Core Viewpoint - The public REITs market in China has expanded significantly, with the establishment of new products and a total issuance scale nearing 200 billion yuan, reflecting increased investor recognition and interest in these investment vehicles [1][4][7]. Market Expansion - As of October 20, the public REITs market has grown to 77 products, with a total issuance scale close to 200 billion yuan [1][4]. - The recent launch of the CITIC Securities Shenyang International Software Park REIT and the Huaxia Zhonghai Commercial Asset REIT contributed to this expansion, with their respective issuance sizes of 1.098 billion yuan and 1.584 billion yuan [3][4]. Performance Analysis - Over 70% of public REITs have seen price increases this year, with some consumer-focused REITs rising over 30% [1][5]. - The CSI REITs Total Return Index reached a year-to-date high of 1124.91 points on June 23, but has since experienced fluctuations, closing at 1031.66 points on October 21, reflecting a 6.59% increase for the year [5]. Investor Sentiment - The rapid growth of the public REITs market over the past four years indicates a significant increase in investor confidence, with total issuance rising from 31.403 billion yuan at the inception of the first products to nearly 200 billion yuan [4][6]. - The strong performance of consumer REITs, particularly in shopping centers, suggests a preference for stable dividend-yielding investments amid market volatility [6][7]. Future Outlook - The establishment of new consumer REITs is expected to accelerate the development of a multi-tiered REITs market system, driven by policy guidance and market practices [7]. - The ongoing decline in bond market interest rates may enhance the attractiveness of public REITs as a high-dividend, low-risk asset class, particularly with expectations of increased participation from social security and pension funds [7].

Group 1 - The core viewpoint of the article highlights the ongoing enthusiasm for public REITs in China, with new products being submitted for approval, including the "Hubei Jiao Investment Chutian Expressway Closed-End Infrastructure Securities Investment Fund" by Huaxia Fund [1] - The new REIT is initiated by Hubei Chutian Intelligent Transportation Co., Ltd. and Hubei Jiao Investment Construction Group Co., Ltd., with CITIC Securities as the special plan manager [1] - The underlying assets for the new REIT include the toll rights and associated facilities of a specific section of the Daguangbei Expressway, which spans 147.115 kilometers and has a toll collection period from April 1, 2009, to June 18, 2039 [2] Group 2 - As of August 17, there are 73 public REITs listed in the market, with several products in various stages of the approval process [3] - The upcoming issuance of the 74th public REIT, the "Zhongjin Vipshop Outlets REIT," has completed its inquiry process, with an issuance price set at 3.48 yuan per share, starting from August 20 [4] - The current public REITs market is experiencing a correction, with the total market value dropping below 220 billion yuan, despite a year-to-date increase in the indices [5][6] Group 3 - The recent market correction in public REITs is attributed to a shift in market risk appetite, as equity markets have performed well since June, leading to reduced enthusiasm for REITs among institutional investors [6] - Analysts suggest that the low interest rate environment in 2025 may present new investment opportunities in the REITs market, with strategies focusing on policy themes, resilient assets, and quality projects [6]