1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 15th Five - Year Plan clearly proposes to actively promote the regular issuance of infrastructure REITs. This week, the REITs market showed weak oscillations, trading volume declined, and the data center rebounded from oversold conditions. Two REITs under China Merchants Shekou released their annual reports first: the rental housing REIT had stable performance with a distributable amount completion rate of 102.7%, while the industrial park REIT performed weakly with a year - on - year decrease of 14.8% in distributable amount. Attention should be paid to the upcoming partial share unlocks of SPIC New Energy REIT and Shanghai Real Estate Rental Housing REIT on March 29th and March 31st respectively, with potential selling pressure due to the expansion of the floating shares. The concentrated disclosure window of REITs annual reports from March 28th to 31st may intensify price fluctuations at the end of the month, and it is recommended to manage liquidity in advance [2]. 3. Summary According to the Directory 3.1 Primary Market - A total of 1 new public offering of REITs made progress this week. The Hongtu Innovation Xinghe Group Commercial Real Estate REIT was officially declared on March 10th, being the second commercial real estate REIT on the Shenzhen Stock Exchange, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder. As of March 13, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. Currently, in the approval process, there are 32 first - time offerings (1 has been questioned and responded, 0 have passed the review, and 0 are registered and awaiting listing), and 4 expansion offerings (1 has been questioned and responded, 0 have passed the review) [2][5]. 3.2 Secondary Market 3.2.1 Market Review - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1023.15 points, a decline of 0.43%, underperforming the CSI 300 by 0.62 percentage points and the CSI Dividend by 2.04 percentage points. The CSI REITs Total Return Index has risen 1.32% since the beginning of the year, outperforming the CSI 300 by 0.47 percentage points but underperforming the CSI Dividend by 6.87 percentage points. By project attribute, property - type REITs fell 0.52% and franchise - type REITs fell 0.17% this week. By asset type, the data center (+0.74%), energy (+0.10%), consumption (-0.22%), and transportation (-0.24%) sectors performed relatively well. Among individual bonds, 31 rose and 47 fell this week. The top three were Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT (+1.86%), Guotai Haitong Jinan Energy Heating REIT (+1.45%), and Southern Runze Technology Data Center REIT (+1.43%), while the bottom three were Harvest JD Logistics Infrastructure REIT (-5.60%), Bosera Tianjin Economic - Technological Development Area Industrial Park REIT (-5.17%), and Bosera China Merchants Shekou Industrial Park REIT (-3.89%) [2][16]. 3.2.2 Liquidity - The average daily turnover rates of property - type/franchise - type REITs this week were 0.36%/0.35%, down 0.67/4.31 basis points from last week. The trading volumes during the week were 388 million shares/119 million shares, down 1.84%/10.87% week - on - week. The data center sector had the highest activity [2][23]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 4.00%/4.93% respectively. The transportation (6.08%), warehousing and logistics (5.58%), and industrial park (4.83%) sectors ranked in the top three [2][25]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On March 7, 2026, New Town Holdings Group planned a direct financing of up to 20 billion yuan (including equivalent foreign currency overseas), and it or its subsidiaries would subscribe for at least 34% of the offering shares of the GF Xincheng Wuyue Commercial Real Estate REIT. On March 10, the tender announcement for the Langham Hotel Commercial Real Estate REITs project was released. On March 11, Wuxi held a financial work symposium and signed 5 REITs cooperation projects; Shandong proposed to implement the "Ten - Hundred - Thousand" listing cultivation plan. On March 13, Sichuan held a work meeting on promoting the pilot of commercial real estate REITs, and the 15th Five - Year Plan proposed to actively promote the regular issuance of infrastructure REITs [31]. 3.3.2 Important Announcements - On March 11, 2026, Huaxia Fund China Resources Youchao REIT announced its 4th dividend in 2025, with a dividend plan of 0.1462 yuan per 10 fund shares. On March 14, Bosera Shekou Industrial Park REIT and China Merchants Fund Shekou Rental Housing REIT released their annual reports, disclosing information such as rental area, occupancy rate, and rent collection rate [32].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the need for systematic transformation in operational models and investment philosophies [2][4][24]. Transition from "Scale" to "Quality" - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the focus from scale-driven growth to quality-oriented development [4][25]. - This transformation encourages a positive cycle between scale and performance, where funds with strong performance are more likely to attract investment, thus avoiding the vicious cycle of "scale expansion leading to performance decline" [4][5]. Upgrade of Research and Investment Capabilities - Enhancing core research and investment capabilities is fundamental to achieving high-quality development, with a shift from individual-driven to system-driven investment research [7][9]. - Fund companies are exploring unique paths for upgrading their research systems, with trends towards integrated and team-based approaches [8][9]. - The integration of technology, such as AI and big data, is becoming a key accelerator for enhancing research capabilities [9][10]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [11][12]. - Fee reforms have led to a decrease in management fees across various fund categories, fundamentally changing the competitive landscape of the industry [11][14]. - Fund companies are actively controlling the scale of new products to prioritize investor interests and improve the investment experience [12][14]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, shifting from supply-driven to demand-led product development [14][15]. - Fund companies are focusing on creating clear product positioning and competitive product lines, including the introduction of floating fee rate products [17][18]. - Compliance and risk management are critical to supporting the industry's transformation, with companies enhancing their compliance frameworks and risk control measures [20][22]. Challenges and Industry Restructuring - The transition to high-quality development faces internal challenges, such as entrenched performance evaluation systems and the need for deeper research capabilities [25][26]. - External challenges include the existing sales channel models that favor high-commission products, which may conflict with the industry's shift towards long-term investment strategies [26][27]. - The high-quality development wave is expected to reshape the competitive landscape, with a focus on value competition rather than scale [27][28]. Future Outlook - Over the next three to five years, the public fund industry is expected to prioritize high-quality development, with a focus on value competition and the emergence of firms with core capabilities [28][29]. - Companies that can provide comprehensive services and enhance investor engagement will likely gain a competitive edge in the evolving market [29].

Core Viewpoint - The 25th China International Investment Trade Fair highlighted the importance of investing in China as a pathway to future opportunities, emphasizing the role of the event in promoting international investment and cooperation [1]. Group 1: International Business - The fair serves as a global public investment platform, facilitating domestic and international dual circulation and high-level opening-up amid changing international environments and domestic industrial upgrades [3]. - Bosera Asset Management has established a comprehensive international business network across Asia, North America, Europe, and Africa, with asset management scale exceeding 100 billion HKD [3][4]. - The company has launched innovative products, including the first long-duration U.S. Treasury ETF in Hong Kong and a virtual asset spot ETF, positioning itself as a leader in industry transformation [4]. Group 2: Index Investment - Index products are becoming essential tools for global investors to access Chinese opportunities, with Bosera leading the development of index business [5]. - The company has developed a diverse range of index products, including broad-based, cross-border, and thematic ETFs, enhancing its product toolbox [5]. - Bosera aims to meet the diverse investment needs of clients through its "Bosera Smart Investment" brand, providing comprehensive investment solutions [5]. Group 3: Financial Strategy and ESG - Bosera integrates national financial strategies into its operations, focusing on technology finance and innovation to support high-quality development [8]. - The company has committed to ESG principles, launching green financial products and participating in initiatives to promote sustainable investment [9]. - Bosera has developed a comprehensive pension finance model, enhancing investor education and services to improve the overall investor experience [9]. Group 4: Digital Transformation - The company is at the forefront of digital finance, incorporating AI into its investment research processes to enhance efficiency and decision-making [10]. Group 5: Overall Impact - With over 1.6 trillion CNY in assets under management and a commitment to high-quality development, Bosera's practices contribute significantly to the globalization of Chinese asset management [11]. - The company aims to be a guide for global capital while translating the value of Chinese assets, ensuring that both China and the world can share in the opportunities presented [12].

Core Viewpoint - The first batch of public infrastructure REITs in China has successfully completed its first year, demonstrating significant potential in promoting infrastructure investment and enhancing asset management efficiency [1][3][12]. Group 1: Market Performance and Impact - The first batch of public REITs has driven the construction of new infrastructure projects worth 300 billion yuan, with an average increase of 22% in share prices since listing [3][10]. - The total distributable cash flow from the first batch of REITs reached approximately 1.78 billion yuan, with a total dividend payout of about 1.22 billion yuan, representing around 60% of the distributable amount [3][10]. - The performance of these REITs has exceeded expectations, with stable operational data and positive market responses noted by various participating institutions [3][4]. Group 2: Regulatory and Institutional Support - Regulatory frameworks have been progressively improved, with various government departments and regulatory bodies actively supporting the development of the REITs market [4][5]. - Key policy announcements have expanded the scope of REITs, allowing for a broader range of assets and enhancing market liquidity through the introduction of insurance capital [4][5][12]. Group 3: Future Development and Asset Diversification - The asset types within the REITs market are gradually diversifying, with projects now covering areas such as affordable rental housing and renewable energy infrastructure [8][13]. - There are ongoing efforts to expand the REITs market, with institutions actively seeking to inject more mature assets into their REITs portfolios [6][7]. - The upcoming unlocking of restricted shares is expected to increase market liquidity and balance supply and demand dynamics within the REITs market [10][11]. Group 4: Strategic Importance - Public REITs are recognized as a crucial tool for revitalizing existing assets and expanding effective investment, aligning with national economic strategies [12][13]. - The development of a trillion-yuan REITs market is seen as essential for both short-term economic stability and long-term growth, with a focus on high-quality infrastructure projects [13].

Group 1 - The core message of the announcement is to inform investors about the upcoming investor relations event for the Bosera China Merchants Shekou Industrial Park REIT, scheduled for May 26, 2025, to discuss the fund's Q1 2025 performance and financial status [1][3]. - The event will include representatives from the fund management team, fund managers, investors, and industry researchers, facilitating a comprehensive discussion on investor inquiries [2][4]. - Registration for the event is required, with a deadline set for May 23, 2025, at 17:00, and each institution is limited to two attendees [2][3]. Group 2 - The investor relations event will take place on May 26, 2025, from 14:00 to 16:00 at the Shekou Internet Valley, Nanshan District, with the specific meeting room to be determined [3][4]. - The participation method for the event is through on-site research, allowing for direct engagement between the fund management and investors [4].