1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From February 24 to February 27, 2026, the secondary - market prices of publicly - listed REITs in China fluctuated and declined overall. The returns of publicly - listed REITs were relatively weak compared to other mainstream asset classes. Among them, franchise - based REITs performed relatively better, and new infrastructure - based REITs had the highest increase in returns [1][11]. - In the primary market, no new REIT products were listed this week, but the project status of 12 REIT products was updated [4]. 3. Summary According to the Directory Secondary Market Price Trends - **At the major asset level**: The secondary - market prices of publicly - listed REITs in China fluctuated and declined. The returns of REITs were - 0.96%, and the returns of other major asset classes from high to low were: crude oil (5.45%) > gold (4.68%) > convertible bonds (3.44%) > A - shares (2.74%) > US stocks (0.54%) > pure bonds (- 0.14%) > REITs [11]. - **At the underlying asset level**: Both property - based and franchise - based REITs' secondary - market prices declined. The return of property - based REITs was - 1.46%, and that of franchise - based REITs was - 0.09%. Among different underlying asset types, new infrastructure - based REITs had the highest increase, with a return of 2.01%. The top three underlying asset types in terms of returns were new infrastructure, ecological and environmental protection, and transportation infrastructure, with returns of 2.01%, 0.41%, and 0.11% respectively [16][17]. - **At the single - REIT level**: Among the 79 REITs, 17 rose and 62 fell. The top three in terms of increase were Southern Runze Technology Data Center REIT (2.68%), Huatai Jiangsu Expressway REIT (2.33%), and Huaan Waigaoqiao REIT (1.7%). The top three in terms of decline were Huatai Nanjing Jianye REIT (- 6.19%), CICC Chongqing Liangjiang REIT (- 4.96%), and ICBC Mengneng Clean Energy REIT (- 3.91%) [19]. Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of publicly - listed REITs this week was 1.72 billion yuan, and the new infrastructure - based REITs had the highest average daily turnover rate. The total trading volume of the 79 listed REITs was 1.72 billion yuan, and the average daily turnover rate was 0.44%. The top three underlying asset types in terms of trading volume were transportation infrastructure (319 million yuan), warehousing and logistics (309 million yuan), and consumer infrastructure (251 million yuan). The top three in terms of average daily turnover rate were new infrastructure (1.47%), warehousing and logistics (0.54%), and water conservancy facilities (0.45%) [22]. - **At the 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 Southern Wanguo Data Center REIT (190 million shares), AVIC Yishang Warehousing and Logistics REIT (190 million shares), and嘉实京东仓储基础设施 REIT (180 million shares). The top three in terms of trading value were Southern Runze Technology Data Center REIT (104 million yuan), Southern Wanguo Data Center REIT (90 million yuan), and嘉实京东仓储基础设施 REIT (65 million yuan). The top three in terms of turnover rate were Southern Wanguo Data Center REIT (8.00%),嘉实京东仓储基础设施 REIT (5.45%), and Southern Runze Technology Data Center REIT (4.79%) [25]. Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 42.87 million yuan, and the market trading enthusiasm increased compared to the previous period. At the underlying asset level, the top three in terms of net inflow were consumer infrastructure (12.21 million yuan), affordable rental housing (11.41 million yuan), and new infrastructure (10.52 million yuan). At the single - REIT level, the top three in terms of net inflow were Southern Runze Technology Data Center REIT (8.53 million yuan), Huatai Jiangsu Expressway REIT (8.40 million yuan), and Huaxia Anbo Warehousing REIT (7.75 million yuan) [28]. - **Block trading situation**: The total block trading volume this week was 216 million yuan, which was lower than the previous period. There were block trades on 3 trading days, with the highest single - day trading volume on February 27, 2026, reaching 122.87 million yuan. The top three REITs in terms of block trading volume were AVIC Yishang Warehousing and Logistics REIT (93.55 million yuan), Guotai Haitong Jinan Energy Heating REIT (51.30 million yuan), and Huaxia Jinyu Zhizao Factory REIT (48.06 million yuan), with average discount/premium rates of - 1.90%, + 0.13%, and - 1.71% respectively [30]. Primary Market Listed Projects As of February 27, 2026, there were 79 publicly - listed REIT products in China, with a total issuance scale of 205.039 billion yuan. Among them, transportation infrastructure - based REITs had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure - based REITs with an issuance scale of 32.933 billion yuan. No new REIT products were listed this week [36][37]. Projects to be Listed According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 30 REITs in the state of being to be listed, including 28 initial - offering REITs and 2 REITs to be expanded. The project status of 12 REIT products was updated this week [40][41].

Market Performance - The public REITs secondary market experienced a downward trend this week, with overall trading activity declining [1] - The CSI REITs total return index fell by 1.08% this week, underperforming the CSI 300 index [1][2] - As of February 27, the index closed at 1035.78 points, with a cumulative increase of 2.57% year-to-date [2] REITs Performance - Out of 79 listed public REITs, 17 saw an increase, with the top performers being data center, highway, consumer, and logistics REITs [2] - The best-performing REIT this week was the Southern Runze Technology Data Center REIT, which rose by 3.48% [2] - Conversely, 62 REITs declined, with 41 experiencing a drop of over 1%, the largest being Huatai Nanjing Jianye REIT, which fell by 6.34% [3] New REITs Filings - Four new public REITs were filed this week, indicating potential market expansion [4] - The Guangfa New Town Wuyue Commercial Real Estate REIT was officially filed, with a project scale of 616 million yuan [4] - The Jiashi Shoukai Commercial Real Estate REIT was also filed, aiming to revitalize existing assets and lower debt ratios [4] Additional Filings - The Guojin Jiazhe New Energy REIT was filed, focusing on wind power projects as underlying assets [5] - The Jianxin Tianjin Lingang Port REIT was filed, marking the first port real estate REIT in the country [6] - The Shanghai and Shenzhen stock exchanges issued the first round of review inquiries for five commercial real estate REIT projects this week [6]

Market Performance - The public REITs secondary market experienced an overall upward trend this week, with a slight decrease in trading activity compared to the previous week [1] - The CSI REITs total return index increased by 0.47% this week, while the CSI REITs index rose by 0.35%, outperforming the CSI 300 index [1][2] - As of January 30, the CSI REITs total return index closed at 1052.42 points, marking a positive weekly growth for two consecutive weeks [2] Individual REITs Performance - Among the 78 listed public REITs, 41 saw an increase in their prices this week, with the top performers being focused on sectors such as parks, energy, consumption, and transportation [2] - The best-performing REIT this week was Bosera Jinkai Industrial Park REIT, which had a weekly increase of 4.94% [3] - Other notable gainers included ICBC Mengneng Clean Energy REIT and Huaxia Zhonghai Commercial REIT, with weekly increases of 4.64% and 4.52%, respectively [3] New Listings and Applications - Huaxia Zhongke Clean Energy REIT is set to be listed on the Shanghai Stock Exchange on February 2, becoming the 79th public REIT in the market [5] - Five commercial real estate REITs have been reported and accepted for review, with the first three submitted on January 29 [6][7] - The submitted commercial REITs include products from Huaxia Fund, Huitianfu Fund, and CICC Fund, expanding the total number of reported commercial REITs to eight [9]

Group 1: Market Overview - The bond fund market is retreating, while equity funds are expanding at an unprecedented rate not seen in nearly a decade, with 1,468 new public funds established in 2025, marking a peak in four years, and total fundraising remaining stable compared to the past two years, indicating a shift to a new phase dominated by equities and innovative segmentation [1] - On December 19, the Shanghai Composite Index rose by 0.36% to 3,890.45 points, the Shenzhen Component Index increased by 0.66% to 13,140.21 points, and the ChiNext Index gained 0.49% to 3,122.24 points, with a total trading volume of 17,259.15 billion yuan across both markets [1] Group 2: Fund News - On December 19, two new funds were launched, primarily mixed funds, while 28 funds distributed dividends, mostly bond funds, with the highest dividend payout from the Huatai Zijin Jiangsu Expressway Closed-End Infrastructure Securities Investment Fund at 1.3895 yuan per 10 shares [2] - As of December 12, the stock private equity position index reached 83.59%, increasing by 0.61 percentage points, with over 70% of products holding more than 80% positions, indicating strong bullish sentiment; the total scale of private equity products reached a historical high of 22.09 trillion yuan [2] - By the end of 2025, public funds are expected to distribute nearly 230 billion yuan, with leading companies distributing over 10 billion yuan; bond funds contributed 73% of the total dividend amount, although this represents a 10 percentage point decrease from the previous year, while equity funds have become the "dark horse" in dividend distribution due to market recovery and policy support [2] Group 3: Investment Trends - The hard technology theme has been a consistent focus throughout the year, with public funds concentrating their incremental investments in emerging industries; as of December 21, 39 public funds participated in 85 stock placements, with a total allocation of 34.088 billion yuan, a year-on-year increase of 13.85%, and an overall floating profit of 10.742 billion yuan, representing a floating profit ratio of 31.51% [3]

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]

Core Insights - The Chinese real estate market in 2024 is transitioning towards stock optimization and high-quality development, driven by policy guidance and market adjustments [1] - Jiangsu Province is establishing itself as a leader in the public REITs market, with significant achievements in various sectors such as smart cities, transportation, rental housing, and data centers [1] Group 1: Public REITs Development in Jiangsu - As of September 2025, Jiangsu has successfully launched 8 public REITs, raising a total of 24 billion yuan, with 12 REITs having 19 underlying assets located within the province [1] - The Dongwu Suyuan REIT, launched in June 2021, has attracted over 9 billion yuan in incremental funding for infrastructure development in various industries, promoting regional industrial structure upgrades [1] - The Huatai Jiangsu Expressway REIT, launched in November 2022, set multiple records and raised funds for the expansion of the Hu-Wu Expressway, totaling 36.05 billion yuan in investment [2] Group 2: Innovative Models and New Projects - The Suzhou Hengtai Rental Housing REIT, launched in May 2025, serves as a model for integrating talent housing projects with capital markets, achieving a rental rate of 93.33% [2] - The Nanfang Wanguo Data REIT, one of the first data center REITs, raised 2.4 billion yuan to support the construction and upgrade of data centers, showcasing a commitment to green finance and digital infrastructure [3] Group 3: Government Support and Policy Framework - Jiangsu Province has prioritized the development of infrastructure REITs in its 14th Five-Year Plan, implementing various supportive policies to encourage innovation and healthy growth in the sector [4] - Local governments in Jiangsu have introduced measures to support REITs, including specific action plans in cities like Nanjing and Suzhou [4] - The Jiangsu Securities Regulatory Bureau is actively promoting the use of public REITs by state-owned enterprises to enhance financing and investment efficiency [5] Group 4: Future Outlook and Collaboration - The Shanghai Stock Exchange is enhancing communication with local governments to address key issues in REIT project advancement and is collaborating with various departments to train and support project development [6] - There is a focus on identifying and reserving high-quality projects across various asset categories, including rental housing, industrial parks, and renewable energy [6]

Core Insights - Jiangsu Province is actively promoting the issuance of public REITs in infrastructure, establishing a multi-track approach of "reserve + cultivation + issuance" [1] - By September 2025, a total of 75 products are expected to be listed in the market, with a fundraising scale exceeding 200 billion yuan [1] - The Shanghai Stock Exchange has 51 projects, raising a total of 140 billion yuan, accounting for approximately 70% of the total number and scale [1] Group 1 - Jiangsu Province has successfully launched 8 REITs, raising 24 billion yuan, with 12 underlying assets located within the province [1][2] - The first batch of data center REITs, such as the Southern Universal Data REIT, has been launched, indicating a diversification of asset types [2] - Local government support has been crucial, with policies included in the province's "14th Five-Year Plan" to accelerate infrastructure investment [2][3] Group 2 - The Jiangsu Securities Regulatory Bureau has developed a plan to help state-owned enterprises utilize public REITs to revitalize existing assets [3] - The provincial government is enhancing policy implementation and simplifying application procedures to support REITs development [3] - The Shanghai Stock Exchange is collaborating with various departments to provide training and support for REITs project advancement [3]

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2]. Group 1: Recent Developments - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [2]. - The first central enterprise warehousing logistics REIT, Bank of China Zhongwaiyun Warehousing Logistics REIT, was listed on July 29, with underlying assets comprising six logistics projects [2]. - The Chuangjin Hexin Shounong REIT was listed on July 25, attracting a total subscription amount of 231.6 billion yuan, setting a new record for public REITs issuance in Beijing [2]. Group 2: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [4]. - Despite some recent market fluctuations, with certain products experiencing declines, the overall performance of public REITs remains strong, with only 2 out of over 70 listed products showing negative returns this year [4]. Group 3: Investment Opportunities - The strong performance of public REITs in the first half of the year is attributed to factors such as declining interest rates, increased market sentiment, and heightened institutional demand [5]. - Future investment strategies should focus on stable cash flow "debt-like" products and high-potential assets with expected fundamental reversals, particularly in sectors like municipal environmental projects and energy [6]. - The public REITs market is expected to continue expanding, with more "first" projects from various sectors anticipated to enter the market under a normalized issuance mechanism [6].

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2][3] Group 1: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [3] - Among the more than 70 listed public REITs, only 2 have reported negative returns this year, showcasing the overall strong performance of the sector [3] - The public REITs market's total market capitalization surpassed 200 billion yuan by the end of June, covering various asset types including industrial parks, logistics, data centers, and energy infrastructure [3] Group 2: Recent Listings - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [1] - The first central enterprise logistics REIT, Bank of China Zhongwaiyun Logistics REIT, was listed on July 29, with its underlying assets consisting of six logistics projects [1] - On July 25, Chuangjin Hexin Shounong REIT was listed, achieving a record subscription amount of 231.6 billion yuan, indicating strong market interest [2] Group 3: Investment Strategies - Analysts suggest that the recent valuation adjustments in public REITs present new investment opportunities, particularly in cash flow stable "debt-like" products and high-yield potential assets [4] - The focus should be on projects with stable cash flows, strong support from original rights holders, and stable lease agreements, especially in municipal environmental and energy sectors [4] - The normalization of public REITs issuance is expected to enhance market ecology and diversify asset types available for investment [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP 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 ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP 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 ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].