Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

Group 1 - The report highlights the support from five government departments for the issuance of REITs in commercial real estate, aiming to provide long-term financing support for urban commercial quality improvement [1][7]. - The total issuance scale of listed REITs reached 198.2 billion yuan, with 76 REITs issued as of October 31, 2025 [8][9]. - The report indicates that the REITs market has shown positive performance, with the total REITs index rising by 0.28% during the week of October 27 to October 31, 2025, outperforming major indices [2][14]. Group 2 - The liquidity of the REITs market has improved, with a total trading volume of 661 million yuan, an increase of 21.4% compared to the previous week [3][34]. - The report details the trading volume of various REIT categories, with consumption infrastructure REITs accounting for 21.0% of the total trading volume [34][36]. - The report provides insights into the performance of individual REITs, with notable gains from Chuangjin Hexin Shounong REIT (+4.22%) and Southern Wanguo Data Center REIT (+4.09%) [2][26]. Group 3 - The report discusses the correlation of the REITs index with major asset classes, indicating varying degrees of correlation over different time frames [28][30]. - The internal correlation among different REIT categories is also analyzed, showing strong relationships among infrastructure and logistics REITs [29]. Group 4 - The report emphasizes the valuation aspects of REITs, although specific valuation metrics are not detailed in the provided content [41].

Group 1 - The public REITs market in China has seen a surge in new fund launches, with 19 new public REITs issued this year, and the total initial issuance scale expected to exceed 200 billion yuan [1] - Two recently launched REITs, Huaxia Zhonghai Commercial REIT and CITIC JianTou Shenyang International Software Park REIT, sold out their public offering in one day, leading to an early end of fundraising and a proportional allocation [1] - The effective subscription confirmation ratios for the two REITs were notably high, with Huaxia Zhonghai Commercial REIT seeing a public investor subscription ratio of 0.2763% and an institutional investor ratio of 0.312%, resulting in effective subscription multiples of 361.9 times and 320.5 times respectively [1] Group 2 - The performance of listed REITs has shown some divergence, with the CSI REITs Total Return Index declining recently, despite a year-to-date increase of 7.36% [2] - The best-performing REIT this year is E Fund Huawai Agricultural Market REIT, which has seen returns exceeding 75% [2] - There are 10 REITs that have reported negative returns this year, with Zhongjin Hubei Keti Guanggu REIT down nearly 18% and Dongwu Suyuan Industrial REIT down nearly 7% [2]

Group 1 - The report highlights the growth of certain industrial park companies, such as Zhangjiang Hi-Tech, which has shifted towards equity investment, resulting in significant profit increases [2] - The National Data Bureau plans to deploy data industry clusters by 2025, aiming to optimize the national data industry layout and accelerate the formation of an industrial ecosystem [2] - A total of 63 pilot projects covering 13 cities and 22 industries have been announced, focusing on exploring data circulation mechanisms [2] Group 2 - Key industrial park operators reported net profit increases: Zhangjiang Hi-Tech up 38.6%, Suzhou High-tech up 23.2%, and Shanghai Lingang up 8.4% [3] - New business models and land development have contributed to revenue growth for companies like Zhongxin Group, which saw revenue rise from 1.511 billion to 2.104 billion yuan [3] - Some companies, such as Electronic City and Huaxia Happiness, faced significant challenges, including a 144% increase in financial expenses for Donghu High-tech [3] Group 3 - Over half of the companies reported year-on-year growth in investment income, with Zhangjiang Hi-Tech's investment income rising by 336.75% to 326 million yuan [4] - Companies in the data center sector, including Ruize Technology and WanGuo Data, experienced an average revenue growth of 10.5%, with WanGuo Data's total revenue reaching 5.623 billion yuan, up 12.2% [4] - The data center sector is becoming a growth area, with companies like ProLogis and East China New Yi expanding their operations [4] Group 4 - JD Property is developing a smart computing data center project with a construction area of 140,000 square meters, supporting regional digital industry development [5] - Two public REITs focused on data centers were launched, both experiencing a 30% increase on their first trading day, indicating strong market interest [5] - The demand for computing power and data storage is increasing due to advancements in AI, making data centers a crucial part of the AI industry ecosystem [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to enhance the regular application and recommendation process for infrastructure Real Estate Investment Trusts (REITs), focusing on market expansion, optimizing fundraising and application processes, and encouraging new types of projects to be listed [1] Group 1: Policy Support for Asset Mix and Expansion - The "Document 782" provides clear policy support for asset mix expansion in REITs, allowing for the integration of existing assets across regions and industries, thereby strengthening the infrastructure REITs products [2][3] - The document allows leading companies to acquire smaller projects and utilize REITs for revitalization, enabling smaller firms to indirectly issue REITs for project exit [2][3] Group 2: Encouragement of Private Investment Projects - The notification emphasizes support for private investment projects to issue infrastructure REITs, establishing a coordination service mechanism to assist in compliance and accelerate project development [3][4] - As of September 13, over 10 private REITs projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4] Group 3: Expansion of Asset Types - The document outlines plans to accelerate the application of mature asset types like toll roads and clean energy, while also exploring new asset types such as railways and cultural tourism for future issuance [5] - Currently, over 70 public REITs products are listed, with more than 80 in the approval process, covering approximately 10 asset types [5] Group 4: Information Management Improvements - The NDRC plans to launch an information system for infrastructure REITs project applications, enhancing standardization and traceability of the application process [6] - The introduction of this information system is expected to improve internal coordination efficiency and address existing bottlenecks in the application stages [6]

Market Overview - The secondary market for publicly listed REITs in China experienced slight fluctuations, with the weighted REITs index closing at 186.04 and a weekly return of -0.81% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: A-shares > US stocks > convertible bonds > gold > pure bonds > REITs > crude oil [4] - Among different project attributes, property and franchise REITs showed mixed performance, while property REITs saw an increase [4] - Energy REITs had the highest growth this week, with the top three performing asset types being energy, ecological protection, and transportation infrastructure [4] Trading Activity - The total trading volume for public REITs this week was 2.89 billion yuan, with the average daily turnover rate at 0.65% [5] - The top three REITs by trading volume were: Zhongjin Vipshop Outlet REIT, Bosera Shekou Industrial Park REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were: Zhongjin Vipshop Outlet REIT, Guojin China Railway Construction REIT, and Huaxia China Resources Commercial REIT [5] Net Inflows and Block Trades - The total net inflow for the week was 11.22 million yuan, indicating a recovery in market trading enthusiasm [6] - The top three REITs by net inflow were: Huaxia China Resources Commercial REIT, Southern Runze Technology Data Center REIT, and Huaxia Shouchuang Outlet REIT [6] - The total amount of block trades reached 737.2 million yuan, with the highest single-day block trade occurring on September 8, totaling 233.35 million yuan [6] New Listings - Zhongjin Vipshop Outlet REIT was newly listed this week [7] - The status of three new issuance projects was updated during the week [7]

Core Viewpoint - The National Development and Reform Commission (NDRC) has issued a notification to enhance the development of infrastructure Real Estate Investment Trusts (REITs), focusing on expanding the market, optimizing fundraising and application processes, and encouraging new types of projects to be listed [1] Group 1: Policy Support for Asset Mix and Expansion - The notification provides clear policy support for asset mix expansion in REITs, allowing for the integration of assets from the same or related industries, which can strengthen the scale and operational capabilities of REITs [2][3] - The policy enables leading companies to acquire smaller projects and utilize REITs for revitalization, allowing smaller firms to indirectly issue REITs for project exit [2] Group 2: Support for Private Enterprises - The notification emphasizes active support for private investment projects to be listed as REITs, establishing a coordination service mechanism to assist in compliance and accelerate project development [4] - As of September 13, over 10 private REIT projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4] Group 3: Project Cultivation and New Asset Types - The notification stresses the importance of project cultivation and reserves, aiming to create a dynamic project advancement mechanism to inject strong momentum into the market [5] - There is a focus on accelerating the application of mature asset types and exploring new asset types such as railways, ports, and cultural tourism for potential issuance [7] Group 4: Information Management Improvements - The NDRC plans to launch an information system for infrastructure REITs to standardize and digitize the project application process, enhancing efficiency and addressing existing bottlenecks [8]

Core Viewpoint - The article discusses the release of the "Notice on Further Improving the Normalized Declaration and Recommendation Work of Real Estate Investment Trusts (REITs) in the Infrastructure Sector" (referred to as "Document 782"), which aims to support the development of infrastructure REITs through market expansion, optimization of fundraising and declaration processes, and encouragement of new types of projects for listing [1]. Group 1: Policy Support for Asset Mix and Expansion - Document 782 provides clear policy support for asset mix expansion in REITs, allowing for the integration of assets from the same ownership or operational revenue rights categories [2][3]. - The document supports the acquisition of assets from the same industry for expansion, enabling leading companies to acquire projects from smaller firms and utilize REITs for revitalization [2][3]. Group 2: Encouragement of Private Investment Projects - Document 782 emphasizes the active support for private investment projects to issue REITs, establishing a coordination service mechanism to assist in compliance and accelerate project cultivation [4]. - As of September 13, over 10 private REIT projects have been listed, raising more than 25 billion yuan, showcasing the significant role of private enterprises in expanding the REITs sector [4]. Group 3: Project Cultivation and Dynamic Mechanism - The document highlights the need to enhance project cultivation and reserve efforts, establishing a dynamic mechanism for continuous project advancement [5]. - A robust and quality project reserve is deemed essential for the sustainable development of infrastructure REITs, which will inject strong momentum into the market [5]. Group 4: Expansion of Asset Types - Document 782 outlines the acceleration of applications for mature asset types like toll roads and clean energy, while also exploring new asset types such as railways and cultural tourism for potential issuance [6]. - As of September 13, over 70 public REIT products have been listed, with more than 80 in the approval stage, covering around 10 asset types [6]. Group 5: Information Management Improvements - The document mentions the introduction of an information system for infrastructure REITs project management, aiming for standardized and digitalized project declaration processes [7]. - This system is expected to enhance internal coordination efficiency within regulatory departments, addressing existing bottlenecks in the application process [7].

Core Insights - 华夏凯德商业REIT successfully completed its public offering in just one day due to oversubscription [2][3] - The fund's public offering was initially set to last from September 9 to September 10, 2025, but was concluded early as the effective subscription exceeded the initial target [3] Fund Details - The total fundraising target for 华夏凯德商业REIT is 22.872 billion yuan, with a public offering price of 5.718 yuan per share [5] - The fund's underlying assets include 凯德广场·云尚 and 凯德广场·雨花亭, located in Guangzhou and Changsha, respectively, providing a diversified asset base [5] - The public offering included 47.868 million shares, with strategic and offline investors maintaining their original subscription period [3][5] Market Trends - The public REITs market has seen a surge in popularity, with multiple products achieving early closure or one-day sellouts this year [6] - Notable examples include 南方润泽科技 and 南方万国数据中心 REITs, which raised approximately 289.63 billion yuan and 183.54 billion yuan, respectively, on their launch day [7] - The total number of REITs in the market has reached 75, with a cumulative fundraising scale exceeding 197 billion yuan [6]

Core Viewpoint - The article highlights the rapid fundraising success of the Huaxia CapitaLand Commercial REIT, which completed its public offering in just one day due to overwhelming demand from investors [2][3][4]. Summary by Sections Fundraising Details - On September 9, 2025, Huaxia CapitaLand Commercial REIT launched its public offering, which was oversubscribed, leading to an early closure of the fundraising process [3][5]. - The total effective subscription amount exceeded the initial public offering cap, prompting the fund manager to end the public fundraising early, with September 9, 2025, being the last day for public subscriptions [5]. - The initial public offering was set to run from September 9 to September 10, 2025, but the fundraising for strategic and offline investors remained unchanged [5]. Asset Information - Huaxia CapitaLand Commercial REIT is the first foreign-funded consumer REIT in China, with underlying assets located in Guangzhou and Changsha, providing a diversified risk profile [7]. - The offering price was set at 5.718 yuan per share, with a total fundraising target of 22.872 billion yuan. The public offering included 47.868 million shares, while strategic and offline offerings were 240.44 million and 111.692 million shares, respectively [7]. - During the offline inquiry phase, the REIT received inquiries from 144 offline investors for a total of 284.26 billion shares, which is 254.5 times the initial offline offering amount, setting a historical record for consumer REITs [7]. Market Trends - The public REITs market has seen a surge in popularity, with several products achieving early fundraising closures or one-day sellouts this year [9]. - Notable examples include the Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, both of which raised approximately 289.63 billion yuan and 183.54 billion yuan, respectively, on their launch day [9]. - As of now, the total number of REITs in the market has reached 75, with a cumulative fundraising scale exceeding 197 billion yuan [9][10].