Core Viewpoint - The public REITs market in China is expected to experience rapid growth in 2025, with nearly 80 products issued and a total market value exceeding 220 billion yuan, potentially driving over 1 trillion yuan in new project investments [1] Group 1: Market Performance - In 2025, the secondary market for public REITs showed a "rise then fall" pattern, with the CSI REITs total return index increasing by 14.2% in the first half of the year, followed by a noticeable decline in the second half due to rising long-term interest rates and unlocking pressures [1] - By December 10, 2025, 61 out of 77 listed public REITs had increased in value, representing nearly 80% of the total, while 16 products saw declines [2] - The top-performing public REITs included 25 products with gains exceeding 20%, and 15 of those had gains over 30%, with the highest being the E Fund Huawai Market REIT, which saw a rise of over 70% before a temporary suspension [2][3] Group 2: Asset Class Performance - Consumer REITs performed particularly well, with four out of the top ten products in terms of growth being from this category, while industrial park REITs faced significant pressure, with the largest decline being 22.57% for the Zhongjin Hubei Ketiang REIT [3] - The Jinan Energy Heating REIT, launched in February 2025, achieved a notable increase of 66.81% during the year, indicating strong market interest [3] Group 3: Future Outlook - Experts predict that the public REITs market will see both scale and quality improvements in 2026, with a more mature and deeper market expected to emerge [4] - The overall market sentiment is optimistic, driven by macroeconomic conditions and ongoing policy support, although individual REIT performance may vary significantly [5] - Investment opportunities are anticipated in sectors with stable cash flows and strong policy backing, particularly in areas like consumer infrastructure and public utilities [5][6]

Core Viewpoint - The public REITs market is experiencing a return to rationality, with ongoing volatility and differentiation expected in operations through 2026, while still maintaining good allocation value for high-dividend assets [1][4]. Market Performance - The secondary market for public REITs has shifted from a strong upward trend in the first half of the year to a more volatile state, with the CSI REITs total return index dropping over 7% since its peak in late June, although it remains up 7.89% year-to-date [1][2]. - The recent cooling in the primary market is reflected in the significantly lower subscription rates for new REITs, such as the Huaxia Anbo Warehousing REIT, which saw a final confirmation ratio of only 5.83%, compared to previous high-demand scenarios [2][4]. Investment Strategies - The effectiveness of new listing strategies has diminished, as evidenced by the performance of newly listed REITs like the CITIC Securities Shenyang International Software Park REIT, which saw its share price drop below the opening price on its first day [3]. - Investors are becoming more cautious, with some shifting towards more cost-effective asset classes due to the cooling of the secondary market and the weak performance of industrial park REITs, which are facing challenges such as uneven economic recovery and limited rent growth [3][4]. Future Outlook - Looking ahead to 2026, public REITs are expected to continue experiencing operational volatility, but projects with resilient fundamentals and high growth potential, such as data centers, consumer sectors, and affordable rental housing, are recommended for investment [1][4].

Core Viewpoint - E Fund Huawi Agricultural Market REIT (180605) has appointed Li Guozheng as a new fund manager effective November 6, 2025, alongside existing managers Dai Xu, Jiao Ruipeng, and Lei Yun [1] Group 1: Management Changes - Li Guozheng holds a Master's degree in Management and is currently a fund manager at E Fund Management Co., Ltd. [1] - Previous roles of Li Guozheng include positions at Guangzhou Yuexiu Commercial Real Estate Management Co., Ltd., Guangzhou Jones Lang LaSalle Property Services Co., Ltd., and Shenzhen CIMC Urban Development Group Co., Ltd. [1] Group 2: Fund Management Experience - Li Guozheng has managed the E Fund Guangkai Industrial Park REIT (180105) since August 29, 2024, with a scale of 20.27 billion [1]

Market Overview - The secondary market for publicly listed REITs in China has shown a continuous decline, with the weighted REITs index closing at 183.91 and a return rate of -0.47% during the period from September 29, 2025, to October 10, 2025 [4] - Compared to other major asset classes, the return rates ranked from highest to lowest are: Gold > Convertible Bonds > A-shares > Pure Bonds > REITs > US Stocks > Crude Oil [4] REIT Performance - Both property rights and franchise REITs experienced price declines in the secondary market, while municipal facilities and new infrastructure REITs saw price increases [5] - The top three performing underlying asset types in terms of return rates were municipal facilities, new infrastructure, and ecological environmental REITs [5] - Out of the publicly listed REITs, 17 increased in value, 1 remained unchanged, and 57 decreased in value during the period [5] - The top three REITs by increase in value were Huatai Nanjing Jianye REIT, Huaan Waigaoqiao REIT, and Guangfa Chengdu Gaotou Industrial Park REIT [5] Trading Activity - The total trading volume for publicly listed REITs was 1.78 billion yuan, with the average daily turnover rate at 0.45% [5] - The top three REITs by trading volume were Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Huaxia Hefei High-tech REIT [5] - The top three REITs by trading value were also Huaxia Kaide Commercial REIT, CICC Vipshop Outlet REIT, and Guojin China Railway Construction REIT [5] Net Inflow and Block Trading - The total net inflow from major investors was 9.83 million yuan, indicating a decrease in market trading enthusiasm compared to the previous period [6] - The top three REITs by net inflow were in the categories of consumer infrastructure, new infrastructure, and ecological environmental REITs [6] - The total amount of block trading reached 431 million yuan, which is a decrease from the previous period, with the highest single-day block trading amount being 184.8 million yuan on October 9, 2025 [7] New Listings - Huaxia Kaide Commercial REIT was listed on September 29, 2025, with an asset type of consumer infrastructure and an issuance scale of 2.287 billion yuan [8] - Two REIT projects had their status updated during this period [8]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report This week, the public - offering REITs market declined slightly, but the trading volume increased. The indices of both property - type and franchise - type public - offering REITs dropped, with only the ecological and environmental protection - type REITs rising slightly and the consumer infrastructure - type REITs having the highest decline. The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs. The market is expected to continue to expand, and public - offering REITs have high - dividend and medium - low - risk advantages with high allocation cost - effectiveness [5][41]. 3. Summary According to the Table of Contents 3.1 Secondary Market: The Public - Offering REITs Market Declined Slightly This Week - The public - offering REITs market declined slightly. As of September 12, 2025, the China Securities REITs Index fell 0.84% from last week to 840.03, and the China Securities REITs Total Return Index was 1070.04, down 0.78% from last week [10]. - The trading volume in the REITs market increased. This week, the total trading volume was 639 million shares, a 3.23% week - on - week increase, and the trading value was 2.891 billion yuan, a 3.99% week - on - week increase. The interval turnover rate was 2.81%, compared with 2.73% last week [12]. - The indices of property - type and franchise - type public - offering REITs both declined, by 0.85% and 0.54% respectively. Among them, only the ecological and environmental protection - type REITs rose 0.87%, while the consumer infrastructure - type REITs had the highest decline [15][18]. - The trading volume and turnover rate of most types of public - offering REITs declined. Only the trading volume of consumer infrastructure - type public - offering REITs increased by 136.83% to 773 million yuan. The turnover rates of consumer infrastructure - type, new - type infrastructure - type, and ecological and environmental protection - type REITs were greater than 1 [21][23]. - Most public - offering REITs products declined. Among the 74 public - offering REITs, except for the newly - listed CICC Vipshop Outlet REIT, 12 rose and 61 fell [24]. 3.2 Primary Market: 23 Public - Offering REITs Funds Are Waiting to Be Listed - 15 public - offering REITs have been issued since 2025. As of September 12, 2025, a total of 74 public - offering REITs have been issued, with a total issuance scale of 194.5 billion yuan. In 2024, 29 REITs were issued, with a total issuance scale of 64.6 billion yuan. In 2025, 15 public - offering REITs have been issued, and no new ones were issued in September 2025 [30]. - There are 23 public - offering REITs funds waiting to be listed, including 12 for initial offerings and 11 for follow - on offerings. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 1 has been accepted, and 1 has been declared [32]. 3.3 Public - Offering REITs Policies and Market Dynamics - Approximately 384 million shares of E Fund Guangzhou Development District High - tech Industrial Park REIT will be lifted from restrictions on September 23. After the lifting, the tradable shares will increase from 136 million shares (17%) to 520 million shares (65%) [36][37]. - The fundraising results of Huaxia CapitaLand Mall REIT were announced, with the strategic placement ratio reaching 100%. The total fundraising share was 400 million shares [38]. - The National Development and Reform Commission encourages listed infrastructure REITs to raise funds through follow - on offerings to purchase high - quality assets, simplifies the application process for new acquisitions, and broadens the asset scope of new acquisitions [39][40]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, but the trading volume increased. The China Securities REITs Index and the China Securities REITs Total Return Index fell 0.84% and 0.78% respectively from last week. The indices of property - type and franchise - type public - offering REITs also declined [5][41]. - The National Development and Reform Commission issued Document No. 782 to promote the development of infrastructure REITs, and CICC Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. 15 public - offering REITs have been established this year, with a total scale of over 30 billion yuan, and 23 REITs funds are waiting to be listed. The market is expected to continue to expand [5][41]. - In the context of the asset shortage, public - offering REITs have high - dividend and medium - low - risk advantages, with high allocation cost - effectiveness [5][41].