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 ...

Core Viewpoint - The recent performance of newly listed public REITs has significantly declined due to the overall sluggish market, with some REITs even trading below their issue price [1][3][5]. Market Performance - Since August, the trading volume and turnover rate of public REITs have been continuously decreasing, leading to a drop in new issuance returns [2][6]. - The overall market for public REITs has seen a decline, with the CSI REITs Total Return Index falling by 5.32% in the second half of the year as of November 10 [3][6]. Individual REIT Performance - Several newly listed REITs have shown poor performance post-listing, with some experiencing significant declines. For instance, a software park REIT listed on November 6 traded below its issue price shortly after [3][4]. - Specific REITs have recorded minimal gains post-listing, with one REIT only achieving a cumulative increase of 3.5% over seven trading days [4]. Subscription and Market Sentiment - High subscription rates were observed during the issuance of recent REITs, with some achieving record high subscription multiples of 320.5 times and 361.9 times [4][5]. - The decline in secondary market trading sentiment has negatively impacted the pricing of newly issued REITs, making it difficult to achieve returns above 10% [5][6]. Sector Analysis - The performance of public REITs has shown significant differentiation, with certain sectors like industrial parks and logistics warehouses facing challenges, while sectors such as affordable housing and municipal environmental projects have performed better [8][9]. - Data center REITs have been highlighted as strong performers, with some achieving over 40% gains since their listing [2][8]. Investment Strategy - Analysts suggest focusing on three main lines in the secondary market: stable anti-cyclical sectors, assets with marginal recovery in demand, and high-quality assets with strong expansion potential [2][9]. - In the primary market, it is recommended to select projects with favorable spreads and quality assets while being cautious about long lock-up periods [9].