Group 1 - The core viewpoint of the articles highlights the growing trend and performance of infrastructure REITs in China, with significant listings and positive returns observed in the market [1][2] - As of September 26, 87 infrastructure REITs are in various stages of listing, with the highest numbers in park infrastructure, transportation infrastructure, and consumer infrastructure categories [1] - The China Securities REITs total return index has increased by 9.97% year-to-date, with 65 out of 74 listed REITs achieving positive returns, and 39 of those showing gains exceeding 10% [2] Group 2 - Notably, the Jia Shi Wu Mei Consumer REIT has seen a year-to-date increase of 45.19%, while the Hua Xia Da Yue Cheng Commercial REIT and Bo Shi Jin Kai Ke Gong Industrial Park REIT have risen by 41.14% and 38.80%, respectively [2] - Industry experts suggest that infrastructure REITs offer high liquidity, stable returns, and strong safety, making them attractive for investors seeking stable investments and diversified asset allocation [2] - International experience indicates that a "dual drive" model of "initial issuance + expansion" is crucial for the maturation of the infrastructure REITs market, with six products in China having completed expansions to date [2]

Core Viewpoint - The infrastructure REITs market in China is expected to experience long-term stable development due to continuous supportive policies and strong performance in the secondary market [1][2]. Group 1: Supportive Policies - As of September 26, there are 87 infrastructure REITs in various stages of listing, with the majority being park, transportation, and consumer infrastructure types [2]. - Recent policies from the National Development and Reform Commission and other departments aim to expand project types and optimize mechanisms, enhancing the breadth and depth of the infrastructure REITs market [2]. - The policies encourage the regular listing of mature assets that can generate stable cash flows, facilitating a positive investment cycle by allowing funds to be reinvested into new projects [2][3]. Group 2: Market Performance - The infrastructure REITs market has shown a volatile adjustment trend recently, with the CSI REITs Total Return Index down 0.65% as of September 26, but it has increased by 9.97% year-to-date [4]. - Among the 74 listed REITs, 65 have achieved positive returns, with 39 showing gains exceeding 10% [4]. - Specific REITs, such as the Jiashi Wumei Consumer REIT, have seen significant year-to-date increases, with a rise of 45.19% [4]. Group 3: Market Characteristics - The infrastructure REITs market is characterized by high liquidity, relatively stable returns, and strong safety features, making it attractive for investors seeking stable investments and diversified asset allocation [4][5]. - The introduction of diverse asset types is expected to meet varying investor preferences and attract a broader range of capital into the market [3].

Group 1 - The core viewpoint of the article highlights a significant increase in market activity, with the CSI REITs total return index rising by 14.29% in the first half of 2025, driven primarily by consumer REITs, particularly the Jiashi Wumei Consumer REIT, which led the market with a 50.21% increase [1][2][4] - The overall growth of the REITs market in the first half of 2025 is closely linked to the emphasis on consumer infrastructure REITs, as outlined in the State Council's "Special Action Plan to Boost Consumption," which supports the issuance of consumer infrastructure REITs [4][6] - The average increase in consumer REITs for the year reached 35.00%, significantly outperforming other types, with notable performers including Jiashi Wumei Consumer REIT and Huaxia Dayuecheng Commercial REIT, both achieving over 40% growth [6][4] Group 2 - The rental housing sector has seen a strong performance, with the eight listed rental housing REITs averaging a 52.7% increase since their issuance, reflecting investor confidence bolstered by favorable policy guidance [5][6] - The average increase for warehouse logistics REITs was 17.34%, with leading projects like Huazhong Waigaoqiao REIT achieving a 31.74% increase, although the sector faced challenges due to weakened e-commerce demand [5][6] - The performance of industrial park REITs varied significantly, with industrial production REITs maintaining growth despite slight declines in occupancy rates, while research office parks struggled with an average occupancy rate of only 85.31% [5][4]

Core Viewpoint - The public REITs market continues to thrive, with two newly listed data center REITs experiencing a significant surge on their debut, reflecting strong investor interest and market performance [1][2][6]. Group 1: Market Performance - On August 8, the first two data center public REITs, Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT, both hit the 30% limit on their first trading day, with total trading volumes reaching approximately 700 million yuan [1][2]. - As of August 8, the CSI REITs Total Return Index and the CSI REITs Index have increased by 13.37% and 9.91% year-to-date, respectively, outperforming major indices such as the CSI 300 Index and the CSI Dividend Index [1][7]. - The total market capitalization of public REITs has surpassed 221.23 billion yuan, maintaining a stable position above 220 billion yuan [7]. Group 2: Individual REITs Performance - The Southern Wanguo Data Center REIT recorded a trading volume of 608,600 units and a turnover rate of 25.37%, while the Southern Runze Technology Data Center REIT had a trading volume of 792,800 units and a turnover rate of 26.46% [5][6]. - The two REITs achieved transaction amounts of 234 million yuan and 452 million yuan, respectively, making them the top two in the public REITs market [5][6]. Group 3: Investment Trends - The successful listing of the first data center public REITs marks a significant expansion of the underlying assets in the public REITs market, moving beyond traditional sectors to include new infrastructure like data centers [6]. - The public REITs market has seen a strong inflow of capital, with the Southern Wanguo Data Center REIT attracting 183.54 billion yuan and the Southern Runze Technology REIT attracting 289.63 billion yuan during the issuance phase [6]. - The average year-to-date increase for all listed public REITs is 17.37%, with 70 out of 73 products showing positive returns [7][8].

Core Insights - The first two public REITs focused on data centers were listed on August 8, both achieving a 30% limit-up on their debut, indicating strong market interest and performance [1][2][3] Group 1: Market Performance - The newly listed data center REITs, Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT, recorded transaction amounts of 2.34 billion and 4.52 billion respectively, making them the top two in the public REITs market [2] - The public REITs market has shown impressive performance this year, with the CSI REITs Total Return Index and CSI REITs Index rising by 13.37% and 9.91% year-to-date as of August 8, significantly outperforming major indices like the CSI 300 and the CSI Dividend Index [1][4] Group 2: Market Dynamics - The successful listing of the first data center public REITs marks a diversification of underlying assets in the public REITs market, expanding beyond traditional sectors like housing and logistics to include new infrastructure like data centers [3] - The total market capitalization of public REITs reached 221.23 billion, maintaining stability above 220 billion, although there has been a slight correction of over 2% from the peak in late June [4] Group 3: Investment Opportunities - Among the 73 public REITs listed, 70 have reported positive returns this year, with an average increase of 17.37%. Notably, the Jiashi Wumei Consumption REIT has surged over 50% year-to-date [4][5] - The recent market adjustments may be linked to rising risk appetite in the capital market, with suggestions to focus on quality projects that may present buying opportunities after corrections [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the week from July 21 - July 25, 2025, ETF funds had the highest average weekly increase of 2.40%. Other types of funds ranked by average weekly returns from high to low were: quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds led with an average return of 18.73%, followed by REITs funds (16.80%), active equity funds (13.86%), quantitative funds (12.69%), ETF funds (12.46%), FOF funds (6.94%), and bond funds (1.68%) [8]. 3. Summary According to the Table of Contents 3.1 Cross - Category Fund Product Return Overview - This week, ETF funds had the highest average weekly increase of 2.40%, followed by quantitative funds (2.25%), active equity funds (1.76%), QDII funds (1.12%), FOF funds (0.65%), bond funds (-0.04%), and REITs funds (-1.87%) [2][8]. - Year - to - date, QDII funds had an average return of 18.73%, REITs funds 16.80%, active equity funds 13.86%, quantitative funds 12.69%, ETF funds 12.46%, FOF funds 6.94%, and bond funds 1.68% [8]. 3.2 Active Equity Funds - **Performance of Major Broad - based Indexes in A - share and Hong Kong Markets**: This week, all major broad - based indexes in the A - share market rose, with the overall increase lower than last week. The Science and Technology Innovation 50 Index had the best performance with a 4.63% increase, followed by the CSI 500 Index (3.28%), and the SSE 50 Index had the smallest increase of 1.12%. In the Hong Kong market, major broad - based indexes also rose, with the increase lower than last week. The Hang Seng Index and Hang Seng Tech Index increased by 2.27% and 2.51% respectively [12]. - **Performance of Shenwan Primary Industry Indexes**: Most Shenwan primary industry indexes rose this week. The building materials, coal, and steel industry indexes performed relatively well, with weekly increases of 8.20%, 7.98%, and 7.67% respectively. The public utilities, communication, and banking industry indexes performed weakly, with weekly increases of - 0.27%, - 0.77%, and - 2.87% respectively [15]. - **Overview of High - performing Active Equity Funds**: The average weekly return of active equity funds was 1.76%. Jinxin Industry Preferred Hybrid A had the best performance with a weekly return of 11.66%. High - performing funds mostly held stocks in the electronics, non - ferrous metals, and coal industries [17]. - **Overview of Industry - specific Active Equity Funds**: The average weekly return of industry - specific active equity funds was 1.51%, slightly weaker than the overall level of active equity funds. Cyclical industry funds performed brightly this week, with an average return of 4.86%. TMT industry funds had an average weekly return of 2.12%, ranking second. Pharmaceutical industry funds had a relatively weak performance with an average weekly return of - 0.15%. The average returns of other three types of industry funds were: mid - stream manufacturing (1.87%), consumption (1.56%), and financial real estate (1.35%) [19]. - **Overview of Non - industry Active Equity Funds**: The average weekly return of non - industry funds was 1.78%, slightly better than the overall level of active equity funds. The value - style funds significantly outperformed this week, with an average weekly return of 2.43%. The average returns of the other two styles were: growth (1.33%) and balanced (1.80%) [22]. 3.3 Quantitative Funds - **Overview of Quantitative Fund Returns**: The average weekly return of quantitative funds was 2.25%. Huabao CSI Rare Metals Theme A had the highest weekly return of 10.92%. In terms of strategy types, index - enhanced funds had the best performance with an average weekly return of 2.47%. The average weekly returns of the other two types were: active quantitative (2.21%) and stock long - short (0.10%) [24]. - **Overview of Returns of Major Index - enhanced Quantitative Funds**: Among index - enhanced quantitative funds this week, funds tracking the CSI 500 Index performed best, with an average return of 3.18%. The average weekly returns of funds tracking the CSI 300, CSI 1000, and Guozheng 2000 Indexes were 1.75%, 2.42%, and 2.31% respectively. In terms of excess returns, the proportion of funds achieving positive excess returns was 54.13%, similar to last week. Funds tracking the Guozheng 2000 Index had the highest average excess return of 0.19%. The average weekly excess returns of funds tracking the other three indexes were: CSI 300 Index (0.06%), CSI 500 Index (- 0.10%), and CSI 1000 Index (0.06%) [26]. 3.4 Bond Funds - **Performance of Major Bond Indexes**: This week, major bond market indexes declined overall. The CSI Aggregate Bond Index fell 0.49% to close at 260.12, the CSI Treasury Bond Index fell 0.59% to 246.44, and the CSI Credit Bond Index fell 0.37% to 213.20 [28]. - **Performance of Convertible Bond Indexes**: This week, the CSI Convertible Bond Index rose 2.14% to close at 463.57, with the weekly trading volume increasing by 14.16%. The median convertible bond price rose 1.66% to 129.66, and the median conversion premium rate rose 0.93% to 26.77% [30]. - **Overview of Bond Fund Returns**: The average weekly return of bond funds was - 0.04%. Galaxy Zhaoyi 6 - month Holding Hybrid A had the best performance with a weekly return of 9.26%. High - performing bond funds were mostly hybrid bond - type, convertible bond - type, and partial - debt hybrid - type [32]. - **Overview of Pure - bond Fund Returns**: The average weekly return of pure - bond funds was - 0.27%. The returns of short - term and medium - long - term pure - bond funds were - 0.10% and - 0.30% respectively. Fullgoal Dingli Pure Bond Three - month Regular Open Bond - type Initiated Fund performed relatively best, with an average weekly return of 1.43% [34]. - **Overview of Hybrid Bond Fund Returns**: The average weekly return of hybrid bond funds was 0.16%. The return of hybrid bond - type first - level funds was - 0.06%, and that of hybrid bond - type second - level funds was 0.32%. Hongta Hongtu Shengshang One - year Regular Open Bond A performed best, with an average weekly return of 5.92% [36]. - **Overview of Partial - debt Hybrid and Flexible Allocation Bond Fund Returns**: The average weekly return of partial - debt hybrid bond funds was 0.33%, and that of flexible allocation bond funds was 0.19%. Galaxy Zhaoyi 6 - month Holding Hybrid A performed best, with a weekly return of 9.26% [38]. - **Overview of Convertible Bond Fund Returns**: The average weekly return of convertible bond funds was 2.37%. Huashang Convertible Bond A performed best, with an average weekly return of 5.69% [41]. 3.5 ETF Funds - **Overview of ETF Fund Fund Flows**: This week, ETF funds had a net inflow of 2.007 billion yuan, a 96.43% decline from the previous week. Except for bond - type and cross - border ETFs, which had net inflows, other types of ETFs had net outflows. Bond - type ETFs had a net inflow of 9.969 billion yuan, a 86.41% decline from the previous week. Commodity - type ETFs had a net outflow of 5.544 billion yuan, about 3.5 times the change from the previous week. Stock - type ETFs had a net outflow of 4.496 billion yuan. Among them, scale - index ETFs had the largest outflow of 14.341 billion yuan, with a 49.48% change from the previous week [43]. - **Overview of ETF Funds with Top Net Inflows by Index**: Among the tracked indexes, ETFs tracking the Shanghai 30 - year Treasury Bond, CSI 30 - year Treasury Bond Wealth Index, and AAA Sci - tech Innovation Bonds had the top net inflows, with 5.272 billion yuan, 3.673 billion yuan, and 3.483 billion yuan respectively. Among equity indexes, ETFs tracking the Hong Kong Securities and Hong Kong Stock Connect Internet Index had the top total net inflows, with 3.762 billion yuan and 3.705 billion yuan respectively [47]. - **Overview of ETF Funds with Top Net Outflows by Index**: This week, the tracked indexes with top net outflows included bond - type, equity - type, and commodity - type indexes. ETFs tracking the Shanghai Market - made Corporate Bonds had a total net outflow of 2.717 billion yuan. Among equity indexes, ETFs tracking the CSI A500, Science and Technology Innovation Composite Index, and Science and Technology Innovation 50 Index had total net outflows of 6.737 billion yuan, 1.583 billion yuan, and 1.512 billion yuan respectively. ETFs tracking the SGE Gold 9999 Index had a total net outflow of 4.777 billion yuan [48]. - **Overview of ETF Funds with Top Net Inflows**: This week, the ETFs with top net inflows were mostly bond - type ETFs. The 30 - year Treasury Bond ETF Boshi had the largest net inflow of 5.272 billion yuan, followed by the Hong Kong Securities ETF with a net inflow of 3.762 billion yuan. Among theme - index ETFs, the Steel ETF and Chemical ETF also had top net inflows [51]. - **Overview of ETF Funds with Top Net Outflows**: This week, the Yinhuari ETF had the largest net outflow of 3.798 billion yuan. Among scale - index ETFs, the CSI A500ETF Invesco had a relatively large net outflow of 3.252 billion yuan. Among bond - type ETFs, the Short - term Financing ETF had a net outflow of 1.266 billion yuan [53]. - **Overview of High - performing ETF Fund Returns**: This week, the average change of ETF funds was 2.40%. The Rare Metals ETF Fund had the highest weekly increase of 11.80%, mainly driven by the tightening global supply of rare metals and increased demand in the new energy field, which pushed up the sector price. High - performing ETF funds were mostly theme - index ETFs, with investment themes such as rare metals and rare earths. In addition, among industry - index ETFs, the Rare Metals ETF Fund also had a top increase of 9.74% [55]. 3.6 FOF Funds This week, the average return of FOF funds was 0.65%. Guotai Industry Rotation Stock (FOF - LOF) A had the best performance with a weekly return of 7.97%. In terms of types, stock - type FOF funds performed best, with an average return of 2.91%. The average returns of the other two types were: hybrid FOF (0.69%) and bond - type FOF (0.01%) [57]. 3.7 QDII Funds This week, the overall average return of QDII funds was 1.12%. Huaxia Nomura Nikkei 225ETF had the highest weekly return of 5.02%. The average returns of different types of QDII funds were: stock - type (1.39%), hybrid (0.79%), bond - type (0.07%), and other types (0.55%) [59]. 3.8 REITs Funds This week, the average change of REITs funds was - 1.87%. Boshi Jinkai Science and Industry Park REIT had the best performance with a weekly change of 8.49% [61].

Core Viewpoint - Three public REITs triggered temporary suspensions due to excessive price increases, reflecting a heated secondary market and heightened institutional demand for stable cash flow assets [1][6][7] Group 1: REITs Performance and Suspension - On June 16, the Industrial Bank of China Mengneng Clean Energy REIT and Guotai Junan Jinan Energy Heating REIT both announced a suspension for one day after their prices rose over 70% from the benchmark [1][2] - The Industrial Bank of China Mengneng Clean Energy REIT closed at 9.145 CNY per share, marking a cumulative increase of 71.35% [2][5] - The Guotai Junan Jinan Energy Heating REIT closed at 12.749 CNY per share, with a cumulative increase of 70.44% [5] - The Bosera Jinkai Science and Technology Industrial REIT also announced a temporary suspension for one hour after a 52.88% increase, closing at 3.666 CNY per share [5] Group 2: Market Trends and Statistics - There have been 36 instances of public REITs triggering temporary suspensions due to high price increases this year [6] - The Huatai Suzhou Hengtai Rental Housing REIT has triggered suspensions four times since its listing on May 21, while the Huaxia Shouchuang Outlet REIT has triggered suspensions three times [6] - As of June 16, the CSI REITs Total Return Index and the CSI REITs (Closing) Index have increased by 15.5% and 12.54% respectively this year [6] Group 3: Market Conditions and Investor Behavior - The current low interest rate environment, with ten-year government bond yields around 1.6%, has led to increased institutional demand for REITs [7] - The nature of public REITs as listed assets provides relatively stable cash flow, but limited liquidity can lead to significant price volatility in the secondary market [7] - As prices rise, the distribution yield based on the benchmark market value decreases, prompting a recommendation for investors to participate in trading with caution [7]