基础设施REITs扩围扩容 提升市场效率与韧性

Core Viewpoint - The recent policies aimed at supporting infrastructure REITs in China signify a shift towards high-quality development, enhancing market efficiency and resilience, with expectations for long-term stable growth in the sector [1][2]. Group 1: Policy Support and Market Expansion - The Chinese government is actively promoting the issuance of infrastructure REITs by expanding the types of eligible projects, focusing on community commercial complexes and consumer infrastructure [2][3]. - As of September 23, 2023, there are 87 infrastructure public REITs in various stages of listing, with the majority being in park, transportation, and consumer infrastructure categories [1][4]. - The recent notification from the National Development and Reform Commission aims to streamline the application process for infrastructure REITs, thereby broadening the market's scope and depth [1][2]. Group 2: Mechanism Optimization and Asset Types - The optimization of the fundraising mechanism for existing REITs is a key focus, encouraging them to raise funds through expansion to acquire quality assets [2][3]. - The introduction of diverse asset types, such as market-oriented rental housing and elderly care facilities, is expected to attract a wider range of investors and enhance market vitality [2][3]. Group 3: Market Performance and Trends - The infrastructure public REITs market has shown a positive performance this year, with the CSI REITs Total Return Index increasing by 10.34% as of September 23, 2023, and 65 out of 74 listed REITs yielding positive returns [4][5]. - Notable performers include the Jia Shi Wu Mei Consumer REIT, which has surged by 48.40%, and other consumer infrastructure REITs showing significant gains [4]. - The market is characterized by high liquidity, stable returns, and a low correlation with other investment types, catering to investors seeking stable and diversified asset allocations [4][5].