【新华解读】“首发+扩募”双轮驱动 政策护航REITs市场高质量发展

Core Viewpoint - The release of the notification by the Shanghai Municipal Development and Reform Commission is expected to inject new momentum into the development of the infrastructure REITs market [1] Policy Support for Market Development - The notification aims to enhance the role of infrastructure REITs in revitalizing existing assets, expanding effective investment, and promoting high-quality infrastructure development [2] - It emphasizes the establishment of a dynamic reserve mechanism focusing on quality assets and improving project review and recommendation efficiency [2][3] - A "green channel" mechanism will be established for high-quality projects in the reserve pool to prioritize recommendations to the National Development and Reform Commission [2] Active Participation of Stakeholders - The development of the REITs market relies on the active support of various participants, with Shanghai implementing policies like the "Shanghai REITs 20 Measures" to facilitate project implementation and innovation [4] - The market has seen a notable increase in "initial offerings + expansions" this year, with specific examples such as the successful expansion of the Guotai Junan Lingang Innovation Industry Park REIT [5] Market Growth and Future Outlook - As of May 30, 2025, there are 66 publicly offered infrastructure REITs in China, with a total fundraising scale of 174.39 billion yuan and a total market value nearing 200 billion yuan [8] - The market size is projected to reach between 220 billion to 250 billion yuan by the end of 2025, with potential for further growth due to accelerated expansions [8] - The current environment is seen as a favorable time for investors to enter the REITs market, driven by policy benefits and a downward trend in interest rates [8] Investment Strategy Recommendations - The focus should be on prioritizing leading sectors and selecting asset types strategically, as the REITs market continues to expand and diversify [8][9] - Attention should be given to industries with relatively stable underlying asset operations and consumer-facing sectors, while also considering the operational capabilities of management teams [9]