According to CoinMeta, several publicly offered funds have issued warnings about the volatility risks in the secondary market. Recently, the volatility in the secondary market of publicly offered funds has intensified. As of November 12th, the CSI REITs Total Return Index has fallen by 7.36% for the year, while the CSI REITs Index has dropped by 11.73% during the same period. Looking at individual months, apart from a 3.98% increase in January this year, there have been nine consecutive monthly declines. Currently, only 17 publicly offered funds have recorded positive gains for the year; among them, China Merchants Expressway REIT, CICC Shandong Expressway REIT, and Huaxia China Communications Construction REIT have seen gains of over 10%. Sixty-one publicly offered funds have experienced losses for the year, with 21 losing more than 20%, 10 losing more than 30%, and three even losing more than 40%. Huatai Securities' fixed-income research indicates that in October, the core issue for publicly offered funds REITs was an improvement in expectations for incremental funds, but the actual capacity to absorb these funds remained limited, resulting in a market trend that was stable at the beginning but weakened later on, with slow growth followed by rapid declines. Huatai Securities' fixed-income research also suggests that there may be trading opportunities in deeply discounted securities in the industrial park and warehousing logistics sectors, but this would require waiting for the restricted shares to be fully traded, trading volumes to decline, and the pressure from selling to be absorbed.