【行业观察】 政策护航 公募REITs迈入发展黄金期

Core Viewpoint - The development of public REITs in China has transitioned from private to public offerings and from debt-like to equity-like characteristics, supported by policies at both central and local levels, marking a significant evolution in the market over the past four years [1][5]. Group 1: Market Expansion and Policy Support - Since the launch in 2020, the National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC) have continuously promoted the expansion of the public REITs market, broadening the asset types from traditional infrastructure to diverse sectors including clean energy, data centers, and affordable rental housing [2][5]. - Currently, the REITs issuance covers 12 major industries and 52 asset types, with 77 public REITs listed, where transportation, consumption, and industrial parks account for 62% of the market capitalization [2][5]. Group 2: Long-term Development Potential - Public REITs serve as a crucial bridge between physical assets and capital markets, with significant long-term growth potential. The current market capitalization of domestic REITs is 218.8 billion yuan, which is only about 0.2% of GDP and total market capitalization, indicating substantial room for expansion compared to mature markets like the U.S. and Japan [3]. - The average dividend yield for listed public REITs from 2022 to 2025 is projected to be 5.73%, surpassing the average yield of the CSI Dividend Index at 5.52%, highlighting their attractiveness in a low-interest-rate environment [3]. Group 3: Portfolio Optimization - Public REITs exhibit weak correlation with mainstream assets, making them an important tool for optimizing investment portfolios. The correlation coefficients with major assets like the CSI 300 and 10-year government bonds are -0.07 and 0.14, respectively, indicating their unique position in asset allocation strategies [4]. - The weak correlation arises from differences in the underlying asset performance drivers and market conditions, allowing REITs to provide diversification benefits in investment strategies [4]. Group 4: Future Outlook - The Chinese public REITs market is transitioning from pilot exploration to a new phase of scaled development, driven by ongoing policy support, the expansion of underlying assets, and increasing investment value [5]. - As new asset types such as urban renewal and commercial office facilities are gradually included, and with sustained inflows of long-term capital, the public REITs market in China is poised for a period of high-quality growth [5].