【财经分析】2025年保租房REITs市场全扫描：规模扩容与行情起伏交织 2026年机遇何在？

Core Viewpoint - The rental housing REITs market in China is becoming a key focus in the capital market, driven by the dual forces of expansion and market fluctuations, with expectations for continued growth into 2026 [1][6]. Market Performance - In 2025, the primary market for rental housing REITs continued to expand, with the number of listed REITs reaching 8 and a total issuance scale of 13.093 billion yuan, while the total market value approached 20 billion yuan [1][2]. - The secondary market exhibited a "rise and then fall" pattern, with the rental housing REITs sector experiencing a peak increase of 24.7% in mid-2025, but narrowing to a 13.0% increase by the end of November due to changing market conditions [2][3]. Market Characteristics - The market has shown three significant characteristics in 2025: a dual-driven model of "new issuance + expansion," stable underlying asset operations with strong anti-cyclical properties, and increasing differentiation within the sector, with premium assets showing notable price resilience [3][5]. - The average occupancy rate of the listed rental housing REITs exceeded 95%, with mid-term revenues surpassing 20 million yuan, indicating robust cash flow distribution capabilities [3][4]. Demand and Support - The substantial market demand is underpinned by a rental population of 260 million in China, with nearly 200 million comprising new citizens and young renters, providing a stable foundation for the long-term profitability of rental housing REITs [4][6]. Future Outlook - The rental housing REITs market is expected to double in size over the next 18 months, with projections indicating the addition of 8 to 10 new listings and an issuance scale exceeding 15 billion yuan in 2026 [6][7]. - Investment strategies are shifting towards a focus on high-quality assets, emphasizing anti-cyclical properties, strong operational capabilities, and expansion potential as key drivers for future growth [7][8].