公募REITs总市值首破2000亿元 沪市占比近七成

Core Insights - The total market value of public REITs in China has surpassed 200 billion yuan, reaching 201.99 billion yuan as of June 5, marking significant growth since the first batch of REITs was launched less than four years ago [1] - The Shanghai Stock Exchange (SSE) accounts for 67% of the total market value, with 1.35 billion yuan attributed to its REITs [1] Market Overview - The first batch of 9 public REITs was launched on June 21, 2021, raising a total of 16.6 billion yuan, initiating the development of REITs in the Shanghai market [1] - As of June 5, there are 44 REIT products listed on the SSE, doubling the number since the end of 2023, with a total fundraising scale of 121.6 billion yuan [1] Sector Performance - In the property rights category, there are 17 projects in total, with 12 from the SSE raising 20.3 billion yuan; in the logistics sector, 9 projects raised 13.8 billion yuan; consumer projects raised 6.3 billion yuan; and affordable rental housing projects raised 9.5 billion yuan [1] - In terms of operating rights, energy projects raised 14.3 billion yuan, transportation projects raised 54 billion yuan, and ecological projects raised 1.9 billion yuan [2] Market Activity - The SSE REITs have shown active trading since 2025, with a year-to-date return of 21%, outperforming the CSI REITs total return index at 14% [2] - Notable sectors include consumer, rental housing, and toll roads, with year-to-date increases of 44%, 26%, and 22% respectively [2] Liquidity and Returns - The average daily trading volume for SSE REITs is 440 million yuan, accounting for 70% of the total market volume, with a daily turnover rate of 0.79% [2] - The average cash distribution rate for SSE REITs is 5.8%, and the average internal rate of return is 3.6%, indicating favorable investment characteristics [2] Financial Performance - The 33 SSE REITs that disclosed their 2024 annual reports achieved a total revenue of 8.5 billion yuan, a year-on-year increase of 35%, with distributable amounts reaching 6.2 billion yuan, up 28% [2] Development Initiatives - The SSE is enhancing its fundraising mechanisms, promoting a dual-driven model of "initial issuance + expansion" to support high-quality development of the REITs market [3] - In 2023, the SSE completed expansion projects for two REITs, raising approximately 5 billion yuan, with more projects in the pipeline for 2024 [3] - Innovative asset combinations are being explored, such as the first cross-regional mixed asset expansion project involving photovoltaic and hydropower assets [3]