公募REITs再添新品，全市场发行总规模已近2000亿元

Core Viewpoint - The public REITs market in China has expanded significantly, with the establishment of new products and a total issuance scale nearing 200 billion yuan, reflecting increased investor recognition and interest in these investment vehicles [1][4][7]. Market Expansion - As of October 20, the public REITs market has grown to 77 products, with a total issuance scale close to 200 billion yuan [1][4]. - The recent launch of the CITIC Securities Shenyang International Software Park REIT and the Huaxia Zhonghai Commercial Asset REIT contributed to this expansion, with their respective issuance sizes of 1.098 billion yuan and 1.584 billion yuan [3][4]. Performance Analysis - Over 70% of public REITs have seen price increases this year, with some consumer-focused REITs rising over 30% [1][5]. - The CSI REITs Total Return Index reached a year-to-date high of 1124.91 points on June 23, but has since experienced fluctuations, closing at 1031.66 points on October 21, reflecting a 6.59% increase for the year [5]. Investor Sentiment - The rapid growth of the public REITs market over the past four years indicates a significant increase in investor confidence, with total issuance rising from 31.403 billion yuan at the inception of the first products to nearly 200 billion yuan [4][6]. - The strong performance of consumer REITs, particularly in shopping centers, suggests a preference for stable dividend-yielding investments amid market volatility [6][7]. Future Outlook - The establishment of new consumer REITs is expected to accelerate the development of a multi-tiered REITs market system, driven by policy guidance and market practices [7]. - The ongoing decline in bond market interest rates may enhance the attractiveness of public REITs as a high-dividend, low-risk asset class, particularly with expectations of increased participation from social security and pension funds [7].