Core Insights - The public REITs market in China has accelerated its issuance process over the past two years, providing stronger support for revitalizing existing assets and promoting high-quality development of the real economy [1][2] Group 1: Market Development - As of December 2025, there are 78 publicly listed REITs with a total issuance scale of 210.657 billion yuan and a total market value of 214.883 billion yuan, indicating a continuous increase in both the number and scale of market issuances [2] - The China Securities REITs total return index increased by 4.34% in 2025, showing a trend of rising first and then falling, followed by a significant rebound at year-end [2] - The public REITs market is expected to maintain rapid development and high attention in 2025, driven by favorable regulatory policies, continuous supply of quality assets, strong demand for stable dividend assets in a low-interest-rate environment, and improved operational stability of underlying assets [2] Group 2: Company Strategy - Guotai Junan Asset Management has established a dual-driven development pattern of "initial issuance + expansion" in the public REITs market, significantly enhancing market vitality [2][4] - The company views public REITs as a strategic business to provide financial services to the real economy and has formed a dedicated committee to coordinate resources for promoting public REITs [4] - The company has a leading advantage in the public REITs business, having secured multiple national firsts, and aims to create more value for investors through systematic promotion and refined operational management [4] Group 3: Asset Focus - Guotai Junan Asset Management focuses on various asset classes closely related to the real economy and people's livelihood, including commercial real estate, affordable rental housing, renewable energy, and municipal sectors, which possess stable cash flows and anti-cyclical properties [5] - The company is also continuously reserving cyclical assets such as industrial parks and logistics warehouses to provide diversified investment options for investors [5] Group 4: Future Plans - The future development plan of Guotai Junan Asset Management in the public REITs business will focus on four core areas: deepening regional presence, serving people's livelihood, empowering the real economy, and enhancing capabilities [6][7] - The company aims to strengthen its asset type expansion and regional layout, particularly in key areas like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, while also exploring new infrastructure and long-term rental apartments [6] - The company plans to provide one-stop services for enterprises with asset revitalization needs, including investment banking, asset management, and operational services [7]