Core Viewpoint - The A-share market continues to strengthen, but public REITs with quasi-fixed income attributes have experienced a pullback, with five out of six completed public REITs trading at a discount compared to their expansion prices [1][2]. Group 1: Market Performance - Since the third quarter, the public REITs market has been in a state of fluctuation and pullback, with the CSI REITs Total Return Index dropping over 7% from a peak of 1124.91 points on June 23 to 1045.13 points on October 24 [2]. - Among the six public REITs that have completed expansion, five are currently trading at a discount, with an average discount rate of 12.34% [2]. Group 2: Discount Analysis - Specific REITs have shown significant discounts, such as Huazha Zhangjiang Industrial Park REIT at over 19%, and both CICC ProLogis REIT and Bosera Shekou Industrial Park REIT at over 17% [2]. - The discounts are attributed to the timing of the expansion, which occurred when the REITs market was at a high valuation, leading to a decline in market prices shortly after the expansions [2][4]. Group 3: Long-term Implications - While the short-term impact of discounts may affect market confidence, it is believed that this could lead to a return to value investing in the long run [4]. - The underlying assets' ability to generate stable cash flows and the establishment of effective price discovery and liquidity mechanisms are crucial for long-term market health [4]. Group 4: Investment Value - Current issues in the REITs market include a lack of significant positive changes in the underlying factors that previously drove valuations, such as declining interest rates [5]. - The absolute distribution rates of REITs have improved but still do not present a significant advantage compared to dividend stocks, indicating a need for positive changes on both the asset and parent company levels for price appreciation [5].