中金 • REITs | 中金REITs年度市场调查报告（2025）

Market Overview - The REITs market has shown significant recovery in 2024 due to favorable policies and declining long-term interest rates, with increased attention from the market [1] - The survey collected 110 valid responses from institutional investors, providing insights into the current market ecosystem and future outlook [1] Institutional Investor Profile - Insurance and securities firms are the main participants, with 25.5% and 40.9% of the sample investors respectively [2] - Over 70% of the sample investors have a REITs allocation size exceeding 100 million yuan [2] - More than half of the insurance institutions have a participation size of 500 million yuan or more, while securities firms show a more diversified participation size, with nearly half in the 100-500 million yuan range and a quarter exceeding 1 billion yuan [2] - Public and private funds have smaller participation sizes, mostly below 100 million yuan [2] - Nearly 80% of institutions entered the REITs market between 2021 and 2022, indicating most have experienced a full market cycle [2] Investment Strategies and Asset Allocation - The primary methods of REITs allocation include strategic placement, offline subscription (IPO participation), and secondary market purchases, with 70-80% of respondents mentioning these methods [3] - Over 50% of respondents view REITs as an independent asset class, while 30-40% see them as a substitute for fixed-income assets with equity characteristics or as dividend-paying equity assets [3] - More than 70% of respondents adopt a mixed strategy (long-term allocation with short-term trading), with insurance firms focusing more on long-term allocation and securities firms favoring mixed strategies [3] - Nearly 80% of investors have achieved a return of 5-20% year-to-date, with securities firms outperforming insurance firms [3] Market Concerns and Future Outlook - The main concerns of the market are liquidity (86% of respondents), valuation (50%), and fundamental tracking (30%) [13] - 99% of respondents plan to maintain or increase their REITs allocation in 2025, with 70% considering an increase, particularly among insurance firms, public FOFs, and private funds [14] - Institutions prefer asset types with stable cash flows, such as affordable rental housing, environmental protection, energy, and water conservancy, with some interest in newly issued asset types like consumer infrastructure [14] - 60% of investors expect a return of 5-10% in 2025, while 30% are more cautious, expecting a return of 0-5% [14] Institutional Participation and Market Entry - Insurance and securities firms dominate the market, with public and private funds showing increasing activity [4] - Nearly 70% of sample investors have a REITs allocation size exceeding 100 million yuan, with 2021-2022 being the main entry window for institutions [5] - New entrants in 2024 include industrial capital, insurance asset management, securities firms, public FOFs, and private funds, with most having a participation size of 100-500 million yuan or below 100 million yuan [5] Asset Positioning and Strategy - REITs are increasingly recognized as a unique equity product, with over 50% of respondents viewing them as an independent asset class [10] - Mixed strategies are the most common, with over 70% of respondents adopting a combination of long-term allocation and short-term trading [10] - Insurance firms focus more on long-term allocation, while securities firms prefer mixed strategies [10] Market Performance and Expectations - The REITs market has shown strong performance in 2024, with nearly 80% of investors achieving a return of 5-20% year-to-date [10] - Institutions are optimistic about future opportunities, with a strong preference for assets with stable cash flows [14]