REITs爆发年终极赢家！消费基础设施包揽涨幅前五，95%出租率印证“运营为王”时代

Core Viewpoint - The public REITs market in China has evolved significantly since its inception in May 2021, becoming an essential part of the capital market, with a total issuance of 68 products and a fundraising scale nearing 180 billion yuan by June 2025 [2][9]. Group 1: Market Performance - As of now, the CSI REITs total return index has increased by over 11% this year, showcasing a high level of excess returns compared to the stock market [3]. - Among the 68 REITs products this year, 67 have achieved positive returns, with an average increase of 20.3% [4]. - The top 20 REITs products have an average increase of 36.3%, with the highest performers being the Jiashi Wumei Consumption REIT and the Huaxia Dayuecheng Commercial REIT, both nearing a 50% increase [4][5]. Group 2: Investment Trends - The investment value of public REITs has attracted a wider range of institutional investors, including insurance companies, brokerage self-operated funds, and wealth management subsidiaries [7]. - The market is expected to continue its strong momentum, with 10 new public REITs issued by mid-2025, contributing to a total of 68 products in the market [9]. Group 3: Specific REIT Performance - The Jiashi Wumei Consumption REIT has recorded a remarkable increase of 51.56% this year, attributed to its resilient community commercial model [11]. - The Jiashi Wumei Consumption REIT reported a revenue of 25.58 million yuan and a net profit of 797,500 yuan for the first quarter of 2025 [13]. - The REIT's underlying assets, primarily community commercial properties, have maintained a high occupancy rate of 95% and a rental collection rate of 99.1% [17]. Group 4: Market Challenges and Opportunities - Despite the success of consumption REITs, the overall public REITs market faces challenges, including a scarcity of quality assets that meet operational and cash flow requirements [35]. - The rise of "Guzi Economy," characterized by high-value products driven by cultural symbols, is becoming a new growth point for consumption REITs [32].