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].

受整体板块持续低迷影响，近期上市的公募REITs打新收益明显下滑，与认购时的超高认购倍数形成较 大反差。甚至还有REIT上市后跌破发行价。 从券商中国记者采访分析来看，这固然与公募REITs整体走势有关，8月以来公募REITs成交量和区间换 手率等指标均在持续走低。但个别下跌幅度大的产品，更多是受到自身基本面和所在行业拖累。 分化行情下，依然有数据中心REITs等优秀资产上市以来实现了逾40%涨幅。分析人士表示，公募REITs 后续的一级战配及打新需精选项目，对长锁定期战配保持谨慎；二级市场方面需聚焦三条主线：分子端 稳健的抗周期板块；景气度边际修复的相关标的；原始权益人扩募诉求强，储备资产优质的标的。 次新REITs上市后表现平平 整体行情不佳拖累打新收益 "公募REITs的打新收益近期有所下降，我们已经观察到了。"北京一家资管机构投资人士(下称"资管投 资人士")对券商中国记者表示，下半年以来(特别是8月之后)公募REITs行情持续震荡，交易活跃度和换 手率有所降低。在这样的背景下，传统资产的新上市REITs，难以再有10%以上甚至更高的打新收益。 有券商研报指出，REITs实际定价需考虑一二级市场的交投 ...