Group 1 - The fund's secondary market closing price reached 4.178 CNY per share on May 23, 2025, marking a 52.82% increase from the benchmark price of 2.734 CNY per share [1] - The fund will suspend trading for one hour starting from May 26, 2025, to protect the interests of fund shareholders, with trading resuming at 10:30 AM on the same day [1] - The fund's initial investment is in a public rental housing project located in Suzhou, Jiangsu Province, aiming to generate stable cash flow through active management [1][2] Group 2 - The fund's operational management is confirmed to be stable, with no undisclosed significant information affecting the fund [2][3] - The predicted annual distributable cash flow for 2025 is 54,678,152.94 CNY, with a projected net cash distribution rate of 4.00% for investors who bought at the initial price and 2.62% for those who bought at the market price on May 23, 2025 [4][5] Group 3 - The fund's A and C class shares have different subscription fees, with C class shares having no subscription fee [12][13] - The fund will not accept subscription applications from individual investors if their holdings exceed 50% of the total fund shares to protect existing investors [12] - The fund's net asset value will be calculated daily and announced accordingly [22][23]

Investment Rating - The report does not provide a specific investment rating for the industry [2] Core Insights - The REITs index decreased by 1.18% this week, while the Shanghai Composite Index fell by 2.87% and the CSI 500 Index dropped by 4.52% [6][19] - The overall market for REITs remains active, with a trading volume of 2.95 billion yuan, reflecting a 10.6% increase [9] - The report highlights the strong allocation attributes of REITs in the long term, suggesting investors pay attention to sector rotation and expansion opportunities [9] Industry Overview - The industry consists of 64 listed companies with a total market capitalization of 187.144 billion yuan and a circulating market value of 85.819 billion yuan [2] - The report notes significant events, including dividend announcements from multiple REITs and the initiation of inquiries for new REITs [12][18] Market Performance - The report details the performance of various indices, indicating that the REITs index has a correlation of 0.27 with the Shanghai Composite Index and 0.33 with the CSI 500 Index [19] - The report also mentions that 40 REITs experienced price increases while 24 saw declines, with the largest gain being 6.45% for the Huaxia Beijing Affordable Housing REIT [23] Trading Activity - The report indicates an increase in trading activity for REITs, with a daily average turnover rate of 0.7%, up by 0.1 percentage points [9] - Specific sectors such as ecological protection and rental housing showed significant trading increases, with the ecological protection sector up by 48.6% [9] Project Approval Progress - The report outlines the approval status of various REIT projects, indicating that some are in the inquiry stage while others have received feedback [18]