According to CITIC Securities, after disclosing the 2026 interim report on public funds and public REITs, it can be seen that: 1) The public REITs market is still dominated by institutional investors, while the share of institutional investors holding market capitalization is showing a marginal increase. 2) The overall holding volume of public Fofs in public REITs is stable. Hybrid bond-type second-tier funds have begun to enter the market, and more hybrid bond-type secondary funds and debt-biased hybrid funds have also included public REITs in the scope of investment. 3) The participation of brokerage firms in the public REITs secondary market has further increased, and their positions in the expressway and consumer infrastructure sectors are heavy. The share of insurance institutions' top ten share holders in circulation declined marginally, and their consumption infrastructure and energy sector allocation ratio increased. Looking ahead to September, capital may still be an important variable affecting market conditions. Investors are advised to remain cautious and optimistic before the strong demand policy is implemented, focusing on the chance that some steady operating assets will overfall due to fluctuations in capital and sentiment.

According to CITIC Securities, after disclosing the 2026 interim report on public funds and public REITs, it can be seen that: 1) The public REITs market is still dominated by institutional investors, while the share of institutional investors holding market capitalization is showing a marginal increase. 2) The overall holding volume of public Fofs in public REITs is stable. Hybrid bond-type second-tier funds have begun to enter the market, and more hybrid bond-type secondary funds and debt-biased hybrid funds have also included public REITs in the scope of investment. 3) The participation of brokerage firms in the public REITs secondary market has further increased, and their positions in the expressway and consumer infrastructure sectors are heavy. The share of insurance institutions' top ten share holders in circulation declined marginally, and their consumption infrastructure and energy sector allocation ratio increased. Looking ahead to September, capital may still be an important variable affecting market conditions. Investors are advised to remain cautious and optimistic before the strong demand policy is implemented, focusing on the chance that some steady operating assets will overfall due to fluctuations in capital and sentiment.