1.89% - Municipal sector down by 2.61% - Water conservancy down by 3.44% - Data centers down by 0.75% [5]. Individual REITs Performance - Among the 74 public REITs listed, only 9 saw an increase, with notable performers including: - China International Capital Corporation Chongqing Liangjiang REIT up by 2.33% - ICBC Hebei Expressway REIT up by 2.18% - CITIC Securities Mingyang Intelligent New Energy REIT up by 1.38% - Guotai Junan Dongjiu New Economy REIT up by 1.36% [6][7]. - Conversely, 64 REITs experienced declines, with the largest drops seen in: - China International Capital Corporation Xiamen Anju REIT down by 6.28% - Huatai Suzhou Hengtai Rental Housing REIT down by 6.18% - Huatai Shanghai Real Estate Rental Housing REIT down by 5.65% [8]. Trading Activity - Total trading volume for REITs this week was 3.633 billion yuan, with an increase in trading activity compared to the previous week [8]. - The newly listed Southern WanGuo Data Center REIT had a high trading activity with an average turnover rate of 3.02% [8]. Market Outlook - Analysts suggest that the recent strength in the equity market, with the Shanghai Composite Index surpassing 3,800 points, has negatively impacted the REITs market, which is closely linked to the bond market [9]. - A significant portion of public REITs will face a large-scale unlock of strategic placement shares from September to December 2025, totaling 3.83 billion shares, which may lead to selling pressure, particularly in the park infrastructure and transportation infrastructure categories [9]. New REITs Filing - The first public REIT for transportation infrastructure this year, Huaxia Hubei Traffic Chutian Expressway REIT, has been officially filed, marking a significant development in the REITs landscape [11].

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]