Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 180.47 and a weekly return of -0.86% [4] - Compared to other major asset classes, the return rates ranked as follows: US stocks > A-shares > convertible bonds > crude oil > pure bonds > gold > REITs [4] - Among different asset types, water conservancy REITs showed the highest increase, while both property and franchise REITs saw price declines [4] Individual REIT Performance - A total of 17 REITs increased in value, 2 remained stable, and 58 experienced declines during the week [4] - The top three performing REITs in terms of growth were 华夏基金华润有巢REIT, 易方达深高速REIT, and 华泰南京建邺REIT [4] - The trading volume for public REITs reached 1.96 billion yuan, with an average daily turnover rate of 0.38% [4] Trading Activity - The top three REITs by trading volume were 华夏基金华润有巢REIT, 中金普洛斯REIT, and 华夏中国交建REIT [5] - The total net inflow for the week was 22.05 million yuan, indicating increased market trading enthusiasm compared to the previous week [5] - The leading categories for net inflow were transportation infrastructure, consumer infrastructure, and new infrastructure REITs [5] Bulk Trading - The total amount of bulk trading reached 214.55 million yuan, showing a decrease from the previous week [5] - The highest single-day bulk trading amount was 84.80 million yuan on December 2, 2025 [5] New Listings - No new REIT products were launched during the week [6] Project Status Update - One REIT product had its project status updated during the week [7]

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the REITs index fell 1.0% throughout the week, with average weekly price changes of -0.8% for equity - type REITs and -1.1% for franchise - type REITs. In terms of the weekly price changes of major indices, CSI 300 > CSI Convertible Bond Index > CSI Aggregate Bond Index > CSI REITs Index. As of December 5, 2025, the dividend yield of equity - type REITs was 14 BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 274 BP. After nearly five months of continuous volatile corrections, the allocation value of current REITs has been significantly enhanced [1]. Summary by Relevant Catalogs Secondary Market Trends - As of December 5, 2025, the closing price of the CSI REITs (closing) index was 801.18 points, with a price change of -1.0% for the week (December 1 - 5, 2025), performing worse than the CSI 300 index (+1.3%), the CSI Convertible Bond Index (+0.1%), and the CSI Aggregate Bond Index (-0.3%). Year - to - date, the price change rankings of major indices were: CSI 300 (+16.5%) > CSI Convertible Bond Index (+16.3%) > CSI REITs Index (+1.5%) > CSI Aggregate Bond Index (+0.4%) [2][6]. - In the past year, the return rate of the CSI REITs index was 4.9%, with a volatility of 7.5%. The return rate 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; the 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. The total market value of REITs on December 5 was 217.8 billion yuan, a decrease of 2.1 billion yuan from the previous week; the average daily turnover rate for the whole week was 0.37%, a decrease of 0.13 percentage points from the previous week [2][8]. - Except for water conservancy facilities and new infrastructure, other types of REITs declined. In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were -0.8% and -1.1% respectively. In terms of different project types, the top three REITs in terms of weekly price increases were Huaxia Fund CR Land Youchao REIT (+2.12%), E Fund Shenzhen Expressway REIT (+1.18%), and Huatai Nanjing Jianye REIT (+1.08%) [3][12][16]. - New infrastructure REITs had the highest trading activity. New infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.6%; transportation infrastructure REITs had the highest trading volume proportion this week, accounting for 26.2% of the total REITs trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia CR Land Commercial REIT (9.1 million yuan), CICC Anhui Expressway REIT (6.83 million yuan), and Southern Runze Technology Data Center REIT (5.27 million yuan) [3][17][18]. Primary Market Issuance - From the beginning of the year to December 5, 2025, there were 3 REIT products in the exchange at the accepted stage, 1 at the declared stage, 2 at the in -quired stage, 5 at the feedback stage, 6 products that had passed and were waiting to be listed, and 14 first - issued products that had passed and were already listed [20]. Valuation Tracking - REITs have both bond and equity characteristics. From the bond perspective, under the constraint of mandatory high dividends, the average annualized cash distribution rate of public - offering REITs was 6.39% as of December 5. From the equity perspective, the relative net asset value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. Different project types of REITs had different values for these indicators [22]. - Equity - type REITs and franchise - type REITs had significant differences in asset rights, income sources, term characteristics, and risk characteristics. As of December 5, 2025, the dividend yield of equity REITs was 14 BP lower than the average dividend yield of CSI Dividend Stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 274 BP [25]. Industry News - China Securities Regulatory Commission Chairman Wu Qing stated that REITs should be steadily developed during the "15th Five - Year Plan" period. This indicates that REITs development will face new opportunities [4][31]. - The first urban renewal - type REITs in China was launched in Beijing Yizhuang, with a scale of 753 million yuan. The underlying assets included Borun Industrial Park and the Economic Development Zone Auto Parts Industrial Park [4][31]. - Huaxia Fund announced the expansion and issuance of Huaxia Fund CR Land Youchao REIT, which was the second approved affordable rental housing REIT expansion project in China. The expansion adopted the original holder placement method, with a placement ratio of 0.9 shares for every 1 share of the fund, and the price was set at 2.53 yuan per share, with an estimated total raised funds of 1.1385 billion yuan [4][31].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From December 1, 2025, to December 5, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend, with a weighted REITs index return rate of - 0.86%. Compared with other mainstream large - category assets, REITs performed weakly. In the primary market, no new REITs products were listed, and the project status of one REITs product was updated [1][11]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **Large - category Asset Level**: The secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The returns of China's public REITs were - 0.86%, ranking behind other mainstream large - category assets such as US stocks, A - shares, convertible bonds, etc. [1][11] - **Underlying Asset Level**: Both the property - type and franchise - type REITs' secondary - market prices declined. Among different underlying asset types, water conservancy facilities REITs had the largest increase, and the top three in terms of return rate were water conservancy facilities, new infrastructure, and energy - type REITs [16][18] - **Single REIT Level**: Among 77 REITs, 17 rose, 2 remained flat, and 58 declined. The top three in terms of increase were Huaxia Fund CR Land Youchao REIT, E Fund Shenzhen Expressway REIT, and Huatai Nanjing Jianye REIT; the top three in terms of decline were Zheshang Shanghai - Hangzhou - Ningbo REIT, China Merchants Expressway REIT, and E Fund Huawei Market REIT [23] 3.1.2 Trading Volume and Turnover Rate - **Underlying Asset Level**: The trading volume of public REITs this week was 1.96 billion yuan, with an average daily turnover rate of 0.38%. The top three in terms of trading volume were transportation infrastructure, consumer infrastructure, and park infrastructure; the top three in terms of average daily turnover rate were ecological and environmental protection, affordable rental housing, and water conservancy facilities [24] - **Single REIT Level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaxia Fund CR Land Youchao REIT, CICC Puluosi REIT, and Huaxia China Communications Construction REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huaxia China Communications Construction REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, CICC Chongqing Liangjiang REIT, and Huatai Nanjing Jianye REIT [27] 3.1.3 Main Force Net Inflow and Block Trade Situation - **Main Force Net Inflow Situation**: The total net inflow of the main force this week was 22.05 million yuan, and the market trading enthusiasm increased compared with last week. The top three in terms of net inflow of different underlying asset REITs were transportation infrastructure, consumer infrastructure, and new infrastructure; the top three single - REITs in terms of net inflow were Huaxia CR Land Commercial REIT, CICC Anhui Expressway REIT, and Southern Runze Technology Data Center REIT [31] - **Block Trade Situation**: The total block - trade amount this week reached 214.55 million yuan, a decrease compared with last week. There were block - trade transactions on 4 trading days, with the highest single - day trading volume on December 2, 2025. The top three single - REITs in terms of block - trade amount were China Merchants Expressway REIT, CICC Chongqing Liangjiang REIT, and ICBC Hebei Expressway REIT [32] 3.2 Primary Market 3.2.1 Listed Projects As of December 5, 2025, there were 77 public REITs products in China, with a total issuance scale of 199.301 billion yuan. The transportation infrastructure category had the largest issuance scale, followed by the park infrastructure category. No new REITs products were listed this week [36][38] 3.2.2 Projects to be Listed There were 20 REITs in the to - be - listed state, including 13 first - issue REITs and 7 to - be - expanded REITs. The project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (first - issue) was updated to "accepted" [41][42]

Core Viewpoint - Huatai Securities Asset Management announced a change in leadership, with Cui Chun stepping down as chairman due to work changes, and General Manager Jiang Xiaoyang taking over the chairman duties [1] Group 1: Leadership Change - Cui Chun has over 20 years of experience in the financial industry and has been with Huatai Securities Asset Management since its establishment in 2015, contributing to significant growth in asset management scale and maintaining a leading industry ranking [2][3] - Jiang Xiaoyang has held various positions within Huatai Securities and joined Huatai Securities Asset Management in January 2024 [2] Group 2: Company Performance - Huatai Securities Asset Management, established in 1999, has developed a comprehensive product system covering equity investment, fixed income, multi-asset and FOF investment, asset securitization, REITs, and cross-border business [3] - As of June 30, 2025, the asset management scale reached 627.032 billion, a year-on-year increase of 23.92%, with public fund business exceeding 165.909 billion [3] - The semi-annual revenue surpassed 1.2 billion, with profits exceeding 700 million, positioning the company among the top in the brokerage asset management sector [3] Group 3: Business Development - Under Cui Chun's leadership, Huatai Securities Asset Management transformed its business model by obtaining public fund licenses and expanding its product offerings [4] - The company has been a leader in the issuance of asset-backed securities (ABS) and has completed several public REITs projects [4]

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]

Core Insights - The public REITs market has seen a significant price increase, with the total market capitalization surpassing 200 billion yuan for the first time, reaching 2019.9 billion yuan as of June 5 [2][8] - The market indices, including the CSI REITs closing index and the CSI REITs total return index, have shown year-on-year increases of 10.7% and 18.05% respectively [2] - The performance of different asset types indicates that transportation infrastructure and municipal water conservancy REITs have outperformed others [1][2] Market Performance - As of June 6, the CSI REITs total return index rose by 1.58%, while the closing index increased by 1.55% [1] - The REITs total index outperformed the CSI 300 index by 0.69 percentage points and the CSI All Bond Index by 1.41 percentage points, but underperformed the Nanhua Commodity Index by 0.24 percentage points [1] - Among the 66 listed REITs, 54 experienced a week-on-week increase, with the top three performers being highway REITs: China Merchants Highway REIT (+7.96%), Huatai Jiangsu Expressway REIT (+5.90%), and Ping An Ningbo Traffic REIT (+5.84%) [3][1] Asset Type Performance - The property-type REITs saw a 0.9% increase, while operating rights-type REITs rose by 3.2% [2] - The total return indices for various sectors showed significant gains, particularly in highways (+3.34%), municipal environmental protection (+1.67%), and consumption (+1.38%) [2] Trading Activity - The trading volume for public REITs reached 20.9 billion yuan last week, with water conservancy REITs leading in average turnover rates [6] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Bosera Shekou Industrial Park REIT, and Huaxia China Communications Construction REIT [6] Policy and Regulatory Developments - Recent policy developments include a notification from the Shanghai Development and Reform Commission aimed at enhancing project reserves and promoting the quality and expansion of infrastructure REITs [8] - Four new projects submitted feedback to regulatory inquiries, with all experiencing valuation adjustments [8][9] - Notable valuation adjustments included a 7.1% decrease for Chuangjin Hexin Shifang Industrial Park REIT and an 11.4% decrease for Nanfang Runze Technology Data Center REIT [9]

Core Viewpoint - The public REITs market experienced a downward trend last week, with overall trading activity declining, while the affordable housing REITs continued to perform well [1][2]. Market Performance - The CSI REITs index fell by 1.36% to 856.7 points, and the CSI REITs total return index decreased by 1.18% to 1065.4 points [2]. - Among the 64 publicly listed REITs, only 24 saw an increase in value, a decrease from the previous week [2]. - The top-performing REITs included Huaxia Beijing Affordable Housing REIT, Huaxia Joy City Commercial REIT, and Yinhua Shaoxing Raw Water REIT, with weekly gains of 3.67%, 3.19%, and 2.61% respectively [2][4]. Sector Analysis - The affordable housing sector showed resilience, with a weekly increase of 0.27%, while other sectors like industrial parks and logistics saw declines of 2.14% and 2.96% respectively [2][8]. - The trading volume for REITs decreased to 590 million yuan, down 11% from the previous week, with specific declines in property and operating rights trading [7][8]. New Issuances - The first rental housing public REIT in Jiangsu, Huatai Suzhou Hengtai Rental Housing REIT, announced its pricing range between 2.270 yuan and 2.774 yuan per share [1][9]. - As of April 11, a total of 65 public REITs have been issued, with a combined issuance scale of 173.1 billion yuan [1]. Future Outlook - Analysts predict that the REITs market may maintain narrow fluctuations in the coming weeks due to limited new information, with a focus on stable sectors like affordable housing and water resources [10].