Report Information - Report Title: Public Offering REITs Weekly Report (August 4 - August 10, 2025) - Analysts: Xu Chao, Dai Zihan 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - This week, the public offering REITs market fluctuated and declined, with an increase in trading volume. The indexes of property - type and franchise - type public offering REITs both fell, and most public offering REITs products declined. There are 22 public offering REITs funds waiting to be listed, and the market is expected to expand. Given the asset shortage, public offering REITs have high - dividend and medium - low - risk advantages, with a relatively high cost - performance ratio for allocation [2][5]. 3. Summary by Directory 3.1 Secondary Market: This Week, the Public Offering REITs Market Fluctuated and Declined - Market Index: As of August 8, 2025, the China Securities REITs Index dropped 0.33% to 867.98 compared with last week, and the China Securities REITs Total Return Index also declined 0.33% to 1097.31 [11]. - Trading Volume and Turnover: The total trading volume of the REITs market this week was 806 million shares, the same as last week. The trading amount was 3.667 billion yuan, a 1.47% increase from last week. The market turnover rate was 3.78%, compared with 3.84% last week [13]. - Index by Underlying Asset Type: The indexes of property - type and franchise - type public offering REITs both declined, by 0.28% and 0.15% respectively. Among property - type REITs, only warehousing and logistics REITs rose 0.22%, while others declined. Among franchise - type REITs, energy infrastructure and ecological environmental protection REITs rose 0.54% and 0.23% respectively, while municipal facilities, water conservancy facilities, and transportation infrastructure REITs declined [16][19]. - Trading Volume and Turnover by Type: Most types of public offering REITs saw a decline in trading volume and turnover. The trading volume of water conservancy facilities, warehousing and logistics, and other types of REITs decreased, while that of municipal facilities and transportation infrastructure REITs increased. The daily average turnover of energy infrastructure and municipal facilities REITs exceeded 1%, and that of most other types decreased [21][23]. - Performance of Single Products: Most public offering REITs declined. Among them, Huatai Zijin Baowan Logistics Warehouse REIT, ICBC Inner Mongolia Energy Clean Energy REIT, and Huaxia Nanjing Traffic Expressway REIT had the highest weekly increases, while ICBC Hebei Expressway Group Expressway REIT, Huaxia Capital First - time Outlet REIT, and Guotai Junan Jinan Energy Heating REIT had the highest weekly declines [25]. 3.2 Primary Market: 22 Public Offering REITs Funds Are Waiting to Be Listed - Issued Products: As of August 8, 2025, a total of 73 public offering REITs have been issued, with a total issuance scale of 191 billion yuan. Since 2025, 14 public offering REITs have been issued, and there were no new issuances in August 2025 [3]. - Products Waiting to Be Listed: There are 22 public offering REITs funds waiting to be listed, including 11 initial offerings and 11 expansions. In terms of project status, 8 have passed, 9 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 6 park - type, 3 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in industrial REITs, and 3 energy - type and 1 ecological environmental protection - type in franchise - type REITs [33]. 3.3 Public Offering REITs Policies and Market Dynamics - Tianjin Policy: On August 7, according to Tianjin Daily, the General Office of the CPC Tianjin Municipal Committee and the General Office of the Tianjin Municipal People's Government issued an opinion on further optimizing the business environment, suggesting using financing tools such as REITs, ABS, and science - innovation bonds to provide diversified financing channels for various business entities [36]. - Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT: On August 8, the fund manager Guotai Haitong Asset Management announced that the REIT plans to apply for expansion and purchase new infrastructure projects. Shanghai Chengtou Holding Co., Ltd. plans to use rental housing projects in Minhang District, Shanghai as underlying assets to participate in the expansion [38]. 3.4 Investment Suggestions - Market Trend: This week, the REITs index fluctuated and declined, and the trading volume of the public offering REITs market increased. The indexes of property - type and franchise - type public offering REITs both declined, with municipal facilities having the highest decline. - Market Outlook: This Friday, Southern Wanguo Data Center REIT and Southern Runze Technology Data Center REIT were listed on the Shanghai and Shenzhen Stock Exchanges, marking an important stage in the development of China's REITs market. Since this year, 14 public offering REITs have been established, with a total scale of over 25 billion yuan. With 22 REITs funds waiting to be listed, the market is expected to expand, and its activity is expected to increase. - Investment Value: Given the asset shortage, public offering REITs have high - dividend and medium - low - risk advantages, with a relatively high cost - performance ratio for allocation [5][39][40].

Core Viewpoint - The announcement by Shanghai Minhang Public Rental Housing Investment and Operation Co., Ltd. regarding the public acquisition of rental housing has garnered industry attention, indicating a trend towards expanding the supply of affordable rental housing and enhancing the REITs market for such properties [1][2]. Group 1: Public Acquisition Announcement - The announcement aims to optimize housing resource allocation and promote stable development in the real estate market by publicly soliciting real estate projects for use as affordable rental housing [2]. - Eligible projects must be legal new residential properties with a minimum total construction area of 7,500 square meters, located in the southern part of Minhang District, and free from ownership disputes [2]. Group 2: Benefits of Utilizing Existing Properties - Converting existing properties into affordable rental housing can significantly shorten construction timelines, typically requiring only 3 to 6 months for renovations [2][3]. - This approach not only meets the housing needs of low-income groups but also enhances the city's attractiveness and talent retention capabilities [2][3]. Group 3: Financial Innovation and REITs Expansion - The successful acquisition of existing properties for affordable housing, exemplified by the Guotai Junan City Investment REIT, demonstrates strong policy support for the development of the rental housing market [4][5]. - The REITs market for affordable housing is expected to expand, with projections indicating that the overall issuance scale could exceed 25 billion yuan by 2025 [6]. - Recent activities, such as the completion of the first public offering and expansion of the Huaxia Beijing Affordable Housing REIT, highlight the growing maturity and resilience of the affordable housing REITs market [6][7].

Core Viewpoint - The release of the notification by the Shanghai Municipal Development and Reform Commission is expected to inject new momentum into the development of the infrastructure REITs market [1] Policy Support for Market Development - The notification aims to enhance the role of infrastructure REITs in revitalizing existing assets, expanding effective investment, and promoting high-quality infrastructure development [2] - It emphasizes the establishment of a dynamic reserve mechanism focusing on quality assets and improving project review and recommendation efficiency [2][3] - A "green channel" mechanism will be established for high-quality projects in the reserve pool to prioritize recommendations to the National Development and Reform Commission [2] Active Participation of Stakeholders - The development of the REITs market relies on the active support of various participants, with Shanghai implementing policies like the "Shanghai REITs 20 Measures" to facilitate project implementation and innovation [4] - The market has seen a notable increase in "initial offerings + expansions" this year, with specific examples such as the successful expansion of the Guotai Junan Lingang Innovation Industry Park REIT [5] Market Growth and Future Outlook - As of May 30, 2025, there are 66 publicly offered infrastructure REITs in China, with a total fundraising scale of 174.39 billion yuan and a total market value nearing 200 billion yuan [8] - The market size is projected to reach between 220 billion to 250 billion yuan by the end of 2025, with potential for further growth due to accelerated expansions [8] - The current environment is seen as a favorable time for investors to enter the REITs market, driven by policy benefits and a downward trend in interest rates [8] Investment Strategy Recommendations - The focus should be on prioritizing leading sectors and selecting asset types strategically, as the REITs market continues to expand and diversify [8][9] - Attention should be given to industries with relatively stable underlying asset operations and consumer-facing sectors, while also considering the operational capabilities of management teams [9]

Core Viewpoint - The launch of the Chengtou Kuan Ting Xuhui Community highlights the confidence in policy support for the development of affordable rental housing and demonstrates the potential of innovative financial tools to revitalize the real economy [2][3] Group 1: Project Overview - Chengtou Kuan Ting Xuhui Community is a collaboration among three state-owned enterprises: Shanghai Chengtou, Yidian Group, and Guosheng Group, marking the first acquisition and revitalization project of R4 land in Shanghai [3] - The project aims to respond to the national housing policy of promoting both rental and sales, while expanding the company's rental housing operation scale and enhancing the "Chengtou Kuan Ting" brand influence [3] Group 2: Financial Strategy - The project serves as a model for sustainable development by revitalizing state-owned assets and is seen as a reserve asset for future fundraising [3] - The company plans to combine "heavy asset" and "light asset operation" strategies to expand investment and operational scale, facilitating a virtuous cycle of "development-operation-exit-reinvestment" [3][4] Group 3: Community Features - The community is strategically located near Metro Line 1 and Line 12, providing convenient access to commercial and recreational areas [4] - It includes 1,283 housing units, with the first batch of 546 units featuring one to two-bedroom layouts, fully furnished and ready for immediate occupancy [4] - The community will also offer approximately 600 square meters of commercial space and various social amenities to enhance residents' quality of life [4]

Core Insights - The report highlights the robust growth in the housing rental sector, with companies focusing on both scale and efficiency, while urban village redevelopment for affordable housing emerges as a new growth opportunity [2][4]. Group 1: Revenue Growth - Six disclosed rental companies reported a combined revenue of 8.87 billion yuan, reflecting a year-on-year increase of 3.65% [2]. - Among these, Boyu contributed 41.76% and Guanyu contributed 29.89% to the total revenue [2]. - Rental companies such as Boyu, Guanyu, and Zhaoshang Yidun achieved revenue growth ranging from 3.92% to 42.11% in 2024, with Boyu, Guanyu, and Zhaoshang Yidun generating revenues of 3.702 billion yuan, 2.65 billion yuan, and 1.234 billion yuan respectively, marking year-on-year growth of 7%, 4%, and 13% [2]. Group 2: Operational Efficiency - Rental companies like Xiangyu, Boyu, and Guanyu reported occupancy rates exceeding 95%, indicating stable operations [3]. - As of the end of the previous year, Guanyu's overall occupancy rate was 95.3%, while Boyu's occupancy rate was 95.6%, with a front-end GOP profit margin of 89.8% and a customer satisfaction rate exceeding 95% [3]. - The report noted a significant increase in new rental projects, with 26 new projects launched, primarily due to multiple openings by Vanke Boyu and Longhu Guanyu [3]. Group 3: Policy and Market Trends - Recent policies have been implemented to support the acquisition of existing residential properties for affordable housing, indicating a clear direction from the national level [4]. - Various cities, including Guangzhou, are promoting urban village redevelopment to enhance the affordable housing supply, mandating that at least 10% of residential land in redevelopment projects be allocated for affordable housing [5]. - Despite downward pressure on rents in key cities, signs of stabilization are emerging, with 35 out of 50 monitored cities experiencing a decline in rents, while 15 cities maintained or increased rents [5][6].