【财经分析】公募REITs现“临时停牌潮” 需关注估值溢价风险

Group 1 - The public REITs market in China has experienced a surge in temporary suspensions due to significant price increases, with nearly 30 products suspended this year due to exceeding threshold gains, particularly in consumer infrastructure REITs which have averaged around 40% gains [1][3] - The low interest rate environment has led to increased institutional demand for REITs, driving up valuations, but the rising premium rates have resulted in a notable decline in cash distribution rates, indicating emerging market risks [1][6] - Consumer infrastructure REITs have become the fastest-growing segment within the public REITs market, supported by favorable policies aimed at boosting consumption, with the average gain for listed REITs reaching 15.17% this year [4][5] Group 2 - Specific REITs such as E Fund Huawai Market REIT and Hongtu Innovation Shenzhen Anju REIT have announced temporary suspensions due to significant price deviations from their benchmark prices, with E Fund's price increasing by 71.39% and Hongtu's by 52.78% [2][3] - The performance of consumer infrastructure REITs has been particularly strong, with several products achieving gains exceeding 40%, including Huazhong Baiyun Consumer REIT and Jiashi Wumei Consumer REIT [4][5] - Analysts suggest that while consumer REITs are considered relatively safe investments due to their anti-cyclical nature, investors should be cautious of high premium rates and declining cash distribution rates, which have dropped from 6.22% to 4.21% for Jiashi Wumei Consumer REIT [6][7]