从喧嚣到冷静：公募REITs的价值重估时刻

Core Viewpoint - The REITs market experienced a significant downturn in the second half of the year after a strong performance in the first half, with the market index retreating nearly 8% from its peak, attributed to valuation corrections, changes in funding preferences, and a wave of unlocks in the market [1][2][3] Market Performance - The CSI REITs total return index rose by 21.55% from a low of 925.46 in December 2024 to a high of 1124.91 in June 2023, but has since entered a downward trend [1] - The REITs market is facing pressure due to a combination of factors including a hot equity market drawing funds towards higher risk returns, changes in the operational performance of infrastructure assets, and a significant increase in supply without corresponding demand [2][3] Unlocking Pressure - In November alone, five REITs with over 7 billion shares faced unlocking, creating short-term selling pressure in the market [3] - The unlocking of shares is seen as a normal phase in the REITs market's development, potentially providing long-term investment opportunities if prices drop significantly [3] Investment Logic Shift - The cooling of the secondary market is affecting the primary market, with recent REIT offerings experiencing significantly lower subscription rates compared to previous high-demand scenarios [4][5] - Investors are shifting focus from speculative trading to value-based investment, emphasizing the quality of underlying assets and rational pricing [5][6] Long-term Investment Opportunities - The current market adjustments are viewed as creating new investment opportunities, particularly for high-quality assets with stable cash flows [6][7] - Analysts recommend focusing on defensive assets with high dividend yields and growth-oriented assets that have been temporarily undervalued [6][7]