2025年基础设施公募REITs策略报告：蓬勃、修复与分化，市场在波动中成长

Investment Rating - The report suggests increasing allocation to the public REITs market due to the clear price advantage in a low-interest-rate environment and the expectation of sustained market growth [7]. Core Insights - The public REITs market experienced a significant expansion in 2024, with a total of 29 new listings and an issuance scale of 65.5 billion yuan, driven by favorable policies and a decline in risk-free interest rates [3][14]. - The overall market capitalization of public REITs reached 156.4 billion yuan by the end of 2024, reflecting a year-on-year growth of 124.3% [29]. - The average dividend yield for 2024 was 6.5%, an increase of 2.1 percentage points compared to the previous year, with total dividends amounting to 8.513 billion yuan, up 28% year-on-year [3][7]. Summary by Sections Public REITs Secondary Market Performance - The public REITs market index rose by approximately 16.4% in 2024, outperforming major overseas REIT markets [14][21]. - The market showed signs of recovery with a decrease in volatility and a shift from equity-like to debt-like characteristics [52]. - The average daily trading volume increased by 55% year-on-year, reaching 1.1 million units, while the average daily transaction amount grew by 34% to 420 million yuan [46]. Public REITs Primary Market Expansion - The primary market entered a new phase of normalized issuance, with a significant acceleration in the approval process for new products [60]. - The market is expected to maintain a strong supply-demand dynamic, with a focus on the price difference between primary and secondary markets [7][59]. Investor Diversification and Dividend Frequency - The investor structure in the public REITs market became more diversified in 2024, with an increase in dividend frequency and amounts [3][7]. - The total return for the market in 2024 was approximately 16%, with capital gains of 9.5% outpacing dividend returns of 6.4% [45]. Market Outlook and Investment Strategy - The report emphasizes the importance of focusing on new product categories and expansion opportunities in the primary market, particularly in consumer infrastructure and water conservancy sectors [7][59]. - It is recommended to pay attention to the changing investment styles driven by institutional assessment requirements and economic recovery trends [3][7].