扩围下的新机遇：固收+的新选择：公募REITs

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Policy dividends for public REITs are continuously released, with both horizontal expansion and vertical deepening. The market is expected to expand 10 - 16 times, reaching a scale of 2.3 - 3.8 trillion yuan [1][26]. - Public REITs are high - dividend, fixed - income - like equity assets. Their average annual dividend rate in the past four years was 5.73%, higher than the 5.52% of the CSI Dividend Index, and they have a certain allocation advantage compared to stocks and bonds [2][34]. - The returns of public REITs have both bond and equity attributes. The overall annualized return of the entire market's REITs in the past one - year, three - year, and since establishment are 23.66%, 3.24%, and 7.64% respectively. The longer the investment time, the higher the proportion of dividend income [3][39]. - Public REITs are a stable allocation choice in an alternating and volatile market. They are weakly or extremely weakly correlated with mainstream assets, can hedge against single - asset volatility risks, and fill the gap of medium - risk, stable - return assets between stocks and bonds [4]. 3. Summary by Relevant Catalogs Policy Evolution: From Pilot Breakthrough to Full - scale Expansion - REITs in China have transformed from private to public and from debt - like to equity - like. Policies from the central to local levels have promoted the implementation of public REITs, achieving market expansion, capacity increase, and deepening [12]. - Since 2008, central government departments have repeatedly issued documents to encourage REITs pilot projects. In 2020, the first batch of public REITs were launched, and in 2024, they entered the stage of normalized issuance [13]. - The scope of underlying assets for public REITs has expanded from traditional infrastructure to multiple asset types, covering 12 major industries and 52 asset types, with 18 asset types in 10 industries achieving the first - single issuance and listing [14]. Policy Dividends Continuously Released: Horizontal Expansion and Vertical Deepening - The underlying asset types of public REITs include property - based REITs and franchise - based REITs, with different investment returns and risk characteristics [15][17]. - As of November 21, 2025, 77 public REITs have been listed. In terms of market value, transportation, consumption, and industrial parks are the main forces, accounting for 62% in total [17]. Market Size Outlook: A Trillion - yuan Blue Ocean, Ready to Take Off - Globally, REITs have become an independent asset class. By referring to the US and Japanese markets, the scale of China's REITs market is estimated to be 2.3 - 3.8 trillion yuan, with 10 - 16 times expansion space compared to the current market value [22][26]. Investment Value: High - Dividend, Fixed - Income - like Equity Assets - Public REITs are both stock - like and bond - like. They are required to distribute over 90% of the annual distributable amount in cash, with a higher average annual dividend rate in the past four years than the CSI Dividend Index [33][34]. - The dividend rate spread between public REITs and the ten - year Treasury bond yield has been between 300 - 400BP in recent years, having a certain allocation advantage [34]. Return Decomposition: Dividend Income and Capital Gains - The investment returns of public REITs can be decomposed into dividend income and asset appreciation income. The overall average total return of listed public REITs reaches 17.21%, with significant category differentiation [36]. - The annualized returns of the entire market's REITs in the past one - year, three - year, and since establishment are 23.66%, 3.24%, and 7.64% respectively. The longer the investment time in the US, the higher the proportion of dividend income [39][40]. Asset Comparison: Medium Risk - Return, Low Correlation with Other Assets - Since 2025, the CSI REITs Index has been weakly or extremely weakly correlated with the CSI 300, ten - year Treasury bonds, gold, and CSI Dividend Stocks, with correlation coefficients of - 0.07, 0.14, 0.21, and 0.17 respectively [41]. - REITs can hedge against single - asset volatility risks and fill the gap of medium - risk, stable - return assets between stocks and bonds, meeting the needs of medium - and long - term funds [43]. Investment Methods: Primary Market Subscription and Secondary Market Trading - The investment in REITs can be made in the primary market (by subscribing at the issuance or expansion stage) or the secondary market (by trading on the exchange after listing). Currently, institutional investors are the main participants [50]. Primary Market: Centered on Dividends and Listing Premiums - Primary market subscribers include strategic investors, offline investors, and public investors, with different requirements and characteristics [53][56]. - The subscription price is determined by offline investors' inquiries. Strategic investors' original equity holders and their affiliates must subscribe at least 20% of the shares, and at least 70% of the remaining shares are allocated to offline investors [53]. - The short - term income of primary market subscribers comes from the difference between the subscription price and the secondary market trading price. In 2025, the new - listed public REITs had a significant first - day increase [58]. Secondary Market: Coexistence of Return Elasticity and Risks - The secondary market performance of public REITs has gone through six stages since 2021, affected by factors such as market rules, policies, and the fundamentals of underlying assets [62]. - After the recent adjustment, the allocation value of REITs has increased, and December 2025 is expected to be an important allocation window [66].