公募REITs二级市场表现亮眼

Core Viewpoint - The recent public REITs annual reports for 2024 indicate a decline in distributable amounts for several REITs, primarily due to fluctuations in the operating conditions of underlying infrastructure. However, all listed public REITs have achieved positive returns in 2025, with eight showing increases exceeding 20%, highlighting their growing allocation value as alternative assets [1][5]. Summary by Sections Distributable Amount Decline - Several public REITs reported a year-on-year decline in distributable amounts for 2024, which is a key financial indicator for dividends. For instance, the Penghua Shenzhen Energy REIT saw a 15.35% decrease in distributable amounts, attributed to a drop in average electricity prices and sales volume [2][3]. - The CICC Anhui Transportation REIT reported a 23.8% decline in distributable amounts due to various factors including road network changes and adverse weather conditions [2]. - Other REITs, such as the Guotai Junan Lingang Innovation Industrial Park REIT, also experienced declines exceeding 10% in their distributable amounts due to lower occupancy rates and rental income reductions [3]. Active Measures by Fund Managers - Fund managers are proactively implementing cost-cutting and efficiency-enhancing measures in response to the decline in distributable amounts. For example, Penghua Fund is optimizing electricity trading strategies and enhancing investor communication through various channels [3][4]. - CICC Fund is encouraging operational management to explore new revenue streams and improve cost control, including partnerships with local tourism resources to attract traffic to highways [4]. Secondary Market Performance - Despite the decline in some REITs' distributable amounts, the secondary market performance remains strong. As of April 11, 2025, all 58 REITs listed before January 1, 2025, have achieved positive returns, with eight experiencing increases over 20% [5]. - The improving macroeconomic environment is expected to positively influence the operational conditions of public REITs, which may be reflected in their financial metrics [5][6]. - The current low interest rate environment is enhancing the competitive advantage of REITs, as investors seek assets with strong income certainty [6].