年内理财子参与REITs产品比例高达79%

Core Viewpoint - The public REITs market is rapidly developing, with wealth management subsidiaries becoming significant participants, reflecting a growing interest in stable returns and long-term asset appreciation [1][3]. Group 1: Market Overview - As of December 12, a total of 78 public REITs have been issued, with a cumulative issuance scale of 201.75 billion yuan. This year, 19 new REITs were issued, totaling 38.6 billion yuan [1]. - Wealth management products have significantly increased their participation in newly issued REITs, with 15 products receiving strategic allocations or offline subscriptions, representing a participation rate of 79% [1]. Group 2: Investment Strategies - Public REITs are typically issued through three methods: strategic placement, offline issuance, and public issuance. Wealth management subsidiaries primarily engage through the first two methods to secure shares and participate in long-term allocations [3]. - Several wealth management subsidiaries have actively entered the REITs sector this year, with three institutions participating in the placement of 15 products, indicating a strong interest in assets that offer stable returns and long-term growth potential [3]. Group 3: Market Dynamics - The acceleration of wealth management funds entering the REITs market is driven by the need for diversified asset allocation, particularly in the context of declining interest rates and increased market volatility. The stable cash flows and dividend returns from underlying assets like infrastructure and logistics align well with the goals of wealth management funds seeking steady returns [3]. - Regulatory support encouraging long-term capital participation in REITs investments has also provided a favorable environment for wealth management subsidiaries [3]. - Despite a slowdown in the number and scale of REITs issued this year compared to last year, institutional participation remains strong. Wealth management subsidiaries can acquire shares at lower costs through strategic placements, enhancing the competitiveness of their product returns [3].