公募REITs投资者行为系列：证券转向超配产业园，未来关注解禁带来的配置机会

Report Industry Investment Rating - No industry investment rating was provided in the report. Core Viewpoints - As of August 31, 2025, the total market capitalization of REITs was 218.8 billion yuan, and the floating market capitalization was 107.3 billion yuan, with the floating market - cap ratio increasing by 4 pct to 49% compared to the end of 2024. From January to August 2025, the new fundraising scale of public REITs was 33.9 billion yuan, and the market capitalization and floating market capitalization increased by 62.4 billion yuan and 37.6 billion yuan respectively compared to the end of 2024 [1][3]. - In the first half of 2025, institutional investors increased their holdings by 17.2 billion yuan. Securities companies increased their holdings by 12.8 billion yuan, and insurance companies by 3.5 billion yuan, indicating that mainstream institutional investors continued to be optimistic about REITs. Securities companies significantly increased their allocation to the industrial park sector, reflecting a certain increase in risk - preference, while insurance companies stably focused on warehousing logistics and consumption [1][6][7]. - From January to August 2025, institutional investors were active in reducing their holdings after the unlocking of restricted shares, bringing potential supply pressure to the market. However, the correlation between unlocking and REITs prices was not obvious this year. Looking forward, the pressure on prices from unlocking may increase compared to the first half of the year, and November 2025 will be a month with relatively high unlocking pressure. Investors are advised to pay attention to relevant allocation opportunities [1][16][17]. Summary by Directory 2025 REITs Fundraising and Floating Market - cap Ratio - From January to August 2025, the new fundraising scale of REITs was 33.9 billion yuan, and the cumulative fundraising scale as of August was 202.1 billion yuan. The total market capitalization increased by 62.4 billion yuan to 218.8 billion yuan compared to the end of 2024. The floating market capitalization increased by 37.6 billion yuan to 107.3 billion yuan, and the floating market - cap ratio increased by 4 pct to 49%. Sectors with high unlocking pressure such as consumption, energy, and transportation saw increases in their floating market - cap ratios, while warehousing logistics and industrial parks had decreases [3]. Changes in Investor Behavior - Institutional Investor Holdings: In the first half of 2025, institutional investors increased their holdings by 17.2 billion yuan. Securities companies were the main force for increasing holdings, increasing by 12.8 billion yuan, accounting for 75% of institutional investors' increased holdings and 10.9 billion yuan more than the same period last year. Insurance companies increased their holdings by 3.5 billion yuan, accounting for 20% of institutional investors' increased holdings and 400 million yuan more than the same period last year [6]. - Institutional Investor Preferences: Securities companies significantly increased their allocation to the industrial park sector in the first half of 2025, which may reflect an increase in risk - preference. They used to prefer the energy sector but now over - allocated the industrial park sector by 4 pct in the first half of 2025. Insurance companies stably focused on warehousing logistics and consumption [7]. Unlocking and Investment Opportunities - Unlocking and Market Supply: In 2025, institutional investors were active in reducing their holdings after unlocking. From January to August 2025, the unlocking market capitalization was 19.1 billion yuan, 11 billion yuan more than the same period last year. Unlocking objectively increased the potential supply of REITs [16]. - Relationship between Unlocking and Prices: The relationship between unlocking and REITs prices was not obvious this year. Months with high unlocking pressure may still see high overall REITs price increases. The average increase of unlocked and non - unlocked individual bonds from January to August was not significantly different, and the price drop around the unlocking date was not precisely correlated with the unlocking time [16]. - Future Outlook: The pressure on prices from unlocking may increase in the future. As of the end of August 2025, the CSI REITs total return index had risen by 12% in the past 12 months, and REITs had shifted from a single - upward trend to a volatile one since June 2025. November 2025 will be a month with high unlocking pressure. If factors such as a significant decline in the risk - free rate, better - than - expected REITs operations, or relaxation of REITs investment policies by annuities and social security occur, the impact of unlocking may be offset [17].