沪市债券新语 | 全市场公募REITs总市值突破2000亿元！

Group 1 - The first batch of public REITs in China was successfully listed on June 21, 2021, marking the official launch of the infrastructure public REITs pilot program, with a total fundraising scale of 16.6 billion yuan [1] - As of June 5, 2025, the total market value of public REITs reached 201.99 billion yuan, surpassing the 200 billion yuan mark for the first time, with the Shanghai Stock Exchange accounting for 67% of this value [1][2] - The market for public REITs is expanding rapidly, with 44 products listed on the Shanghai Stock Exchange by June 5, 2025, doubling the number from the end of 2023, and a total fundraising scale of 121.6 billion yuan [2] Group 2 - The secondary market for REITs is showing signs of recovery, with the Shanghai Stock Exchange REITs having a cumulative growth of 21% since the beginning of 2025, outperforming the CSI REITs total return index [3] - The average cash distribution rate for Shanghai Stock Exchange REITs reached 5.8%, and the average internal rate of return was 3.6%, indicating a favorable investment value [3] Group 3 - The revenue from 33 REITs listed on the Shanghai Stock Exchange for the year 2024 reached 8.5 billion yuan, a year-on-year increase of 35%, with a total distributable amount of 6.2 billion yuan [5] - The expansion mechanism for REITs is being improved, with a dual-driven development model of "initial issuance + expansion" being established to support high-quality growth in the REITs market [6] Group 4 - The market is expected to reach a scale of 220 to 250 billion yuan by the end of 2025, with potential to exceed 250 billion yuan considering accelerated expansions [7]