【财经分析】结构性分化主导市场 产业园REITs投资仍需紧盯“基本面”

Core Viewpoint - Since 2025, the domestic infrastructure public REITs in the industrial park sector have shown a "rise and fall" trend, with significant structural differentiation. Analysts predict that in 2026, the operation of various public REIT projects will continue to fluctuate and differentiate, suggesting that institutions should cautiously allocate resources and focus on projects with strong fundamentals while seizing opportunities after valuation corrections [1][2][6]. Group 1: Performance and Market Dynamics - The industrial park REITs have faced pressure due to an imbalance between supply and demand, leading to a mixed performance where some projects suffer losses while others show resilience. For instance, the net profit of the Jianxin Zhongguancun Industrial Park REIT was -8.55 million yuan, while the Dongwu Suyuan Industrial REIT achieved a net profit of 28.47 million yuan [2][4]. - The market for industrial park REITs remains active, with new projects like the Huaxia Jinyu Zhizao Factory REIT attracting significant investment, raising 40.39 billion yuan with a subscription multiple of 288.78 times, indicating strong demand for quality assets [2][4]. Group 2: Structural Differentiation - The core characteristic of the industrial park REITs market in 2025 is structural differentiation across various dimensions, including regional layout, asset quality, and operational capability. Projects in core areas, such as Beijing's Haidian District, maintain stable occupancy rates, while non-core areas face high vacancy rates [4][5]. - The demand from tenants is evolving, shifting from a cost-centric approach to a comprehensive evaluation of support for industrial chains, policy backing, and resource integration, making parks that focus on innovation and smart manufacturing more competitive [5][6]. Group 3: Future Outlook and Investment Strategy - The performance differentiation in industrial park REITs is expected to continue, but there is a long-term optimistic outlook for the sector. By the end of 2025, the total market size of public REITs is projected to reach 245 billion yuan, with industrial park REITs benefiting from industrial upgrades and the revitalization of existing assets [6][7]. - Investment strategies should focus on "quality, stability, and adaptability," prioritizing projects in core urban areas with high tenant quality and stable operations, while also considering reasonable valuation windows for entry [8].