突破2000亿！公募REITs四年“蝶变”

Core Insights - The public REITs market has experienced significant growth, with a total market value reaching approximately 206.6 billion yuan as of June 2025, nearly doubling from the previous year [4] - The unique dividend mechanism of public REITs has provided substantial returns to investors, with total dividends approaching 22 billion yuan since 2021 [6] - The market is currently in a policy dividend period, with new regulations and guidelines expected to further enhance the growth and sustainability of public REITs [2][7] Market Development - Since the first batch of 9 public REITs was listed in June 2021, the number of listed products has increased to 66, indicating a robust development trend [1][4] - The expansion of underlying asset categories to 13 major types, including transportation, energy, and cultural tourism, is expected to support sustainable growth in the public REITs market [2] - The introduction of new asset types, such as data center REITs, reflects the diversification of the market and increasing investor interest [5] Investor Dynamics - The investor base for public REITs has become increasingly diverse, including institutional investors such as banks, insurance companies, and private equity, which enhances market liquidity [5] - The recent accounting policy changes have reduced the short-term performance pressure on institutional investors, allowing for a focus on long-term holding and dividend income [3][6] Performance Metrics - Public REITs have shown a consistent increase in annual dividends, with figures rising from 6.92 million yuan in 2021 to 44.12 million yuan in 2025 [6] - The market has seen a significant rise in prices, with the CSI REITs total return index increasing by 16.2% year-to-date as of June 20, 2025 [6] - The demand for stable dividend-yielding assets has increased, with public REITs offering dividend rates between 3% and 5%, attracting more investment [6] Future Outlook - The public REITs market is expected to maintain high valuations in the next 1 to 2 years, driven by ongoing policy support and investor demand [7] - The market is anticipated to continue evolving, with potential for greater investment value as it matures [7]