大消息！四年，超2000亿！

Core Insights - The public REITs market in China has experienced significant growth since its inception, with total market size increasing from 31.4 billion to over 200 billion, and the number of products reaching 73 [2][4] - The cumulative dividend amount has surpassed 22 billion, indicating a strong return to investors [4][5] - The market has expanded its asset categories from traditional sectors to include ten categories such as affordable housing and data centers, reflecting a diverse asset matrix [2][5] Market Development - The REITs market is accelerating institutional innovation and aligning with international standards, attracting global capital to reassess the value of Chinese infrastructure [3] - As of June 28, the total market capitalization of public REITs reached 206.07 billion, maintaining stability above the 200 billion mark despite slight fluctuations [4] - The market's evolution is characterized by a deep transformation in capital structure, with a diverse range of investor types enhancing market stability and liquidity [5][6] Regulatory and Policy Framework - The development of the public REITs market is a result of synchronized institutional design and market demand, with a clear policy evolution since the pilot launch in 2020 [5][6] - The introduction of regulatory guidelines in early 2024 has clarified the equity attributes of REITs, facilitating the entry of long-term capital such as insurance funds [6] Future Prospects - The Chinese REITs market is expected to continue expanding, with potential for product diversification and fundraising strategies inspired by international practices [7] - There is a significant opportunity for the market to incorporate a wider range of quality assets, including cultural tourism facilities, to enhance liquidity and investor returns [7][8] - The domestic REITs market is positioned to become a "new blue ocean" for global capital seeking to invest in Chinese assets, supported by a vast array of infrastructure and real estate assets [8][9]