HPI(SH:600011) 券商中国·2025-06-06 23:17Core Viewpoint - The public REITs market in China is experiencing significant growth, with increasing participation from fund managers and a diverse range of underlying assets, indicating a promising future for the sector [1][4][7]. Group 1: New Entrants and Fund Management - Huaneng International plans to issue infrastructure public REITs through its subsidiary, with Changcheng Fund as the fund manager, marking the entry of another player into the public REITs space [2][3]. - As of June 6, 2023, there are 27 fund managers involved in public REITs, with over 80 products launched, showcasing a growing interest in this investment vehicle [1][4]. Group 2: Market Performance and Valuation - The total market capitalization of listed public REITs has surpassed 200 billion yuan, with 66 products achieving this status, reflecting a significant milestone in market maturity [5][6]. - The average return for public REITs has reached 19.34% year-to-date, with several funds exceeding 30% returns, indicating strong performance in the sector [6][7]. Group 3: Future Development and Challenges - The public REITs market is expected to expand further, driven by improvements in market efficiency, asset diversity, and investor awareness [7]. - Challenges remain, including the need for better liquidity, comprehensive tax policies, and legal frameworks to support the growth of REITs in China [8].