中金厦门火炬产业园申报 “国家火炬”类全国首单REIT

Core Viewpoint - The establishment of the Zhongjin Xiamen Torch Industrial Park REIT marks the first public REIT in China backed by assets from a "National Torch Program Software Industry Base," indicating a significant step in the development of the domestic REIT market [1][2]. Group 1: REIT Market Overview - As of December 26, 2025, there are 78 listed REITs in China with a total market capitalization of 219.9 billion yuan [2]. - The potential market size for China's REITs is estimated to be between 2.1 trillion and 4.5 trillion yuan, with current market size representing only 0.04% to 0.2% of this potential [2]. - The approval of the Torch Industrial Park REIT is expected to provide a new model for park-type REITs, responding to government calls for supporting clean energy projects through REITs [2]. Group 2: Asset Types and Performance - The REITs cover a wide range of asset types, including parks, transportation, affordable housing, consumption, logistics, energy, and municipal environmental protection, with the exception of elderly care facilities [3]. - In the first half of 2025, performance varied significantly across sectors, with consumer and environmental REITs showing positive growth, while industrial parks, logistics, and energy sectors faced declines of -9.5%, -4.3%, and -11% respectively [3]. - The rental income from policy-based affordable housing remains stable, while market-oriented projects are exploring service income to offset challenges [3]. Group 3: Investor Sentiment and Market Dynamics - As of mid-2025, institutional investors accounted for an average of 97.21% of investments, with affordable housing and energy sectors making up over 98% of the investments, indicating strong recognition of stable cash flow assets [4]. - The public subscription rate for new projects in 2025 was 3.8 times higher than that of offline investors, although enthusiasm in the primary market has cooled [4]. - The median turnover rate in the secondary market was 1.12%, significantly lower than the average turnover rate of the CSI 300, suggesting a stabilization in institutional holdings [4]. Group 4: Long-term Trends and Returns - The CSI REITs total return index showed a "stabilizing and recovering" trend in 2025, although it was outperformed by the CSI 300 after September due to stock market recovery [5]. - Historically, U.S. REITs have achieved an annualized return of 9.2% from 2009 to 2023, while Chinese REITs have seen an average increase of 17.91% over four years, though they remain sensitive to short-term economic cycles [5].