Group 1: Industry Dynamics - Huaxia Anbo Warehousing REIT will initiate offline inquiry on October 30, with a price range of 5.103 to 6.235 yuan per share, and a total issuance of 400 million shares approved by the China Securities Regulatory Commission [1][7]. - The initial strategic placement will account for 280 million shares, representing 70% of the total issuance, while 84 million shares will be offered in the initial offline issuance (21%) and 36 million shares to public investors (9%) [1][7]. Group 2: Primary Market - As of October 24, 2025, the total issuance scale of listed REITs reached 196.6 billion yuan, with 75 REITs issued [8][9]. Group 3: Market Performance - During the week of October 20 to October 24, 2025, the CSI REITs total return index increased by 0.16%, while the total REITs index rose by 0.35% [2][17]. - The total REITs index underperformed the CSI 300 index by 2.89 percentage points but outperformed the CSI All Bond Index by 0.33 percentage points [2][17]. - The top-performing REITs included ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Easy Business Warehousing Logistics REIT (+3.58%), and Shanghai-Hangzhou-Ningbo Hanghui REIT (+3.23%) [2][17]. Group 4: Liquidity - The total trading volume of REITs for the week was 544 million yuan, a 31.3% increase from the previous week [3][38]. - The trading volumes for property and operating rights REITs were 350 million yuan and 194 million yuan, respectively, with both showing similar increases of around 31% [3][38]. - The largest trading volume among REIT types was in transportation infrastructure, accounting for 18.9% of the total [3][38]. Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the valuation of REITs [44].

Core Viewpoint - The launch of the China Communications Construction REIT has been highly successful, with public investors subscribing over 600 billion yuan within hours, indicating strong demand for infrastructure REITs in China [1][2]. Group 1: Market Performance - The China Communications Construction REIT was officially launched on April 7, 2023, with a subscription scale exceeding 600 billion yuan, resulting in a placement ratio below 1.17%, a new low for public fund placements [2]. - The average subscription placement ratio for publicly offered infrastructure REITs is around 5%, with some products like the Jianxin Zhongguancun Industrial Park REIT and AVIC Shougang Biomass REIT having placement ratios below 2% [2]. Group 2: Asset Characteristics - The underlying asset of the China Communications Construction REIT is the Wushen Expressway, which connects major economic zones in China, indicating strong demand due to its strategic location [3]. - The REIT's appeal is attributed to the high quality of infrastructure assets, small product scale, and low supply, making it attractive to investors, especially in a sluggish stock market [3]. Group 3: Future Expansion - With the launch of the China Communications Construction REIT, the number of infrastructure REITs in China will increase to 12, with potential for further expansion as more projects are in the pipeline [5]. - The Penghua Shenzhen Energy Clean Energy REIT, focusing on a project in the Guangdong-Hong Kong-Macao Greater Bay Area, is among the upcoming offerings, highlighting the ongoing interest in infrastructure REITs [6]. Group 4: Investment Appeal - Infrastructure REITs are favored by investors due to their high liquidity, stable returns, and relatively low correlation with other financial products, making them an attractive investment option [7]. - The demand for infrastructure construction in China remains significant, providing a robust financing channel for related enterprises through infrastructure REITs [7].