以专业锚定价值，探秘公募大厂的REITs实践

Core Viewpoint - The public REITs market has surpassed a total market value of 200 billion yuan within four years since the first products were launched in 2021, providing a new growth point for the public fund industry and serving as a crucial link between capital markets and infrastructure construction [2]. Group 1: Public REITs Overview - Public REITs, or publicly offered infrastructure securities investment funds, allow ordinary investors to participate in infrastructure investments by breaking down large projects like highways and wind farms into smaller shares, enabling low-threshold investment opportunities [4]. - The value of public REITs is reflected in two dimensions: revitalizing dormant infrastructure assets to fund new projects and providing a new investment channel that balances safety, profitability, and liquidity [4]. Group 2: Macro Perspective - From a macro perspective, public REITs are an important tool for implementing financial strategies and expanding effective investments [5]. Group 3: Operational Structure - Public REITs utilize a dual-layer structure combining public funds and asset-backed securities, focusing on underlying infrastructure assets, with returns derived from stable cash flows and potential appreciation in the secondary market [7]. - The management of public REITs features a clear division of responsibilities, with fund managers overseeing the overall strategy while external operational management entities handle day-to-day operations, ensuring stable performance for investors [7]. Group 4: Investment Strategy - High-quality underlying assets are fundamental to public REITs. ICBC Credit Suisse's REITs focus on core transportation infrastructure and align with the green energy trend [9]. - The G18 Rongwu Expressway, part of the national highway network, serves significant logistical functions and is projected to achieve a cash distribution rate of 9.48% in 2024, indicating strong revenue potential [9]. - The ICBC Mongolian Clean Energy REIT targets green investments through an inland wind power project, contributing to ecological protection while generating returns for investors [9]. - The company is also diversifying its REIT product matrix by actively reserving various asset types such as parking lots, rental housing, and industrial parks to meet different investor needs [9].