Market Overview - The secondary market for publicly listed REITs in China experienced a downward trend, with the weighted REITs index closing at 182.3 and a weekly return of -0.48%. Compared to other major asset classes, the return rates ranked from high to low are convertible bonds, crude oil, A-shares, pure bonds, gold, REITs, and US stocks [4] - There was a divergence in price movements between property-type REITs, which saw a decline, and concession-type REITs, which experienced an increase [4] - Among underlying asset types, municipal facility REITs had the highest increase in value, with the top three performing asset types being municipal facilities, ecological protection, and consumer-related [4] Trading Activity - The total trading volume for publicly listed REITs was 2.88 billion yuan, with a weekly average turnover rate of 0.63%. The top three REITs by trading volume were Huaxia Hefei High-tech REIT, Huaxia Fund Huazhong REIT, and Dongwu Suyuan Industrial REIT [5] - The net inflow of capital was 38.36 million yuan, indicating a decrease in market trading enthusiasm compared to the previous week. The top three REITs by net inflow were consumer infrastructure, park infrastructure, and new infrastructure [5] Block Trading - The total amount of block trading reached 240.26 million yuan, showing a decline from the previous week. The highest single-day block trading amount was 72.28 million yuan on November 3, 2025. The top three REITs by block trading volume were Southern Runze Technology Data Center REIT, China Merchants Highway REIT, and Huatai Baowan Logistics REIT [6] New Listings - The CITIC Construction Investment Shenyang International Software Park REIT was listed on November 6, 2025, focusing on park infrastructure [7]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].