从“闭眼打新”到理性回归 REITs市场降温

Core Insights - The public REITs market is facing significant pressure, with a decline in new issuance enthusiasm and a wave of upcoming unlocks, leading to cautious investor sentiment [1][4][6] Group 1: Market Performance - The secondary market for public REITs has shown weak performance, with some newly listed REITs experiencing a drop below their issue price shortly after listing [2][3] - For instance, a software park REIT listed on November 6 fell below its issue price of 3.66 yuan per share, closing at 3.62 yuan a week later [2] - The overall sentiment in the secondary market has led to a rational return in investor expectations regarding new issuance profits [3] Group 2: Subscription Trends - There has been a noticeable decline in subscription enthusiasm for public REITs, with recent subscription rates significantly lower than previous highs [4] - For example, a recent logistics REIT had a subscription confirmation ratio of only 0.68% for institutional investors and 5.83% for public investors, compared to hundreds of times in earlier offerings [4] - This shift indicates a more cautious approach from investors, focusing on asset quality and pricing rationality rather than speculative participation [4] Group 3: Upcoming Unlocks - A significant wave of unlocks is anticipated in the REITs market, with multiple REITs announcing the lifting of restrictions on their shares [5][6] - For instance, the招商高速公路REIT will unlock 2.79 billion shares, accounting for 55.78% of its total shares, on November 21, 2025 [6] - The upcoming unlocks are expected to exert selling pressure on the market, particularly for REITs with high strategic investor allocations [7][8]