抢滩REITs市场，新入局机构谋突围

Core Insights - The total market value of public REITs in China has surpassed 200 billion yuan as of mid-year, with most products yielding positive returns this year, particularly the Jiashi Wumei Consumption REIT, which has increased by over 50% [1][2] - The head effect in the REITs market is becoming increasingly prominent, with the top three fund companies managing nearly 40% of the total REITs scale, while 69 established public REITs come from 25 fund managers [1][2] - The REITs industry in China is still in its early development stage, providing opportunities for various institutions, but newcomers are advised to focus on niche markets rather than broad offerings [1][6] Market Performance - As of June 30, 68 listed public REITs have a total market value exceeding 200 billion yuan, with 57 out of 58 REITs listed before January 1, 2025 achieving positive returns this year [2] - The Jiashi Wumei Consumption REIT has the highest increase at 51.84%, followed closely by Huazhong Bailian Consumption REIT and Huaxia Shouchuang Outlet REIT, both exceeding 48% [2] - A total of 16 REITs have increased by over 30% this year, while 13 REITs have seen growth between 20% and 30% [2] Industry Participation - New entrants such as Southern Fund, Huatai PineBridge Fund, and Bank of China Fund have launched public REITs products in the first half of the year [4][5] - The Southern Fund has issued several REITs, including the Southern SF Logistics REIT and others that are set to launch soon [4] - The Bank of China Fund's first REIT, the Bank of China Zhongwaiyun Warehousing Logistics REIT, was established on June 26 [5] Strategic Focus - The current trend indicates that fund companies with larger REITs product scales often have strong investment banking backgrounds, which aids in project acquisition and evaluation [6] - The head effect is seen as a sign of market maturity, with experienced managers in asset selection, due diligence, and risk control gaining investor trust [6] - Newcomers are encouraged to adopt a "small but beautiful" approach, focusing on specialized sectors with unique growth potential, such as industrial parks and urban renewal projects [6]