Zhi Tong Cai Jing·2025-06-16 08:05Core Viewpoint - The current REITs bull market is driven by three main factors: declining risk-free interest rates, increased demand for institutional allocation, and the cyclical advantages of certain assets [1][2]. Group 1: Market Performance - The REITs market has reached a new high, with the CSI REITs total return index hitting 1107.3 as of June 6, 2025, reflecting a year-to-date increase of 14.4%, outperforming global asset classes [2]. - The total market value of C-REITs has surpassed 200 billion, with eight new projects launched this year showing impressive yields, although the subscription rate has decreased due to intensified competition for quality assets [2]. Group 2: Future Outlook - The market is expected to maintain high valuations in the next 1-2 years, with ongoing supply-demand imbalances and policy benefits yet to be fully realized [2]. - C-REITs are projected to evolve through three phases: "expansion initiation - valuation enhancement - equilibrium stabilization," with the market value potentially reaching 400-500 billion and the number of listed REITs exceeding 100 in the next three years [2]. Group 3: Investment Recommendations - The company recommends focusing on primary market offline subscriptions and strategic placements, while secondary market allocations should concentrate on "high-quality domestic demand assets + recovery assets" [3]. - Suggested sectors include policy-driven rental housing, consumer goods, and municipal environmental projects, as well as logistics assets with strong management capabilities and improving occupancy rates [3].