1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In July 2025, the secondary - market prices of publicly - offered REITs in China showed a fluctuating trend, with a relatively average performance compared to other mainstream asset classes. The return rates of different types of REITs varied, and the trading volume and net inflow of main funds also had different characteristics [1][2]. - Policies were introduced in various regions in July 2025 to support the issuance of REITs for eligible infrastructure projects, which is expected to promote the development of the REITs market [41]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Listed Projects - As of July 31, 2025, there were 70 publicly - offered REITs in China, with a total issuance scale of 182.057 billion yuan (excluding expansion). The transportation infrastructure - type REITs had the largest issuance scale at 68.771 billion yuan, followed by the park infrastructure - type at 31.835 billion yuan [11]. - In July 2025, two REITs were newly listed: CICC Jinhui First Agricultural Park REIT on July 25 with an issuance scale of 3.685 billion yuan, and BOC Sinotrans Logistics REIT on July 29 with an issuance scale of 1.311 billion yuan [11]. 3.1.2 Pending - listing Projects - As of July 31, 2025, there were 19 REITs pending listing, including 13 first - offering REITs and 6 REITs for expansion. The project status of several REITs was updated in July [14]. 3.2 Secondary - market Performance 3.2.1 Price Trend - **At the major asset level**: In July 2025, the secondary - market prices of publicly - offered REITs showed a fluctuating trend. The return rates from high to low were: crude oil > convertible bonds > A - shares > US stocks > REITs > pure bonds > gold [2]. - **At the underlying asset level**: The secondary - market prices of equity - type REITs and franchise - type REITs showed differentiation in July. Equity - type REITs rose, while franchise - type REITs fell. The consumer - type REITs had the largest increase this month, and the underlying asset types with positive returns were consumer - type and ecological environmental protection - type [20][23]. - **At the single - REIT level**: In July, publicly - offered REITs showed mixed performance, with 27 rising and 43 falling. The top three in terms of increase were China Merchants Science and Innovation REIT, Huaxia China Resources Commercial REIT, and Boshi Tianjin - Binhai New Area Industrial Park REIT [25]. 3.2.2 Trading Volume and Turnover Rate - **At the underlying asset level**: In July, the trading volume of publicly - offered REITs increased compared to the previous month, and the ecological environmental protection - type REITs led in the average daily turnover rate. The total trading volume of 70 listed REITs in July was 13.91 billion yuan, and the average daily turnover rate was 0.83% [28]. - **At the single - REIT level**: In terms of trading volume, the top three were Huaxia Hefei High - tech Industrial Park REIT, CICC Jinhui First Agricultural Park REIT, and Huaxia Beijing Affordable Housing REIT; in terms of trading amount, the top three were CICC Jinhui First Agricultural Park REIT, Huaxia Beijing Affordable Housing REIT, and Huaxia China Resources Commercial REIT; in terms of turnover rate, the top three were CICC China Greentown Commercial REIT, BOC Sinotrans Logistics REIT, and CICC Jinhui First Agricultural Park REIT [32]. 3.2.3 Main Capital Inflow and Block Trading - **Main capital inflow**: In July, the total net inflow of main funds was 197.81 million yuan, and the market trading enthusiasm declined compared to the previous month. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and ecological environmental protection. The top three single - REITs in terms of net inflow were CICC Jinhui First Agricultural Park REIT, BOC Sinotrans Logistics REIT, and AVIC Shougang Green Energy REIT [33][35]. - **Block trading**: In July, the total block - trading amount was 1.49 billion yuan, a decrease compared to the previous month. The top three single - REITs in terms of block - trading amount were Huaxia China Resources Commercial REIT, Huaxia Beijing Affordable Housing REIT, and CICC Shandong Expressway REIT [4][38]. 3.3 Relevant Policies In July 2025, governments in various regions introduced policies to support the issuance of REITs for eligible infrastructure projects, covering consumption, culture and tourism, logistics, and other fields [41][42][44].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].

Report Industry Investment Rating No information about the industry investment rating is provided in the content. Report's Core View From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The weighted REITs index had a return rate of - 1.73%. Compared with other mainstream asset classes, REITs performed weakly. In terms of different project attributes and underlying asset types, there were differences in price trends, trading volumes, and capital flows. A new REIT, Chuangjin Hexin Shounong REIT, was listed on July 25, 2025, and a new project, "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund", was reported for the first time [1][4]. Summary According to Relevant Catalogs 1. Secondary Market 1.1 Price Trends - **At the level of major asset classes**: From July 21 to July 25, 2025, the secondary - market prices of publicly - listed REITs in China generally declined. The returns of the CSI REITs (closing) and CSI REITs total return indices were - 1.79% and - 1.56% respectively, and the weighted REITs index return was - 1.73%. Among major asset classes, the return of REITs ranked the lowest, with the order from high to low being convertible bonds > A - shares > US stocks > gold > pure bonds > crude oil > REITs [10]. - **At the level of underlying assets**: Both equity - type and franchise - type REITs' secondary - market prices declined, with equity - type REITs having a smaller decline. In terms of underlying asset types, park - type REITs had the smallest decline. The top three underlying asset types in terms of returns were park - type, warehousing and logistics, and transportation infrastructure, with returns of - 0.63%, - 1.09%, and - 1.44% respectively [15][18]. - **At the single - REIT level**: Excluding the newly - listed Chuangjin Hexin Shounong REIT, 9 REITs rose and 59 declined. The top three in terms of increase were Boshi Jinkai Industrial Park REIT, China Merchants Science and Technology Innovation REIT, and Huatai Jiangsu Expressway REIT, with increases of 8.49%, 3.79%, and 2.2% respectively. The top three in terms of decline were CITIC Construction Investment Mingyang Smart New Energy REIT, ICBC Mengneng Clean Energy REIT, and AVIC Yishang Warehousing and Logistics REIT, with declines of 8.49%, 6.89%, and 6.07% respectively [1][22]. 1.2 Trading Volume and Turnover Rate - **At the level of underlying assets**: The trading volume of publicly - listed REITs this week was 3.35 billion yuan, and the average daily turnover rate of park infrastructure - type REITs was the highest. The top three in terms of trading volume were park infrastructure, transportation infrastructure, and consumer infrastructure, with trading volumes of 1.042 billion, 0.59 billion, and 0.457 billion yuan respectively. The top three in terms of average daily turnover rate were park infrastructure, ecological and environmental protection, and municipal facilities, with rates of 1.70%, 1.21%, and 1.15% respectively [26]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Chuangjin Hexin Shounong REIT, Huaan Zhangjiang Industrial Park REIT, and Southern SF Logistics REIT. The top three in terms of trading amount were Chuangjin Hexin Shounong REIT, Huaxia China Resources Commercial REIT, and Huaan Zhangjiang Industrial Park REIT. The top three in terms of turnover rate were Chuangjin Hexin Shounong REIT, Huaxia Jinyu Zhizao Factory REIT, and CICC Yizhuang Industrial Park REIT [27]. 1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 95.17 million yuan, and the market trading enthusiasm increased. The top three underlying asset types in terms of net inflow were park infrastructure, warehousing and logistics, and water conservancy facilities, with net inflows of 97.18 million, 10.64 million, and 3.21 million yuan respectively. The top three single REITs in terms of net inflow were Chuangjin Hexin Shounong REIT, Huaxia Shen International REIT, and Hongtu Innovation Yantian Port REIT, with net inflows of 88.48 million, 4.95 million, and 4.9 million yuan respectively [31]. - **Block trading situation**: The total block trading amount this week was 127.05 million yuan, a decrease compared with last week. The highest single - day block trading amount was on July 22, 2025, which was 50.12 million yuan. The top three single REITs in terms of block trading amount were Ping An Guangzhou Guanghe REIT, AVIC Jingneng Photovoltaic REIT, and CITIC Construction Investment Mingyang Smart New Energy REIT, with trading amounts of 50.12 million, 39.96 million, and 19.37 million yuan respectively [32]. 2. Primary Market 2.1 Listed Projects As of July 25, 2025, there were 69 publicly - listed REITs in China, with a total issuance scale of 180.746 billion yuan. The transportation infrastructure - type had the largest issuance scale, followed by park infrastructure - type. Chuangjin Hexin Shounong REIT was listed on July 25, 2025, with an asset type of park infrastructure and an issuance scale of 3.685 billion yuan [36]. 2.2 Projects to be Listed There were 26 REITs in the state of being to be listed, including 15 initial - offering REITs and 11 REITs to be expanded. The status of the initial - offering project of "Zhonghang Tianhong Consumption Closed - end Infrastructure Securities Investment Fund" was updated to "reported" this week [39].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the China Securities REITs Index closed lower, with property - type REITs outperforming concession - type REITs. The average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. The weekly price change ranking of major indices was: CSI 300 > China Securities Convertible Bond Index > China Securities All - Bond Index > China Securities REITs Index. The average daily turnover rate of REITs for the whole week decreased slightly compared with the previous week. Different types of REITs in the market showed divergent price movements, with municipal, park, and consumer - type REITs having the largest price increases. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property - type REITs was 154 basis points 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 10 - year Treasury yield was 192 basis points. Two data center REITs were successfully issued, and the market subscription was enthusiastic [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - **Index Performance**: As of July 18, 2025, the closing price of the China Securities REITs (closing) Index was 875.82 points, with a weekly price change of - 0.09%, performing worse than the China Securities Convertible Bond Index (+0.67%), the CSI 300 Index (+1.09%), and the China Securities All - Bond Index (+0.11%). Year - to - date, the price change ranking of major indices was: China Securities REITs (+10.9%) > China Securities Convertible Bond Index (+9.5%) > CSI 300 (+3.1%) > China Securities All - Bond Index (+1.4%). In the past year, the return rate of the China Securities REITs Index was 11.2%, with a volatility of 7.0%. Its return rate was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index but higher than that of the China Securities All - Bond Index [2][8][12]. - **Market Capitalization and Turnover Rate**: The total market capitalization of REITs decreased to 204.6 billion yuan on July 18, a decrease of 600 million yuan from the previous week. The average daily turnover rate for the whole week was 0.55%, a decrease of 0.04 percentage points from the previous week [2][12]. - **Divergent Performance of Different Types of REITs**: From the perspective of project attributes, the average weekly price changes of property - type and concession - type REITs were +0.3% and - 0.5% respectively. From the perspective of project types, all types of REITs had price changes, with the three project types with the largest average price increases being municipal facilities (+1.2%), park infrastructure (+0.5%), and consumer infrastructure (+0.4%). The top three REITs in terms of weekly price increases were China Merchants Science and Technology Innovation REIT (+3.05%), Huaxia JINMAO Commercial REIT (+2.24%), and CICC Hubei KeTou Optics Valley REIT (+2.08%) [3][18][22]. - **Trading Activity**: Among different project types, ecological and environmental protection - type REITs were the most actively traded this week, and park infrastructure - type REITs had the highest proportion of trading volume. The former had an average daily turnover rate of 1.2% during the period, accounting for 4.3% of the total REITs trading volume, while the latter had an average daily turnover rate of 0.7%, accounting for 22.8% of the total REITs 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 China Green Development Commercial REIT (11.56 million yuan), Huaxia Beijing Affordable Housing REIT (7.29 million yuan), and CITIC Construction Investment SPIC New Energy REIT (7.26 million yuan) [3][24][25]. 3.2 Primary Market Issuance As of July 18, 2025, there were 2 REIT products in the "inquiry" stage on the exchange, 7 products in the "feedback" stage, 7 products that had passed the review and were waiting to be listed, and 5 first - issued products that had passed the review and were already listed [27]. 3.3 Valuation Tracking - **Debt - like Aspect**: Due to the constraint of mandatory high - dividend distribution, the annualized cash distribution rate of REITs is concerned. As of July 18, the average annualized cash distribution rate of public - offering REITs was 6.3%, significantly higher than the current static yields of mainstream fixed - income assets [29]. - **Equity - like Aspect**: The valuation of REITs is judged through relative net asset value premium/discount rate, IRR, and P/FFO. The relative net asset value premium/discount rate reflects the relationship between the market value and 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. The relative net asset value premium/discount rate is a long - term perspective, evaluating the secondary - market valuation level from the valuation of underlying assets, while P/FFO is a short - term perspective, valuing the distributable cash flow based on the recent operating conditions of assets and judging the current investment return rate [29]. - **Comparison of Different Types of REITs**: Property - type REITs focus on dividend yield, and concession - type REITs focus on internal rate of return. As of July 18, 2025, the dividend yield of property - type REITs was 154 basis points 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 10 - year Treasury yield was 192 basis points [30]. 3.4 Industry News - On July 14, the fund contract of Chuangjin Hexin Shounong REIT came into effect. During the public offering period (July 7 - 8), it raised 3.685 billion yuan and confirmed 1 billion shares, including 700 million shares (70%) for strategic placement, 210 million shares (21%) for offline investors, and 90 million shares (9%) for the public. The underlying assets are mature industrial supporting facilities in Beijing Shounong Information Industry Park. The fund is expected to have a total distributable amount of over 500 million yuan in the second half of 2025 and 2026, with a calculated distribution rate of approximately 6.9% - 6.85%, providing stable cash flow and expansion funds for industrial park - type assets [37]. - On July 16, Southern Runze Technology Data Center REIT announced the subscription confirmation results, and the market subscription was enthusiastic. Public investors effectively subscribed for 28.616 billion shares, with a confirmation ratio of only 0.3145%, over - subscribed by 317.95 times; the confirmation ratio for offline investors was 0.5992%. The fund issued a total of 1 billion shares to strategic, offline, and public investors. The underlying asset of this REIT is the International Information Cloud Aggregation Core Port A - 18 Data Center of Runze Technology in Langfang, Hebei, with 5,897 cabinets, a rack - up rate of over 99%, a PUE of 1.276 in 2024, and it was included in the list of national green data centers [37]. - On July 16, Southern Wanguo Data Center REIT completed its public offering and announced the placement results. Public investors effectively subscribed for 32.914 billion shares, with a confirmation ratio of 0.2198%, over - subscribed by 455.03 times; the confirmation ratio for offline investors was 0.6064%. This offering raised 800 million shares and 2.4 billion yuan in funds. The underlying asset is the Guojin Cloud Computing Data Center of Wanguo Data in Huaqiao Town, Kunshan, Jiangsu, with 4,192 cabinets, a power capacity of 29,044 kW, a PUE of 1.24 in 2024, and an average signing rate of 100% in the past three years [37]. - On July 16, Nanjing Electromechanical Industry (Group) Co., Ltd. publicly tendered for the fund management service of Xin Gong Industrial Park Infrastructure Public - Offering REITs, planning to select a manager to undertake issuance guidance and post - issuance management. The planned initial application scale is not less than 1 billion yuan. The proposed assets in the pool are industrial park properties under the group, with a leasable construction area of 388,000 square meters, a land reserve of 616,000 square meters, and total assets of 4.7 billion yuan, covering industries such as equipment manufacturing and industry - education integration [37].