以专业锚定价值，探秘公募大厂的REITs实践

Core Insights - Public REITs have emerged as a new growth point for the public fund industry, with a total market value exceeding 200 billion yuan in just four years since their launch in 2021, serving as a vital link between capital markets and infrastructure construction [1][2] Group 1: Public REITs Overview - Public REITs, or publicly offered infrastructure securities investment funds, allow ordinary investors to participate in infrastructure investments by breaking down large projects like highways and wind farms into smaller shares, thus enabling low-threshold investment opportunities [2] - The value of public REITs lies in their ability to "activate" dormant infrastructure assets and connect capital with new projects, creating a virtuous cycle of investment, operation, exit, and reinvestment [2] Group 2: Operational Structure - Public REITs utilize a dual-layer structure of "public fund + asset-backed securities," focusing on underlying infrastructure assets, with returns derived from stable cash flows and potential appreciation in the secondary market [3] - The management of public REITs involves a clear division of responsibilities, with fund managers overseeing the overall strategy while external operators manage daily operations, ensuring asset quality and stable returns for investors [3] Group 3: Investment Strategy - High-quality underlying assets are fundamental to the success of public REITs, with ICBC Credit Suisse's REITs focusing on core values in transportation infrastructure and green energy [4] - The G18 Rongwu Expressway, part of the national highway network, serves as a key asset for the Hebei Expressway REIT, projected to achieve a cash distribution rate of 9.48% in 2024, indicating strong revenue potential [4] - The ICBC Mongolian Clean Energy REIT targets green investments through an inland wind power project, contributing to ecological protection while providing returns to investors [4] - The company is also diversifying its REIT product matrix by actively reserving various asset types such as parking lots, affordable rental housing, and industrial parks to meet different investor needs [4]