Core Viewpoint - The healthy development of the public REITs ecosystem requires collaboration among issuers, regulators, intermediaries, and investors [1] Group 1: Market Challenges and Suggestions - The public REITs market faces challenges such as insufficient asset supply, valuation discrepancies, and liquidity issues, prompting participants to propose multiple suggestions for ecosystem collaboration [2] - Insurance funds are becoming significant participants in the public REITs market, but the current market size is small, limiting their core allocation [2][3] - Increasing asset supply is deemed the primary task, focusing on mature sectors to avoid a lack of continuous projects after initial offerings [3] Group 2: Institutional Improvements - The transition path from Pre-REITs and private REITs to public REITs is unclear, necessitating further clarification and optimization in areas like original rights holder recognition and net recovery fund investment [4] - A tiered REITs market could be established, similar to the stock market, to meet varying risk preferences among investors [4] Group 3: Collaboration Mechanisms - Fund managers should establish effective collaboration mechanisms with operational management institutions to respond quickly to market changes and client needs [6] - Strengthening the involvement of industry professionals in fund governance is essential for enhancing operational value and market confidence [6] Group 4: Long-term Value Creation - The construction of a multi-tiered REITs ecosystem requires a shift from short-term speculation to long-term value co-creation, emphasizing the importance of high-quality asset injection and refined operations [7]