Core Viewpoint - The recent performance of newly listed public REITs has significantly declined, contrasting sharply with the high subscription multiples during their issuance, with some even falling below their issue prices [1][2][4]. Group 1: Market Performance - The overall public REITs market has been sluggish, with trading volume and turnover rates decreasing since August, leading to lower new issuance returns [4][5]. - As of November 10, the CSI REITs total return index has dropped by 5.32% in the second half of the year [2]. - Several newly listed REITs have shown poor performance post-listing, with some experiencing minimal price increases or even declines [3][4]. Group 2: Specific REIT Performance - A software park REIT listed on November 6 opened below its issue price and has remained in a state of decline, closing at 3.596 yuan, below the issue price of 3.66 yuan [2]. - Other newly listed REITs have also struggled, with one only achieving a 3.5% increase over its first seven trading days [3]. Group 3: Market Sentiment and Future Outlook - The sentiment in the REITs market is affected by the performance of underlying assets and the overall market conditions, leading to a "divided" situation in new issuance returns [5][6]. - Analysts suggest focusing on three main lines in the secondary market: stable anti-cyclical sectors, assets with marginal recovery in demand, and those with strong expansion demands from original equity holders [7].

Core Viewpoint - The recent performance of newly listed public REITs has significantly declined, contrasting sharply with their initial high subscription multiples, with some even falling below their issue prices [1][2][4] Group 1: Market Performance - The overall public REITs market has been experiencing a downturn, with the CSI REITs total return index dropping by 5.32% in the second half of the year as of November 10 [2][4] - Trading volume and turnover rates for public REITs have decreased since August, with volumes dropping from 32.57 billion units in August to 20.31 billion units in October [4][6] - As of November 10, the average decline in the secondary market for public REITs over the past three months was 4.25%, with 14 products experiencing declines exceeding 10% [6] Group 2: Individual REIT Performance - A software park REIT listed on November 6 opened below its issue price and closed at 3.596 yuan, reflecting a 0.11% decline [2] - Several newly listed REITs have shown lackluster performance post-listing, with one REIT only achieving a cumulative increase of 3.5% over seven trading days [3] - Despite high initial subscription demand, with some products seeing subscription multiples as high as 535.2 times, the subsequent market performance has been disappointing [3][4] Group 3: Sector Analysis - The industrial park and logistics warehouse sectors have been particularly hard hit, with significant declines in performance metrics such as EBITDA and distributable cash flow [7][8] - In contrast, the affordable housing and municipal environmental protection sectors have shown resilience, with most projects reporting positive revenue growth [7][8] - Data center REITs have performed well, with some achieving over 40% gains since their listing [1][7] Group 4: Investment Strategy - Analysts suggest that future investments in public REITs should focus on selecting high-quality projects, particularly in stable, anti-cyclical sectors, and those with strong expansion demands [1][8] - The recommendation includes being cautious with long lock-up period investments and focusing on three main lines in the secondary market: stable anti-cyclical sectors, marginally recovering sectors, and high-quality asset reserves [1][8]