Zheng Quan Shi Bao Wang·2026-01-13 23:59Core Viewpoint - The introduction of the new REITs policy by the end of 2025 is expected to lead to a period of scaled development for C-REITs, with significant growth potential for domestic commercial REITs based on experiences from the US and Japan [1] Group 1: Industry Insights - The mature operators in the commercial real estate sector have already achieved scale, and the strong promotion of REITs is anticipated to further enhance market concentration [1] - The new REITs policy is expected to break the constraints of high asset sedimentation, thereby improving asset liquidity [1] - REITs are likely to increase the variance of management premiums, which will further drive the revaluation of quality assets and companies in the sector [1] Group 2: Recommendations - The company recommends focusing on commercial real estate operators with extensive experience and those property management firms that possess management premium and strategic advantages in the commercial management field [1]