Xin Lang Cai Jing·2025-11-26 23:20Core Viewpoint - The REITs market is expected to have limited trend opportunities next year, with a clearer differentiation in fundamentals, suggesting a return to value-based investment strategies focusing on high-quality assets with stable fundamentals and reasonable valuations [1] Group 1: Market Trends - The low interest rate environment will enhance the value of REITs as an important tool for diversified asset allocation [1] - The spread between the distribution rate of stable assets and the 10-year government bond yield is likely to strengthen [1] Group 2: Investment Strategies - There will be a high demand for high-dividend operating REITs from OCI accounts [1] - Investors in the primary market are expected to return to rationality, with the issuance scale projected to steadily grow and ongoing expansion of fundraising [1] Group 3: Market Dynamics - The volatility of projects with weakening fundamentals may increase [1] - Primary pricing should leave room for the secondary market to adjust [1]