Market Performance - The public REITs secondary market continued to decline, with the CSI REITs index down 0.20% to 838.34 points as of September 19 [1][3] - The CSI REITs total return index increased by 0.12%, closing at 1071.34 points [1][3] - Among the 74 listed public REITs, 38 saw an increase, while 35 experienced a decline, and 1 remained unchanged [1][3] Product Performance - The top three performing REITs were Huaxia Fund Huazhong REIT (+2.20%), China Merchants Highway REIT (+1.89%), and E Fund Shen Highway REIT (+1.57%) [1][3] - The three worst-performing REITs were Huaxia Tebian Electric New Energy REIT (-2.74%), Huaxia Beijing Affordable Housing REIT (-1.79%), and ICBC Mengneng Clean Energy REIT (-1.70%) [1][3] Sector Analysis - Data center REITs showed the best performance with a weekly increase of 1.32%, while ecological and highway sectors declined by 2.00% and 0.47%, respectively [3] - The weekly performance ranking from highest to lowest was: data center, warehousing and logistics, industrial parks, consumer, energy, affordable housing, highways, and ecological environment [3] Liquidity and Trading Volume - The total trading volume for REITs was 468 million yuan, a decrease of 19.0% week-on-week [4] - Trading volumes for property rights and operational rights REITs were 295 million yuan and 173 million yuan, reflecting declines of 20.9% and 15.7%, respectively [4] - The largest trading volume among REIT types was in transportation infrastructure, accounting for 19.7% of total trading [4] Industry and Policy Developments - Three private REITs were accepted for review, including projects related to Tianjin Rail Transit and Qingdao Water Group [2][5] - A joint notice from the Ministry of Commerce and nine departments emphasized support for community commercial complexes and other consumer infrastructure projects to issue REITs [2][6] - As of September 19, there were 28 ABS projects in the year, with a total intended fundraising amount of approximately 564 billion yuan [6]

Market Performance - The public REITs secondary market continued to decline last week, with the CSI REITs Index falling by 0.20% to close at 838.3 points, while the CSI REITs Total Return Index increased by 0.12% to 1071.3 points [1][4] - Among the 74 listed public REITs, 38 saw an increase, 35 experienced a decline, and one remained unchanged. The top three performing products were Huaxia Fund Huayuan REIT (+2.20%), China Merchants Highway REIT (+1.89%), and E Fund Shen Highway REIT (+1.57%) [1][4][6] Sector Performance - The performance of various sectors showed divergence, with industrial park REITs up by 0.04%, logistics REITs up by 0.23%, while ecological and environmental protection REITs fell by 2.00%, and highway REITs decreased by 0.47% [4] - The weekly performance ranking from highest to lowest was: data centers, logistics, industrial parks, consumer, energy, affordable rental housing, highways, and ecological protection [4] Transaction Volume - The total transaction volume for REITs last week was 468 million yuan, a decrease of 19.0% compared to the previous week. The transaction volumes for property and operational REITs were 295 million yuan and 173 million yuan, respectively, reflecting declines of 20.9% and 15.7% [9] - The transaction volumes for various REIT types included: 68 million yuan for park infrastructure, 59 million yuan for energy infrastructure, 44 million yuan for logistics, and 91 million yuan for traffic infrastructure, with traffic infrastructure accounting for 19.7% of total transactions [9] Industry and Policy Developments - Three private REITs were accepted for review last week, including projects related to Tianjin Rail Transit, China Railway Construction, and Qingdao Water Group [2][10] - On September 19, the Ministry of Commerce and nine other departments issued a notice prioritizing support for community commercial complexes and other consumer infrastructure projects to issue REITs [2][10]

Core Viewpoint - The public REITs market has shown signs of recovery after a period of decline, with several funds experiencing significant gains, indicating a potential for further market stabilization and investment opportunities [1][2][5]. Market Performance - On September 4, the CSI REITs All Return Index increased by 0.42%, with multiple public REITs rising over 2%, notably the招商基金蛇口租赁住房REIT which rose by 3.1% [1][2]. - From August 25 to August 29, the CSI REITs All Return Index recorded a gain of 1.06%, outperforming the CSI Dividend Index by 2.16 percentage points [1][2]. - As of September 4, among the 58 REITs listed before January 1, 2025, 54 have achieved positive returns this year, with 40 REITs increasing by over 10% [3]. Sector Analysis - There is a noticeable differentiation within public REITs, with property-type REITs rising by 1.55% and concession-type REITs by 0.87% last week [2]. - Sectors such as consumption, affordable housing, warehousing logistics, and data centers have shown relatively strong performance [2][4]. Financial Metrics - The overall revenue of REITs in the first half of 2025 saw a slight increase of 0.6% year-on-year, while net profit decreased by 7.5% [4]. - The distributable income decreased by 4.3%, and the actual dividend amount dropped by 26%, leading to an average cash distribution rate of 2.36%, down 50 basis points year-on-year [4]. Investment Strategy - The market sentiment indicates a potential for further recovery in the REITs sector, especially if investor risk appetite continues to contract [5][6]. - Investment opportunities are suggested in high-quality projects, particularly in sectors with strong fundamental expectations such as affordable housing and consumption [6]. - Long-term holding and reasonable allocation are emphasized as strategies for achieving better investment returns in public REITs [1][6].

Group 1: Industry Dynamics - The CICC Vipshop Outlet REIT is set to officially launch on August 20, 2025, with a total of 1 billion fund shares available for subscription at a price of 3.48 yuan per share, aiming to raise a total of 3.48 billion yuan [1][7]. - The issuance will be conducted through a combination of strategic placement, offline issuance, and public offering, with initial allocations of 700 million shares for strategic placement, 210 million shares for offline issuance, and 90 million shares for public offering [1][7]. Group 2: Market Performance - During the week of August 11 to August 15, 2025, the CSI REITs total return index fell by 1.49%, while the total REITs index decreased by 1.82%, with the property REITs index down by 1.70% and the operating rights REITs index down by 2.06% [2][16]. - The total REITs index underperformed the CSI 300 index by 4.19 percentage points, the CSI All Bond index by 1.50 percentage points, and the Nanhua Commodity index by 2.34 percentage points [2][16]. - Among individual REITs, the Southern Universal Data Center REIT led the gains with an increase of 5.59%, followed by the Southern Runze Technology Data Center REIT at 4.26% and the Huaxia China Resources Commercial REIT at 0.62% [2][16]. Group 3: Liquidity - The overall trading activity of REITs decreased this week, with the total trading volume (MA5) at 653 million yuan, down 10.9% from the previous week [3][37]. - The trading volumes for property and operating rights REITs (MA5) were 426 million yuan and 227 million yuan, reflecting changes of -8.9% and -14.6% respectively [3][37]. - Specific categories of REITs, such as transportation infrastructure, accounted for the largest share of trading volume at 23.3%, with MA5 trading volumes for various categories showing significant declines [3][37].

Group 1 - The secondary market for publicly listed REITs in China showed a trend of initial decline followed by an increase, with the weighted REITs index closing at 142.49 and a weekly return of -0.44% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: US stocks > convertible bonds > A-shares > gold > pure bonds > REITs > crude oil [4] - Among different asset types, ecological and environmental REITs had the highest increase in returns, while property and concession REITs experienced a decline, with property REITs seeing a larger drop [4] Group 2 - The trading volume and turnover rate for individual REITs showed a continued divergence, with the top three in trading volume being Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [5] - The total net inflow of major funds for the week was 24,281 million yuan, indicating an increase in market trading enthusiasm, with the top three net inflows by asset type being new infrastructure, energy infrastructure, and water conservancy facilities [6] - The total amount of block trades reached 33,625 million yuan, with the highest single-day block trade occurring on August 6, 2025, amounting to 12,542 million yuan [6] Group 3 - Two new REIT products were launched this week, and the status of two initial projects was updated [7]

Group 1 - The announcement details the first dividend distribution of the ICBC Credit Suisse Fund Management Co., Ltd. for the ICBC Mongolian Clean Energy Closed-End Infrastructure Securities Investment Fund [1] - The dividend distribution reference date is set for March 3, with a cash dividend of 6.00 yuan per 10 shares for the fund [1] - The record date for shareholders is August 8, and the cash dividend payment date is August 12 [1] Group 2 - The fund's dividend distribution is exempt from income tax according to regulations from the Ministry of Finance and the State Administration of Taxation [1] - There are no reinvestment options for the dividends, and no handling fees will be charged for the dividend distribution [1]

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2]. Group 1: Recent Developments - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [2]. - The first central enterprise warehousing logistics REIT, Bank of China Zhongwaiyun Warehousing Logistics REIT, was listed on July 29, with underlying assets comprising six logistics projects [2]. - The Chuangjin Hexin Shounong REIT was listed on July 25, attracting a total subscription amount of 231.6 billion yuan, setting a new record for public REITs issuance in Beijing [2]. Group 2: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [4]. - Despite some recent market fluctuations, with certain products experiencing declines, the overall performance of public REITs remains strong, with only 2 out of over 70 listed products showing negative returns this year [4]. Group 3: Investment Opportunities - The strong performance of public REITs in the first half of the year is attributed to factors such as declining interest rates, increased market sentiment, and heightened institutional demand [5]. - Future investment strategies should focus on stable cash flow "debt-like" products and high-potential assets with expected fundamental reversals, particularly in sectors like municipal environmental projects and energy [6]. - The public REITs market is expected to continue expanding, with more "first" projects from various sectors anticipated to enter the market under a normalized issuance mechanism [6].

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2][3] Group 1: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [3] - Among the more than 70 listed public REITs, only 2 have reported negative returns this year, showcasing the overall strong performance of the sector [3] - The public REITs market's total market capitalization surpassed 200 billion yuan by the end of June, covering various asset types including industrial parks, logistics, data centers, and energy infrastructure [3] Group 2: Recent Listings - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [1] - The first central enterprise logistics REIT, Bank of China Zhongwaiyun Logistics REIT, was listed on July 29, with its underlying assets consisting of six logistics projects [1] - On July 25, Chuangjin Hexin Shounong REIT was listed, achieving a record subscription amount of 231.6 billion yuan, indicating strong market interest [2] Group 3: Investment Strategies - Analysts suggest that the recent valuation adjustments in public REITs present new investment opportunities, particularly in cash flow stable "debt-like" products and high-yield potential assets [4] - The focus should be on projects with stable cash flows, strong support from original rights holders, and stable lease agreements, especially in municipal environmental and energy sectors [4] - The normalization of public REITs issuance is expected to enhance market ecology and diversify asset types available for investment [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the China Securities REITs Index closed up, with the performance of property - type REITs stronger than that of concession - type REITs. The average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. All types of REITs in the market closed up, with consumer, municipal facilities, and water conservancy facilities leading the gains [1]. - As of August 1, 2025, the annualized cash distribution rate of public - offering REITs averaged 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 147BP lower than the average dividend yield of CSI dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield was 216BP [1][32]. 3. Summary by Related Catalogs Secondary Market Trends - As of August 1, 2025, the closing price of the China Securities REITs (closing) Index was 870.82 points, with a weekly change of +1.25%, outperforming the CSI Convertible Bond Index (-1.37%), the CSI 300 Index (-1.75%), and the CSI All - Bond Index (+0.19%). Year - to - date, the China Securities Convertible Bond Index (+10.3%) was equal to the China Securities REITs Index (+10.3%), both outperforming the CSI 300 Index (+3.1%) and the CSI All - Bond Index (+1.0%) [2][7]. - In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.2%. The return rate was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index but higher than that of the CSI All - Bond Index. The total market value of REITs rose to 213.1 billion yuan on August 1, an increase of 8.3 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.77%, up 0.04 percentage points from the previous week [2][13]. - All types of REITs closed up. From the perspective of different project attributes, the average weekly price changes of property - type REITs and concession - type REITs were +2.4% and +1.2% respectively. From the perspective of different project types, the three project types with the largest average price increases were consumer (+4.0%), municipal facilities (+3.9%), and water conservancy facilities (+3.7%). The top three REITs in terms of weekly price increase were Huaxia Capital First - Outlets REIT (+6.86%), ICBC Mongolia Energy Clean Energy REIT (+6.75%), and Huaxia Capital China Resources Commercial REIT (+5.77%) [1][3][18]. - In terms of different project types, the warehousing and logistics sector had the highest daily turnover rate during the period, and the industrial park sector had the highest proportion of trading volume this week. The average daily turnover rate of the warehousing and logistics sector was 1.4%, and the trading volume of the industrial park sector accounted for 21.8% of the total REITs trading volume [3][25]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital Huadian Clean Energy REIT (72.57 million yuan), BOC Sinotrans Warehousing and Logistics REIT (51.89 million yuan), and Penghua Shenzhen Energy REIT (6.7 million yuan) [3][25]. Primary Market Issuance - As of August 1, 2025, there was 1 REIT product in the "accepted" stage, 2 in the "inquired" stage, 6 in the "feedback" stage, 5 in the "approved and pending listing" stage, and 8 first - issue products that had been approved and listed on the exchanges [27]. Valuation Tracking - From the perspective of bond characteristics, the annualized cash distribution rate of public - offering REITs averaged 5.9% as of August 1, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity characteristics, the valuation of REITs was judged through relative net - value premium rate, IRR, and P/FFO [29]. - As of August 1, 2025, the relative net - value premium rates, P/FFO, IRR, and annualized dividend rates varied among different project types of REITs. For example, the relative net - value premium rate of affordable rental housing was 59.9%, with a P/FFO of 39.6, an IRR of 3.1%, and an annualized dividend rate of 2.8% [30]. - The dividend yield of property REITs was compared with the CSI dividend stock dividend yield, and the internal rate of return of concession - type REITs was compared with the ten - year Treasury yield. As of August 1, 2025, the dividend yield of property REITs was 147BP lower than the average dividend yield of CSI dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the ten - year Treasury yield was 216BP [32]. Industry News - On August 1, the first central - state - owned enterprise gas REIT, Huaxia Capital Huadian Clean Energy REIT, was listed on the Shanghai Stock Exchange. The underlying asset is the Hangzhou Huadian Jiangdong Natural Gas Cogeneration Project. The planned fundraising scale is 1.895 billion yuan, and the expected distribution rates for 2025 and 2026 are 5.66% and 5.37% respectively. It is the 71st infrastructure public - offering REIT in China, setting a benchmark for central enterprises to revitalize high - quality clean energy assets and for green finance innovation in investment and financing models [4][34].

Core Viewpoint - The C-REITs market in China is experiencing a robust growth driven by favorable policies and a strong demand-supply dynamic, with a focus on fundamental changes in products before making investment decisions [1][2][5]. Market Dynamics - The C-REITs market has seen a significant increase in trading activity, with instances of funds being suspended due to hitting the price limit, indicating a strong demand for these investment vehicles [2][3]. - As of June 17, 2025, 37 announcements related to price limit suspensions were made across 66 listed public REITs, highlighting the market's volatility and investor interest [3]. Investment Trends - The underlying assets of C-REITs have expanded to include twelve categories, such as elderly care facilities and market-oriented rental housing, reflecting a diversification in investment opportunities [4]. - C-REITs have shown impressive returns, with consumption infrastructure REITs leading the market with over 30% growth year-to-date, while housing-related REITs have seen nearly 20% growth [5][6]. Policy Impact - Regulatory support, including tax incentives and improved investor protection mechanisms, has created a positive feedback loop in the C-REITs market, contributing to its growth [6]. - The average increase of the CSI REITs total return index was 12.31% in 2024 and 12.46% as of June 20, 2025, indicating a sustained upward trend in the market [6]. Strategic Recommendations - Investment strategies should focus on 'first projects' in various asset classes, high-premium secondary market assets, and those with anti-cyclical properties [7]. - Investors are advised to consider dividend strategies during the upcoming distribution window and to focus on quality assets with stable cash flows [8].