REITs行情“先扬后抑”投资逐渐回归理性

Core Viewpoint - The public REITs market is experiencing a return to rationality, with ongoing volatility and differentiation expected in operations through 2026, while still maintaining good allocation value for high-dividend assets [1][4]. Market Performance - The secondary market for public REITs has shifted from a strong upward trend in the first half of the year to a more volatile state, with the CSI REITs total return index dropping over 7% since its peak in late June, although it remains up 7.89% year-to-date [1][2]. - The recent cooling in the primary market is reflected in the significantly lower subscription rates for new REITs, such as the Huaxia Anbo Warehousing REIT, which saw a final confirmation ratio of only 5.83%, compared to previous high-demand scenarios [2][4]. Investment Strategies - The effectiveness of new listing strategies has diminished, as evidenced by the performance of newly listed REITs like the CITIC Securities Shenyang International Software Park REIT, which saw its share price drop below the opening price on its first day [3]. - Investors are becoming more cautious, with some shifting towards more cost-effective asset classes due to the cooling of the secondary market and the weak performance of industrial park REITs, which are facing challenges such as uneven economic recovery and limited rent growth [3][4]. Future Outlook - Looking ahead to 2026, public REITs are expected to continue experiencing operational volatility, but projects with resilient fundamentals and high growth potential, such as data centers, consumer sectors, and affordable rental housing, are recommended for investment [1][4].