券商中国·2025-07-13 06:58Core Viewpoint - The article highlights the increasing competition among securities firms in the public REITs market, driven by a low-interest-rate environment and the scarcity of stable high-dividend assets, leading to a significant focus on REITs as an investment opportunity [1][2]. Group 1: Securities Firms as Major Players - The effective subscription confirmation ratio for the public REITs issued by Chuangjin Hexin Shounong REIT was only 0.7755%, indicating high demand and difficulty in acquiring shares [1]. - Among the offline investors, 43 securities firms' proprietary accounts participated, with the financial advisor CITIC Securities securing 1.63% of the issuance as a strategic investor [1][2]. - Securities firms have become the largest category of institutional investors in the REITs market, surpassing insurance asset management firms, with a holding of over 70 million public REITs shares [2][3]. Group 2: Investment Strategies and Market Dynamics - Securities firms are actively participating in the REITs market, utilizing their stable funding and flexible trading strategies to pursue absolute returns [2][4]. - The investment structure of securities firms is characterized by frequent trading and diversified holdings, with most individual holdings in the 1%-5% range, reflecting their role as liquidity providers [3][4]. - Public funds and asset management products are adopting a combination investment strategy, with REITs allocation around 3%, indicating a recognition of REITs as a tool for yield enhancement [3][4]. Group 3: Comprehensive Involvement of Securities Firms - Securities firms are deeply involved in various aspects of the public REITs market, including fund management, financial advisory, and participation in both new issuances and secondary market trading [4][5]. - The collaboration among different divisions within securities firms, such as investment banking, public funds, and proprietary trading, is exemplified by the coordinated efforts in the issuance of data center REITs [5][6]. - The limited number of public REITs managed by securities asset management firms is attributed to regulatory constraints, despite their potential to leverage their parent companies' resources in asset securitization [6].