Group 1 - The core viewpoint is that public REITs have shown an upward trend over the past two years, with the CSI REITs total return index increasing by over 10% as of the end of June this year, indicating a distinct market performance compared to stocks and bonds [1] - Public REITs have experienced a divergence in performance since the beginning of 2023, with assets that have higher dividend certainty attracting more capital and showing greater price increases [1] - The market performance of public REITs is driven by both fundamentals and valuations, with the upward trend primarily influenced by valuation factors due to supply-demand dynamics, regulatory policies, and declining yields on risk-free assets [1] Group 2 - Public REITs are considered a strong asset class for medium to long-term allocation, with a substantial amount of infrastructure real estate assets in China, estimated in the trillions, indicating significant growth potential for the public REITs market [2] - The stable dividend characteristics of public REITs, combined with capital gains and lower risk, align well with the investment needs of capital-seeking funds in a low-interest-rate environment [2] - Insurance capital, characterized by long duration and a focus on stable returns, is increasingly interested in the value of cash flows from core assets that provide stable cash flow [2]