掘金公募REITs：基础通识与资产图谱

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Publicly - offered REITs have the characteristics of "high dividends + inflation resistance + asset growth". With the "bond floor" of mandatory dividends and the "equity wing" of asset appreciation, they provide a scarce tool for enhancing returns and hedging risks, and are ideal "fixed - income +" tools to solve the current "asset shortage" [1][39]. - Through the differentiation of income sources, publicly - offered REITs effectively diversify portfolio risks. The market is still in its early stage of development, with broad space for asset expansion, category innovation, and platform growth, and has long - term strategic allocation value [39]. 3. Summary According to the Directory 3.1 REITs Definition and Market Overview - Publicly - offered REITs are standardized financial products that pool the funds of multiple investors by issuing income certificates, hold the ownership or management rights of real estate assets in the structure of "public fund + asset - backed securities", and are publicly traded on stock exchanges. Their multi - layer structure effectively achieves the key goals of risk isolation, tax neutrality, and public offering [2][17]. - As of December 2025, the total market value of China's publicly - offered REITs market was nearly 220 billion yuan, with 79 listed products. The market has shown a continuous expansion trend, and the asset types have gradually diversified [3][24]. - The market investors of publicly - offered REITs include strategic investors, offline investors, and public investors. General legal persons are the largest holders, accounting for 59.09%, followed by securities firms' proprietary trading with a 19.42% share [2][37]. 3.2 Reasons to Focus on Publicly - offered REITs - Solving the "asset shortage" as a "fixed - income +" tool: In the low - interest - rate environment, REITs offer a more attractive asset option, with higher initial distribution yields than traditional bonds. From early 2024 to the end of 2025, the cumulative increase of the CSI REITs Total Return Index was 18.82%, providing higher returns than pure - bond assets and having anti - decline and defensive properties [4][40]. - Dual income sources: Publicly - offered REITs achieve an optimized income structure through the compound model of "bottom - position dividends + potential growth", combining the stability of bonds and the growth potential of stocks. Regulatory requirements mandate that over 90% of distributable amounts be used for dividends, and asset value growth gives them "equity" potential [5][42]. - Huge expansion potential and innovation space: The expansion mechanism is becoming more normalized, and the entry of incremental funds is expected. The market has broad growth prospects, and new products such as REITs ETFs are being explored [6][46]. 3.3 Core Differences between REITs and Bonds - Legal relationship: REITs investors are shareholders, with a residual claim on the underlying real estate assets and operating cash flows. Bond investors are creditors, with a clear contractual relationship with the issuer [49][50]. - Income source: REITs' investment returns are mainly driven by operating dividends, with capital gains reflecting asset valuation changes. Bond returns mainly come from contractual coupon income, and secondary - market price differences reflect interest rate and credit spread changes [51]. - Risk characteristics: REITs face operating and market risks, while bonds are mainly affected by interest rate and credit risks [52][53]. - Report perspective: REITs focus on the sustainability of asset - operating cash flows, while bonds focus on the issuer's solvency and credit safety margin [55]. 3.4 Asset Type "Atlas" of China's Publicly - offered REITs - The underlying assets can be divided into two categories: property rights and franchise rights. The market shows a pattern of dominance by leading assets and insufficient supply at the tail end. The top three in terms of market - value proportion are transportation infrastructure, consumer infrastructure, and park infrastructure, which together account for 59.56% of the total market scale [9]. - Key points of different underlying assets: Transportation assets emphasize policies and location; consumer assets focus on the economic cycle and operation; park assets depend on industries and the ecological environment; warehousing and logistics rely on location and leases; energy infrastructure is related to policies and technology; and affordable rental housing needs to balance policies and people's livelihoods [9]. 3.5 Investment Strategies - REITs market performance is differentiated. Consumer infrastructure, affordable rental housing, and warehousing and logistics REITs show relatively high investment value. Consumer infrastructure REITs have an average increase of 32.48% since their establishment, with strong cash - flow stability and growth elasticity [10][68]. - An investment strategy of "dumbbell - shaped" allocation and "high - dividend - yield" tactics can be adopted. In the short term, focus on "defensive and stable" sectors, and gradually make left - hand side investments in "long - duration high - quality assets" [10][69].