展望未来，REITs的覆盖面与普及率将大幅提升。 REITs迎来上市四周年。 自2021年6月21日首批9只基础设施公募REITs上市以来，我国REITs市场总发行规模已超过1800亿元， 总市值规模突破2000亿元大关，共上市66只REITs产品，产品数量已超过香港、新加坡及日本，成为亚 洲第一。 其中，上交所已上市REITs产品44只，发行规模约1230亿元，市值达到1370亿元。2025年以来，沪市 REITs的日均成交额约4.37亿元。沪市REITs占全市场的比重均在七成左右。 目前，国内REITs市场形成了"首发+扩募"双轮驱动格局。据第一财经了解，未来，沪市REITs将向着更 多不同类别的底层资产延伸触角，旅游景区、养老设施、冰雪经济等领域首单公募REITs有望加速落 地。同时，已上市沪市REITs的扩募工作也在加速推进中。 66只REITs总市值破2000亿 回望四年REITs二级市场的波动历史，从"盲目打新"一枝独秀的上涨行情，到2023年交投冷淡，历经"深 度调整"机构调仓的明显折价，再到2024年回归理性，关注底层资产运营的投资价值确认，初步经历了 一个完整周期。 "在市场化的价格形成机制 ...

中经实习记者 孙汝祥 记者 夏欣 北京报道 2021年6月21日，首批公募REITs在沪深证券交易所上市。有关数据显示，四年来，中国内地REITs市场 总发行规模已超过1800亿元，总市值规模突破2000亿元大关，共上市66只REITs产品，产品数量已超过 中国香港、新加坡及日本，成为亚洲第一。 四年来，上交所着重建立以市场化价格为核心，带动发行定价、二级市场交易、存续期管理全链条发展 的良好生态，相信市场，以市场化力量共同促进REITs市场高质量发展。 从一级市场来看，REITs市场普遍采用询价机制，通过设定合理的询价区间，吸引投资者参与报价，最 终确定发行价格。 据行业专家分析，当前REITs市场价格进一步反映了项目资产的内在价值与市场风险，实现了市场相对 均衡的状态。 记者了解到，近期启动询价的中银中外运仓储物流REIT，通过采用上下限打开的市场化定价区间，给 予投资者充分的定价权，充分激发了市场投资人的热情，共获575户网下对象报价，全场倍数251.12倍 （剔除后），报价机构户数、全场倍数均位于中国公募REITs产品推出以来市场第二，央企公募REITs 第一。 中外运最终定价参考市场化报价结果较评估 ...

Core Insights - The REITs market in China has rapidly developed over the past four years, with a total issuance scale exceeding 180 billion yuan and a market capitalization surpassing 200 billion yuan, making it the largest in Asia [1][2] - The Shanghai Stock Exchange (SSE) has become the main platform for REITs, with 44 listed products and a market value of approximately 137 billion yuan, accounting for about 70% of the total market [1][2] - The market has established a healthy ecosystem centered around market-driven pricing, which has facilitated the growth and stability of REITs [1][5] Market Development - The REITs market has experienced a full cycle from initial enthusiasm to a period of adjustment, and now is focusing on the intrinsic value of underlying assets [2][4] - The SSE has implemented a market-oriented pricing mechanism that enhances transparency and efficiency in project selection, pricing, and trading [5][8] - The average price increase of REITs since listing is around 30%, with some projects seeing increases of over 90% [4][5] Investor Engagement - The market has seen a diversification of investors, including insurance companies, brokerage firms, and private equity funds, indicating a growing interest in REITs [6][9] - The SSE has supported the development of a robust REITs platform, ensuring that high-quality projects receive favorable treatment in the market [4][6] Product Expansion - The number of listed REITs on the SSE has doubled since the end of 2023, with a wide range of asset types being represented [6][7] - Recent expansions include various sectors such as logistics, energy, and consumer goods, with new projects expected to emerge in tourism and elder care [7][9] Regulatory Framework - The SSE has continuously improved the regulatory framework for REITs, establishing a multi-layered rule system to enhance market standardization and transparency [8][9] - The development of a multi-tiered REITs market is underway, with different types of REITs catering to various stages of asset maturity and risk profiles [9]