Report Industry Investment Rating No information provided in the report. Core Viewpoint This week, the public REITs market showed a slight increase, with a decrease in trading volume. The market is expected to continue expanding, and public REITs have high - dividend, medium - low - risk advantages and a high cost - performance ratio for allocation [2][5][43][44]. Summary by Directory 1. Secondary Market - The public REITs market rose slightly this week. As of February 13, 2026, the China Securities REITs Index rose 0.32% to 804.77, and the China Securities REITs Total Return Index rose 0.41% to 1047.08 [10]. - The trading volume in the REITs market decreased. The total trading volume this week was 466 million shares, a 29.39% week - on - week decline, and the trading amount was 2.055 billion yuan, a 29.55% week - on - week decrease. The interval turnover rate was 1.66%, compared with 2.36% last week [11]. - The indices of equity - type public REITs and franchise - type public REITs rose. Equity - type public REITs and franchise - type public REITs rose 0.77% and 0.21% respectively. Among equity - type REITs, new infrastructure, consumer infrastructure, affordable rental housing, warehousing and logistics, and park infrastructure REITs rose 1.42%, 0.84%, 0.48%, 0.45%, and 0.33% respectively. Among franchise - type public REITs, transportation infrastructure, water conservancy facilities, and municipal facilities REITs rose 0.55%, 0.12%, and 0.03% respectively. Energy infrastructure and ecological environmental protection REITs fell 0.27% and 1.08% respectively [13][17]. - The trading volume and turnover rate of most types of public REITs decreased. The trading volume of energy infrastructure, consumer infrastructure, ecological environmental protection, park infrastructure, water conservancy facilities, new infrastructure, transportation infrastructure, warehousing and logistics, and affordable rental housing public REITs decreased by 56.25%, 45.50%, 44.68%, 30.01%, 19.42%, 15.38%, 10.88%, 5.72%, and 3.46% respectively compared with last week. The trading volume of municipal facilities public REITs increased by 65.45%. The daily average turnover rate of new infrastructure, water conservancy facilities, energy infrastructure, ecological environmental protection, consumer infrastructure, park infrastructure, affordable rental housing, transportation infrastructure, and municipal facilities REITs decreased by 0.15%, 0.11%, 0.66%, 0.36%, 0.26%, 0.14%, 0.02%, and 0.02% respectively. The daily average turnover rate of municipal facilities REITs increased by 0.13% [22][23]. - Most public REITs products rose. Among the 79 public REITs, 59 rose and 20 fell. The top - gainers included ICBC Mengneng Clean Energy REIT, BOC Sino - Sinotrans Warehousing and Logistics REIT, and Huatai Zijin Nanjing Jianye Industrial Park REIT, with weekly increases of 3.5%, 3.1%, and 3.0% respectively. The top - losers included Huaan Waigaoqiao Warehousing and Logistics REIT, Huaxia Jinyu Zhizao Workshop REIT, and Huaxia JINMAO Commercial REIT, with weekly decreases of 2.9%, 1.5%, and 1.4% respectively [25]. 2. Primary Market - Since 2025, 20 public REITs have been issued. As of February 13, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 203.374 billion yuan. In 2024, 29 REITs were issued with a total scale of 64.6 billion yuan. Since 2025, 20 public REITs have been issued, and no new issuances occurred in January and February 2026 [31]. - There are 41 public REITs funds waiting to be listed. Among them, 28 are for initial offerings and 13 are for expansion. In terms of project status, 9 have passed, 8 have been feedbacked, 5 have been queried, 4 have been accepted, 10 have been declared, and 5 are suspended. By type, there are 8 park - type REITs, 2 consumer infrastructure - type REITs, 3 warehousing and logistics - type REITs, and 6 affordable rental housing - type REITs in the industrial REITs category. In the franchise - type category, there are 4 energy - type REITs, 3 transportation - type REITs, and 1 water conservancy facilities - type REIT. There are 12 closed - end commercial real estate REITs [35]. 3. Public REITs Policy and Market Dynamics - Shoukai Co., Ltd. plans to apply for the issuance of commercial real estate REITs with three projects such as Songjiazhuang Fumao. On February 10, 2026, Shoukai Co., Ltd. announced that it would issue the Harvest Shoukai Closed - end Commercial Real Estate Securities Investment Fund (public REITs) with assets including the Songjiazhuang Fumao project. The fund is a contractual, publicly - offered commercial real estate securities investment fund, operating in a closed - end manner and applying for listing on the Shanghai Stock Exchange [39]. - Hualian Co., Ltd. plans to invest 500 million yuan to promote the issuance of Longde Plaza commercial real estate REITs. On February 11, 2026, Hualian Co., Ltd. announced that it would participate in the establishment of Beijing Yuanchuanglian Commercial Enterprise Management Center (Limited Partnership) as a junior limited partner, contributing 500 million yuan to promote the application and issuance of Longde Plaza commercial real estate REITs. The fund is tentatively named CITIC Construction First Agricultural Food Group Closed - end Commercial Real Estate Securities Investment Fund and is planned to be listed on the Shanghai Stock Exchange [40][41]. - Southern Runze Technology Data Center REIT plans to expand and purchase Langfang Data Center. On February 13, 2026, Southern Fund Management Co., Ltd. announced that the Southern Runze Technology Data Center Closed - end Infrastructure Securities Investment Fund plans to apply for expansion and purchase a new real estate project. The fund plans to raise funds through expansion to subscribe for all shares of the "Southern Capital - Runze Technology Data Center Phase 2 Real Estate Asset - Backed Special Plan" and finally hold the full ownership of the Runze (Langfang) International Information Port A - 7 and A - 8 data centers. The transaction is subject to the recommendation of the National Development and Reform Commission, registration by the CSRC, review by the Shenzhen Stock Exchange, and approval by the fund unit holders' meeting, with uncertainties [42]. 4. Investment Advice This week, the REITs index rose slightly, with the China Securities REITs Index and the China Securities REITs Total Return Index rising 0.32% and 0.41% respectively compared with last week. The trading amount in the public REITs market decreased. By asset type, equity - type public REITs and franchise - type public REITs rose 0.77% and 0.21% respectively. Among the 79 public REITs, 59 rose and 20 fell. In terms of market dynamics, Shoukai Co., Ltd. announced on Tuesday that it would apply for the issuance of commercial real estate REITs with three projects such as Songjiazhuang Fumao. Since 2025, 20 public REITs have been issued with a total scale of over 3 billion yuan. In addition, 41 REITs funds are waiting to be listed, including 12 commercial real estate REITs that have been declared, and the market is expected to continue to expand. Currently, in the context of an asset shortage, public REITs have high - dividend, medium - low - risk advantages and a high cost - performance ratio for allocation [5][43][44].

Core Viewpoint - The company has made significant investments in two data center REITs, enhancing its asset layout in the smart infrastructure sector, aligning with national strategies for digital economy and new infrastructure development [1] Investment Details - The company's wholly-owned subsidiary, Beijing Shouyuan Xinrong Investment Co., Ltd., has invested in the Southern Wanguo Data Center Closed-End Infrastructure Securities Investment Fund [1] - The Beijing Pingzhun Fund, managed by the company, has invested in the Southern Runze Technology Data Center Closed-End Infrastructure Securities Investment Fund [1] REITs Focus - Both REITs focus on core digital infrastructure assets, with the Southern Wanguo REIT based on the Kunshan Huqiao Guojin Data Cloud Computing Data Center, operated by Wanguo Data, a leading third-party data center service provider in China [1] - The Southern Runze Technology REIT is based on the Langfang Runze International Information Port A-18 Data Center, which is a leading project in the domestic big data and computing power infrastructure sector [1] Market Performance - Both REITs achieved a simultaneous trading limit increase last Friday, indicating strong market performance [1] Strategic Importance - The investments are seen as a response to national strategies for digital economy and new infrastructure, aiming to optimize the company's asset structure and reinforce its leading position in the smart infrastructure real estate sector [1]

Group 1 - The fund manager has decided to lift restrictions on large subscriptions, regular investments, and transfers for non-individual investors in Class A and Class C fund shares starting from July 30, 2025 [1][5] - The limit for E class shares remains unchanged at 1 million yuan [1] - Investors can consult the company's website or customer service for more information [1][5] Group 2 - The cash dividend distribution date refers to the date when the cash dividend is transferred out of the custody account [2] - Fund shares applied for subscription or transfer in on the record date do not enjoy dividend rights, while those redeemed or transferred out on the record date do [2] - Investors can choose between cash dividends and reinvestment of dividends, with the default being cash dividends [2] Group 3 - The fund has completed the ownership change registration for the infrastructure project company as of July 18, 2025 [3] - The fund has subscribed to all shares of the "South Fund - Runze Technology Data Center Phase 1 Infrastructure Asset Support Special Plan" [3] - The special plan manager has obtained all shares of Hebei Runhui Technology Development Co., Ltd., and the relevant ownership change registration has been completed [3]

Group 1: Industry Dynamics - The first public REITs fund based on data centers has officially started the application process, marking a significant milestone in the industry [1][6] - The project utilizes the A-18 data center and its associated facilities as underlying assets, located in Langfang Economic Development Zone, Hebei Province, with 5,897 operational cabinets and an IT total power exceeding 42MW [1][6] Group 2: Primary Market - As of March 14, 2025, the total issuance scale of listed REITs has reached 168.3 billion, with a total of 63 funds issued [7] Group 3: Market Performance - The REITs market showed an upward trend, with the China Securities REITs Index rising by 0.12% from March 10 to March 14, 2025, while the total REITs index increased by 0.19% [11] - Notable performers included Huaxia Jinmao Commercial REIT (+5.48%) and Jiasheng Wumei Consumption REIT (+5.05%) [11] Group 4: Liquidity - The overall trading activity of REITs decreased, with a total trading volume (MA5) of 615 million, down 14.9% from the previous week [27] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 24.9% of total trading volume [27] Group 5: Valuation - The report includes valuation metrics such as the REITs P/NAV and the yield of the China bond valuation, indicating the current market conditions and historical averages [31][33]