公募REITs受追捧且发展迅速，发行数量居亚洲第一

Group 1 - The core viewpoint highlights the rapid development of the public REITs market in China, with 18 public REITs listed since 2025, showing an average first-day increase of 20%, significantly higher than the 1.5% increase of 8 similar products in 2024 [1] - A total of 66 public REITs have been listed since the first batch in 2021, raising over RMB 180 billion, making it the largest market in Asia [1] - The Shanghai and Shenzhen stock exchanges contributed 44 and 22 products respectively, with notable growth in market capitalization and average daily trading volume [1] Group 2 - Investors benefit from high dividend yields from REITs, with the Shanghai market distributing a total of RMB 15.1 billion in dividends over the past four years, including RMB 5.9 billion in 2024, resulting in a dividend yield of 5.7% based on year-end market capitalization [4] - Highway REITs accounted for RMB 8.2 billion of the total dividends, highlighting their status as a significant revenue source [4] - The expansion of the public REITs market is expected to enhance capacity and depth, paving the way for innovative products like REITs index funds and ETFs, leading to a richer product system and increased marketization [4]