火爆！公募REITs二级市场连续上涨，多只产品创新高

Core Viewpoint - The public REITs secondary market has entered a continuous upward trend, driven by declining interest rates and strong capital allocation, indicating significant investment value in public REITs [1][9][10]. Market Performance - As of May 21, the CSI REITs Total Return Index has reached new highs for two consecutive days, with a nearly 2% increase over the past four days [1][2]. - In May, the CSI REITs Closing Index has risen over 3%, and the year-to-date increase exceeds 10% [2]. - Among the 66 publicly listed REITs, 10 have seen a monthly increase of over 10%, with the CICC Chongqing Liangjiang Industrial Park REIT rising by 20.88% [2][4]. Individual REITs Performance - Notable performers over the past month include: - CICC Chongqing Liangjiang Industrial Park REIT: 20.88% - CICC Xiamen Affordable Rental Housing REIT: 14.98% - Huaxia Jinyu Intelligent Manufacturing REIT: 13.53% [4]. - Since their inception, 15 REITs have increased by over 50%, with the CICC Xiamen Affordable Rental Housing REIT leading at 90.52% [4][7]. Comparative Returns - The average year-to-date increase for all public REITs is 18.03%, significantly outperforming traditional equity and bond funds, which have average returns of 4.76%, 3.56%, and 0.67% respectively [5]. Market Drivers - The current upward trend in the REITs market is attributed to "declining interest rates + strong capital allocation," with REITs offering stable dividend yields that are attractive in a low-interest environment [9][10]. - The market is experiencing a significant "primary-secondary price gap," with high success rates and returns for new REITs, further fueling market enthusiasm [9]. Investment Strategy - Investment institutions are advised to focus on high-quality assets with stable dividends and to be cautious of high volatility assets [11]. - The emphasis is on selecting REITs with anti-cyclical properties and those that are scarce and prudently valued [10][11].