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]

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].

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the China Securities REITs Index closed up. The performance of property - type REITs was stronger than that of concession - type REITs, with average weekly price changes of +1.1% and +0.6% respectively. The weekly price change ranking of major indices was: China Securities REITs > China Securities All - Bond > China Securities Convertible Bonds > CSI 300. The daily average turnover rate of REITs throughout the week increased slightly compared to the previous week. All types of REITs in the entire market closed up, with consumer, affordable housing, and water conservancy REITs having the largest increases. As of June 13, the average annualized cash distribution rate of public REITs was 6.3%, higher than the current static yields of mainstream fixed - income assets. Currently, the dividend yield of property REITs is 281BP 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 is 155BP [1]. Summary by Related Catalogs Market Trends - **Index Performance**: As of June 13, 2025, the closing price of the China Securities REITs (closing) Index was 886.31 points, with a weekly price change (from 2025/6/6 to 2025/6/13) of +0.5%, outperforming the China Securities Convertible Bonds Index (-0.02%), the CSI 300 Index (-0.3%), and the China Securities All - Bond Index (+0.3%). Since the beginning of the year, the price change ranking of major indices was: China Securities REITs (+12.3%) > China Securities Convertible Bonds (+4.7%) > China Securities All - Bond (+1.0%) > CSI 300 (-1.8%). In the past year, the return rate of the China Securities REITs Index was 12.1%, with a volatility of 6.9%. The return rate was higher than that of the CSI 300 Index, the China Securities Convertible Bonds Index, and the China Securities All - Bond Index, while the volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bond Index [2][8][13]. - **Total Market Value and Turnover Rate**: The total market value of REITs increased to 204.1 billion yuan on June 13, an increase of 2 billion yuan from the previous week. The daily average turnover rate throughout the week was 0.61%, an increase of 0.01 percentage points from the previous week [2][13]. - **Performance by REIT Type**: Property - type REITs and concession - type REITs had average weekly price changes of +1.1% and +0.6% respectively. Among different project - type REITs, all types closed up, with the top three in terms of average increase being consumer (1.6%), affordable housing (1.5%), and water conservancy (1.4%). The top three REITs in terms of weekly price increase were Huaxia Fund China Resources Youchao REIT (+4.32%), Huaan Bailian Consumer REIT (+4.19%), and ICBC Mongolia Energy Clean Energy REIT (+3.97%) [1][3][18]. - **Trading Activity**: In terms of different project types, ecological and environmental protection REITs were the most actively traded this week, while transportation infrastructure REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.1% during the period, accounting for 3.9% of the total REIT trading volume, and the latter had an average daily turnover rate of 0.6%, accounting for 30.0% of the total REIT trading volume. In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were CICC Anhui Expressway REIT (9.46 million yuan), Yin Hua Shaoxing Raw Water Water Conservancy REIT (6.47 million yuan), and CITIC Construction Investment SPIC New Energy REIT (4.74 million yuan) [3]. Primary Market Issuance - As of June 13, 2025, there was 1 REIT product in the declared stage, 1 in the in -quired stage, 2 in the accepted stage, 8 in the feedback stage, 5 in the passed - awaiting - listing stage, and 3 first - issued products that had passed and were listed on the exchange [27]. Valuation Tracking - **Dividend - related Indicators**: From the perspective of debt characteristics, as of June 13, the average annualized cash distribution rate of public REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. For property - type REITs, the focus is on the dividend yield, and for concession - type REITs, the focus is on the internal rate of return. Currently, the dividend yield of property REITs is 281BP 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 is 155BP [1][29][30]. - **Other Valuation Indicators**: From the perspective of equity characteristics, relative net value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated using the discounted cash - flow method; P/FFO is the current price divided by the cash flow generated from operations. Different project - type REITs have different values for these indicators [29][30]. Industry News - On June 9, the CPIC Asset - Trina Home Energy New Energy Infrastructure Carbon - Neutral Green Hold - type Real Estate Asset - Backed Special Plan (Rural Revitalization) was accepted by the Shanghai Stock Exchange, with a proposed issuance of 240 million yuan, and the original equity holder was Trina Home Energy Co., Ltd. This project is the market's first hold - type real estate ABS with photovoltaic power plants as the underlying assets [35]. - On June 11, the CICC Yizhuang Industrial Park REIT launched its issuance and ended the public fundraising ahead of schedule on the first day due to over - subscription. The REIT planned to issue 400 million shares at a subscription price of 2.720 yuan per share, with an expected fundraising of 1.088 billion yuan. The public part was sold out in one day, and the offline subscription multiple reached 265.76 times, setting a new high for offline subscription multiples [35]. - On June 13, the CICC China Greentown Commercial REIT announced its share offering notice and launched its public offering. The fund determined the issue price of 3.160 yuan per share through inquiry, planned to issue 500 million shares, and the total fundraising was 1.58 billion yuan, with strategic配售 accounting for 70% [35]. - On June 13, the expansion and issuance of Huaxia Beijing Affordable Housing REIT was officially completed. This expansion and issuance used the method of targeted expansion and competitive offering, and a total of 24 specific objects were offered. The expansion and issuance price was 4.220 yuan per share, and the total number of expanded and issued fund shares was approximately 224 million, with a total fundraising of approximately 946 million yuan (excluding the interest during the fundraising period) [4][35].

Core Viewpoint - The public REITs market experienced fluctuations last week, with a mixed performance across different sectors, indicating a stable yet cautious investment environment [1][2]. Market Performance - As of May 30, the CSI REITs Index decreased by 0.10% to 868.4 points, while the CSI REITs Total Return Index increased by 0.03% to 1090.1 points [1][2]. - Among the REITs, operating rights REITs outperformed property rights REITs, with average weekly changes of -0.3% and 0.6% respectively [1]. Product Performance - Out of 66 listed public REITs, 31 saw a week-on-week increase, while 35 experienced declines [1][3]. - The top three performing products were: - Huaxia Tebian Electric New Energy REIT, up 4.26% - ICBC Mengneng Clean Energy REIT, up 4.04% - Huaxia Jinmao Commercial REIT, up 3.59% [1][3]. Sector Analysis - The transportation and energy REITs performed well, while consumer and industrial park REITs showed relatively weaker performance [2]. - Weekly performance by asset type ranked as follows: - Transportation: 0.67% - Energy: 0.60% - Affordable housing: 0.27% - Municipal environmental protection: -0.34% - Warehousing: -0.48% - Consumer: -0.53% - Industrial park: -0.80% [2]. New Projects and Approvals - Two new projects were approved: - Bank of China and China Foreign Transport Warehouse Logistics REIT - Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [8][9]. - The Bank of China project is notable as the first central enterprise warehouse logistics REIT in China, with a total leaseable area of approximately 300,000 square meters across six locations [9]. - The Guotai Junan project aims to acquire infrastructure assets in the Lingang area, covering an area of 182,400 square meters [9]. Market Activity - The public REITs market had a trading volume of 2.38 billion yuan last week, with the affordable rental housing REITs leading in average turnover rate [6]. - The top three REITs by trading volume were: - Huaxia Hefei High-tech REIT - Huatai Suzhou Hengtai Rental Housing REIT - Hongtu Innovation Yantian Port REIT [6]. Future Outlook - As of last week, there are 14 REITs waiting to be listed, indicating an active issuance market [11].

Investment Rating - The report maintains a rating of "Add" for the C-REITs sector [6] Core Viewpoints - The C-REITs market is expected to present investment opportunities due to a low interest rate environment anticipated in 2025 and ongoing macroeconomic recovery [5] - The report highlights that the secondary market for C-REITs has shown moderate upward trends, particularly in the affordable housing and consumer infrastructure sectors, while transportation infrastructure and ecological environmental sectors have experienced pullbacks [3][5] - The report emphasizes the importance of timing in investment decisions, suggesting that the current focus should be on asset resilience, secondary market prices, and P/NAV ratios [5] Summary by Sections REITs Index Performance - The CSI REITs total return index increased by 0.39% this week, closing at 1062.1 points, while the CSI REITs closing index rose by 0.28% to 848.4 points [1][11] - Year-to-date, the CSI REITs total return index has risen by 9.73%, ranking second among various indices [2][11] REITs Secondary Market Performance - The overall secondary market for C-REITs has shown a mild upward trend, with a total market capitalization of approximately 190.27 billion yuan and an average market cap of about 2.9 billion yuan per REIT [3][13] - Among the listed REITs, 44 have increased in value while 21 have decreased, with an average weekly increase of 0.66% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs remains stable, with the top three REITs yielding 11.4%, 10.8%, and 9.1% respectively [5] - The P/NAV ratios are in the range of 0.7 to 1.7, with the lowest being 0.7 for the China Communications Construction REIT [5]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [25]. Core Insights - The government has set a GDP growth target of around 5% for 2025, maintaining a balance between short-term stability and long-term transformation, reflecting a pragmatic yet challenging policy stance [1]. - The fiscal deficit is projected at 5.66 trillion yuan, with a deficit rate of around 4%, marking a historical high for the two sessions, which aligns with the direction of a more proactive fiscal policy [2]. - The issuance of special bonds and local government bonds is expected to reach 6.2 trillion yuan this year, significantly higher than the previous year's total of 4.9 trillion yuan, indicating an increase in effective fiscal spending [3]. - The monetary policy is characterized as "moderately loose," with expectations for potential reductions in reserve requirements and interest rates throughout the year [4]. - CPI is projected to show a "high-low-high" trend throughout the year, with an expected year-end CPI increase of around 1.2% [12]. - PPI is anticipated to narrow its decline throughout the year, with a forecasted annual decrease of -1.2% [14]. Summary by Sections Macroeconomic Policy - The government work report emphasizes a combination of "expansive fiscal and monetary policies" to stabilize growth expectations [1][4]. - The fiscal policy aims to enhance domestic demand through increased public spending and special bond issuance [2][3]. Inflation and Price Trends - February 2025 CPI showed a year-on-year decrease of -0.7%, with core CPI also negative for the first time since January 2021 [11]. - The CPI is expected to rise later in the year due to strong growth policies and increased consumer spending [12]. Trade and Export Performance - Exports in the first two months of 2025 increased by 2.3% year-on-year, while imports decreased by 8.4%, indicating a mixed trade environment [15]. - The impact of U.S. tariffs on exports has not yet fully materialized, suggesting resilience in certain sectors [17]. Market Performance - The REITs market experienced a limited rebound, with the CSI REITs index up by 1.14% [18]. - Market liquidity has decreased, with average daily trading volume dropping to 787 million yuan [19].