Core Viewpoint - The public REITs market has shown strong performance since 2025, with the CSI REITs Total Return Index increasing by 12.54% year-to-date, driven by consumer and affordable rental housing REITs, which rose by 34.01% and 20.84% respectively [1][3] Market Performance - As of May 30, the REITs market has completed 66 initial public offerings, raising a total of 174.39 billion yuan, with an additional 4 REITs completing expansions, raising 5.064 billion yuan, leading to a total market capitalization of nearly 200 billion yuan [1][3] Investment Trends - Consumer infrastructure REITs have benefited from expectations of retail consumption recovery, achieving a year-to-date increase of 34.01%, while affordable rental housing REITs have shown a 20.84% increase due to strong policy support and stable cash flows [3] - The core investment forces in the market include original equity holders, insurance funds, and brokerage proprietary trading, collectively holding over 60% of REITs [3] Investment Themes - The current public REITs market is focused on three main themes: "dividends," "unlocking," and "expansion," with increased dividend frequency creating "yield-seeking" trading opportunities, while unlocking restrictions provide low-entry windows for medium to long-term funds [3][4] Future Outlook - With ongoing improvements in regulations and liquidity mechanisms, REITs are transitioning from a "policy-driven phase" to a "market-driven allocation phase," with stable cash flows and strong policy support making sectors like consumer and affordable housing attractive to investors [4] - Industry experts anticipate that REITs will establish a new asset allocation paradigm characterized by "stable returns and low volatility," further solidifying their importance in the "fixed income plus" era [4]
公募REITs市场震荡走强 机构持仓占比超六成
Huan Qiu Wang·2025-06-03 02:02