CITIC Securities: Continues to be optimistic about the performance of the REITs market at the end of 2025 and throughout 2026. Recommend focusing on three main themes.

CICC Securities stated that considering the policy support for the REITs market and the favorable supply and demand situation in the "asset shortage" scenario, they continue to be optimistic about the performance of the REITs market at the end of 2025 and throughout 2026. They suggest focusing on three main themes: 1. Steady and counter-cyclical sectors on the demand side, including consumer, policy-supported rental housing, data centers, and municipal environmental protection sectors. 2. Assets with marginal improvement in economic conditions, including some warehousing and logistics assets benefiting from regional economic recovery and highways with continued traffic volume recovery. 3. Strong demand for fundraising by original equity holders and quality reserve assets.