REITs专题报告：大类资产配置方兴未艾，冉冉升起的新兴市场

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Shanghai - Shenzhen REITs market has taken shape with broad market space. Policy support has accelerated the issuance rhythm. With interest rates declining, financial institutions such as securities firms are increasing their positions in REITs. If the number and average market value of China's public REITs reach certain levels, the market value could increase significantly [2][3]. - REITs have unique asset attributes, being both debt - like and equity - like, with a very long duration and diverse underlying assets. Different asset types have different market performances, completion rates of distributable amounts, and valuation methods [5]. - Based on valuation comparisons and fundamentals, some REITs are attractive, but liquidity may limit secondary - market trading strategies. Currently, subscribing to newly issued REITs through offline channels is recommended, with an expected annualized return of 5.1 - 6.4% [6]. 3. Summary by Directory 3.1 Issuance Rhythm Accelerates, and the REITs Market Takes Shape - China's REITs Market Has Taken Shape: As of June 30, 2025, there were 68 listed REITs with a total market value of 205.5 billion yuan and a trading volume of 623 million yuan per day in H1 2025 [16]. - Policy Support May Accelerate the Issuance Rhythm: China's public REITs issuance process includes project screening, provincial development and reform commission application, national development and reform commission review, exchange review and registration, and issuance and listing. Since 2024, policies have simplified the process and expanded the asset scope. REITs expansion has also been normalized [18][21][23]. - Interest Rate Decline Leads Financial Institutions to Increase REITs Positions: In a low - interest - rate environment, financial institutions such as securities firms and trusts have been increasing their holdings of REITs since 2022 [25][29]. - China's REITs Market Has Broad Space: Although China's listed REITs number has exceeded that of Japan and Singapore, the average market value per REIT is much lower. If reaching the US number and Asian average market value, the market value could increase 10.99 times [32][35]. 3.2 Asset Characteristics of REITs - Both Debt - like and Equity - like with Good Risk - Return Ratio: REITs' debt attributes are reflected in mandatory and high - proportion dividends and stable cash flows. Their equity attributes are shown in the high dependence on underlying asset operations, the importance of underlying asset value for valuation, and high volatility. From the experience of mature markets, REITs have a good risk - return ratio [41][50][55]. - Extremely Long Duration Forms Unique Asset Attributes: China's REITs are mainly contract - type closed - end funds with a long fixed term (10 - 99 years). Longer remaining terms mean more prominent equity attributes, while shorter ones may highlight debt attributes [61]. - Diverse Underlying Asset Types: China's REITs underlying assets include eight major categories. Different asset types have different market performances, completion rates of distributable amount forecasts, and regular report data. Some traffic - facility REITs release monthly operation data [67][71][101]. 3.3 REITs Valuation Method Discussion - Overview of REITs Valuation Methods: REITs valuation methods are divided into absolute and relative valuation methods. The absolute valuation method often uses the DCF method, and common relative valuation indicators include PNAV, PFFO, IRR, and cash distribution rate [108]. - PNAV Applies to All Types of REITs: PNAV reflects investors' comprehensive expectations and market sentiment. Currently, the median PNAV of the Shanghai - Shenzhen REITs market is at a historical high, and different asset types have different reasonable PNAV levels [112][115]. - Different Types of REITs Use Different Valuation Methods: PFFO is suitable for equity - type REITs, while cash distribution rate or IRR is more applicable to franchise - type REITs. Equity - type REITs have high - dividend - stock characteristics [118][124][127]. - Importance of IRR for REITs Valuation: IRR is an important tool for measuring the long - term investment value of REITs. The initial IRR of listed REITs has remained stable, but the actual IRR may deviate from the initial value [128][130][131]. 3.4 Investment Recommendations - Liquidity Shortage Limits Secondary - Market Trading: Some REITs are attractive, but the market has poor liquidity, with most individual bonds having low daily trading volumes. The current high - valuation market is not a good time for large - scale allocation [135][136]. - Currently, Subscribing to Newly Issued Funds Can Be the Main Strategy: In 2025, newly issued REITs have high first - day price increases. The REITs new - issue strategy has a capacity of 1.5 - 2.0 billion yuan, and with 20 - 25 new issues expected this year and stable allocation ratios, the annual return could be 5.1 - 6.4% [140][148].