Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with the weighted REITs index closing at 183.91 and a return rate of -0.47% during the period from September 29, 2025, to October 10, 2025 [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Convertible Bonds > A-shares > Pure Bonds > REITs > US Stocks > Crude Oil [4] REIT Performance - Both property rights and franchise REITs experienced price declines in the secondary market, while municipal facilities and new infrastructure REITs saw price increases [5] - The top three performing underlying asset types in terms of return rates were municipal facilities, new infrastructure, and ecological environmental REITs [5] - Out of the publicly listed REITs, 17 increased in value, 1 remained unchanged, and 57 decreased in value during the period [5] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, Huaan Waigaoqiao REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Trading Activity - The total trading volume for publicly listed REITs was 1.78 billion yuan, with the average daily turnover rate at 0.45% [5] - The top three REITs by trading volume were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were also Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Guojin China Railway Construction REIT [5] Net Inflow and Block Trading - The total net inflow from major investors was 9.83 million yuan, indicating a decrease in market trading enthusiasm compared to the previous period [6] - The top three REITs by net inflow were in the categories of consumer infrastructure, new infrastructure, and ecological environmental REITs [6] - The total amount of block trading reached 431 million yuan, which is a decrease from the previous period, with the highest single-day block trading amount being 184.8 million yuan on October 9, 2025 [7] New Listings - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.287 billion yuan [8] - Two REIT projects had their status updated during this period [8]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, the public - offering REITs market fluctuated and rose. The trading volume and turnover rate of most types of public - offering REITs declined, while most products increased. The market is expected to continue to expand, and its activity is expected to further improve. In the context of the asset shortage, public - offering REITs have the advantages of high dividends and medium - low risks, with a relatively high allocation cost - performance [2][5]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public - Offering REITs Market Fluctuated and Rose - **Index Performance**: As of September 5, 2025, the China Securities REITs Index rose 0.03% from last week to 847.13, and the China Securities REITs Total Return Index rose 0.47% to 1078.42 [11]. - **Trading Volume and Turnover**: The total trading volume of the REITs market this week was 619 million shares, a month - on - month decrease of 13.31%. The trading volume was 2.78 billion yuan, a month - on - month decrease of 12.74%. The interval turnover rate was 2.73%, compared with 3.22% last week [12]. - **Index Differentiation**: The indices of equity - type public - offering REITs and franchise - type public - offering REITs were differentiated. Equity - type public - offering REITs rose 0.68%, and franchise - type public - offering REITs fell 0.49%. Among them, the guaranteed rental housing - type REITs had the highest increase, and the municipal facilities - type REITs had the highest decrease [14]. - **Trading Volume and Turnover Rate of Different Types**: The trading volume of most types of public - offering REITs declined this week. The turnover rate of most types also decreased compared with last week [22][23]. - **Single - Target Performance**: Among the 73 public - offering REITs, 40 rose, 2 were flat, and 31 fell. The top - gainers included China Asset Management Hefei High - tech Industrial Park REIT, Huaan Bailian Consumption REIT, and China Asset Management Jinyu Zhizao Factory REIT, with weekly increases of 3.6%, 3.4%, and 3.0% respectively. The top - losers included Huatai Jiangsu Expressway REIT, Ping An Guangzhou Expressway REIT, and E Fund Guangzhou Development Zone High - tech Industrial Park REIT, with weekly decreases of 7.3%, 3.6%, and 2.9% respectively [25]. 3.2 Primary Market: 23 Public - Offering REITs Funds are Waiting to be Listed - **Issuance in 2025**: As of September 5, 2025, a total of 74 public - offering REITs had been issued, with a total issuance scale of 194.5 billion yuan. Among them, 29 REITs were issued in 2024, with a total issuance scale of 64.6 billion yuan. Since 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [31]. - **Pending Listings**: As of September 5, 2025, 23 public - offering REITs funds were waiting to be listed, including 12 initial offerings and 11 expansions. In terms of project status, 10 were approved, 7 had feedback, 5 were under inquiry, and 1 was accepted [33]. 3.3 Public - Offering REITs Policies and Market Dynamics - **Policy Support**: On September 4, the State Council issued a document supporting the issuance of public - offering REITs for eligible sports venue facilities [36]. - **Dividend Information**: On September 4, Huaan Waigaoqiao REIT announced its first dividend in 2025, with an available distribution amount of 45.1671 million yuan [38]. - **New Product Launch**: On September 6, it was reported that the first foreign - funded consumption REIT, China Asset Management CapitaLand Commercial REIT, would be officially launched from September 9 to 10, 2025. The offering price was 5.718 yuan per share, and the proposed total fundraising was 2.2872 billion yuan. During the offline inquiry stage, the subscription amount was 254.50 times the initial offline offering shares, setting a new high for consumption REITs [39][40]. 3.4 Investment Recommendations - **Index and Market Performance**: This week, the REITs index rose. The China Securities REITs Index and the China Securities REITs Total Return Index rose 0.03% and 0.47% respectively from last week. The trading volume of the public - offering REITs market decreased. The equity - type public - offering REITs index rose 0.68% from last week, and the franchise - type public - offering REITs index fell 0.49% [5]. - **Market Outlook**: Since this year, 15 public - offering REITs have been established, with a total scale of over 30 billion yuan. In addition, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with its activity expected to further improve. Currently, in the context of the asset shortage, public - offering REITs have high dividends and medium - low risks, with a relatively high allocation cost - performance [5].

Group 1 - The core viewpoint of the article highlights a significant increase in market activity, with the CSI REITs total return index rising by 14.29% in the first half of 2025, driven primarily by consumer REITs, particularly the Jiashi Wumei Consumer REIT, which led the market with a 50.21% increase [1][2][4] - The overall growth of the REITs market in the first half of 2025 is closely linked to the emphasis on consumer infrastructure REITs, as outlined in the State Council's "Special Action Plan to Boost Consumption," which supports the issuance of consumer infrastructure REITs [4][6] - The average increase in consumer REITs for the year reached 35.00%, significantly outperforming other types, with notable performers including Jiashi Wumei Consumer REIT and Huaxia Dayuecheng Commercial REIT, both achieving over 40% growth [6][4] Group 2 - The rental housing sector has seen a strong performance, with the eight listed rental housing REITs averaging a 52.7% increase since their issuance, reflecting investor confidence bolstered by favorable policy guidance [5][6] - The average increase for warehouse logistics REITs was 17.34%, with leading projects like Huazhong Waigaoqiao REIT achieving a 31.74% increase, although the sector faced challenges due to weakened e-commerce demand [5][6] - The performance of industrial park REITs varied significantly, with industrial production REITs maintaining growth despite slight declines in occupancy rates, while research office parks struggled with an average occupancy rate of only 85.31% [5][4]