——公募REITs跟踪观察报告：经营分化扩大，估值回归理性

1. Report's Core Investment Rating The document does not mention the industry investment rating. 2. Core Views of the Report - In the second half of 2025, policy support for public REITs remained intensive. Central and local governments issued instructions on normalizing REITs declarations, expanding project reserves, and piloting commercial real - estate investment trust funds. The primary issuance accelerated, and new - type infrastructure REITs were listed for the first time. The secondary - market prices declined compared to the previous quarter, as funds flowed into the equity market and the fundamentals of underlying assets were differentiated, leading to a return of valuations to rational levels [4][9]. - The operating performance of various types of REITs was differentiated. Concession - based REITs performed relatively well, while the operating indicators of property - based REITs generally declined year - on - year. Specifically, municipal environmental protection and affordable rental housing REITs had the best performance, while consumption, transportation, and energy REITs remained stable overall, and industrial park and warehousing logistics REITs faced pressure [4]. - In terms of investment strategies, strategic placement in sectors with relatively stable fundamentals has a higher overall success rate. For offline and public subscriptions, it is necessary to select high - quality assets. In the secondary - market allocation, it is recommended to enter the market on the right side based on asset valuations and wait for the rebound from the first - quarter report or dividends [6]. 3. Summary by Directory 3.1 Policy Support - Central government: In September 2025, the National Development and Reform Commission promoted the normalizing of REITs declarations and recommendations. In November, the China Securities Regulatory Commission launched a pilot program for commercial real - estate REITs. In December, the scope of REITs project industries was expanded. Other departments also supported relevant projects to raise funds through REITs [10][12]. - Local governments: Many local governments, such as those in Chongqing and Zhejiang, supported the issuance of relevant REITs in areas like urban renewal, cultural and tourism consumption, and artificial intelligence [11]. 3.2 Operating Performance - Overall, the operating performance of various types of public REITs was differentiated. Concession - based REITs performed better, and property - based REITs' operating indicators generally declined year - on - year [14]. - Specifically, municipal environmental protection and affordable rental housing REITs had the best performance; consumption, transportation, and energy REITs remained stable; industrial park and warehousing logistics REITs faced pressure [17]. - In terms of distributable cash, industrial park infrastructure and warehousing logistics REITs had significant adjustments, while transportation infrastructure and energy infrastructure REITs showed differentiated trends [19]. 3.3 Underlying Asset Operation - New - type infrastructure (data centers): Two data - center REITs listed in August 2025 had stable operations, with high utilization rates, long remaining contract periods, and high customer concentration. There was little competitive pressure for now [24][25]. - Industrial park infrastructure: The de - stocking rate was under pressure, with regional differentiation. Non - leading projects in second - tier cities were generally under pressure. Rents continued to decline, and price - for - volume and lease - term extension strategies were commonly used [29][31][32]. - Warehousing logistics: The downward pressure on the occupancy rate eased, and related leasing parties provided stability. Price - for - volume remained the main strategy, and the rent - pressure trend continued. Some REITs provided performance commitments [38][39][41]. - Affordable rental housing: The operation remained stable, with high occupancy rates and rents. They may maintain good anti - cyclical performance, but regional competition and subsequent expansion should be noted [43][44][45]. - Consumption infrastructure: The occupancy rate generally remained high, and the rent levels were differentiated. The overall operation was good, and transformation and upgrading were actively promoted. Regional market competition pressure should be noted [48][49]. - Transportation infrastructure: The overall toll revenue decreased year - on - year due to regional economic pressure and road - network changes. The sustainability of positive factors was limited, and the impact of subsequent road - network changes should be noted [51][52]. - Ecological environment protection, municipal, and water conservancy: The operating performance generally rose steadily. Except for the non - heating season of Jinan Energy REIT, the operations of other REITs were stable and improving [54]. - Energy infrastructure: The operation was under pressure, significantly affected by natural resource endowments, seasonal fluctuations, regional absorption capacity, and policy changes. Attention should be paid to resource fluctuations, regional absorption capacity, and policy changes [56][57]. 3.4 Market Characteristics - Primary market: In the second half of 2025, 10 public REITs were issued, with the largest number in the consumption infrastructure category. New - type infrastructure REITs with data centers as underlying assets were launched for the first time. The primary market recovered, with a significant increase in issuance scale, but the subscription multiples and first - day gains declined compared to the first half of the year [61][62]. - Secondary market: In the second half of 2025, the secondary - market prices of public REITs were under pressure. The CSI REITs Total Return Index had a cumulative decline of 11.48% by December 24, 2025, and the annual return dropped to - 1.51%. The trading activity declined in the second half of the year, and there would be large - scale lock - up expirations at the end of the year, which might increase liquidity but also test prices in the short term [69][70].