1. Report Industry Investment Rating No information provided in the text. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index continued to decline this week, with a weekly decline of 0.83% and a decline of 3.71% compared to the end of January, basically erasing the gains since the beginning of 2026. The average daily turnover rate was 0.3%, a historically low value since 2021, and market activity remained low [1][10]. - The "AVIC Beijing Changbao Rental Housing REIT" started the inquiry process. It is a government - allocated rental project with high secondary - market buying value, and its listing increase is expected to reach 25 - 30% [1][2]. - In the secondary market, all asset sectors declined this week, with the warehousing and logistics and industrial park sectors having relatively large declines [4]. 3. Summary by Directory 3.1 Primary Market - **AVIC Beijing Changbao Rental Housing REIT**: Registered and became effective on March 23, 2026, and conducted an inquiry on March 27. It is the second infrastructure public REIT issued in 2026. The underlying assets are three public rental housing projects in the Future Science City of Changping District, Beijing. It belongs to government - allocated rental REITs, with a policy - oriented nature. The rent is about 70% of the surrounding area, and the project has a high secondary - market buying value. The listing increase is expected to reach 25 - 30% [1][18][29]. - **Other Infrastructure REITs**: "Dongfanghong Tunnel Co., Ltd. Expressway REIT" ended the inquiry and entered the issuance stage, with a predicted IRR still above 4%. As of March 27, 2026, 8 projects have received inquiry feedback and 2 projects have been accepted by the exchange [32]. - **Commercial Real Estate REITs**: On March 26, 2026, Guolianan Fuxing Commercial Real Estate REIT was submitted to the Shanghai Stock Exchange. As of March 27, 2026, a total of 16 commercial real estate REITs have been declared, with an expected fundraising scale of over 46.2 billion yuan [3][33]. 3.2 Secondary Market - **Overall Market Performance**: All asset sectors declined this week, with the warehousing and logistics sector declining by 1.34% and the industrial park sector by 1.21%. Only 12 out of 79 individual bonds rose, and 67 declined [4][36]. - **Warehousing Sector**: The decline was the largest this week. Only two individual bonds rose, and the rest declined. The decline of CICC GLP REIT exceeded 10% this month, but the current distribution rate reached 5.63%. The decline of Harvest JD Warehouse Infrastructure REIT stopped, and it plans a secondary expansion. The predicted distribution rate can still be above 4% [39][42]. - **Industrial Park Sector**: The decline was relatively large. Only 2 individual bonds rose, and 18 declined. The current distribution rate of the park sector has risen to 4.79%. For individual bonds with poor fundamentals or large previous declines and a distribution rate of over 5%, there may be opportunities for marginal improvement. It is recommended to focus on park REITs with stable fundamentals, a distribution adjustment mechanism, and a high distribution rate [44]. - **Rental Housing Sector**: All individual bonds declined this week, with an overall decline of 0.78%. The decline of Cathay Fortune Urban Investment Kuanting Rental Housing and China Asset Management CR Land Nest was the smallest, with a distribution rate of about 3.4%. CICC Xiamen Anju has launched a vote for an expansion. The rental housing sector has good fundamentals, and attention can be paid to trading opportunities related to interest - rate adjustments [49][51]. - **Transportation Facilities Sector**: The performance was average. Only 2 individual bonds rose, and the decline of Huaxia Nanjing Transportation Expressway REIT was the largest. It is recommended to focus on road assets with traffic - inducing effects or in economically active areas [52][53]. - **Transaction Activity**: The trading activity of REITs this week remained low. The average daily trading volume was 371 million yuan, the average daily trading volume was 86 million shares, and the average daily turnover rate was 0.30%. The trading of each asset was also relatively inactive [58].

Investment Rating - The investment rating for the industry is maintained as "Accumulate" [5] Core Insights - The C-REITs market is experiencing a dual drive of new issuance and expansion of existing funds, with a focus on annual report information [2] - The overall performance of the C-REITs secondary market is weak, with a total market capitalization of approximately 223.89 billion yuan and an average market value of about 2.8 billion yuan per REIT [11] - The REITs index has shown a year-to-date increase of 1.18%, while the overall market indices have generally declined [9][10] Summary by Sections REITs Index Performance - The CSI REITs total return index decreased by 0.13% this week, closing at 1021.8 points, while the CSI REITs closing index fell by 0.15% to 785 points [9] - Year-to-date, the CSI REITs total return index has increased by 1.18%, while the CSI REITs closing index has risen by 0.82% [9] C-REITs Secondary Market Performance - The secondary market for C-REITs is showing weak fluctuations, with 39 REITs rising and 37 falling this week, resulting in an average weekly change of -0.02% [11] - The best-performing sectors this week include affordable housing and transportation infrastructure, while municipal water conservancy and logistics sectors have seen a pullback [11] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs continues to show differentiation, with the top three being Ping An Guangzhou Guanghe REIT (11%), E Fund Guangkai Industrial Park REIT (9.9%), and Huaxia China Communications Construction REIT (9.7%) [3] - The price-to-net asset value (P/NAV) ratio for REITs ranges from 0.7 to 1.8, with the highest being E Fund Huawai Agricultural Market REIT (1.7) and the lowest being E Fund Guangkai Industrial Park REIT (0.7) [3] Investment Recommendations - The current investment strategy focuses on three main lines: 1. Attention to policy themes and quality undervalued projects, particularly in high-energy cities and professional operations [2] 2. Acknowledgment of the market's recognition of the benefits of affordable housing assets, with a recommendation to consider asset resilience and market prices for timing [2] 3. Monitoring the parallel expansion of REITs and new issuances, focusing on original rights holders with sufficient asset reserves and quality projects [2]

1. Report Industry Investment Rating - No information provided on industry investment rating. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1023.2 points this week, down 0.43% week - on - week and 2.78% from the end of January. The trading volume remained sluggish, with the average daily turnover rate hovering around 0.36%, lower than the 60 - day average of 0.45%. As of March 13, the total market value of 79 listed REITs was 224.1 billion yuan, with a week - on - week decrease of 0.41%, and the circulating market value was 123.9 billion yuan [11]. - The "merger of public rental housing and affordable rental housing" in Shanghai may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing REITs sector has excellent fundamentals, and high occupancy rates and rent advantages ensure the stability of cash flow at the numerator end. The sector may be more affected by the discount rate at the denominator end. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing with stronger policy attributes [3][24]. - In the secondary market this week, except for the data center sector which rose 0.73%, all other sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most, while the energy facility sector declined the least [4][26]. 3. Summary by Relevant Catalogs 3.1 "Merger of Public Rental Housing and Affordable Rental Housing", Continuously Monitor the Impact on the Supply of Affordable Rental Housing REITs - China's housing security system is divided into rental - type (public rental housing and affordable rental housing) and sales - type affordable housing. Public rental housing has relatively strict application conditions, and the rent is generally lower than that of affordable rental housing projects [2][19]. - Since March 2026, multiple batches of public rental housing in Shanghai have been unified for supply management according to the relevant policies of affordable rental housing. The rights and interests of existing tenants remain unchanged, and new tenants will be reviewed according to the standards of affordable rental housing. After the expiration of the lease contract, those who still meet the access conditions can renew the lease [2][22]. - The "merger of public rental housing and affordable rental housing" may attract some public rental housing applicants to choose affordable rental housing projects, but it may also divert the applicants of original affordable rental housing projects. Attention should be paid to the competition around rental housing REITs projects [2][22]. - The rental housing sector fell 0.62% this week. The current distribution rate of the sector is about 3.12%. Attention can be paid to trading opportunities in the sector with subsequent interest rate adjustments, especially individual bonds of affordable rental housing such as Huaxia Beijing Affordable Housing and CICC Xiamen Anju [3][24]. 3.2 Secondary Market: Data Centers Lead the Rise, Industrial Parks Lead the Fall, and Trading Sentiment is Low - This week, except for the data center sector (+0.73%), all other asset sectors declined, with the decline ranging from 0.01% to 1.06%, narrowing compared with last week. The industrial park sector declined the most (-1.06%), and the warehousing and logistics and rental housing sectors declined about 0.6%. The energy facility and municipal environmental protection sectors declined less, at -0.01% and -0.11% respectively [4][26]. - The data center sector was the only one that rose this week. However, the two individual bonds in the sector showed different performances. Runze Technology rose while Wanguo declined. The current distribution rates of Runze and Wanguo are 3.40% and 3.49% respectively, slightly higher than the reference value of 3.31% for the distribution rate of rental - type REITs projects, and there may still be an upward space of 10 - 20BP. However, the China Securities Computing Power Index in the equity market retreated 1.07% this week. Allocation can be made at an appropriate time in combination with Runze's expansion process [4][28]. - The industrial park sector declined the most this week. The current distribution rate of the park sector has increased by 5BP to 4.72%. Under the pressure on the fundamentals, attention should be paid to the marginal improvement and repair opportunities of individual bonds with poor fundamentals, large previous declines, and distribution rates as high as over 5%. It is recommended to carefully focus on park REITs with stable fundamentals, income distribution adjustment mechanisms, and leading distribution rates, such as Jinyu Zhizao Gongchang and Chuangjin Hexin Shounong [30][31]. - The energy facility sector declined the least this week. The "coordination of computing and power" was first proposed in the 2026 government work report. Attention should be paid to the stability of regional consumption, on - grid power generation, on - grid electricity prices, and changes in the demand side of the energy sector [37][41]. - The warehousing sector declined significantly this week. The recent poor performance of Harvest JD Warehousing Infrastructure may be related to the upcoming expiration of the lease of the Langfang project. It is expected that the rent reduction of the Langfang project will be similar to that of the Chongqing project, ranging from 16% to 40%. Attention can be paid to the subsequent renewal situation [5][45]. 3.3 Primary Market: Shenzhen Stock Exchange Welcomes the Second Commercial Real Estate REIT - On March 10, 2026, after Huatai Zijin Huazhu Anju Commercial Real Estate REIT, the Shenzhen Stock Exchange welcomed the second commercial real estate REIT - Hongtu Innovation Xinghe Group Closed - end Commercial Real Estate Securities Investment Fund, with Xinghe Industrial (Shenzhen) Co., Ltd. as the original equity holder [57]. - As of March 13, 2026, there were 11 projects that had received inquiries and feedback and 2 projects that had been accepted among the projects declared to the exchange [61].

Core Viewpoint - JD Property Development is positioned to transition from a domestic logistics real estate operator to a global modern infrastructure investment and asset management platform, driven by its international expansion and support from the JD Group ecosystem [4][5][19]. Group 1: Internationalization and Valuation Shift - JD Property Development has submitted its A1 application to the Hong Kong Stock Exchange, indicating a significant shift towards global operations, with 12.8% of its asset management scale located overseas as of September 30, 2025, up from 3.7% at the beginning of 2023 [4][6][20]. - The company has developed, owned, or managed 285 modern infrastructure assets across 29 provinces in China and 10 countries, with a total building area of approximately 27.1 million square meters and an asset management scale of 121.5 billion RMB [4][17]. - The revenue for 2023, 2024, and the first nine months of 2025 was 2.868 billion RMB, 3.417 billion RMB, and 3.002 billion RMB respectively, with an average annual growth rate of about 20% [4][17]. Group 2: Capital Efficiency and Scarcity - JD Property Development has established a highly extensible business model capable of generating sustainable cash flow, with a management fee income compound annual growth rate of 30% from 2020 to 2024 [10][23]. - The company’s fund management scale increased from 25.5 billion RMB in 2022 to 41 billion RMB by September 30, 2025, representing 33.7% of its total asset management scale [10][24]. - The strategic focus on a "fund + public REITs" model enhances its scarcity in the market, making it a unique player compared to other listed real estate and infrastructure companies [10][23]. Group 3: Ecosystem Support and Long-term Valuation - JD Property Development leverages the JD Group ecosystem to enhance its project acquisition capabilities, significantly increasing the contribution from external clients to 62.5% of its infrastructure solutions revenue by September 30, 2025 [12][25][26]. - The company has formed strategic partnerships with logistics firms to improve operational efficiency and service capabilities, positioning itself as a leader in modern infrastructure development [12][25][26]. - The average occupancy rate of completed assets exceeds 90%, which is approximately 10 percentage points higher than the average in the new economy sector [12][26].

Market Overview - The secondary market for publicly listed REITs in China showed an upward trend from January 26 to January 30, 2026, with the China Securities REIT Index closing at 809.56 and the total return index at 1052.42, yielding returns of 0.35% and 0.47% respectively [4] - Compared to other major asset classes, the return rates ranked as follows: crude oil > REITs > pure bonds > US stocks > A-shares > gold > convertible bonds [4] - Among REITs, property and concession REITs saw price increases, with property REITs returning 0.27% and concession REITs returning 0.68% [4] - The best-performing underlying asset types were water conservancy facilities, energy, and transportation infrastructure [4] Trading Activity - The total trading volume for public REITs was 3.18 billion yuan, with an average daily turnover rate of 0.68% [5] - The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Bosera Shekou Industrial Park REIT, and Harvest JD Warehouse Infrastructure REIT, with volumes of 0.41, 0.36, and 0.30 billion units respectively [5] - The main net inflow for the week was 149.1 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week [5] - The leading net inflow categories were consumer infrastructure, park infrastructure, and energy infrastructure REITs [5] Block Trading - The total amount of block trading for the week was 366 million yuan, showing a decline from the previous week [6] - The highest single-day block trading amount was 108.06 million yuan on January 28, 2026 [6] Primary Market - No new REIT products were listed during the week, but the status of 10 existing REIT projects was updated [8]

Core Viewpoint - JD Property, a subsidiary of JD Group, has submitted an A1 application to the Hong Kong Stock Exchange, aiming for a mainboard listing, showcasing its asset scale, business structure, competitive advantages, and overseas strategy [1] Group 1: Company Overview - JD Property is positioned as a leading modern infrastructure development and management platform in China, managing over 120 billion RMB in assets and covering more than 280 modern infrastructure assets globally [1] - The company has established a comprehensive infrastructure network, with domestic coverage across 29 provincial administrative regions and international presence in key logistics nodes in Asia-Pacific, Europe, and the Middle East [2] Group 2: Financial Performance - In 2024, JD Property achieved total revenue of 3.42 billion RMB, a year-on-year increase of 19.1%, with revenue for the first nine months of 2025 reaching 3 billion RMB, surpassing the total for 2023 [3] - The core business of infrastructure solutions contributed 3.16 billion RMB in revenue in 2024, accounting for 92.6% of total revenue, with external customer revenue making up 62.5%, reflecting a 3.2 percentage point increase from 2023 [3] Group 3: Asset Management and Investment - JD Property has established multiple funds and investment platforms, with a fund management scale increasing from 25.5 billion RMB at the beginning of 2023 to 41 billion RMB by September 2025 [4][5] - The company’s fund management accounted for 33.7% of its total asset management scale, providing a solid foundation for future development in fund and partnership management [5] Group 4: Profitability and Challenges - Despite impressive growth, JD Property reported net losses of 1.83 billion RMB in 2023, 1.2 billion RMB in 2024, and 160 million RMB in the first nine months of 2025, while adjusted profits showed a positive trend [6] - The decline in gross margin is attributed to ongoing fair value losses in domestic investment properties, with significant impacts from macroeconomic conditions [6] Group 5: Ownership and Fundraising - JD Group holds a 74.96% stake in JD Property, with Liu Qiangdong indirectly controlling approximately 77.9% of the voting rights [7] - The funds raised from the listing will primarily be used to expand the infrastructure asset network in key overseas logistics nodes and enhance the density and quality of infrastructure assets in China [7]

Core Viewpoint - JD Smart Development Co., Ltd. has submitted its prospectus for an IPO, marking it as the seventh company under JD Group to seek public listing, following JD Group, Dada Group, JD Health, JD Logistics, Debang Co., and JD Industry [1][9]. Company Overview - JD Smart Development is a platform enterprise focused on the development, operation, and asset management of modern supply chain infrastructure, aiming to provide integrated supply chain solutions through high-standard logistics parks, industrial parks, and data centers [3]. - The company has established a three-dimensional business model that emphasizes heavy asset development, light asset operation efficiency, and capital cycle empowerment [3]. Business Structure - The company has three main pillars driving its operations: - Infrastructure solutions, which are the main revenue source, contributed 2.564 billion RMB in the first nine months of 2025, accounting for 85.4% of total revenue [5]. - Asset value enhancement focuses on optimizing existing assets, achieving a cumulative asset appreciation of 1.3 billion RMB from 2020 to 2024, with an average return rate of 40% [6]. - Fund and partnership investment platform management promotes a light asset transformation, with a projected management fee income of 197 million RMB in 2024, reflecting a compound growth rate of 30% [6]. Financial Performance - In 2023, the company reported total revenue of 2.9 billion RMB, expected to grow to 3.4 billion RMB in 2024, with a 21.2% increase in revenue for the first nine months of 2025 compared to the same period in 2024 [12]. - The company experienced a net loss of 1.829 billion RMB in 2023, which is projected to decrease to 1.2 billion RMB in 2024, and further to 159 million RMB in the first nine months of 2025 [14]. - Adjusted net profit is expected to grow significantly, with a 77% increase in the first nine months of 2025 compared to the same period in 2024 [12]. Market Context - The IPO submission aligns with the trends in intelligent manufacturing and supply chain infrastructure upgrades, driven by policies like "Made in China 2025" and the "14th Five-Year Plan" [17]. - The demand for high-standard, intelligent infrastructure is increasing globally, providing a broad market space for companies like JD Smart Development [19]. Competitive Landscape - The domestic supply chain infrastructure industry is becoming increasingly competitive, with major players like ProLogis and Wanwei Logistics intensifying their market presence [15]. - JD Smart Development aims to differentiate itself by leveraging JD Group's core supply chain capabilities and focusing on emerging sectors like new energy vehicles and cross-border e-commerce [21].

Core Viewpoint - The public fund industry is focusing on enhancing investor experience through consistent dividend distributions, reflecting a commitment to long-term returns and investor satisfaction [2][3][4] Group 1: Dividend Trends - Over 3,300 fund products implemented dividends in the first 11 months of 2025, with total dividends exceeding 210 billion yuan, marking a 20.95% increase compared to the same period last year [1] - Jiashi Fund has distributed dividends 202 times in 2025, amounting to over 8.2 billion yuan, showcasing its strong return capabilities across various fund categories [1] - Bond funds remain the primary contributors to dividends in the public fund market, with Jiashi's ultra-short bond fund achieving 9 distributions and a total of 24.4 billion yuan in cumulative dividends since inception [1] Group 2: Product Performance - Jiashi Anze's one-year pure bond fund led Jiashi's bond products with a dividend of 699 million yuan, while other bond funds also exceeded 500 million yuan in dividends [1] - Jiashi's ETF products, particularly the CSI 300 ETF, have distributed 2.4 billion yuan in dividends, maintaining a leading position in the public ETF sector [1] - Active equity funds like Jiashi Theme Selection have distributed over 11.1 billion yuan cumulatively, indicating a solid foundation for future dividends [1] Group 3: Industry Transformation - The ongoing "red envelope rain" of dividends signifies a shift in the public fund industry towards prioritizing investor returns, aligning with the goals of high-quality development [2][4] - The industry is adopting measures such as lowering management fees and introducing floating fee products to enhance competitiveness and improve investor experience [4] - Continuous dividends are seen as a critical aspect of the public fund's service to investors, contributing to a high-quality development framework [4]

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]

Core Viewpoint - The public fund industry continues to show strong dividend distribution activity, with multiple funds from Harvest Fund announcing collective dividends, enhancing investor experience and satisfaction [1][2][3] Fund Distribution - Harvest Fund announced dividends for 14 products, including bond funds, active equity funds, ETFs, and REITs, with bond funds being the primary contributors [1] - The Harvest Ultra-Short Bond Fund has achieved a total of 193 dividend distributions since its inception in April 2006, with cumulative dividends amounting to nearly 3.4 billion yuan [1] - The A500 ETF, launched in October 2024, has seen significant trading activity with a cumulative transaction amount exceeding 380 billion yuan and an average daily transaction amount over 2 billion yuan [1] Active Equity Funds - The Harvest Theme Selection Mixed Fund has distributed dividends totaling over 11 billion yuan, marking its second distribution in 2025 after a previous one in April [2] - The fund has a total of 27 dividend distributions since its establishment in July 2006, reflecting the stability and sustainability of Harvest's dividend strategy [2] REITs - The Harvest JD Warehouse Infrastructure REIT has announced its first dividend for 2025, with a total of 6 distributions since its inception, amounting to over 150 million yuan [2] Overall Dividend Performance - Since its establishment, Harvest Fund has prioritized investor satisfaction, with a total of 1,444 dividend distributions and cumulative dividends of 106.68 billion yuan by the end of 2024 [3] - As of July 10, 2025, the total dividends distributed by Harvest Fund this year reached 5.397 billion yuan [3]